Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 606

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 606
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iii) adds new filing requirements for greater clarity on the impact of these contracts. These modifications will be applicable form 1 January 2026. • Amendments to IFRS Improvement Cycle: introduces minor amendments, effective from 1 January 2026, to the following standards: • IFRS 1 First-time Adoption of International Financial Reporting Standards, for hedge accounting in first adoption. • IFRS 7 Financial Instruments: Disclosures: updated references and alignment with IFRS 13, as well as clarifications in the Implementation Guidance. • IFRS 9 Financial Instruments: amendment to apply derecognition criteria to lease liabilities recorded by the lessee and replacement of the term 'transaction price' with 'the amount determined in accordance with IFRS 15'. • IFRS10 Consolidated Financial Statements: Determining a 'de facto agent'. • IAS 7 Statement of Cashflows: replacing the term 'cost method' with 'cost'. • IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements: this is the new standard with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: (i) the structure of the statement of profit or loss; (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. Applicable from 1 January 2027.

Annual report 2024 590

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

• IFRS 19 Subsidiaries without Public Accountability: Disclosures: this new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. A subsidiary is eligible if: (i) it does not have public accountability; and (ii) it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. Applicable from 1 January 2027. During 2024, the Group has started a project with the aim of adapting its accounting policies related to hedging transactions to the