HTC Corporation and Subsidiaries
Consolidated Financial Statements for the
Six Months Ended June 30, 2024 and 2023 and Independent Auditors' Review Report
HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
June 30, 2024 | December 31, 2023 | June 30, 2023 | |||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | |||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and cash equivalents (Note 6) | $ | 13,321,412 | 28 | $ | 12,439,363 | 27 | $ | 16,558,913 | 35 | ||||||||||||
Financial assets at fair value through profit or loss - current (Notes 7 and 30) | 54,988 | - | 137,539 | - | 74,436 | - | |||||||||||||||
Financial assets at fair value through other comprehensive income - current (Notes 8 | |||||||||||||||||||||
and 30) | 367,115 | 1 | 680,321 | 1 | 1,138,840 | 2 | |||||||||||||||
Notes and trade receivables (Notes 10 and 24) | 474,590 | 1 | 790,864 | 2 | 624,308 | 1 | |||||||||||||||
Other receivables (Note 10) | 118,601 | - | 147,936 | - | 224,568 | 1 | |||||||||||||||
Current tax assets | 233,418 | 1 | 281,516 | 1 | 259,059 | 1 | |||||||||||||||
Inventories (Note 11) | 1,168,568 | 2 | 1,165,416 | 3 | 1,409,811 | 3 | |||||||||||||||
Prepayments (Note 12) | 506,733 | 1 | 403,813 | 1 | 484,380 | 1 | |||||||||||||||
Other current financial assets (Notes 9 and 32) | 12,208,542 | 26 | 10,851,071 | 24 | 7,842,622 | 17 | |||||||||||||||
Other current assets | 1,279 | - | 2,965 | - | 4,250 | - | |||||||||||||||
Total current assets | 28,455,246 | 60 | 26,900,804 | 59 | 28,621,187 | 61 | |||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Financial assets at fair value through profit or loss - non-current (Notes 7 and 30) | 409,380 | 1 | 262,359 | 1 | 321,991 | 1 | |||||||||||||||
Financial assets at fair value through other comprehensive income - non-current (Notes 8 | |||||||||||||||||||||
and 30) | 4,388,662 | 9 | 4,274,269 | 9 | 3,969,942 | 8 | |||||||||||||||
Investments accounted for using equity method (Note 14) | 1,045,802 | 2 | 960,321 | 2 | 945,855 | 2 | |||||||||||||||
Property, plant and equipment (Notes 15 and 32) | 6,631,849 | 14 | 6,717,362 | 15 | 6,826,513 | 15 | |||||||||||||||
Right-of-use assets (Note 16) | 83,362 | - | 69,307 | - | 145,128 | - | |||||||||||||||
Investment properties, net (Notes 17 and 32) | 2,728,259 | 6 | 2,689,929 | 6 | 2,678,995 | 6 | |||||||||||||||
Intangible assets (Note 18) | 188,879 | - | 183,123 | 1 | 101,156 | - | |||||||||||||||
Deferred tax assets | 2,707,504 | 6 | 2,888,302 | 6 | 2,923,129 | 6 | |||||||||||||||
Refundable deposits | 360,605 | 1 | 20,019 | - | 73,608 | - | |||||||||||||||
Net defined benefit asset - non-current | 509,633 | 1 | 508,774 | 1 | 495,874 | 1 | |||||||||||||||
Other non-current financial assets (Notes 9 and 32) | 100,547 | - | 94,920 | - | 77,847 | - | |||||||||||||||
Other non-current assets (Note 12) | 42,620 | - | 13,819 | - | 99,541 | - | |||||||||||||||
Total non-current assets | 19,197,102 | 40 | 18,682,504 | 41 | 18,659,579 | 39 | |||||||||||||||
TOTAL | $ | 47,652,348 | 100 | $ | 45,583,308 | 100 | $ | 47,280,766 | 100 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Short-term borrowings (Note 19) | $ | 3,600,000 | 7 | $ | 3,700,000 | 8 | $ | 3,550,000 | 8 | ||||||||||||
Financial liabilities at fair value through profit or loss - current (Notes 7 and 30) | 57,970 | - | 183,489 | - | 141,427 | - | |||||||||||||||
Notes and trade payables (Notes 20 and 31) | 5,592,283 | 12 | 5,216,907 | 12 | 5,815,451 | 12 | |||||||||||||||
Other payables (Notes 21 and 31) | 3,171,773 | 7 | 3,318,137 | 7 | 3,184,405 | 7 | |||||||||||||||
Current tax liabilities | 63,537 | - | 55,511 | - | 78,427 | - | |||||||||||||||
Provisions - current (Note 22) | 562,622 | 1 | 665,567 | 2 | 800,752 | 2 | |||||||||||||||
Lease liabilities - current (Notes 16 and 31) | 29,259 | - | 16,550 | - | 63,928 | - | |||||||||||||||
Other current liabilities (Notes 21 and 24) | 319,344 | 1 | 345,179 | 1 | 369,881 | 1 | |||||||||||||||
Total current liabilities | 13,396,788 | 28 | 13,501,340 | 30 | 14,004,271 | 30 | |||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Long-term borrowings (Notes 19 and 32) | 11,400,000 | 24 | 9,000,000 | 20 | 7,900,000 | 17 | |||||||||||||||
Deferred tax liabilities | 43,109 | - | 73,289 | - | 41,493 | - | |||||||||||||||
Lease liabilities - non-current (Notes 16 and 31) | 56,057 | - | 53,485 | - | 100,812 | - | |||||||||||||||
Guarantee deposits received | 152,262 | 1 | 150,066 | - | 144,677 | - | |||||||||||||||
Total non-current liabilities | 11,651,428 | 25 | 9,276,840 | 20 | 8,186,982 | 17 | |||||||||||||||
Total liabilities | 25,048,216 | 53 | 22,778,180 | 50 | 22,191,253 | 47 | |||||||||||||||
EQUITY (Note 23) | |||||||||||||||||||||
Share capital - ordinary shares | 8,323,822 | 17 | 8,320,380 | 18 | 8,314,380 | 18 | |||||||||||||||
Capital surplus | 16,250,514 | 34 | 16,270,636 | 36 | 16,216,099 | 34 | |||||||||||||||
Retained earnings | |||||||||||||||||||||
Legal reserve | 2,490,682 | 5 | 5,828,987 | 13 | 5,828,987 | 12 | |||||||||||||||
Special reserve | 3,080,480 | 6 | 3,080,480 | 6 | 3,080,480 | 7 | |||||||||||||||
Accumulated deficits | (4,997,194) | (10) | (7,338,305) | (16) | (5,556,466) | (12) | |||||||||||||||
Total retained earnings | 573,968 | 1 | 1,571,162 | 3 | 3,353,001 | 7 | |||||||||||||||
Other equity | (2,544,172) | (5) | (3,357,050) | (7) | (2,793,967) | (6) | |||||||||||||||
Total equity | 22,604,132 | 47 | 22,805,128 | 50 | 25,089,513 | 53 | |||||||||||||||
TOTAL | $ | 47,652,348 | 100 | $ | 45,583,308 | 100 | $ | 47,280,766 | 100 | ||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
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HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Loss Per Share)
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||
OPERATING REVENUE | |||||||||||||||||||||||
(Notes 24 and 31) | $ 766,559 | 100 | $ 1,143,924 | 100 | $ 1,361,489 | 100 | $ 2,119,240 | 100 | |||||||||||||||
OPERATING COSTS (Notes 11, | |||||||||||||||||||||||
25 and 31) | 451,893 | 59 | 670,553 | 59 | 800,879 | 59 | 1,248,260 | 59 | |||||||||||||||
GROSS PROFIT | 314,666 | 41 | 473,371 | 41 | 560,610 | 41 | 870,980 | 41 | |||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
(Notes 25 and 31) | |||||||||||||||||||||||
Selling and marketing | 454,630 | 59 | 459,964 | 40 | 985,688 | 73 | 1,051,981 | 50 | |||||||||||||||
General and administrative | 319,825 | 42 | 405,758 | 35 | 601,930 | 44 | 540,443 | 25 | |||||||||||||||
Research and development | 721,824 | 94 | 716,208 | 63 | 1,361,419 | 100 | 1,352,904 | 64 | |||||||||||||||
Total operating expenses | 1,496,279 | 195 | 1,581,930 | 138 | 2,949,037 | 217 | 2,945,328 | 139 | |||||||||||||||
OPERATING LOSS | (1,181,613) | (154) | (1,108,559) | (97) | (2,388,427) | (176) | (2,074,348) | (98) | |||||||||||||||
NON-OPERATING INCOME | |||||||||||||||||||||||
AND EXPENSES | |||||||||||||||||||||||
Interest income (Note 25) | 235,276 | 31 | 216,589 | 19 | 452,238 | 33 | 421,958 | 20 | |||||||||||||||
Other income (Notes 25 | |||||||||||||||||||||||
and 31) | 451,273 | 59 | 262,336 | 23 | 687,827 | 50 | 555,001 | 26 | |||||||||||||||
Other gains and losses | |||||||||||||||||||||||
(Note 25) | (125,019) | (16) | (134,960) | (12) | (241,448) | (18) | (239,186) | (11) | |||||||||||||||
Finance costs (Notes 25 | |||||||||||||||||||||||
and 31) | (81,289) | (11) | (61,390) | (5) | (155,454) | (11) | (114,959) | (6) | |||||||||||||||
Share of profit or loss of | |||||||||||||||||||||||
associates and joint ventures | |||||||||||||||||||||||
(Note 14) | (117,471) | (16) | (75,148) | (7) | (73,077) | (5) | (134,982) | (6) | |||||||||||||||
Total non-operating | |||||||||||||||||||||||
income and expenses | 362,770 | 47 | 207,427 | 18 | 670,086 | 49 | 487,832 | 23 | |||||||||||||||
LOSS BEFORE INCOME TAX | (818,843) | (107) | (901,132) | (79) | (1,718,341) | (127) | (1,586,516) | (75) | |||||||||||||||
INCOME TAX (EXPENSE) | |||||||||||||||||||||||
BENEFIT (Note 26) | (453) | - | 530 | - | (897) | - | 2,245 | - | |||||||||||||||
LOSS FOR THE PERIOD | (819,296) | (107) | (900,602) | (79) | (1,719,238) | (127) | (1,584,271) | (75) | |||||||||||||||
