IBERSOL | Integrated Management Report - 2024

INTEGRATED MANAGEMENT REPORT 2024 2.1.2. Accounting standards These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and with the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or by the previous Standards Interpretation Committee (SIC), as adopted and effective in the European Union on 1 January 2023. 2.1.3. Measurement basis The consolidated financial statements were prepared on a going concern basis, under the historical cost convention, changed to fair value in the case of derivative financial instruments. The preparation of the financial statements requires estimates and management judgments. 2.1.4. Comparability The consolidated financial statements are comparable in all material respects with the prior year. 2.1.5. Presentation currency The individual Financial Statements are presented in Euros, which is Ibersol’s functional currency and the Group’s presentation currency. 2.2. New standards, amendment and interpretation Standards Change Date of application Standards and amendments endorsed by the European Union and mandatory for financial years beginning on or after 1 January 2024 Clarification requirements for classifying liabilities as current or non-current (amendments to IAS 1 – Presentation of Financial Statements) IASB issued on 23 January 2020 narrow-scope amendments to IAS 1 Presenta- tion of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. The amendments clarify an IAS 1 criteria for classifying a liability as non-current: the requirement for an entity to have the right to defer the liability’s settlement at least 12 months after the reporting period. The amendments aim to: a. specify that an entity’s right to defer settlement must exist at the end of the reporting period and have substance; b. clarify that covenants with which the company must comply after the repor- ting date (i.e., future covenants) do not affect a liability’s classification at the reporting date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date; and c. clarify the requirements to classify the liabilities that an entity will settle, or may settle, by issuing its own equity instruments (e.g. convertible debt). 1 January 2024 477