Page 53 - 2025 CPC Corporation,Taiwan

CPC CORPORATION, TAIWAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (1) Company history (Expressed in Thousands of New Taiwan Dollars, Unless Otherwise Specified) 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: These financial statements were authorized for issue by the Board of Directors on April 16, 2025. (3) New standards, amendments and interpretations adopted: (a) The impact of the IFRS Accounting Standards 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, 2024: • Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” • Amendments to IAS 1 “Non-current Liabilities with Covenants” • Amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements” • Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback” (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, 2025, would not have a significant impact on its financial statements: • Amendments to IAS21 “Lack of Exchangeability” (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 IFRS 18 “Presentation and Disclosure in Financial Statements” Content of amendment The new standard introduces three categories of income and expenses, two income statement subtotals and one single note on management performance measures. The three amendments, combined with enhanced guidance on how to disaggregate information, set the stage for better and more consistent information for users, and will affect all the entities. • A more structured income statement: under current standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. The new standard promotes a more structured income statement, introducing a newly defined “operating profit” subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities. • Management performance measures (MPMs): the new standard introduces a definition for management performance measures, and requires companies to explain in a single note to the financial statements why the measure provides useful information, how it is calculated and reconcile it to an amount determined under IFRS Accounting Standards. • Greater disaggregation of information: the new standard includes enhanced guidance on how companies group information in the financial statements. This includes guidance on whether information is included in the primary financial statements or is further disaggregated in the notes. Effective date per IASB January 1, 2027 The Company is evaluating the impact on its financial position and financial performance upon the initial adoption of the abovementioned standards or interpretations. The results thereof will be disclosed when the Company completes its evaluation. / Financial Statements 51