OTHER COMPREHENSIVE | |||||||||||||||||||||||
INCOME AND LOSS, NET | |||||||||||||||||||||||
OF INCOME TAX | |||||||||||||||||||||||
Items that will not be | |||||||||||||||||||||||
reclassified subsequently to | |||||||||||||||||||||||
profit or loss: | |||||||||||||||||||||||
Unrealized (loss) gain on | |||||||||||||||||||||||
investments in equity | |||||||||||||||||||||||
instruments designated as | |||||||||||||||||||||||
at fair value through other | |||||||||||||||||||||||
comprehensive income | (94,928) | (12) | 368,424 | 32 | 318,004 | 23 | 622,399 | 29 | |||||||||||||||
(Continued) |
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HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Loss Per Share)
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Items that may be reclassified | |||||||||||||||||||||||||||
subsequently to profit or | |||||||||||||||||||||||||||
loss: | |||||||||||||||||||||||||||
Exchange differences on | |||||||||||||||||||||||||||
translating foreign | |||||||||||||||||||||||||||
operations | $ | 343,989 | 45 | $ | 347,447 | 31 | $ | 1,216,918 | 90 | $ | 417,170 | 20 | |||||||||||||||
Other comprehensive | |||||||||||||||||||||||||||
income and loss for the | |||||||||||||||||||||||||||
period, net of income | |||||||||||||||||||||||||||
tax | 249,061 | 33 | 715,871 | 63 | 1,534,922 | 113 | 1,039,569 | 49 | |||||||||||||||||||
TOTAL COMPREHENSIVE | |||||||||||||||||||||||||||
LOSS FOR THE PERIOD | $ | (570,235) | (74) | $ | (184,731) | (16) | $ | (184,316) | (14) | $ | (544,702) | (26) | |||||||||||||||
LOSS PER SHARE (Note 27) | |||||||||||||||||||||||||||
Basic | $ (0.98) | $ (1.08) | $ (2.07) | $ (1.91) | |||||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | (Concluded) |
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HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars)
Other Equity | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Losses on | ||||||||||||||||||||||||||||||||
Exchange | Financial Assets | |||||||||||||||||||||||||||||||
Differences on | at Fair Value | |||||||||||||||||||||||||||||||
Share Capital | Retained Earnings | Translating | through Other | |||||||||||||||||||||||||||||
Ordinary | Accumulated | Foreign | Comprehensive | |||||||||||||||||||||||||||||
Shares | Capital Surplus | Legal Reserve | Special Reserve | Deficits | Operations | Income | Total Equity | |||||||||||||||||||||||||
BALANCE, JANUARY 1, 2023 | $ | 8,295,153 | $ | 16,160,271 | $ | 9,108,539 | $ | 3,080,480 | $ | (7,279,552) | $ | (2,795,757) | $ | (1,009,974) | $ | 25,559,160 | ||||||||||||||||
Legal reserve in covering accumulated deficits | - | - | (3,279,552) | - | 3,279,552 | - | - | - | ||||||||||||||||||||||||
Net loss for the six months ended June 30, 2023 | - | - | - | - | (1,584,271) | - | - | (1,584,271) | ||||||||||||||||||||||||
Other comprehensive income and loss for the six months ended June 30, 2023 | - | - | - | - | - | 417,170 | 622,399 | 1,039,569 | ||||||||||||||||||||||||
Total comprehensive income and loss for the six months ended June 30, 2023 | - | - | - | - | (1,584,271) | 417,170 | 622,399 | (544,702) | ||||||||||||||||||||||||
Issuance of shares due to exercise of employee share options | 19,227 | 52,287 | - | - | - | - | - | 71,514 | ||||||||||||||||||||||||
Share-based payments | - | 3,541 | - | - | - | - | - | 3,541 | ||||||||||||||||||||||||
Disposal of investments in equity instruments at fair value through other comprehensive | ||||||||||||||||||||||||||||||||
income | - | - | - | - | 27,805 | - | (27,805) | - | ||||||||||||||||||||||||
BALANCE, JUNE 30, 2023 | $ | 8,314,380 | $ | 16,216,099 | $ | 5,828,987 | $ | 3,080,480 | $ | (5,556,466) | $ | (2,378,587) | $ | (415,380) | $ | 25,089,513 | ||||||||||||||||
BALANCE, JANUARY 1, 2024 | $ | 8,320,380 | $ | 16,270,636 | $ | 5,828,987 | $ | 3,080,480 | $ | (7,338,305) | $ | (2,408,195) | $ | (948,855) | $ | 22,805,128 | ||||||||||||||||
Legal reserve in covering accumulated deficits | - | - | (3,338,305) | - | 3,338,305 | - | - | - | ||||||||||||||||||||||||
