Skip to website navigation Skip to article navigation Skip to content

A page refresh occures when a subject is selected.

Skip article navigation.

32. New and amended standards and interpretations

New and amended IFRS standards that are effective for the current year

In the current year, Vesteda has applied a number of amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) – and endorsed by the European Union – that are effective for an annual period that begins on or after 1 January 2020. Vesteda did not adopt any new or amended standards issued but not yet effective.

  • Amendments to References to the Conceptual Framework in IFRS Standards

  • Amendments to IAS 1 and IAS 8: Definition of Material

  • Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform.

  • Amendments to IFRS 3  Business Combinations

  • Amendments to IFRS 16: Impact of the initial application of COVID-19-Related Rent Concessions

Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

New and revised IFRS Standards in issue but not yet effective

At the date of authorization of these financial statements, Vesteda has not applied the following new and revised IFRS Standards that have been issued but are not yet effective and [in some cases] had not yet been adopted by the EU.

  • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2

  • Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9

  • IFRS 17 Insurance Contracts [not yet adopted by EU]

  • Amendments to IFRS 3 Business Combinations [not yet adopted by EU]

  • Amendments to IAS 16: Property, Plant and Equipment - Proceeds before Intended Use [not yet adopted by EU]

  • Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent assets [not yet adopted by EU]

  • Annual Improvements 2018-2020 [not yet adopted by EU]

  • Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current [not yet adopted by EU]

  • Amendments to IAS 8 Accounting policies, Changes in Accounting
    Estimates and Errors: Definition of Accounting Estimates [not yet adopted by EU]

  • Proposed amendments to IFRS 16 Leases: Covid-19-Related Rent
    Concessions beyond 30 June 2021 [not yet adopted by EU]

Vesteda does not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods.