Commission Regulation (EU) 2023/1803 of 13 August 2023 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance)

• 1A change in the tax status of an entity or of its shareholders may have consequences for an entity by increasing or decreasing its tax liabilities or assets. This may, for example, occur upon the public listing of an entity's equity instruments or upon the restructuring of an entity's equity. It may also occur upon a controlling shareholder's move to a foreign country. As a result of such an event, an entity may be taxed differently; it may for example gain or lose tax incentives or become subject to a different rate of tax in the future.

• 2A change in the tax status of an entity or its shareholders may have an immediate effect on the entity's current tax liabilities or assets. The change may also increase or decrease the deferred tax liabilities and assets recognised by the entity, depending on the effect the change in tax status has on the tax consequences that will arise from recovering or settling the carrying amount of the entity's assets and liabilities.

• 3The issue is how an entity should account for the tax consequences of a change in its tax status or that of its shareholders.

CONSENSUS

• 4A change in the tax status of an entity or its shareholders does not give rise to increases or decreases in amounts recognised outside profit or loss. The current and deferred tax consequences of a change in tax status shall be included in profit or loss for the period, unless those consequences relate to transactions and events that result, in the same or a different period, in a direct credit or charge to the recognised amount of equity or in amounts recognised in other comprehensive income. Those tax consequences that relate to changes in the recognised amount of equity, in the same or a different period (not included in profit or loss), shall be charged or credited directly to equity. Those tax consequences that relate to amounts recognised in other comprehensive income shall be recognised in other comprehensive income.

DATE OF CONSENSUS

August 1999

EFFECTIVE DATE

This consensus becomes effective on 15 July 2000. Changes in accounting policies shall be accounted for in accordance with IAS 8.

IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 4. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period ([^E0132]) .

SIC INTERPRETATION 29

Service Concession Arrangements: Disclosures

REFERENCES

• — IFRS 16 Leases

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 16 Property, Plant and Equipment (as revised in 2003)

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

• — IAS 38 Intangible Assets (as revised in 2004)

• — IFRIC 12 Service Concession Arrangements

ISSUE

• 1An entity (the operator) may enter into an arrangement with another entity (the grantor) to provide services that give the public access to major economic and social facilities. The grantor may be a public or private sector entity, including a governmental body. Examples of service concession arrangements involve water treatment and supply facilities, motorways, car parks, tunnels, bridges, airports and telecommunication networks. Examples of arrangements that are not service concession arrangements include an entity outsourcing the operation of its internal services (e.g. employee cafeteria, building maintenance, and accounting or information technology functions).

• 2A service concession arrangement generally involves the grantor conveying for the period of the concession to the operator:

• (a) the right to provide services that give the public access to major economic and social facilities; and

• (b) in some cases, the right to use specified tangible assets, intangible assets, or financial assets; in exchange for the operator:

• (c) committing to provide the services according to certain terms and conditions during the concession period; and

• (d) when applicable, committing to return at the end of the concession period the rights received at the beginning of the concession period and/or acquired during the concession period.

• 3The common characteristic of all service concession arrangements is that the operator both receives a right and incurs an obligation to provide public services.

• 4The issue is what information should be disclosed in the notes in the financial statements of an operator and a grantor.

• 5Certain aspects and disclosures relating to some service concession arrangements are already addressed by existing International Financial Reporting Standards (eg IAS 16 applies to acquisitions of items of property, plant and equipment, IFRS 16 applies to leases of assets, and IAS 38 applies to acquisitions of intangible assets). However, a service concession arrangement may involve executory contracts that are not addressed in International Financial Reporting Standards, unless the contracts are onerous, in which case IAS 37 applies. Therefore, this Interpretation addresses additional disclosures of service concession arrangements.

