New and amended standards and interpretations

12 Months Ended

Dec. 31, 2023

Disclosure of initial application of standards or interpretations [abstract]

New and amended standards and interpretations

1.4. New and amended standards and

interpretations

On 1 January 2023, Nokia adopted the following amendments

to the accounting standards issued by the IASB and endorsed

by the EU:

■IFRS 17 Insurance Contracts (including the June 2020 and

December 2021 Amendments to IFRS 17);

■Amendments to IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors: Definition of Accounting

Estimates;

■Amendments to IAS 1 Presentation of Financial Statements

and IFRS Practice Statement 2 Making Materiality

Judgements: Disclosure of Accounting Policies;

■Amendments to IAS 12 Income Taxes: Deferred Tax related

to Assets and Liabilities arising from a Single Transaction;

and

■Amendments to IAS 12 Income Taxes: International Tax

Reform—Pillar Two Model Rules.

The amendments had no material impact on the measurement,

recognition or presentation of any items in Nokia’s

consolidated financial statements for 2023. The amendments

affecting the disclosures are explained below.

The amendments to IAS 1 and IFRS Practice Statement 2

related to disclosure of accounting policies aim to help entities

provide accounting policies disclosures that are more useful by

replacing the requirement to disclose ‘significant’ accounting

policies with a requirement to disclose ‘material’ accounting

policies and adding guidance to help entities determine when

accounting policies information is material and, therefore,

needs to be disclosed. These amendments are reflected in the

accounting policies disclosures in Nokia’s consolidated financial

statements for 2023.

The amendments to IAS 12 related to Pillar Two Model Rules

have been introduced in response to the OECD’s BEPS Pillar

Two rules and include a mandatory temporary exception to

the recognition and disclosure of deferred taxes arising from

the jurisdictional implementation of the Pillar Two model rules,

and disclosure requirements for affected entities to help

users of the financial statements better understand an

entity’s exposure to Pillar Two income taxes arising from that

legislation, particularly before its effective date. Information

on the impact of Pillar Two legislation on Nokia is disclosed in 

Note 2.5. Income taxes.

Nokia has not early adopted any new or amended standards or

interpretations that have been issued but are not yet effective.

The new and amended standards and interpretations issued by

the IASB that are effective in future periods are not expected

to have a material impact on the consolidated financial

statements of Nokia when adopted. Nokia intends to adopt

these new and amended standards and interpretations, if

applicable, when they become effective and are endorsed by

the EU.