CEF Annual report 2021

72 CEF FINANCIAL REPORT 2021
NOTES TO THE FINANCIAL STATEMENTS 73
(L) STANDARDS AND INTERPRETATIONS ISSUED BY THE IASB BUT NOT YET EFFECTIVE
At the date of authorisation of these financial statements, the following new standards, amendments
to existing standards and new interpretation were in issue, but not yet effective:
• IFRS 17 “Insurance Contracts” including amendments to IFRS 17 (effective for annual periods
beginning on or after 1 January 2023),
• Amendments to IFRS 3 “Business Combinations” - Reference to the Conceptual Framework with
amendments to IFRS 3 (effective for annual periods beginning on or after 1 January 2022),
• Amendments to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in
Associates and Joint Ventures” - Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture and further amendments (effective date deferred indefinitely until
the research project on the equity method has been concluded),
• Amendments to IFRS 16 “Leases” - Covid-19-Related Rent Concessions beyond 30 June 2021
(effective for annual reporting periods beginning on or after 1 April 2021. Earlier application
permitted, including in financial statements not yet authorised for issue at the date the amendment
is issued.)*
• Amendments to IFRS 17 “Insurance contracts” - Initial Application of IFRS 17 and IFRS 9 –
Comparative Information (effective for annual periods beginning on or after 1 January 2023).
• Amendments to IAS 1 “Presentation of Financial Statements” - Classification of Liabilities as
Current or Non-Current (effective for annual periods beginning on or after 1 January 2023),
• Amendments to IAS 1 “Presentation of Financial Statements” - Disclosure of Accounting Policies
(effective for annual periods beginning on or after 1 January 2023),
• Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” -
Definition of Accounting Estimates (effective for annual periods beginning on or after 1 January
2023),
• Amendments to IAS 12 “Income Taxes” - Deferred Tax related to Assets and Liabilities arising
from a Single Transaction (effective for annual periods beginning on or after 1 January 2023),
• Amendments to IAS 16 “Property, Plant and Equipment” - Proceeds before Intended Use (effective
for annual periods beginning on or after 1 January 2022),
• Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” - Onerous
Contracts - Cost of Fulfilling a Contract (effective for annual periods beginning on or after 1
January 2022),
• Amendments to various standards due to “Improvements to IFRSs (cycle 2018 -2020)” resulting
from the annual improvement project of IFRS (IFRS 1, IFRS 9, IFRS 16 and IAS 41) primarily
with a view to removing inconsistencies and clarifying wording (The amendments to IFRS
1, IFRS 9 and IAS 41 are effective for annual periods beginning on or after 1 January 2022. The
amendment to IFRS 16 only regards an illustrative example, so no effective date is stated.).
The CEF has elected not to adopt these new standards, amendments to existing standards and
new interpretation in advance of their effective dates. The CEF anticipates that the adoption of
these standards, amendments to existing standards and new interpretations will have no material
impact on the financial statements of the CEF in the period of initial application.
3. Notes to the financial statements
NOTE 1: INTANGIBLE ASSETS
Intangible assets
January 1,
2021
New
investments Write-offs Amortization
EUR
December 31,
2021
Purchase value 57,816 0 -1,558 0 56,258
Accumulated amortization -23,662 0 1,558 -9,315 -31,418
Carrying value 34,154 0 0 -9,315 24,839
Intangible assets
January 1,
2020
New
investments Write-offs Amortization
December 31,
2020
Purchase value 57,816 0 0 0 57,816
Accumulated amortization -14,347 0 0 -9,315 -23,662
Carrying value 43,469 0 0 -9,315 34,154
Intangible assets comprise computer software and textbooks for TIAPS program and are recorded at purchase value. A
change in position results from investment and amortization. In 2021 CEF didn’t have investments in intangible assets.
NOTE 2: EQUIPMENT
Equipment
January 1,
2021
New
investments Write-offs Depreciation
EUR
December 31,
2021
Purchase value 1,312,627 43,395 -24,484 0 1,331,538
Accumulated depreciation -649,977 0 21,960 -69,350 -697.367
Carrying value 662,649 43,395 -2,524 -69,350 634,171
Equipment
January 1,
2020
New
investments Write-offs Depreciation
December 31,
2020
Purchase value 1,136,931 175,695 0 0 1,312,627
Accumulated depreciation -589,446 0 0 -60,532 -649,977
Carrying value 547,486 175,695 0 -60,532 662,649
Equipment owned by the CEF is used to carry out the CEF’s activities and comprises office, computer and other
equipment, as well as investments and improvements in the business premises. A change in the position results
from purchases, write-offs and accumulated depreciation. Write-offs relate to the equipment that is no longer in use.