CONSENSUS

• 6All aspects of a service concession arrangement shall be considered in determining the appropriate disclosures in the notes. An operator and a grantor shall disclose the following in each period:

• (a) a description of the arrangement;

• (b) significant terms of the arrangement that may affect the amount, timing and certainty of future cash flows (e.g. the period of the concession, repricing dates and the basis upon which repricing or renegotiation is determined);

• (c) the nature and extent (e.g. quantity, time period or amount as appropriate) of:
• (i) rights to use specified assets;
• (ii) obligations to provide or rights to expect provision of services;
• (iii) obligations to acquire or build items of property, plant and equipment;
• (iv) obligations to deliver or rights to receive specified assets at the end of the concession period;
• (v) renewal and termination options; and
• (vi) other rights and obligations (e.g. major overhauls); and

• (d) changes in the arrangement occurring during the period; and

• (e) how the service arrangement has been classified.

• 6AAn operator shall disclose the amount of revenue and profits or losses recognised in the period on exchanging construction services for a financial asset or an intangible asset.

• 7The disclosures required in accordance with paragraph 6 of this interpretation shall be provided individually for each service concession arrangement or in aggregate for each class of service concession arrangements. A class is a grouping of service concession arrangements involving services of a similar nature (e.g. toll collections, telecommunications and water treatment services).

DATE OF CONSENSUS

May 2001

EFFECTIVE DATE

This interpretation becomes effective on 31 December 2001.

An entity shall apply the amendment in paragraphs 6(e) and 6A for annual periods beginning on or after 1 January 2008. If an entity applies IFRIC 12 for an earlier period, the amendment shall be applied for that earlier period.

IFRS 16, issued in January 2016, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 16.

SIC INTERPRETATION 32

Intangible Assets — Web Site Costs

REFERENCES

• — IFRS 3 Business combinations

• — IFRS 15 Revenue from Contracts with Customers

• — IFRS 16 Leases

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 2 Inventories (as revised in 2003)

• — IAS 16 Property, Plant and Equipment (as revised in 2003)

• — IAS 36 Impairment of Assets (as revised in 2004)

• — IAS 38 Intangible Assets (as revised in 2004)

ISSUE

• 1An entity may incur internal expenditure on the development and operation of its own website for internal or external access. A website designed for external access may be used for various purposes such as to promote and advertise an entity's own products and services, provide electronic services, and sell products and services. A website designed for internal access may be used to store company policies and customer details, and search relevant information.

• 2The stages of a website's development can be described as follows:

• (a) Planning — includes undertaking feasibility studies, defining objectives and specifications, evaluating alternatives and selecting preferences.

• (b) Application and infrastructure development — includes obtaining a domain name, purchasing and developing hardware and operating software, installing developed applications and stress testing.

• (c) Graphical design development — includes designing the appearance of web pages.

• (d) Content development — includes creating, purchasing, preparing and uploading information, either textual or graphical in nature, on the website before the completion of the website's development. This information may either be stored in separate databases that are integrated into (or accessed from) the website or coded directly into the web pages.

• 3Once development of a website has been completed, the Operating stage begins. During this stage, an entity maintains and enhances the applications, infrastructure, graphical design and content of the website.

• 4When accounting for internal expenditure on the development and operation of an entity's own website for internal or external access, the issues are:

• (a) whether the website is an internally generated intangible asset that is subject to the requirements of IAS 38; and

• (b) the appropriate accounting treatment of such expenditure.

• 5This Interpretation does not apply to expenditure on purchasing, developing, and operating hardware (eg web servers, staging servers, production servers and Internet connections) of a web site. Such expenditure is accounted for under IAS 16. Additionally, when an entity incurs expenditure on an Internet service provider hosting the entity’s web site, the expenditure is recognised as an expense under paragraph 46 of IFRS 18 and the Conceptual Framework for Financial Reporting when the services are received.

• 6IAS 38 does not apply to intangible assets held by an entity for sale in the ordinary course of business (see IAS 2 and IFRS 15) or leases of intangible assets accounted for in accordance with IFRS 16. Accordingly, this Interpretation does not apply to expenditure on the development or operation of a web site (or web site software) for sale to another entity or that is accounted for in accordance with IFRS 16.

