126 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 2.2 Changes in accounting policies and disclosures (cont’d) The mandatory temporary exception – the use of which is required to be disclosed – applied immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. The amendments had no impact on the Group’s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less than EUR 750 million/year. 2.3 Standards issued but not yet effective The Group has not adopted the following standards applicable to the Group that have been issued but are not yet effective: Description Effective for annual periods beginning on or after Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to SFRS(I) 1-1: Non-current Liabilities with Covenants 1 January 2024 Amendments to SFRS(I) 16: Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to SFRS(I) 7 and SFRS(I) 1-7: Supplier Finance Arrangements 1 January 2024 Amendments to SFRS(I) 1-21: Lack of Exchangeability 1 January 2025 Amendments to SFRS(I) 10 and SFRS(I) 1-28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined The directors expect that the adoption of the standards above will have no material impact on the financial statements in the year of initial application. These amendments had no impact on the consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable. 2.4 Significant accounting judgments and estimates The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.
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