Common use of NEW FINANCIAL REPORTING STANDARDS Clause in Contracts

NEW FINANCIAL REPORTING STANDARDS. 3.1 Financial reporting standards that became effective in the current period During the period, the Group has adopted the revised financial reporting standards, which are effective for fiscal years beginning on or after January 1, 2022. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting practices, accounting guidance and disclosures in the notes to the financial statements and, for some standards, providing temporary reliefs or temporary exemptions to users of the standards. The adoption of these financial reporting standards does not have any significant impact on the financial statements in the current period.

NEW FINANCIAL REPORTING STANDARDS. 3.1 Financial reporting standards that became effective in the current period During the period, the Group has adopted the revised financial reporting standards, standards and interpretations which are effective for fiscal years beginning on or after January 1, 20222021. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting practices, treatment and providing accounting guidance and disclosures in the notes to the financial statements and, for some standards, providing temporary reliefs or temporary exemptions to users of the standards. The adoption of these financial reporting standards does not have any significant impact on the financial statements in the current period.