Page 53 - 2022 CPC Corporation,Taiwan

CPC CORPORATION, TAIWAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise) (1) Company history CPC Corporation, Taiwan (the “Company” or CPC) was established on June 1, 1946 and engages mainly in oil and gas exploration, refining, procurement, transport, storage and marketing. (2) Approval date and procedures of the financial statements: The financial statements were authorized for issuance by the Board of Directors on April 20, 2022. (3) New standards, amendments and interpretations adopted: (a) The impact of the International Financial Reporting Standards (“IFRSs”) endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted. The Company has initially adopted the following new amendments, which do not have a significant impact on its financial statements, from January 1, 2021: • Amendments to IFRS 4 “Extension of the Temporary Exemption from Applying IFRS 9” • Amendments to IFRS 9, IAS39, IFRS7, IFRS 4 and IFRS 16 “Interest Rate Benchmark Reform—Phase 2” • Amendments to IFRS 16 “Covid-19-Related Rent Concessions beyond June 30, 2021” (b) The impact of IFRS issued by the FSC but not yet effective The Company assesses that the adoption of the following new amendments, effective for annual period beginning on January 1, 2022, would not have a significant impact on its financial statements: • Amendments to IAS 16 “Property, Plant and Equipment—Proceeds before Intended Use” • Amendments to IAS 37 “Onerous Contracts—Cost of Fulfilling a Contract” • Annual Improvements to IFRS Standards 2018–2020 • Amendments to IFRS 3 “Reference to the Conceptual Framework” (c) The impact of IFRS issued by IASB but not yet endorsed by the FSC The following new and amended standards, which may be relevant to the Company, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC: Standards or Interpretations Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” Amendments to IAS 1 “Disclosure of Accounting Policies” Content of amendment The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of balance sheet, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The key amendments to IAS 1 include: • requiring companies to disclose their material accounting policies rather than their significant accounting policies; • clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and • clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements. Effective date per IASB January 1, 2023 January 1, 2023 50 51