2.3 New standards and interpretations published, not yet effective

The following standards, changes in already effective standards and interpretations are not endorsed by the European Union or are not effective as at January 1, 2020:

Standard Description of changes Effective date
IFRS 14 Regulatory Deferral Accounts The principles of accounting and disclosure for regulatory deferral accounts In its current version, the standard will not be effective in the EU
Amendments to IFRS 10 and IAS 28 The guidelines concerning sales transactions or an investor’s contribution of assets to an associate or a joint venture Work on the approval of the changes has been suspended indefinitely
IFRS 17 Insurance contracts The standard defines a new approach to revenue recognition and profit/loss in a period of providing insurance services January 1, 2023
Amendments to IAS 1 Changes relate to the presentation of financial statements – classification of liabilities as current and non-current January 1, 2023
Amendments to IAS 1 Changes relate to the presentation of the financial statements – disclosures of accounting policies applied January 1, 2023
Amendments to IAS 8 Changes relate to disclosures of accounting policies applied, including changes in accounting estimates and adjustment of errors January 1, 2023
Amendments related to the review of IFRSs, cycle 2018-2020 Changes to IFRS 1, IFRS 9, IFRS 16 and IAS 41 relate mainly to the resolution of inconsistencies and clarifying terminology January 1, 2022
Amendments to IFRS 3 Changes to the references to the conceptual framework January 1, 2022
Amendments to IAS 16 Revenue received prior to bringing a fixed asset into use January 1, 2022
Amendments to IAS 37 Onerous Contracts — cost of fulfilling a contract January 1, 2022
Amendments to IFRS 4 Extension of the temporary exemption from IFRS 9 January 1, 2021
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, IFRS 16 – stage 2 Changes relate to the reform of reference interest rates January 1, 2021
Amendments to IFRS 16 COVID-19 Related Rent Concessions June 1, 2020

The PGE Capital Groups intends to accept the aforementioned standards and changes to standards and interpretations as published by the International Accounting Standards Board, but not effective as at the reporting date, after they have entered into force.

The above regulations will not have a material impact on the future financial statements of the PGE Capital Group.

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