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Application of New and Amended International Financial Reporting Standards

12 Months Ended

Dec. 31, 2023

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

Application of New and Amended International Financial Reporting Standards

5.

APPLICATION OF NEW AND AMENDED INTERNATIONAL FINANCIAL REPORTING STANDARDS

Amendments to IFRSs and the New Interpretation That Are Mandatorily Effective for the Current Year

The Company has applied Amendments to IAS 1: Disclosure of Accounting Policies, Amendments to IAS 8: Definition of Accounting Estimate, Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and Amendments to IAS 12 Income Taxes: International Tax Reform-Pillar Two Model Rules. The application of these amendments has had no impact on the disclosures or amounts recognized in the Company’s consolidated financial statements.

New and Amended IFRSs in Issue But Not Yet Effective

The Company has not applied the following new and amended IFRSs that have been issued but are not yet effective.


New or Amended Standards and Interpretations				Effective Date Issued by IASB (Note 1)
Amendments to IFRS 16		Leases Liability in a Sale and Leaseback		January 1, 2024 (Note 2)
Amendments to IAS 1		Classification of Liabilities as Current or Non-current		January 1, 2024
Amendments to IAS 1		Non-current Liabilities with Covenants		January 1, 2024
Amendments to IAS 7 and IFRS 7		Supplier Finance Arrangements		January 1, 2024 (Note 3)
Amendments to IFRS 10 and IAS 28		Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture		To be determined by IASB
Amendments to IAS 21		Lack of Exchangeability		January 1, 2025 (Note 4)

Note 1: The aforementioned new or amended standards or interpretations are effective after fiscal year beginning on or after the effective dates, unless specified otherwise.

Note 2: A seller-lessee shall apply the Amendments to IFRS 16 retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16.

Note 3: The amendments provide some transition relief regarding disclosure requirements.

Note 4: An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2025.

The application of “Amendments to IFRS 16: Leases Liability in a Sale and Leaseback”, “Amendments to IAS 1: Classification of Liabilities as Current or Non-current”, “Amendments to IAS 1: Non-current Liabilities with Covenants” and “Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements” will not have material impact on the Company’s consolidated financial statements.

As of the date the consolidated financial statements were authorized for issue, the Company is continuously assessing whether the application of “Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets

between An Investor and Its Associate or Joint Venture ” and “Amendments to IAS 21: Lack of Exchangeability” will have the impact on the Company’s financial position and operating result. The Company will disclose the relevant impact when the assessment is completed.