1.4 Published standards and interpretations, which are not yet in force and were not applied earlier by the Group

in PLN millions, unless otherwise stated

• IFRS 17 Insurance contracts and amendments to IFRS 17 published in 2020, effective from or after 1 January 2023.
• Amendments to IFRS 3 on references to the Conceptual Framework, effective from 1 January 2022.
• Amendments to IAS 16 on proceeds before intended use of an item of property, plant and equipment, effective from or after 1 January 2022, and applies retrospectively to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by the management on or after the beginning of the earliest period presented in the financial statements in which an entity first applies the amendments. Pursuant to the amendments proceeds from selling items produced when an item of property, plant and equipment is brought to the necessary location and condition (e.g. test production), together with associated costs, should be recognised in profit or loss for the period. The Group will apply the amendments to IAS 16 beginning on 1 January 2022, however the Group did not identify significant items that would have to be adjusted as at or after 1 January 2021.
• Amendments to IAS 37 on cost of fulfilling onerous contracts, specifying the concept of costs of fulfilling a contract in order to properly assess whether the contract is onerous, effective from or after 1 January 2022.
• Amendments to IAS 1 and Practice Statement 2 on disclosures of accounting policies, effective from or after 1 January 2023. In this standard, the requirement to disclosure the entity’s „significant” accounting policies was replaced by the requirement to disclose „material”  accounting policies. Information on accounting policies are material if considered together with other information contained within the financial statements, could reasonably influence decisions made by their main users on the basis of these financial statements.
• Amendments to IAS 8 on the introduction of a definition of accounting estimates, effective from or after 1 January 2023. Pursuant to the amended standard, accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty. The introduction of this definition will help entities with distinguishing between amendments to accounting policies and amendments to accounting estimates.
• Annual amendments to IFRS, 2018-2020 – amendments to IAS 41, IFRS 1, IFRS 9, effective from 1 January 2022.

• IFRS 14 Regulatory deferral accounts, effective from or after 1 January 2016.
• Amendments to IFRS 10 and IAS 28 on sale or contribution of assets between an Investor and its Associate or Joint Venture  (date of entry into force was not specified).
• Amendments to IAS 1 on classification of liabilities as current or non-current (including changes due to deferral of effective date), effective from or after 1 January 2023. The standard introduces changes clarifying conditions necessary to recognise financial liabilities as  non-current. Such recognition will be possible only if the entity has the unconditional right to defer settlement of a liability for over 12 months after the reporting date and at the same time the entity’s intent as to the early repayment will not have an impact on this recognition. If amendments to IAS 1 were applied by the Group in these consolidated financial statements, the presentation of borrowings as at 31 December 2021 would not change.
• Amendments to IAS 12 on deferred tax related to assets and liabilities arising from a single transaction, effective from or after 1 January 2023. This standard introduces clarifications to paragraphs 15 and 24 that the  recognition exemption on deferred tax related to assets and liabilities does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. In the Group’s opinion, the first application of the aforementioned change will not have a significant impact on the consolidated financial statements.

The Group intends to apply all of the amendments at their effective dates, except for IFRS 17, which will not have an impact on the Group’s consolidated financial statements. In the Group’s opinion as at 31 December 2021, the other amendments to standards will be applicable to its activities in the scope of future economic operations, transactions or other events, towards which the amendments to standards are applicable.