Notes to the Company annual financial statements | Note 25

25. New standards and interpretations
 
Standards and interpretations not yet effective

The standards, interpretations and amendments listed below will only be effective in future reporting periods. It is expected that the Company will adopt the pronouncements on their respective effective dates. The amendments are not expected to have a material impact on the Company.

Standards, interpretations and amendments issued but not effective Effective date
IFRS 3 (Business Combinations) Year ending 31 May 2023
Asset or liability in a business combination clarity
IFRS 16 (Leases) Year ending 31 May 2023
Amendments to illustrative example 13 that accompanies IFRS 16 to remove the illustration of payments from the lessor relating to leasehold improvements
IFRS 9 (Financial Instruments) Year ending 31 May 2023
Fees in the 10 percent test for derecognition of financial liabilities
IAS 16 (Property, Plant and Equipment) Year ending 31 May 2023
Proceeds before intended use
IFRS 17 (Insurance Contracts) Year ending 31 May 2024
IFRS 17 (Insurance Contracts) Year ending 31 May 2024
Amendments to address concerns and implementation challenges that were identified after IFRS 17 was published
IAS 1 (Presentation of Financial Statements) Year ending 31 May 2025
‘Presentation of Financial Statements’ on Classification of Liabilities as Current or Non-current
IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) Year ending 31 May 2023
Onerous Contracts – Costs of Fulfilling a Contract
IAS 12 (Income Taxes) Year ending 31 May 2024
Amendments regarding deferred tax related to assets and liabilities arising from a single transaction
Narrow scope amendments to IAS 1 ‘Presentation of Financial Statements’, Practice statement 2 and IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ Year ending 31 May 2024