IFRS 18 - Presentation and Disclosure in Financial Statements IFRS 18, "Presentation and Disclosure in Financial Statements", published in April 2024, will replace IAS 1, "Presentation of Financial Statements", and will apply to financial years beginning on or after 1 January 2027, subject to adoption by the European Union. The Group will not adopt this new standard early. IFRS 18 will require a new income statement structure and mandatory subtotals, with income and expenses classified in 3 categories: "operating", “investing” and “financing” in the income statement. IFRS IC decisions, finalised and approved by the IASB, that may affect the Group Standards, Amendments or Interpretations First-time application date: financial years starting from: Potential material effect for the Group IAS 7 - Classification of cash flows relating to margin calls on market-collateralised contracts 04/12/2024 No IAS 38 - Recognition of intangible assets arising from climate-related commitments 20/03/2025 No IFRS 9 / IFRS 17 / IFRS 15 / IAS 37 - Guarantees issued in respect of other entities’ obligations 20/03/2025 No IFRS 15 - Revenue recognition from tuition fees 20/03/2025 No IAS 29 - Measurement of financial indicators in hyperinflationary economies 11/07/2025 No IFRS 18 will also require a description in the notes of the performance measures defined by Management and used in public communication outside the IFRS financial statements. It also includes new requirements regarding the aggregation and disaggregation of financial information in line with the identified roles of the main financial statements and the notes. Work is underway to analyse and prepare for implementation within the Group. 1.2 ACCOUNTING PRINCIPLES AND POLICIES USE OF JUDGEMENTS AND ESTIMATES IN PREPARING THE FINANCIAL STATEMENTS Given their nature, the assessments required to prepare financial statements require the use of assumptions and involve risks and uncertainties regarding their future outcome. Future realisations can be influenced by many factors, including: • national and international market activities; • fluctuations in interest rates and foreign exchange rates; • economic and political conditions in certain business sectors or countries; • changes in regulations or legislation. This list is not exhaustive. Accounting estimates which require assumptions to be made are mainly used for the following measurements: • financial instruments measured at fair value (including non-consolidated holdings) • liabilities arising from investment contracts without discretionary participation features • pension plans and other future benefits • stock option plans • impairment of debt instruments at amortised cost at fair value through other comprehensive income recyclable to income • provisions • impairment losses on goodwill • deferred tax assets • valuation of companies accounted for by the equity method. The procedures for the use of judgement or estimates are described in the relevant sections below. Annual Report 2025 79
RkJQdWJsaXNoZXIy NzMxNTcx