Changes in major accounting policies as well as new and amended standards
With the exception of the following changes, the outlined accounting policies were consistently applied to all periods presented in these consolidated financial statements.
Amendments to be applied for the first time
The Group applied the following amendments to the standard with the initial application date of 1 January 2025. None of the new regulations arising from this have a significant impact on UNIQA’s assets, liabilities, financial position and profit or loss.
Amendments to be applied for the first time |
First-time application by UNIQA |
|
|---|---|---|
IAS 21 |
Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability |
1 January 2025 |
New and amended standards to be applied in the future
The IASB has also published a range of new standards that will be applicable in the future. UNIQA does not intend to adopt these standards early. From today’s point of view, no material impacts are expected on the Group’s assets, liabilities, financial position and profit or loss.
Content |
First-time application by UNIQA |
Endorsement by the EU |
|
|---|---|---|---|
New standards |
|||
IFRS 18 |
Presentation and information in the financial statements |
1 January 2027 |
Yes |
IFRS 19 |
Subsidiaries without public accountability: Disclosures |
n/a |
No |
Amended standards |
|||
IFRS 9, IFRS 7 |
Changes to the classification and measurement of financial instruments |
1 January 2026 |
Yes |
IFRS 9, IFRS 7 |
Amendments in contracts for nature-dependent electricity |
1 January 2026 |
Yes |
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 |
Annual improvements – 11th edition |
1 January 2026 |
Yes |
IAS 21 |
Amendments on translation to a hyperinflationary presentation currency |
1 January 2027 |
No |
IFRS 18 – Presentation and Disclosure in Financial Statements
On 9 April 2024, the IASB published the new standard IFRS 18 “Presentation and Disclosure in Financial Statements”, which replaces IAS 1 “Presentation of Financial Statements”. The standard will be effective from 1 January 2027.
The main changes associated with IFRS 18 relate to the structure of the consolidated income statement, the consolidated statement of financial position and the consolidated statement of cash flows. New requirements for management-defined performance measures and expanded disclosures in the notes are also a consequence.
The reclassification of the result from investments accounted for using the equity method from the operating category to the investing category is the most significant change compared to the current presentation under IAS 1 from today’s perspective. Aside from this, there are not expected to be any significant changes in presentation because IFRS 17 specifies the applicable structure for insurance policies and this is not changed by IFRS 18.