CONSENSUS

• 7An entity's own website that arises from development and is for internal or external access is an internally generated intangible asset that is subject to the requirements of IAS 38.

• 8A website arising from development shall be recognised as an intangible asset if, and only if, in addition to complying with the general requirements described in IAS 38.21 for recognition and initial measurement, an entity can satisfy the requirements in IAS 38.57. In particular, an entity may be able to satisfy the requirement to demonstrate how its website will generate probable future economic benefits in accordance with IAS 38.57(d) when, for example, the website is capable of generating revenues, including direct revenues from enabling orders to be placed. An entity is not able to demonstrate how a website developed solely or primarily for promoting and advertising its own products and services will generate probable future economic benefits, and consequently all expenditure on developing such a website shall be recognised as an expense when incurred.

• 9Any internal expenditure on the development and operation of an entity's own website shall be accounted for in accordance with IAS 38. The nature of each activity for which expenditure is incurred (e.g. training employees and maintaining the website) and the website's stage of development or post-development shall be evaluated to determine the appropriate accounting treatment (additional guidance is provided in the illustrative example accompanying this Interpretation). For example:

• (a) the planning stage is similar in nature to the research phase in IAS 38.54-.56. Expenditure incurred in this stage shall be recognised as an expense when it is incurred;

• (b) the application and infrastructure development stage, the graphical design stage and the content development stage, to the extent that content is developed for purposes other than to advertise and promote an entity's own products and services, are similar in nature to the development phase in IAS 38.57-.64. Expenditure incurred in these stages shall be included in the cost of a website recognised as an intangible asset in accordance with paragraph 8 of this interpretation when the expenditure can be directly attributed and is necessary to creating, producing or preparing the website for it to be capable of operating in the manner intended by management. For example, expenditure on purchasing or creating content (other than content that advertises and promotes an entity's own products and services) specifically for a website, or expenditure to enable use of the content (e.g. a fee for acquiring a licence to reproduce) on the website, shall be included in the cost of development when this condition is met. However, in accordance with IAS 38.71, expenditure on an intangible item that was initially recognised as an expense in previous financial statements shall not be recognised as part of the cost of an intangible asset at a later date (e.g. if the costs of a copyright have been fully amortised, and the content is subsequently provided on a website);

• (c) expenditure incurred in the content development stage, to the extent that content is developed to advertise and promote an entity's own products and services (e.g. digital photographs of products), shall be recognised as an expense when incurred in accordance with IAS 38.69(c). For example, when accounting for expenditure on professional services for taking digital photographs of an entity's own products and for enhancing their display, expenditure shall be recognised as an expense as the professional services are received during the process, not when the digital photographs are displayed on the website;

• (d) the operating stage begins once development of a website is complete. Expenditure incurred in this stage shall be recognised as an expense when it is incurred unless it meets the recognition criteria in IAS 38.18.

• 10A website that is recognised as an intangible asset under paragraph 8 of this interpretation shall be measured after initial recognition by applying the requirements of IAS 38.72-.87. The best estimate of a website's useful life should be short.

DATE OF CONSENSUS

May 2001

EFFECTIVE DATE

This interpretation becomes effective on 25 March 2002. The effects of adopting this interpretation shall be accounted for using the transition requirements in the version of IAS 38 that was issued in 1998. Therefore, when a website does not meet the criteria for recognition as an intangible asset, but was previously recognised as an asset, the item shall be derecognised at the date when this interpretation becomes effective. When a website exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, but was not previously recognised as an asset, the intangible asset shall not be recognised at the date when this interpretation becomes effective. When a website exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, was previously recognised as an asset and initially measured at cost, the amount initially recognised is deemed to have been properly determined.

IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 5. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period ([^E0133]) .