Other changes in capital surplus | ||||||||||||||||||||||||||||||||
Changes in equity of associates and joint ventures accounted for using the equity method | - | (28,765) | - | - | - | - | - | (28,765) | ||||||||||||||||||||||||
Net loss for the six months ended June 30, 2024 | - | - | - | - | (1,719,238) | - | - | (1,719,238) | ||||||||||||||||||||||||
Other comprehensive income and loss for the six months ended June 30, 2024 | - | - | - | - | - | 1,216,918 | 318,004 | 1,534,922 | ||||||||||||||||||||||||
Total comprehensive income and loss for the six months ended June 30, 2024 | - | - | - | - | (1,719,238) | 1,216,918 | 318,004 | (184,316) | ||||||||||||||||||||||||
Issuance of shares due to exercise of employee share options | 3,442 | 8,643 | - | - | - | - | - | 12,085 | ||||||||||||||||||||||||
Disposal of investments in equity instruments at fair value through other comprehensive | ||||||||||||||||||||||||||||||||
income | - | - | - | - | 722,044 | - | (722,044) | - | ||||||||||||||||||||||||
BALANCE, JUNE 30, 2024 | $ | 8,323,822 | $ | 16,250,514 | $ | 2,490,682 | $ | 3,080,480 | $ | (4,997,194) | $ | (1,191,277) | $ | (1,352,895) | $ | 22,604,132 | ||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
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HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Six Months Ended | ||||||
June 30 | ||||||
2024 | 2023 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Loss before income tax | $ (1,718,341) | $ | (1,586,516) | |||
Adjustments for: | ||||||
Depreciation expense | 117,658 | 185,929 | ||||
Amortization expense | 10,183 | 1,005 | ||||
Expected credit loss reversed on trade receivables | (8,000) | (35,000) | ||||
Loss on financial assets at fair value through profit or loss | 3,770 | - | ||||
Finance costs | 155,454 | 114,959 | ||||
Interests income | (452,238) | (421,958) | ||||
Dividend income | (2,739) | (2,557) | ||||
Compensation costs of employee share-based payments | - | 3,541 | ||||
Share of the loss of associates and joint ventures accounted for using | ||||||
the equity method | 73,077 | 134,982 | ||||
Net loss (gain) on disposal of property, plant and equipment | 142 | (23) | ||||
Net loss on disposal of investments accounted for using equity | ||||||
method | - | 12,957 | ||||
Impairment loss on non-financial assets | 123,684 | 85,246 | ||||
Gain from lease modifications | (14) | (28) | ||||
Changes in operating assets and liabilities | ||||||
(Increase) decrease in financial assets mandatorily classified as at | ||||||
fair value through profit or loss | (42,968) | 35,873 | ||||
Decrease (increase) in notes and trade receivables | 324,274 | (14,761) | ||||
Decrease in other receivables | 4,555 | 14,430 | ||||
Increase in inventories | (126,840) | (74,820) | ||||
Increase in prepayments | (102,920) | (118,707) | ||||
Decrease in other current assets | 1,686 | 324 | ||||
Increase in other non-current assets | (18,544) | (88,586) | ||||
Increase in notes and trade payables | 498,648 | 128,249 | ||||
Decrease in other payables | (153,712) | (523,282) | ||||
Decrease in provisions | (72,945) | (143,666) | ||||
(Decrease) increase in other current liabilities | (21,156) | 68,984 | ||||
Cash used in operating activities | (1,407,286) | (2,223,425) | ||||
Interest received | 477,018 | 319,776 | ||||
Interest paid | (153,082) | (108,639) | ||||
Income tax received (paid) | 55,527 | (192,776) | ||||
Net cash used in operating activities | (1,027,823) | (2,205,064) | ||||
(Continued) |
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HTC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Six Months Ended | |||||||
June 30 | |||||||
2024 | 2023 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of financial assets at fair value through other comprehensive | |||||||
income | $ | (88,373) | $ | (124,756) | |||
Proceeds from disposal of financial assets at fair value through other | |||||||
comprehensive income | 809,850 | 28,286 | |||||
Return of investments accounted for at fair value through other | |||||||
comprehensive income | - | 15,176 | |||||
