Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 439

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 439
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 equity instruments designated at fair value through other comprehensive income and contractual terms that could change the timing or amount of contractual cash flows. The amendments are applied retrospectively for annual reporting periods beginning on or after January 1, 2026 with earlier application permitted. The Group does not expect these amendments to have a significant impact on the consolidated financial statements.

iii) IFRS 18 ‘Presentation and Disclosure in Financial Statements’

In April 2024, the IASB issued IFRS 18, ‘Presentation and Disclosure in Financial Statements’, which replaces IAS 1, ‘Presentation of Financial Statements’. While many sections have been carried forward from

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SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 3. | Material accounting policies (continued) |

IAS 1 with limited wording changes, IFRS 18 introduces new presentation requirements within the statement of profit or loss, including specified totals and subtotals. It also requires the disclosure of management-defined performance measures and includes new requirements for the aggregation and disaggregation of financial information. Additionally, certain amendments have been made to IAS 7, ‘Statement of Cash Flows’.

IFRS 18 and the amendments to other standards are effective for reporting periods beginning on or after January 1, 2027, and the Group is currently assessing the impact of these amendments.

iv) IFRS Annual Improvements

IFRS annual improvements are applied for annual reporting periods beginning on or after January 1, 2026 with earlier application permitted. The Group believes that there will be no material impact on the consolidated financial statement.

| • |     | IFRS 9 ‘Financial Instruments’ — Derecognition of lease liabilities and transaction price |

| • |     | IFRS 10 ‘Consolidated Financial Statements’ — Determination of ‘de facto agent’ |

| • |     | IFRS 1 ‘First-time adoption of International Financial Reporting Standards’ — Hedging accounting by a first-time adopter |

| • |     | IFRS 7 ‘Financial Instruments: Disclosures’ — Gain or loss on derecognition |

| • |     | IAS 7 ‘Statement of Cash Flows’ — Cost method |

| 4. | Significant estimates and judgments |

The preparation of financial statements