8. New standards and interpretations issued, but not yet effective

The Group decided not to apply earlier any standard, interpretation or amendment that have been issued, but are not yet effective in the light of the European Union regulations.

As at the date of preparing these financial statements, the following new standards or amendments to the existing standards were issued by the IASB, but are not effective.

• IFRS 14 Regulatory Deferral Accounts (issued on 30 January 2014) – in accordance with the decision of the European Commission, the process of approval of the standard in its preliminary version will not be initiated prior to the release of the standard in its final version. By the date of the approval of these financial statements not approved by the EU – effective for annual periods beginning on or after 1 January 2016;
• Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014). The works leading to the approval of these amendments have been deferred indefinitely by the EU – the effective date has been deferred by the IASB indefinitely;

• Amendments to IAS 1: Presentation of Financial Statements ‘Classification of Liabilities as Current or Non-current’,  ‘Classification of Liabilities as Current or Non-current’ – Deferral of Effective Date’ and ‘Non-current Liabilities with Covenants’ (published on 23 January 2020, 15 July 2020, and 31 October 2022, respectively) – effective for annual periods beginning on or after 1 January 2024;
• Amendments to IFRS 16 Leases: Lease Liability Measurement in Sale and Leaseback (issued on 22 September 2022) – effective for annual periods beginning on or after 1 January 2024;
• Amendments to IAS 7: Statement of Cash Flows and IFRS 7: Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023). By the date of the approval of these financial statements not approved by the EU – effective for annual periods beginning on or after 1 January 2024;
• Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability (issued on 15 August 2023). By the date of the approval of these financial statements not approved by the EU – effective for annual periods beginning on or after 1 January 2025.

The analysis of the aforesaid changes made by the Group indicates that their application is not going to have a major impact on the Group’s reporting.

The effective dates are the dates resulting from the contents of standards issued by the International Financial Reporting Council. The dates of the standards adoption in the European Union may differ from the dates of adoption resulting from the content of the respective standards and are announced at the time of approving them for adoption by the European Union.