The Group did not choose earlier application of any standards or amendments to standards which were published but have not yet entered into force until 31 December 2020.
Amendments to standards issued by the International Accounting Standards Board which have been endorsed by the European Union but have not yet entered into force
According to the Management Board, the following amendments to standards will not materially affect the accounting policy applied so far:
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| Standard | Effective in the EU as of (annual periods beginning on or after the date provided) |
|---|---|
| Amendments to IFRS 4 Insurance Contracts | 1 January 2021 |
| Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases: Interest Rate Benchmark Reform | 1 January 2021 |
Standards and amendments to standards issued by the International Accounting Standards Board which have not been endorsed by the European Union and have not entered into force yet
- Amendments to IAS 1 Presentation of Financial Statements: Classification of financial liabilities as current or non-current to enter into force on 1 January 2023
In accordance with the amendments to IAS 1 Presentation of Financial Statements, liabilities are classified as noncurrent if the entity has a significant right to defer the settlement of the liability for at least 12 months after the end of the reporting period. The expectations of the entity do not affect the classification.
As at the balance sheet day, the Company has revolving credit agreements under which the drawing period of the credit tranches is equal to or less than 1 year, while the period of availability of funding exceeds 12 months from the balance sheet date and the Company has the right to defer the liability by at least 12 months from the end of the reporting period. In the case of these credit agreements, the Company classifies the tranches as either a non-current liability or a current liability in accordance with the expectation regarding the repayment of the liability. As at 31 December 2020, taking into account the intentions of the Company, tranches with an aggregate nominal value of PLN 1,000,000 thousand are classified as current liabilities. Under the agreement, the Company has the right to defer the settlement of a liability for a period exceeding 12 months, thus in accordance with the amendments to IAS 1 Presentation of Financial Statements the said liability would be classified as a non-current liability.
According to the Management Board, the following standards and amendments to standards will not materially affect the accounting policies applied so far:
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| Standard | Effective date specified in the Standard, not endorsed by the EU (annual periods beginning on or after the date provided) |
|---|---|
| IFRS 14 Regulatory Deferral Accounts | 1 January 2016* |
| Revised IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between Investor and its Associate or Joint Venture with subsequent amendments |
the effective date has been postponed |
| Amendments to IFRS 3 Business Combinations: Changes to references to the Conceptual Framework | 1 January 2022 |
| Amendments to IAS 16 Property, Plant and Equipment: Revenues earned before putting into use | 1 January 2022 |
| Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Costs of fulfilling contractual obligations |
1 January 2022 |
| Annual Improvements to IFRS (Cycle 2018-2020): | |
| IFRS 1 First-time Adoption of International Financial Reporting Standards | 1 January 2022 |
| IFRS 9 Financial Instruments | 1 January 2022 |
| IAS 41 Agriculture | 1 January 2022 |
| Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Estimates | 1 January 2023 |
| Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates | 1 January 2023 |
| IFRS 17 Insurance contracts | 1 January 2023 |
*The European Commission decided to suspend the process of endorsement of the interim standard for use in the EU until the publication of the final version of IFRS 14 Regulatory Deferral Accounts.