2. Changes in accounting policies
The accounting policies applied by the Lenzing Group in 2024 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 2024 financial year:
Standards/interpretations |
Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adopted by the EU as at 31/12/2024 |
|
|---|---|---|---|---|
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 |
yes |
The new or amended standards and interpretations of IAS 1, IAS 7, and IFRS 7, which are to be applied from January 1, 2024, were implemented in these consolidated financial statements in notes 31, 32, and 37. Otherwise, the new or amended standards and interpretations do not lead to any material changes to the Lenzing Group’s financial statements.
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, 2024:
Standards/interpretations |
Publication by the IASB |
Mandatory application according to IASB for financial years from |
Adopted by the EU as at 31/12/2024 |
|||||
|---|---|---|---|---|---|---|---|---|
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 |
||||
IAS 21 |
The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability |
15/08/2023 |
01/01/2025 |
yes |
||||
IFRS 9 and IFRS 7 |
Amendments to the Classification and Measurement of Financial Instruments |
30/05/2024 |
01/01/2026 |
no |
||||
IFRS 9 and IFRS 7 |
Contracts Referencing Nature-dependent Electricity |
18/12/2024 |
01/01/2026 |
no |
||||
Various |
Annual Improvements to IFRS 2021-2023 |
18/07/2024 |
01/01/2026 |
no |
||||
IFRS 18 |
Presentation and Disclosures in Financial Statements |
09/04/2024 |
01/01/2027 |
no |
||||
IFRS 19 |
Subsidiaries without Public Accountability: Disclosures |
09/05/2024 |
01/01/2027 |
no |
||||
|
||||||||
The other aforementioned new or amended standards and interpretations were not adopted early by the Lenzing Group.
The Lenzing Group is currently evaluating the potential impact of the new standard IFRS 18 (Presentation and Disclosure in Financial Statements), particularly in relation to the structure of the consolidated income statement, the statement of cash flows, and the additional disclosure requirements for management-defined performance measures (MPMs). Furthermore, the impact on the way information is grouped in the financial statements, including items currently referred to as “other”, are reviewed.
The other new or amended standards and interpretations mentioned above are either not relevant for the Group or have no material impact on the Lenzing Group’s results, assets, liabilities, or statement of cash flows.
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 2024 and 2023 financial years.