MILLIRE ENG2024

2.31 Subsequent events Subsequent events that provide additional information about the Company’s position at the reporting dates (adjusting events) are reflected in the financial statements. Events after the reporting date that are not adjusting events are disclosed in the notes when material. 2.32 The new standards, amendments and interpretations The accounting policies adopted in preparation of the financial statements as at December 31, 2024 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRIC interpretations effective as of January 1, 2024. The effects of these standards and interpretations on the Company’s financial position and performance have been disclosed in the related paragraphs. i) Standards, amendments, and interpretations applicable as of 31 December 2024 - Amendment to IAS 1 - Non-current liabilities with covenants; effective from annual periods beginning on or after 1 January 2024. These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. - Amendment to IFRS 16 - Leases on sale and leaseback; effective from annual periods beginning on or after 1 January 2024. These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. - Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements; effective from annual periods beginning on or after 1 January 2024. These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB’s response to investors’ concerns that some companies’ supplier finance arrangements are not sufficiently visible, hindering investors’ analysis. - IFRS S1, ‘General requirements for disclosure of sustainability-related financial information; effective from annual periods beginning on or after 1 January 2024. This standard includes the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity’s value chain. - IFRS S2, ‘Climate-related disclosures’; effective from annual periods beginning on or after 1 January 2024. This is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities. In addition, it has been announced in the Board Decision published in the Official Gazette on December 29, 2023, by the Public Oversight, Accounting and Auditing Standards Authority (KGK), that certain businesses will be subject to mandatory sustainability reporting starting from January 1, 2024. Under the “Board Decision on the Scope of Application of the Turkey Sustainability Reporting Standards (TSRS)” dated January 5, 2024, businesses falling under the scope of sustainability reporting are identified. Furthermore, the “Board Decision on the Scope of Application of the Turkey Sustainability Reporting Standards (TSRS)” dated December 16, 2024, introduced changes regarding the businesses that will be subject to sustainability reporting. ii) Standards, amendments, and interpretations that are issued but not effective as of 31 December 2024: - TFRS 17, ‘Insurance Contracts’ (“TFRS 17”); is applicable for annual reporting periods beginning on or after January 1, 2023. This standard replaces TFRS 4, which currently allows for a wide range of applications. TFRS 17 will fundamentally change the accounting for all businesses that issue insurance contracts and investment contracts with discretionary participation features. - As a result of the legislative changes published by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) in the Official Gazette No. 32414 dated December 29, 2023, the implementation date for the TFRS 17 standard in the statutory financial statements of insurance companies was initially set as January 1, 2025. However, following further regulatory changes published by SEDDK in the Official Gazette No. 32765 on December 27, 2024, the implementation date for the TFRS 17 standard in the statutory financial statements of insurance companies has been postponed to January 1, 2026. - Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. 131 2024 Annual Report Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Unconsolidated Financial Statements As of December 31, 2024 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION