IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 The 2021 amendments are applied retrospectively with the cumulative effect of the initial application recognized in retained earnings. The disclosure requirements of Paragraph 28(f) 1 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors do not apply to initial application. This change to the standard did not impact the Group’s financial statements. b) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Bench- mark Reform - Phase 2 In August 2020, the IASB issued the Interest Rate Reference Reform - Phase 2, which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases. The purpose of the amendments is to help entities provide useful information to us- ers of financial statements and to assist preparers in applying IFRSs when changes are made to contractual cash flows or hedging relationships as a result of a transi- tion from an interest rate IBOR benchmark for alternative benchmark rates, in the context of the ongoing risk-free rate reform (‘IBOR reform’). The changes are the result of the second phase of the IASB project that deals with the accounting impacts of the IBOR reform, which gave rise to the Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) issued by the IASB on 26th September 2019. They complement the first phase of the project that ad- dressed the accounting impacts of pre-replacement of the IBOR reform and which were issued by the IASB in 2019. Changes must be applied retrospectively for annual periods beginning on or after January 1st, 2021. This change to the standard did not impact the Group’s financial statements. c) Extension of the temporary exemption from the application of IFRS9 (amend- ments to IFRS 4) The IASB issued “Extension of the Temporary Exemption from the Application of IFRS 9 (Amendments to IFRS 4) on June 25th, 2020. The purpose of the amendments is to extend the expiry date of the temporary ex- emption from the application of IFRS 9 (i.e. to 2023) in order to align the effective dates of IFRS 9 Financial Instruments with IFRS 17 Insurance Contracts. This change to the standard did not impact the Group’s financial statements. 2.2.2. The Group decided to opt not to apply in advance the following standards and/or interpretations, adopted by the European Union: a) References to the Conceptual Framework (amendments to IFRS 3) In May 2020, the IASB issued “References to the Conceptual Framework”, amending IFRS 3 Business Combinations. The amendments updated IFRS 3, replacing the reference to an older version of the Conceptual Framework with a reference to the most recent version, which was is- sued in March 2018. 337