Page 98 - KELAG Annual Report 2019

For the preparation of these consolidated financial statements, all effective International
Accounting Standards (IASs), International Financial Reporting Standards (IFRSs) as well as all
interpretations of the Standing Interpretations Committee (SIC) and the IFRS Interpretations
Committee (IFRS IC) that have been adopted and not yet replaced by the European Union as of
31 December 2019 were applied.

The following standards and interpretations were applied for the first time in the reporting period
2019:

Amendments: Plan
IAS 19 Amendment, Curtailment 7/2/2018 (13/3/2019) 1/1/2019 None
or Settlement
Amendments: Long-term
IAS 28 Interests in Associates and. 12/10/2017 (8/2/2019) 1/1/2019 None
Joint Ventures
Amendments: Prepayment
12/10/2017
IFRS 9 Features with Negative (22/3/2018) 1/1/2019 None
Compensation
13/1/2016
IFRS 16 Leases 1/1/2019 See below
(31/10/2017)
Uncertainty over Income
IFRIC 23 7/6/2017 (23/10/2018) 1/1/2019 None
Tax Treatments
Annual Improvements to 12/12/2017
Various 1/1/2019 None
IFRSs 2015-2017 Cycle (14/3/2019)

IFRS 16 Leases replaces IAS 17, IFRIC 4, SIC-15 and SIC-27 in the KELAG Group from the financial
year 2019 onwards and provides that the lessee must recognise all leases within the scope of the
standard and all associated contractual rights and obligations. The changes to the recognition
requirements for the lessor from IFRS 16, on the other hand, are minimal. Transactions in which
KELAG is the lessor are anyway immaterial.

Lease agreements that had previously been classified by lessees as operating leases are now,
under IFRS 16, treated similarly to finance leases under IAS 17. Leases to be recognised in this way
result in an increase in total assets through the capitalisation of the right to use the underlying
asset and the concurrent recognition of a lease liability equivalent to the present value of the
future lease payments. While the right-of-use asset is subsequently amortised, the lease liability