l Conceptual Framework
The Conceptual Framework has been revised. This includes refinements to the definitions of asset or liability and related
recognition criteria. It also includes guidance on measurement bases, presentation and disclosure and derecognition. The
section of the framework that deals with the Reporting Entity has been inserted into this version of the framework. Effective
date 1 January 2020;
l IFRS 10 and IAS 28 (Amendments)
Sale/Contribution of Assets between Investor and its Associate/Joint Venture.
Clarification of the accounting treatment when an investor loses control over a subsidiary as a result of a transaction with a
joint venture or associate. No date for implementation set yet;
l IFRS Practice Statement 2 Making Material Judgement
This practice statement provides guidance and an approach to entities in exercising material judgment.
The following standards are new or were also amended during the year, but are not likely to have a material impact on the
group:
l IFRS 17 Insurance Contracts;
l Amendments to IAS 1, Classification of Liabilities as current or non-current;
l Amendments to IFRS 9 and IFRS 7, Interest Rate Benchmark Reform.
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SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06