XML 35 R11.htm IDEA: XBRL DOCUMENT v3.23.1
New and amended standards and interpretations
 12 Months Ended
Dec. 31, 2022
Disclosure of expected impact of initial application of new standards or interpretations [abstract]  
New and amended standards and interpretations
1.4 New and amended standards and interpretations
On has adopted the following amendments for fiscal year 2022. The amendments did not have a material impact on the consolidated financial statements.

DescriptionStandard ReferenceIASB Effective Date
Property, plant and equipment – proceeds before intended useAmendments to IAS 16January 1, 2022
Onerous contracts – cost of fulfilling a contractAmendments to IAS 37January 1, 2022
Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41Annual improvements to IFRS standards 2018-2020 cycleJanuary 1, 2022
Reference to the conceptual frameworkAmendments to IFRS 3January 1, 2022

Further, at the date of authorization of these consolidated financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective:

DescriptionStandard ReferenceIASB Effective Date
Insurance contractsIFRS 17January 1, 2023
Classification of liabilities as current or non-currentAmendments to IAS 1January 1, 2023
Presentation of Financial Statements,
Disclosure of Accounting Policies		Amendments to IAS 1January 1, 2023
Income Taxes- Deferred tax related to assets and liabilities arising from a single transactionAmendments to IAS 12January 1, 2023
Accounting Policies, Changes in Accounting Estimates and ErrorsAmendment to IAS 8January 1, 2023
Sale and leaseback transactionsAmendment to IFRS 16January 1, 2024
Long-term debt with covenantsAmendments to IAS 1January 1, 2024

On does not expect that the adoption of the standards listed above will have a material impact on the financials of On in the current or future reporting periods.