16 ADOPTION OF NEW ACCOUNTING STANDARDS The Company has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 January 2023: – Amendments to SFRS(I) 1-12: Deferred tax related to Assets and Liabilities arising from a Single Transaction – Amendments to SFRS(I) 1-12: International Tax Reform – Pillar Two Model Rules – Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies – Amendments to SFRS(I) 1-8: Definition of Accounting Estimates Other than the below, the application of these amendments to accounting standards and interpretations does not have a material effect on the financial statements. Material accounting policy information The Company adopted Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies for the first time in 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments required the disclosure of ‘material’, rather than ‘significant’, accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed in note 2 Material accounting policies (2022: Significant accounting policies) in certain instances in line with the amendments. The Company has not early adopted the new standards, interpretations and amendments to standards (collectively, Changes) which are effective for annual periods beginning after 1 January 2023, in preparing these financial statements. These Changes are not expected to have a significant impact on the Company’s financial statements. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 Overview Sustainability & Governance Leadership Portfolio & Performance Financial Statements and Other Information ANNUAL REPORT 2023 343
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