IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS The amendments shall apply to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1st, 2022. Early application is permitted if, at the same time or rather, an entity would also apply all changes made in “Changes to References to the Con- ceptual Framework in IFRS”, issued in March 2018. The Group/Entity is evaluating the impacts that this standard will have on its finan- cial statements. b) Tangible fixed assets - Revenue before intended use, amendments to IAS 16 Tan- gible fixed assets In May 2020, the IASB issued “Tangible fixed assets – Income before Intended Use”, which amended IAS 16 Tangible fixed assets. The amendments prohibit the deduction from the cost of an item of property, plant and equipment, of any income from the sale of items produced in bringing that as- set into the place and condition necessary for it to be able to operate in the manner intended by management. Instead, the entity shall recognize such sales revenue in profit or loss. Changes must be applied retrospectively for annual periods beginning on or after January 1st, 2022, with earlier application permitted. The Group/Entity is evaluating the impacts that this standard will have on its finan- cial statements. c) Onerous Contracts - Cost of fulfilling a contract In May 2020, the IASB issued “Onerous Contracts - Cost of Fulfilling a Contract”, which amended IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The purpose of the amendments is to clarify the requirements of IAS 37 on onerous contracts regarding the assessment of whether, in a contract, the unavoidable costs of fulfilling the obligations arising from the contract exceed the economic benefits expected to be received from it. The amendments must apply for annual periods beginning on or after January 1st, 2022, with earlier application permitted. The Group/Entity is evaluating the impacts that this standard will have on its finan- cial statements. d) Improvements in the 2018-2020 cycle On 14th May 2020, the IASB issued improvements to IFRS 2018–2020 containing the following amendments to IFRSs: (i) allow an entity, as a subsidiary, associate or joint venture, to adopt IFRS for the first time after its parent and elect to apply paragraph D16(a) of IFRS 1 First-time Adoption of International Financial Reporting Standards, can measure cumulative translation differences using the amounts reported by the parent, based on the re- spective date of transition to IFRS; 338