The Group has adopted the following relevant new standards, amendments to standards or interpretations for the first time for the financial year beginning January 1, 2024 and have been endorsed by the European Union:
Amendments to IAS 1 \u2013 Presentation of Financial Statements:Classification of Liabilities as current or non-current,affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. The amendments provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date.
The following relevant new standards, amendments to standards or interpretations have been published, but are not yet mandatory for the first time for the financial year beginning January 1, 2024, and have not been early adopted:
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements(effective January 1, 2027, but not yet endorsed in EU). IFRS 18 will replace IAS 1 \u2013 Presentation of Financial Statements. The new standard will improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information.
The Group does not expect that the above-mentioned new pronouncements will have a material impact on the Consolidated Financial Statements.