FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 134 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued) (c) Amendments to IAS 37 clarify that for the purpose of assessing whether a contract is onerous under IAS 37, the cost of fulfilling the contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract include both the incremental costs of fulfilling that contract (e.g., direct labour and materials) and an allocation of other costs that relate directly to fulfilling that contract (e.g., an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract as well as contract management and supervision costs). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The Group has applied the amendments prospectively to contracts for which it has not yet fulfilled all its obligations at 1 January 2022 and no onerous contracts were identified. Therefore, the amendments did not have any impact on the financial position or performance of the Group. (d) Annual Improvements to IFRS Standards 2018–2020 sets out amendments to IFRS 1, IFRS 9, Illustrative Examples accompanying IFRS 16, and IAS 41. Details of the amendments that is expected to be applicable to the Group are as follows: • IFRS 9 Financial Instruments: clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. The Group has applied the amendment prospectively from 1 January 2022. As there was no modification or exchange of the Group’s financial liabilities during the year, the amendment did not have any impact on the financial position or performance of the Group. 2.3 ISSUED BUT NOT YET EFFECTIVE IFRSs The Group has not adopted the following new and revised IFRSs, that have been issued but not yet effective, in the financial statements: Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture3 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback2 IFRS 17 Insurance Contracts1 Amendments to IFRS 17 Insurance Contracts1, 5 Amendment to IFRS 17 Initial Application of IFRS 17 and IFRS 9 — Comparative Information6 Amendments to IAS 1 Classification of Liabilities as Current or Non-current (the “2020 Amendments”) 2, 4 Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”) 2 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies1 Amendments to IAS 8 Definition of Accounting Estimates1 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction1 1 Effective for annual periods beginning on or after 1 January 2023 2 Effective for annual periods beginning on or after 1 January 2024 3 No mandatory effective date yet determined but available for adoption 4 As a consequence of the 2022 Amendments, the effective date of the 2020 Amendments was deferred to annual periods beginning on or after 1 January 2024. 5 As a consequence of the amendments to IFRS 17 issued in October 2021, IFRS 4 was amended to extend the temporary exemption that permits insurers to apply IAS 39 rather than IFRS 9 for annual periods beginning before 1 January 2023 6 An entity that chooses to apply the transition option relating to the classification overlay set out in this amendment shall apply it on initial application of IFRS 17
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