With independent auditor’s report

JSC “Uzbekneftegaz”
Consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
27
5. 
Adoption of new or revised standards and interpretations and new accounting pronouncements
(continued)
Standards issued but not yet effective (continued)
In August 2020, the IASB issued amendments to IFRS 7
Financial Instruments: Disclosures
, IFRS 9
Financial
Instruments
as well as IFRS 4
Insurance Contracts
and IFRS 16
Leases
named
Interest Rate Benchmark
Reform 
−
 Phase II
. The amendments provide certain temporary reliefs which address the financial reporting
effects related to the transfer to the risk-free interest rate. The amendments are effective on or after 1 January
2021; earlier application is permitted. The Group does not expect the amendments to have a material impact
on the consolidated financial statements.
Additionally, a number of amendments, not yet effective, were issued during annual improvement process
conducted by IASB. They include the amendments to IFRS 1
Fist-time Adoption
named
First-time Adoption:
Subsidiary as a First-time Adopter
, and the amendments to IFRS 9
Financial Instruments
named
Fees in the
‘10 per cent’ Test for Derecognition of Financial Liabilities
. The Group does not expect the amendments to
have a material impact on the consolidated financial statements.
Amendments to IAS 1
Presentation of Financial Statements
and IFRS
Practice Statement 2 Making Materiality
Judgements
. The amendments to IAS 1 require companies to disclose their material accounting policy
information rather than their significant accounting policies. The amendments to IFRS
Practice Statement 2
provide guidance on how to apply the concept of materiality to accounting policy disclosures.
Separately, the Board has also issued amendments to IAS 8
Accounting Policies, Changes in Accounting
Estimates and Errors
. The amendments clarify how companies should distinguish changes in accounting
policies from changes in accounting estimates. That distinction is important because changes in accounting
estimates are applied prospectively only to future transactions and other future events, but changes in
accounting policies are generally also applied retrospectively to past transactions and other past events.
The amendments to IAS 1 and IAS 8 will be effective for annual reporting periods beginning on or after
1 January 2023, with early application permitted.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not
yet effective.