IBERSOL • 2023 Integrated Management Report

Consolidated Financial Statements Standards Change Date of application Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The IASB has issued amendments to IAS 8 Accounting Poli- cies, Changes in Accounting Estimates and Errors to clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a pri- mary focus on the definition of and clarifications on ac- counting estimates. The amendments introduce a new definition for account- ing estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between ac- counting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The effects of changes in such inputs or measurement techniques are changes in accounting estimates. The amendments are effective for periods beginning on or after 1 January 2023 and will apply prospectively to changes in accounting estimates and changes in accounting policies occurring on or after the beginning of the first annual re- porting period in which the company applies the amend- ments. 1 January 2023 Amendments to IAS 12: deferred tax related to assets and liabilities arising from a single transaction The IASB (‘the Board’) issued amendments to IAS 12 - ‘In- come Taxes’, on 7 May 2021. The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differ- ences. In specified circumstances, companies are exempt from recognising deferred tax when they recognise assets or li- abilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to trans- actions such as leases and decommissioning obligations— transactions for which companies recognise both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to rec- ognise deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of de- ferred tax on leases and decommissioning obligations. 1 January 2023 410