Page 98 - KELAG Annual Report 2019
P. 98

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

                                              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
                                     IFRS 9   Features with Negative       (22/3/2018)       1/1/2019        None
                                     IFRS 16   Leases                                        1/1/2019    See below
                                              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
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