2.3 New standards and interpretations published, not yet effective
The following standards, amendments to existing standards and interpretations are not yet endorsed by the European Union or are not effective as at January 1, 2022:
| Standard | Description of changes | Effective date |
|---|---|---|
| IFRS 14 Regulatory Deferral Accounts | Accounting and disclosure principles for regulatory deferral accounts. | In accordance with a decision by the European Commission, the approval process for the standard in its preliminary version will not begin before the final version is published. |
| Amendments to IFRS 10 and IAS 28 | Contains guidelines on the sale or contribution of assets between an investor and its joint venture or associate. |
Postponed indefinitely |
| IFRS 17 Insurance contracts | Defines a new approach to recognising revenue and profit/loss in the period in which insurance services are provided | January 1, 2023 |
| Amendments to IFRS 17 Insurance Contracts | First-time Adoption of IFRS 17 and IFRS 9 – Comparative Data | January 1, 2023 |
| Amendments to IAS 1 | The changes concern presentation of financial statements – Classification of Liabilities as Current or Non-current | January 1, 2023 |
| Amendments to IAS 1 | The changes concern presentation of financial statements – Classification of Liabilities as Current or Non-current | January 1, 2023 |
| Amendments to IAS 8 | The amendments concerning disclosures regarding the applied accounting policy, including changes in estimated values and correcting errors | January 1, 2023 |
| Amendments to IAS 12 | Deferred Tax related to Assets and Liabilities arising from a Single Transaction | January 1, 2023 |
| Amendments to IFRS 16 | The changes relate to how liabilities concerning sale and leaseback transactions are measured |
January 1, 2024 |
PGE Group intends to adopt the above-mentioned new standards and amendments to IFRS standards and interpretations published by the International Accounting Standards Board, but not effective as at the reporting date, in accordance with their effective date.
These regulations will not have a material impact on PGE Group’s future financial statements.