1.2.1. New and amended standards and interpretations
The following new and amended standards and interpretations effective as of January 1st 2016 had an effect on these consolidated financial statements:
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| Standard | Description | Estimated effect |
| Amendments to IAS 1 | In December 2014, as part of its disclosure initiative, the International Accounting Standards Board published an amendment to IAS 1 whose objective was to clarify the concept of materiality and explain that information which the reporting entity deems immaterial should not be presented even if its disclosure is generally required under another IFRS. The amended IAS 1 clarifies that items presented in the statement of financial position and the statement of profit or loss and other comprehensive income may be aggregated or disaggregated depending on materiality. Additional guidelines were also introduced for presentation of subtotals in those statements. | The Group optimised disclosures in its financial statements by introducing presentation changes and modifying the scope and amount of disclosures (taking into account their materiality) as well as the manner of aggregation of financial data. |
Amendments other than those referred to above were either not applicable or irrelevant to the Group’s consolidated financial statements.
