New and amended standards and interpretations

12 Months Ended

Dec. 31, 2024

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 2024, Nokia adopted the following amendments

to the accounting standards issued by the IASB and endorsed

by the EU:

■Amendments to IFRS 16 Leases: Lease Liability in a Sale and

Leaseback;

■Amendments to IAS 1 Presentation of Financial Statements:

Classification of Liabilities as Current or Non-current;

■Amendments to IAS 1 Presentation of Financial Statements:

Non-current Liabilities with Covenants; and

■Amendments to IAS 7 Statement of Cash Flows and IFRS 7

Financial Instruments: Disclosures: Supplier Finance

Arrangements.

The amendments had no material impact on the measurement,

recognition or presentation of any items in Nokia’s

consolidated financial statements for 2024.

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, except for IFRS 18

Presentation and Disclosure in Financial Statements which

was published in April 2024.

IFRS 18 sets out the requirements for presentation and

disclosures in financial statements and it will replace IAS 1

Presentation of Financial Statements. The new standard is

effective for annual reporting periods beginning on or after

1 January 2027, with earlier application permitted. IFRS 18 is

yet to be endorsed by the EU. Nokia is assessing the impact

of IFRS 18 on its consolidated financial statements but as

IFRS 18 is not changing the recognition and measurement

requirements it is not expected to have significant impact

other than on the presentation of financial information.

Nokia intends to adopt IFRS 18 and other new and amended

standards and interpretations, if applicable, when they become

effective and are endorsed by the EU.