International Financial Reporting Standards (IFRS) applied for the first time in financial year 2022/23
The following amendments to IFRS adopted by the International Accounting Standards Board (IASB) were applied for the first time in these consolidated financial statements, as they were binding for METRO AG in financial year 2022/23. The initial application of these amendments has no material impact on the consolidated financial statements:
- Amendments to IFRS 1 – Annual Improvements to IFRS Standards 2018–2020 (subsidiary as a first-time adopter)
- Amendments to IFRS 3 – Business Combinations (amendments to reference to the conceptual framework)
- Amendments to IFRS 9 – Annual Improvements to IFRS Standards 2018–2020 (determination of fees in the ‘10 per cent’ test for derecognition of financial liabilities)
- Amendments to IFRS 16 – Annual Improvements to IFRS Standards 2018–2020 (amendment to illustrative example 13 accompanying IFRS 16 (Leases) with regard to lease incentives)
- Amendments to IAS 16 – Property, Plant and Equipment (proceeds before intended use)
- Amendments to IAS 37 – Provisions, Contingent Liabilities and Contingent Assets (onerous contracts – cost of fulfilling a contract)
- Amendments to IAS 41 – Annual Improvements to IFRS Standards 2018–2020 (consideration of tax payments in measuring the fair value of a biological asset)
- Amendments to IAS 1 – Presentation of Financial Statements (disclosure of accounting policies)/early application of the Amendment to IAS 1 in the current annual report
Accounting standards that were published but are not yet applied in financial year 2022/23
A number of other standards and interpretations amended or newly issued by the IASB were not yet applied by METRO in financial year 2022/23 because they were either not yet mandatory or have not yet been endorsed by the European Commission.
Standard/Interpretation |
Title |
Effective date according to IFRS1 |
Application at METRO AG from2 |
Endorsed by EU3 |
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|---|---|---|---|---|---|---|---|---|---|---|
Amendments to IAS 12 |
Pillar 2 – a temporary exception from accounting for deferred taxes arising from the implementation of the rules for Pillar 2 |
Immediately |
1/10/2023 |
Yes |
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Amendments to IAS 12 |
Pillar 2 – targeted disclosures in the notes |
1/1/2023 |
1/10/2023 |
Yes |
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Amendments to IFRS 17 |
Insurance Contracts (initial application of IFRS 17 and IFRS 9 – comparative information) |
1/1/2023 |
1/10/2023 |
Yes |
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IFRS 17 |
Insurance Contracts4 – including adopted amendments to the standard |
1/1/2023 |
1/10/2023 |
Yes |
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Amendments to IAS 8 |
Accounting Policies, Changes in Accounting Estimates and Errors (definition of accounting estimates) |
1/1/2023 |
1/10/2023 |
Yes |
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Amendments to IAS 12 |
Income Taxes (deferred tax related to assets and liabilities arising from a single transaction) |
1/1/2023 |
1/10/2023 |
Yes |
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Amendments to IAS 1 |
Presentation of Financial Statements (classification of liabilities as current or non-current) |
1/1/2024 |
1/10/2024 |
No |
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Amendments to IAS 1 |
Classification of Non-Current Liabilities with Covenants |
1/1/2024 |
1/10/2024 |
No |
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Amendments to IFRS 16 |
Leases (accounting of leasing liabilities in sale-and-leaseback transactions) |
1/1/2024 |
1/10/2024 |
Yes |
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Amendments to IAS 7 |
Statement of Cash Flows (new disclosure requirements for reverse-factoring arrangements) |
1/1/2024 |
1/10/2024 |
No |
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Amendments to IFRS 7 |
Financial Instruments: Disclosures (new disclosure requirements for reverse-factoring arrangements) |
1/1/2024 |
1/10/2024 |
No |
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Amendments to IAS 21 |
Currency Translation: Lack of Exchangeability |
1/1/2025 |
1/10/2025 |
No |
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Amendments to IFRS 10/IAS 28 |
Consolidated Financial Statements/Investments in Associates and Joint Ventures (amendment: sale or contribution of assets between an investor and its associate or joint venture) |
Unknown |
Unknown |
No |
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Effect of the additional IFRS amendments
The first-time application of the standards listed in the table above as well as amendments to IFRS is not expected to have a material impact on the group’s asset, financial and earnings position.