IFRS 15 Revenue from Contracts with Customers, issued in May 2014, amended the ‘References’ section and paragraph 6. An entity shall apply that amendment when it applies IFRS 15.

IFRS 16, issued in January 2016, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 16.

Amendments to References to the Conceptual Framework in IFRS Standards, issued in 2018, amended paragraph 5. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by Amendments to References to the Conceptual Framework in IFRS Standards. An entity shall apply the amendment to SIC-32 retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to SIC-32 by reference to paragraphs 23–28, 50–53 and 54F of IAS 8 ([^E0134]) .

IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraph 5. An entity shall apply those amendments when it applies IFRS 18.

[^E0002]: In September 2007 the IASB amended the title of IAS 7 from Cash Flow Statements to Statement of Cash Flows as a consequence of the revision of IAS 1 Presentation of Financial Statements in 2007. In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 to IFRS 18.

[^E0003]: The reference is to the IASC’s Framework for the Preparation and Presentation of Financial Statements adopted by the Board in 2001.

[Editor’s note: An extract from the IASC’s Framework for the Preparation and Presentation of Financial Statements, adopted by the Board in 2001, is available on the IAS 8 page of the ‘Supporting Implementation’ area of the Foundation’s website, under ‘Supporting Implementation by IFRS Standard’.]

[^E0004]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0005]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0006]: Under this analysis, there is no taxable temporary difference. An alternative analysis is that the accrued dividends receivable have a tax base of nil and that a tax rate of nil is applied to the resulting taxable temporary difference of 100. Under both analyses, there is no deferred tax liability.

[^E0007]: Under this analysis, there is no deductible temporary difference. An alternative analysis is that the accrued fines and penalties payable have a tax base of nil and that a tax rate of nil is applied to the resulting deductible temporary difference of 100. Under both analyses, there is no deferred tax asset.

[^E0008]: Paragraph 91 refers to ‘annual financial statements’ in line with more explicit language for writing effective dates adopted in 1998. Paragraph 89 refers to ‘financial statements’.

[^E0009]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0010]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0011]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0012]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0013]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0014]: A qualifying insurance policy is not necessarily an insurance contract, as defined in IFRS 17 Insurance Contracts.

[^E0015]: In this Standard monetary amounts are denominated in ‘currency units (CU)’.

[^E0016]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0017]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0018]: As part of Improvements to IFRSs issued in May 2008 the Board amended terminology used in this Standard to be consistent with other IFRSs as follows:

[^E0019]: See also SIC-10 Government assistance — no specific relation to operating activities.

[^E0020]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0021]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0022]: See also SIC-7 Introduction of the Euro.

[^E0023]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0024]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0025]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0026]: IAS 37 Provisions, Contingent Liabilities and Contingent Assets defines executory contracts as contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent.

[^E0027]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the requirements to disclose material accounting policy information in IAS 1 Presentation of Financial Statements to IAS 8 Basis of Preparation of Financial Statements.

[^E0028]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0029]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0030]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0031]: As part of Improvements to IFRSs issued in May 2008, the Board changed terms used in IAS 29 to be consistent with other IFRSs as follows: (a) ‘market value’ was amended to ‘fair value’, and (b) ‘results of operations’ and ‘net income’ were amended to ‘profit or loss’.

[^E0032]: In this standard, monetary amounts are denominated in ‘currency units’ (CU).

[^E0033]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 7 Financial Instruments: Disclosures.

[^E0034]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 7.

[^E0035]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0036]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0037]: In August 2005 the IASB relocated all disclosures relating to financial instruments to IFRS 7.

[^E0038]: In this guidance, monetary amounts are denominated in ‘currency units’ (CU).

[^E0039]: This is true of most, but not all derivatives, e.g. in some cross-currency interest rate swaps principal is exchanged on inception (and re-exchanged on maturity).

[^E0040]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0041]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0042]: In this guidance, monetary amounts are denominated in ‘currency units’ (CU).

[^E0043]: This paragraph was amended by Improvements to IFRSs issued in May 2008 to clarify the scope of IAS 34.

[^E0044]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0045]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0046]: When it issued IFRS 18 the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0047]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0048]: When it issued IFRS 18, the IASB carried over the definition of ‘material’ in IAS 1 to IFRS 18.

[^E0049]: When it issued IFRS 18, the IASB carried over the requirements to disclose material accounting policy information in IAS 1 to IAS 8.

[^E0050]: In the case of an intangible asset, the term ‘amortisation’ is generally used instead of ‘depreciation’. The two terms have the same meaning.

[^E0051]: Once an asset meets the criteria to be classified as held for sale (or is included in a disposal group that is classified as held for sale), it is excluded from the scope of this standard and is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

[^E0052]: In this standard, monetary amounts are denominated in ‘currency units’ (CU).

[^E0053]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0054]: The definition of a liability in this Standard was not revised following the revision of the definition of a liability in the Conceptual Framework for Financial Reporting issued in 2018.

[^E0055]: The interpretation of ‘probable’ in this standard as ‘more likely than not’ does not necessarily apply in other standards.

[^E0056]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0057]: The definition of an asset in this Standard was not revised following the revision of the definition of an asset in the Conceptual Framework for Financial Reporting issued in 2018.

[^E0058]: In this standard, monetary amounts are denominated in ‘currency units (CU)’.

[^E0059]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0060]: The report, ‘Reforming Major Interest Rate Benchmarks’, is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf.

[^E0061]: The same materiality considerations apply in this context as apply throughout IFRSs.

[^E0062]: See paragraphs 77 and AG94.

[^E0063]: See paragraph 75.

[^E0064]: The same materiality considerations apply in this context as apply throughout IFRSs.

[^E0065]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0066]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0067]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0068]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0069]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0070]: Such changes include reclassifications from or to intangible assets if goodwill was not recognised in accordance with previous GAAP as an asset. This arises if, in accordance with previous GAAP, the entity (a) deducted goodwill directly from equity or (b) did not treat the business combination as an acquisition.

[^E0071]: The title of IAS 32 was amended in 2005.

[^E0072]: This IFRS uses the phrase ‘by reference to’ rather than ‘at’, because the transaction is ultimately measured by multiplying the fair value of the equity instruments granted, measured at the date specified in paragraph 11 or 13 (whichever is applicable), by the number of equity instruments that vest, as explained in paragraph 19.

[^E0073]: In the remainder of this IFRS, all references to employees also include others providing similar services.

[^E0074]: In paragraphs 35-43, all references to cash also include other assets of the entity.

[^E0075]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0076]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0077]: The Conceptual Framework for Financial Reporting issued in 2018 defines a liability as a present obligation of the entity to transfer an economic resource as a result of past events.

[^E0078]: In this appendix, monetary amounts are denominated in ‘currency units’ (CU).

[^E0079]: A ‘group’ is defined in Appendix A of IFRS 10 Consolidated Financial Statements as ‘a parent and all its subsidiaries’ from the perspective of the reporting entity’s ultimate parent.

[^E0080]: In paragraphs B56–B62 the term ‘share-based payment awards’ refers to vested or unvested share-based payment transactions.

[^E0081]: However, once the cash flows from an asset or group of assets are expected to arise principally from sale rather than continuing use, they become less dependent on cash flows arising from other assets, and a disposal group that was part of a cash-generating unit becomes a separate cash-generating unit.

[^E0082]: Other than paragraphs 18 and 19, which require the assets in question to be measured in accordance with other applicable IFRSs.

[^E0083]: Costs to distribute are the incremental costs directly attributable to the distribution, excluding finance costs and income tax expense.

[^E0084]: If the non-current asset is part of a cash-generating unit, its recoverable amount is the carrying amount that would have been recognised after the allocation of any impairment loss arising on that cash-generating unit in accordance with IAS 36.

