New Standards, Amendments and Interpretations applicable as of January 1, 2025
The Company has adopted the following new standards with a date of initial application of January 1, 2025:
- Amendments to IAS 21 – ‘Lack of Exchangeability’.
Amendments to IAS 21 – Lack of Exchangeability
These amendments to IAS 21 ’The Effects of Changes in Foreign Exchange Rates’ specify when a currency is exchangeable into another currency and how an entity determines the exchange rate to apply when a currency is not exchangeable and require the disclosure of additional information on the effects on the entity when a currency is not exchangeable.
The amendments are not applied retrospectively. Any effect of initially applying the amendments is recognized as an adjustment to the opening balance of retained earnings in the period of initial application.
These amendments had no impact on the Company’s consolidated financial statements, as the Company does not have operations or material transactions in currencies that are not exchangeable.