BIRLESIM_MUEHNDSILIK 2023 AR

BİRLEŞİM MÜHENDİSLİK 2023 ANNUAL REPORT 154 Birleşim Mühendislik Isitma Soğutma Havalandirma Sanayi Ticaret A.Ş. and its Subsidiaries (Amounts are expressed in terms of purchasing power of Turkish Lira (“TL”) as of December 31, 2023 unless otherwise stated.) Notes to the Consolidated Financial Statements For the Year Ended 31 December 2023 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued) b) Standards Published as of December 31, 2023, But Not Entered into Force and Not Early Implemented (Continued) TFRS 16 Amendments - Lease obligations in sale and leaseback transactions In January 2023, KGK published amendments to TFRS 16. The amendments in question determine the provisions to be applied in the measurement of lease obligations arising from the sale and leaseback transaction by the seller-lessee, ensuring that no gain or loss is recognized regarding the remaining right of use. In this context, while applying the provisions of TFRS 16 under the title “Subsequent measurement of the lease liability” after the date when the sale and leaseback transaction actually begins, the seller-lessee shall make “lease payments” or “lease payments” in a way that does not recognize any gain or loss regarding the remaining right of use. will determine the revised lease payments. The amendments do not contain a specific provision for the measurement of lease obligations arising from leasebacks. The initial measurement of the lease liability in question may cause payments different from those included in the definition of lease payments in TFRS 16 to be determined as lease payments. The seller-lessee will need to develop and implement an accounting policy that will provide reliable and relevant information in accordance with TMS 8. These Amendments are effective for annual accounting periods beginning on or after January 1, 2024. Early application is allowed. The seller-lessee applies the changes retroactively, in accordance with TMS 8, to sales and leaseback transactions entered into after the initial application date of TFRS 16. The Group is evaluating the possible effects of this change on its consolidated financial statements. Amendments to TMS 7 and TFRS 7 - Supplier Financing Agreements The Board Decision regarding the Supplier Financing Agreements amendments to TMS 7 and TFRS 7 was published by the POA on September 19, 2023. With the change, businesses are expected to disclose the following issues regarding supplier financing agreements: - Terms and conditions of agreements, - The book value of the financial liabilities that are part of the supplier financing agreement and the items associated with these liabilities in the statement of financial position, and the paid portions of these liabilities; where the liabilities are classified, - Maturity intervals, - Information about liquidity risk. Amendments to TAS 7 and TFRS 7 will enter into force for annual accounting periods starting on or after January 1, 2024, although early implementation is allowed. The Group is evaluating the possible effects of this change on its consolidated financial statements. TMS 12 Amendments to Income Taxes - International Tax Reform-Second Pillar Model Rules On September 19, 2023, POA issued amendments to Amendments to TMS 12 Income Taxes - International Tax Reform Pillar Two Model Rules. With amendments to the International Tax Reform Pillar Two Model Rules, to provide a better understanding of a company’s income tax exposure resulting from the Pillar Two Model, additional disclosure obligations have been imposed on companies. As an exception to the requirements in TMS 12, an entity shall neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The exception which are recognized in International Tax Reform Pillar Two Model Rules are applicable immediately however, companies must make disclosures for annual reporting periods beginning on 1 January 2024. The Group is assessing the potential impact on its consolidated financial statements resulting from the amendments of TMS 12.