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Annual Report 2023
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33. 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 2023. Vesteda did not adopt any new or amended standards issued but not yet effective.

  • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies [effective as per 01-01-2023];

  • Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates [effective as per 01-01-2023];

  • Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction [effective as per 01-01-2023];

  • Amendments to IAS 12 Income taxes: International Tax Reform – Pilar Two Model Rules [effective as per 01-01-2023];

  • Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 –Comparative Information [effective as per 01-01-2023].

  • IFRS 17 Insurance Contracts; including Amendments to IFRS 17.

The impact of this standard had not material impact on the amounts reported.

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 IAS 1 Presentation of Financial Statements [effective as per 01-01-2024]:
    Classification of Liabilities as Current or Non-current.
    Classification of Liabilities as Current or Non-current - Deferral of Effective Date.
    Non-current Liabilities with Covenants.

  • Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback [effective as per 01-01-2024];

  • Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements [not yet adopted by EU];

  • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability [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.