MILLIRE ENG2024

- 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. - Bununla birlikte, KGK’nın 29 Aralık 2023 tarihli Resmî Gazete’de yayımlanan Kurul Kararı’nda belirli işletmelerin 1 Ocak 2024 tarihinden itibaren zorunlu sürdürülebilirlik raporlamasına tabi olacağı açıklanmıştır. 5 Ocak 2024 tarihli “Türkiye Sürdürülebilirlik Raporlama Standartları (TSRS) Uygulama Kapsamına İlişkin Kurul Kararı” kapsamında sürdürülebilirlik raporlamasına tabi olacak işletmelerin belirlenmesi amacıyla sürdürülebilirlik uygulaması kapsamına giren işletmeler sayılmaktadır. Diğer taraftan, 16 Aralık 2024 tarihli “Türkiye Sürdürülebilirlik Raporlama Standartları (TSRS) Uygulama Kapsamına İlişkin Kurul Kararı” uyarınca sürdürülebilirlik raporlamasına tabi olacak işletme kapsamında değişikliğe gidilmiştir. ii) Standards, amendments, and interpretations that are issued but not effective as of 31 December 2024 IFRS 17, ‘Insurance Contracts’; effective as of January 1, 2023 or thereafter. This standard replaces IFRS 4, which currently allows a wide range of applications. IFRS 17 will fundamentally change the accounting for all information governing insurance contracts and investment contracts with flexible tied participation features. As a result of the regulatory changes published in the Official Gazette dated December 29, 2023, numbered 32414 by the SEDDK, the application date of TFRS 17 for insurance companies’ legal financial statements was initially set for January 1, 2025. However, following further regulatory changes published in the Official Gazette dated December 27, 2024, numbered 32765 by the SEDDK, the application date of TFRS 17 for insurance companies’ legal financial statements 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. - Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments ; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments: - clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; - clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; - add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and); - make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). - Annual improvements to IFRS - Volume 11; Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The 2024 amendments are to the following standards - IFRS 1 First-time Adoption of International Financial Reporting Standards; - IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; - IFRS 9 Financial Instruments; - IFRS 10 Consolidated Financial Statements; and - IAS 7 Statement of Cash Flows. 222 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Consolidated Financial Statements As of December 31, 2024 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) MİLLİ RE