BASF Report 2021 Consoli dated Financial Statements – Notes 201 IFRSs and IFRICs not yet to be considered but already IFRSs and IFRICs not yet to be considered but already endorsed by the E.U. endorsed by the E.U. Date of endorsement Mandatory date of Standard/interpretation Name of standard/interpretation or amendments Date of publication by the E.U. initial application The effects on the BASF Group financial statements of the IFRSs Amendments to IFRS 3 Business Combinations (Amendment to References to May 14, 2020 June 28, 2021 January 1, 2022 and IFRICs not yet in force in 2021 but already endorsed by the the Conceptual Framework) European Union were reviewed. The amendments to IAS 16, Amendments to IAS 16 Property, Plant and Equipment (Proceeds before May 14, 2020 June 28, 2021 January 1, 2022 whereby specific income is to be recognized with the associated Intended Use) costs in profit or loss, as well as the amendments to IAS 37 regarding Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets May 14, 2020 June 28, 2021 January 1, 2022 cost calculation for onerous contracts are already being taken into (Onerous Contracts, Settlement Costs from Contracts) account. BASF currently assumes that all other amendments will Annual improvements to Amendments to May 14, 2020 June 28, 2021 January 1, 2022 have no material effect. It does not plan on early adoption. IFRS 2018–2020 IFRS 1 (Subsidiary as a First-Time Adopter) IFRS 9 (Fees in the “10% Test” Regarding Derecognition of Financial Liabilities) IFRS 16 (Lease Incentives) IAS 41 (Taxation in Fair Value Measurements) Amendments to IFRS 17 Insurance Contracts (including amendments to the June 25, 2020 November 19, 2021 January 1, 2023 standard) IFRSs and IFRICs not yet to be considered and not yet IFRSs and IFRICs not yet to be considered and not yet endorsed by the E.U. endorsed by the E.U. Expected date of initial Standard/interpretation Name of standard/interpretation or amendments Date of publication application The IASB issued further amendments to standards and Amendments to IAS 1 Presentation of Financial Statements (Classification of Liabilities as January 23, 2020 January 1, 2023 inter pretations which are still subject to E.U. endorsement and Current or Noncurrent) whose application is not yet mandatory. The amendments to IAS 12, (including Deferral of Effective Date) (July 15, 2020) which serve to clarify how companies account for deferred taxes on Amendments to IAS 1 and Presentation of Financial Statements and February 12, 2021 January 1, 2023 transactions such as leases and decommissioning obligations, are IFRS Practice Statement 2 Making Materiality Judgements (Presentation of Key Accounting Policies) already being applied in BASF’s financial statements. All other Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors February 12, 2021 January 1, 2023 (Definition of Changes in Accounting Policies and Accounting Estimates) amendments are unlikely to have a material impact on the reporting Amendments to IAS 12 Income Taxes (Deferred Tax Related to Assets and Liabilities Arising from May 7, 2021 January 1, 2023 of BASF. BASF does not plan on early adoption of these a Single Transaction) amendments. Amendments to IFRS 17 Insurance Contracts (Initial Application of IFRS 17 and IFRS 9 – December 9, 2021 January 1, 2023 Comparative Information)