Purchase of financial assets at fair value through profit or loss | (101,012) | - | |||||
Acquisition of investments accounted for using equity method | (136,914) | (21,319) | |||||
Payments for property, plant and equipment | (21,739) | (16,925) | |||||
Proceeds from disposal of property, plant and equipment | 22 | 366 | |||||
Increase in refundable deposits | (340,586) | (571) | |||||
Payments for intangible assets | (11,939) | (8,491) | |||||
Proceeds from disposal of intangible assets | - | 81 | |||||
Payment for investment properties | (1,532) | - | |||||
Increase in other financial assets | (1,363,098) | (1,423,554) | |||||
Dividend received | 2,739 | 2,557 | |||||
Net cash used in investing activities | (1,252,582) | (1,549,150) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Increase in short-term borrowings | - | 910,000 | |||||
Decrease in short-term borrowings | (100,000) | - | |||||
Increase in long-term borrowings | 2,400,000 | 1,100,000 | |||||
Increase of guarantee deposits received | 2,196 | - | |||||
Decrease of guarantee deposits received | - | (16,961) | |||||
Repayment of the principal portion of lease liabilities | (15,116) | (24,155) | |||||
Employee share options executed | 12,085 | 71,514 | |||||
Net cash generated from financing activities | 2,299,165 | 2,040,398 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH | |||||||
EQUIVALENTS | 863,289 | 327,476 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH | |||||||
EQUIVALENTS | 882,049 | (1,386,340) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 12,439,363 | 17,945,253 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 13,321,412 | $ | 16,558,913 |
The accompanying notes are an integral part of the consolidated financial statements. | (Concluded) |
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HTC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
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GENERAL INFORMATION
HTC Corporation (HTC) was incorporated on May 15, 1997 under the Company Law of Taiwan, the Republic of China. HTC and its subsidiaries (collectively referred to as the "Company") are engaged in designing, manufacturing, assembling, processing, and selling virtual reality devices and smart mobile devices and after-sales services.
In March 2002, HTC had its stock listed on the Taiwan Stock Exchange. On November 19, 2003, HTC listed some of its shares of stock on the Luxembourg Stock Exchange in the form of global depositary receipts.
The functional currency of HTC is the New Taiwan dollars. The consolidated financial statements are presented in the New Taiwan dollars since HTC is the ultimate parent of the Company. - APPROVAL OF FINANCIAL STATEMENTS
The consolidated financial statements were approved by HTC's board of directors and authorized for issue on August 7, 2024. - APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS
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Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC)
(collectively, the "IFRS Accounting Standards") endorsed and issued into effect by the Financial Supervisory Commission (FSC)
The initial application of the amendments to the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have any material impact on the Company's accounting policies. - The IFRS Accounting Standards endorsed by the FSC for application starting from 2025
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Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC)
Effective Date | ||
New, Amended and Revised Standards and Interpretations | Announced by IASB | |
Amendments to IAS 21 "Lack of Exchangeability" | January 1, 2025 (Note 1) |
Note 1: An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2025. Upon initial application of the amendments to IAS 21, the Company shall not restate the comparative information and shall recognize any effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or, if applicable, to the cumulative amount of translation differences in equity as well as affected assets or liabilities.
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