CELEBİ 2021 ANNUAL REPORT

84 Çelebi Ground Handling Inc. 2022 Annual Report NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022 ÇELEBİ HAVA SERVİSİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) Amendments to TFRS 9 Financial Instruments The amendment clarifies which fees an entity includes in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. Amendments to TAS 41 Agriculture The amendment removes the requirement in paragraph 22 of TAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in TFRS 13. The amendments to TFRS 1, TFRS 9, and TAS 41 are all effective for annual periods beginning on or after 1 January 2022. Early application is permitted. b) New and revised TFRSs in issue but not yet effective The Group has not yet adopted the following standards and amendments and interpretations to the existing standards: TFRS 17 Insurance Contracts Amendments to TAS 1 Classification of Liabilities as Current or Non-Current Amendments to TFRS 4 Extension of the Temporary Exemption from Applying TFRS 9 Amendments to TAS 1 Disclosure of Accounting Policies Amendments to TAS 8 Definition of Accounting Estimates Amendments to TAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to TFRS 17 Initial Application of TFRS 17 and TFRS 9 - Comparative Information Amendments to TFRS 16 Lease Liability in a Sale and Leaseback Amendments to TAS 1 Non-current Liabilities with Covenants TFRS 17 Insurance Contracts TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 supersedes TFRS 4 Insurance Contracts as of 1 January 2023. Amendments to TAS 1 Classification of Liabilities as Current or Non-Current The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, 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. Amendments to TAS 1 are effective for annual reporting periods beginning on or after 1 January 2023 and earlier application is permitted. Amendments to TFRS 4 Extension of the Temporary Exemption from Applying TFRS 9 The amendment changes the fixed expiry date for the temporary exemption in TFRS 4 Insurance Contracts from applying TFRS 9, so that entities would be required to apply TFRS 9 for annual periods beginning on or after 1 January 2023 with the deferral of the effective date of TFRS 17. Amendments to TAS 1 Disclosure of Accounting Policies The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Amendments to TAS 1 are effective for annual reporting periods beginning on or after 1 January 2023 and earlier application is permitted.