[^E0085]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0086]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0087]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0088]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0089]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0090]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 7 Financial Instruments: Disclosures.

[^E0091]: Paragraph 44G was amended as a consequence of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) issued in January 2010. The Board amended paragraph 44G to clarify its conclusions and intended transition for Improving Disclosures about Financial Instruments (Amendments to IFRS 7).

[^E0092]: When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

[^E0093]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0094]: When it issued IFRS 18, the IASB changed the title of IAS 8.

[^E0095]: When it issued IFRS 18, the IASB carried over the requirements to disclose material accounting policy information in IAS 1 to IAS 8.

[^E0096]: For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than twelve months after the reporting period.

[^E0097]: For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than 12 months after the reporting period.

[^E0098]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0099]: In accordance with paragraph 7.2.21, an entity may choose as its accounting policy to continue to apply the hedge accounting requirements in IAS 39 instead of the requirements in Chapter 6 of this Standard. If an entity has made this election, the references in this Standard to particular hedge accounting requirements in Chapter 6 are not relevant. Instead the entity applies the relevant hedge accounting requirements in IAS 39.

[^E0100]: The report, ‘Reforming Major Interest Rate Benchmarks’, is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf

[^E0101]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0102]: IFRS 3 addresses the acquisition of contracts with embedded derivatives in a business combination.

[^E0103]: In this Standard monetary amounts are denominated in ‘currency units’ (CU) and ‘foreign currency units’ (FC).

[^E0104]: Paragraph C7 of IFRS 10 Consolidated Financial Statements states ‘If an entity applies this IFRS but does not yet apply IFRS 9, any reference in this IFRS to IFRS 9 shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.’

[^E0105]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0106]: If an entity applies these amendments but does not yet apply IFRS 9, the reference in these amendments to IFRS 9 shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.

[^E0107]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0108]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0109]: In this IFRS monetary amounts are denominated in ‘currency units (CU)’.

[^E0110]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0111]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0112]: CU denotes currency unit.

[^E0113]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0114]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0115]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0116]: In August 2005, IAS 32 was amended as IAS 32 Financial Instruments: Presentation. In February 2008 the IASB amended IAS 32 by requiring instruments to be classified as equity if those instruments have all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32.

[^E0117]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0118]: The identification of hyperinflation is based on the entity's judgement of the criteria in paragraph 3 of IAS 29.

[^E0119]: The reference is to the IASC’s Framework for the Preparation and Presentation of Financial Statements, adopted by the Board in 2001 and in effect when the Interpretation was developed.

[^E0120]: The title of SIC-29, formerly Disclosure—Service Concession Arrangements, was amended by IFRIC 12.

[^E0121]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0122]: This will be the case for consolidated financial statements, financial statements in which investments such as associates or joint ventures are accounted for using the equity method and financial statements that include a branch or a joint operation as defined in IFRS 11 Joint Arrangements.

[^E0123]: The direct method is the method of consolidation in which the financial statements of the foreign operation are translated directly into the functional currency of the ultimate parent. The step-by-step method is the method of consolidation in which the financial statements of the foreign operation are first translated into the functional currency of any intermediate parent(s) and then translated into the functional currency of the ultimate parent (or the presentation currency if different).

[^E0125]: The reference is to the IASC’s Framework for the Preparation and Presentation of Financial Statements, adopted by the Board in 2001 and in effect when the Interpretation was developed.

[^E0126]: The reference is to the Conceptual Framework for Financial Reporting, issued in 2010 and in effect when the Interpretation was developed.

[^E0127]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0128]: The reference is to the Conceptual Framework for Financial Reporting, issued in 2010 and in effect when the Interpretation was developed.

[^E0129]: For example, paragraph 106 of IFRS 15 Revenue from Contracts with Customers requires that if a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (i.e. a receivable), before the entity transfers a good or service to the customer, the entity shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier).

[^E0130]: When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

[^E0131]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0132]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0133]: In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

[^E0134]: When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.