ÇHS AR21-ENG-030622

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021 ÇELEBİ HAVA SERVİSİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) 65 Çelebi Ground Handling Inc. 2021 Annual Report b) New and revised TFRSs in issue but not yet effective The Group has not yet adopted the following standards and amendments and interpretations to the existing standards: TFRS 17 Insurance Contracts Amendments to TAS 1 Classification of Liabilities as Current or Non-Current Amendments to TFRS 3 Reference to the Conceptual Framework Amendments to TAS 16 Property, Plant and Equipment - Proceeds before Intended Use Amendments to TAS 37 Onerous Contracts - Cost of Fulfilling a Contract Annual Improvements to TFRS Standards 2018-2020 Amendments to TFRS 1, TFRS 9 and TAS 41 Amendments to TFRS 4 Extension of the Temporary Exemption from Applying TFRS 9 Amendments to TFRS 16 COVID-19 Related Rent Concessions beyond 30 June 2021 Amendments to TAS 1 Disclosure of Accounting Policies Amendments to TAS 8 Definition of Accounting Estimates Amendments to TAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction TFRS 17 Insurance Contracts TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 supersedes TFRS 4 Insurance Contracts as of 1 January 2023. Amendments to TAS 1 Classification of Liabilities as Current or Non-Current The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. Amendments to TAS 1 are effective for annual reporting periods beginning on or after 1 January 2023 and earlier application is permitted. Amendments to TFRS 3 Reference to the Conceptual Framework The amendments update an outdated reference to the Conceptual Framework in TFRS 3 without significantly changing the requirements in the standard. The amendments are effective for annual periods beginning on or after 1 January 2022. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework ) at the same time or earlier. Amendments to TAS 16 Property, Plant and Equipment - Proceeds before Intended Use The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are effective for annual periods beginning on or after 1 January 2022. Early application is permitted.