SP Group A/S presents the annual report in accordance with IFRS. See the annual report for 2021, Note 1.
Implementation of new or amended standards and interpretations
Effective from 1 January 2021, SP Group A/S has implemented the following new or amended standards and interpretations:
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 on the IBOR reform (phase 2).
The above amendments allow of temporary relaxation for the financial statements until the existing interest-benchmark is replaced by an alternative almost risk-free rate (RFR). The temporary amendments include the below practical relaxations:
• Contractual changes or changes to cash flows that relate directly to the IBOR reform, must be treated as changes to a floating interest rate as well as changes to a market rate.
• Amendments that are statutory under the IBOR reform for hedging or hedging documentation may be applied without the discontinuation of the hedging relationship.
• Temporary relaxation for entities to fulfil the requirement that a component must be separately identifiable when a RFR instrument is used to hedge a risk component.