The accounting policies applied by the Lenzing Group in 2023 remained unchanged in comparison with the previous financial year, with the exception of the changes described in this section.
Mandatory changes in accounting policies
The following new and amended standards and interpretations were adopted into EU law and required mandatory application by the Lenzing Group beginning with the 2023 financial year:
Standards/interpretations |
Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adopted by the EU as at 31/12/2023 |
|
|---|---|---|---|---|
IFRS 17 |
Insurance Contracts |
18/05/2017 |
01/01/2023 |
yes |
IFRS 17 |
Initial Application of IFRS 17 and IFRS 9 – Comparative Information |
09/12/2021 |
01/01/2023 |
yes |
IAS 1 |
Disclosure of Accounting Policies |
12/02/2021 |
01/01/2023 |
yes |
IAS 8 |
Definition of Accounting Estimates |
12/02/2021 |
01/01/2023 |
yes |
IAS 12 |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
07/05/2021 |
01/01/2023 |
yes |
IAS 12 |
International Tax Reform – Pillar Two Model Rules |
23/05/2023 |
01/01/2023 |
yes |
The new or amended standards and interpretations applicable as of January 1, 2023 did not result in any significant changes to the consolidated financial statements of the Lenzing Group.
The following new or amended standards and interpretations had been published by the IASB prior to the preparation of these consolidated financial statements, but did not require mandatory application by the Lenzing Group for financial years beginning on or before January 1, 2023:
Standards/interpretations |
Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adopted by the EU as at 31/12/2023 |
|||||
|---|---|---|---|---|---|---|---|---|
IFRS 10, IAS 28 |
Sale or contribution of assets between an investor and its associate or joint venture |
11/09/2014 |
unknown1 |
no |
||||
IFRS 14 |
Regulatory Deferral Accounts |
30/01/2014 |
01/01/2016 |
no2 |
||||
IFRS 16 |
Lease Liability in a Sale and Leaseback |
22/09/2022 |
01/01/2024 |
yes |
||||
IAS 1 |
Classification of liabilities as current or non-current |
23/01/2020 |
01/01/2024 |
yes |
||||
IAS 1 |
Classification of debt with covenants as current or non-current |
31/10/2022 |
01/01/2024 |
yes |
||||
IAS 7, IFRS 7 |
Disclosures on Supplier Finance Arrangements |
25/05/2023 |
01/01/2024 |
no |
||||
IAS 21 |
The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability |
15/08/2023 |
01/01/2025 |
no |
||||
|
||||||||
The other aforementioned new or amended standards and interpretations were not adopted early by the Lenzing Group. They are either not relevant for the Group or do not have a material impact on the earnings, assets, liabilities and cash flows, as well as the presentation of disclosures in the notes to the consolidated financial statements of the Lenzing Group. The amendments to IAS 7, IFRS 7 (Disclosure of Supplier Finance Arrangements) supplement the existing disclosures in the notes to the financial statements by requiring companies to provide additional qualitative and quantitative information about financing arrangements with suppliers.
The application of these standards and interpretations is generally planned following their endorsement by the EU.
Voluntary changes in accounting policies
No voluntary changes to accounting policies were applied in the 2023 and 2022 financial years.