AmazonScience/document-haystack

1— Clarifying that not all accounting policies that relate to material transactions, other events 2or conditions are themselves material to a company’s financial statements3The amendments are effective from 1 January 2023 but may be applied earlier. The 4amendments did not have a material impact on the Group’s consolidated disclosures. These 5amendments were endorsed by the EU on 2 March 2022.6IFRS 17 “Insurance Contracts” 7On 18 May 2017, the IASB issued IFRS 17, “Insurance contracts”, which establishes the 8principles for the recognition, measurement, presentation and disclosure of insurance 9contracts within the scope of the standard. IFRS 17 replaces IFRS 4 “Insurance contracts” 10which has given companies dispensation to carry on accounting for insurance contracts using 11national accounting standards, resulting in a multitude of different approaches. IFRS 17 solves 12the comparison problems created by IFRS 4 by requiring all insurance contracts to be 13accounted for in a consistent manner, benefiting both investors and insurance companies. 14Insurance obligations will be accounted for using current values – instead of historical cost. 15The information will be updated regularly, providing more useful information to users of 16financial statements. On 25 June 2020, the IASB issued amendments to IFRS 17 that address 17concerns and implementation challenges that were identified after IFRS 17 was published in 182017. In December 2021 the IASB issued the amendment for a transition option to 19comparative information about financial asses presented on initial application of IFRS 17 with 20the aim to avoid temporary accounting mismatches between financial assets and insurance 21contract liabilities. The amendments are effective for annual periods beginning on or after 221 January 2023 with early adoption permitted. Based on the Group’s business activities it is 23expected that IFRS 17 does not have a material impact on the Group’s consolidated financial 24statements. These amendments were endorsed by the EU on 19 November 2021.25IAS 12 “Income Taxes”26On 7 May 2021, the IASB issued amendments to IAS 12 “Income Taxes”. They change the 27treatment of deferred taxes relating to assets and liabilities arising from a single transaction 28and introduce an exemption from the non-recognition of deferred tax assets and deferred tax 29liabilities on initial recognition of an asset or liability (so-called “initial recognition 30exemption”), which is regulated in IAS 12.15(b) and IAS 12.24. The amendments do not apply 31to transactions in which deferred tax assets and liabilities are deductible on initial recognition. 32Accordingly, the exemption from recognising deferred tax assets and deferred tax liabilities 33does not apply to transactions in which deductible and taxable temporary differences arise on 34initial recognition that result in deferred tax liabilities and deferred tax assets of the same 35amount. The amendments are effective for annual periods beginning on or after 1 January 362023. Early application is permitted. The implementation of the amendments did not have a 37material impact on the consolidated financial statements. These amendments were endorsed 38by the EU on 11 August 2022.39In May 2023, the IASB issued “International Tax Reform – Pillar Two Model Rules”, which 40amended IAS 12 “Income Taxes”. The amendments introduce a temporary exception to the 41requirement to recognise and disclose information about deferred tax assets and liabilities 42related to Pillar Two income taxes and require an entity to disclose that it has applied the 43exception. The amendments are effective for annual periods beginning on or after 1 January 442023 (disclosures are not required for interim periods ending in 2023) and had no impact on 45the Group’s financial statements. These amendments were endorsed by the EU on 9 46November 2023.47New Accounting Pronouncements48The following accounting pronouncements were not effective as of 31 December 2023 and 49have not been applied by the Group even if earlier adoption is permitted.50Classification of Liabilities as Current or Non-current (amendments to 51IAS 1 “Presentation of Financial Statements”) 52In January 2020 with final stage in July 2020, the IASB issued amendments to IAS 1 53“Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current”. 54They clarify that the classification of liabilities as current or non-current should be based on 55rights that are in existence at the end of the reporting period and have substance. The 56amendments also clarify that classification is unaffected by management’s intentions or 57expectations about whether an entity will exercise its right to defer settlement or will choose 58to settle early, In October 2022 the IASB reconfirmed that only covenants specified in a loan 59arrangement with which a company must comply on or before the reporting date affect the 60classification of a liability as current or non-current. The amendments will be effective for 61annual periods beginning on or after 1 January 2024 with early adoption permitted. The 62amendment is not expected to have a material impact on the Group’s consolidated financial 63statements. These amendments were endorsed by the EU on 20 December 2023.64Lease Liability in a Sale and Leaseback (amendments to IFRS 16 65“Leases”)66On 22 September 2022, the IASB issued amendments to IFRS 16 “Leases” that clarify how a 67seller-lessee subsequently measures sale and leaseback transactions that satisfy the IFRS 15 68requirements to be accounted for as a sale. The amendments are effective for annual periods 69         70To our 71Shareholders72Summarised 73Management Report74Consolidated 75Financial Statements Compensation Report Corporate Govern-76ance Statement77Supplementary 78Information DWS 2023 Annual Report79 80Notes to the Consolidated Financial Statements8187 03 – Recently Adopted and New Accounting Pronouncements