NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 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 3 Reference to the Conceptual Framework1 Amendments to IFRS 10 and IAS 28 (2011) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture3 IFRS 17 Insurance Contracts2 Amendments to IFRS 17 Insurance Contracts2,5 Amendments to IAS 1 Classification of Liabilities as Current or Non-current 2,4 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies2 Amendments to IAS 8 Definition of Accounting Estimates2 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction2 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use1 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract 1 Annual Improvements to IFRSs 2018-2020 Amendments to IFRS 1, IFRS 9, Illustrative Examples accompanying IFRS 16, and IAS 411 1 Effective for annual periods beginning on or after 1 January 2022 2 Effective for annual periods beginning on or after 1 January 2023 3 No mandatory effective date yet determined but available for adoption 4 As a consequence of the amendments to IAS 1, Hong Kong Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause was revised in October 2020 to align the corresponding wording with no change in conclusion 5 As a consequence of the amendments to IFRS 17 issued in October 2020, 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 Further information about those IFRSs that are expected to be applicable to the Group is described below. Amendments to IFRS 3 are intended to replace a reference to the previous Framework for the Preparation and Presentation of Financial Statements with a reference to the Conceptual Framework for Financial Reporting issued in June 2018 without significantly changing its requirements. The amendments also add to IFRS 3 an exception to its recognition principle for an entity to refer to the Conceptual Framework to determine what constitutes an asset or a liability. The exception specifies that, for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 if they were incurred separately rather than assumed in a business combination, an entity applying IFRS 3 should refer to IAS 37 or IFRIC 21 respectively instead of the Conceptual Framework. Furthermore, the amendments clarify that contingent assets do not qualify for recognition at the acquisition date. The Group expects to adopt the amendments prospectively from 1 January 2022. Since the amendments apply prospectively to business combinations for which the acquisition date is on or after the date of first application, the Group will not be affected by these amendments on the date of transition. R E A C H I N G N E W H E I G H T S 142
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