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Accounting

The TX Group applied the following new and revised standards and interpretations for the first time in 2020 (not earlier than required).

  • IFRS 3, “Amendments regarding the definition of a business” (amendment to IFRS 3, “Business Combinations”) – 2020

  • IAS 1 / IAS 8, “Definition of Material” (amendment to IAS 1, “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”) – 2020

  • IAS 39 / IFRS 9 / IFRS 7, “Interest Rate Benchmark Reform” (amendment to IAS 39 “Financial Instruments: Recognition and Measurement”, IFRS 9, “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”) – 2020

Their first-time application did not lead to any material changes in the consolidation and measurement principles or in the assets or income situation.