4.2. New standards, interpretations and amendments to published standards that have been issued by the International Accounting Standards Board (IASB) and have been approved by the European Union but are not yet effective

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Financial notes
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4. Statement of compliance
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4.2. New standards, interpretations and amendments to published standards that have been issued by the International Accounting Standards Board (IASB) and have been approved by the European Union but are not yet effective

[Financial notes are presented in PLN thousand]

STANDARD / INTERPRETATION	DESCRIPTION	IMPACT ASSESSMENT
IFRS 17 ‘Insurance contracts’	The new standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 ‘Insurance Contracts’ and related interpretations while applied. Date of application: annual periods beginning on or after 1 January 2023.	The Group analyzed the products offered, whether they meet the definition of insurance contracts in the light of IFRS 17. The results of the analysis show that the products offered by the Group do not carry significant insurance risk and are not insurance contracts. Thus, the Group claims that the standard’s amendments will not have a material impact on the financial statements in the period of its first application.
IAS 1 (amendment) ‘Presentation of financial statement’	The amendments to IAS 1 include: an entity is required to disclose its material accounting policy information instead of its significant accounting policies, clarification that accounting policy information may be material because of its nature, even if the related amounts are immaterial, clarification that accounting policy information is material if users of an entity’s financial statements would need it to understand other material information in the financial statements, and clarification that if an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information. Date of application: annual period beginning on or after 1 January 2023.	The Group claims that the standard’s amendments will not have a material impact on the financial statements in the period of its first application.
IAS 8 (amendment) ‘Accounting policies, changes in accounting estimates and errors’	The amendments to IAS 8 include: the definition of a change in accounting estimates is replaced with a definition of accounting Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty, clarification that a change in accounting estimate that results from new information or new developments is not the correction of an error. In addition, the effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors, clarification that a change in an accounting estimate may affect only the current period’s profit or loss, or the profit or loss of both the current period and future periods. The effect of the change relating to the current period is recognized as income or expense in the current period. The effect, if any, on future periods is recognized as income or expense in those future periods. Date of application: annual periods beginning on or after 1 January 2023.	The Group claims that the standard’s amendments will not have a material impact on the financial statements in the period of its first application.
IAS 12 (amendment) ‘Income taxes’	The amendments introduce the requirement to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments will mainly apply to transactions such as leases for the lessee and decommissioning obligations. Date of application: annual periods beginning on or after 1 January 2023.	The Group is currently analyzing the impact of the standard’s amendment on the financial statements in the period of its first application.
MSSF 17 (amendment) ‘Insurance contracts’ and IFRS 9 (amendment) ‘Financial instruments’	The main amendment regards entities that first apply IFRS 17 and IFRS 9 at the same time. The amendment regards financial assets for which comparative information is presented on initial application of IFRS 17 and IFRS 9, but where this information has not been restated for IFRS 9. Under the amendment, an entity is permitted to present comparative information about a financial asset as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset before. In applying the classification overlay to a financial asset, an entity is not required to apply the impairment requirements of IFRS 9. There are no changes to the transition requirements in IFRS 9. Date of application – an annual period beginning on or after 1 January 2023.	The Group claims that the standard’s amendments will not have a material impact on the financial statements in the period of its first application

4.1. New standards, interpretations and amendments to published standards that have been approved and published by the European Union and are effective on or after 1 January 2022

4.3. New standards, interpretations and amendments to published standards that have been published by the International Accounting Standards Board (IASB) and not yet approved by the European Union