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English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
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YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
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BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
Adoption of new standards and interpretations effective as from January 1, 2022
The Group has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and
effective application as of September 30, 2022, as specified in Note 2.b.26) to the annual consolidated financial statements.
Standards and interpretations
issued as from January 1, 2022 by the IASB whose implementation is not mandatory as of the closing of these condensed interim consolidated financial statements and, therefore, have not been adopted by the Group
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Amendments to IFRS 16 - Leases |
In September 2022, the IASB issued amendments to IFRS 16 related to the measurement of leases in sale and leaseback transactions, as it failed to specify
how to measure those leases after initial recognition, which are applicable to fiscal years beginning on or after January 1, 2024, retroactively, enabling their early application.
Pursuant to this amendment to IFRS 16, a seller-lessee is required to measure lease liabilities arising from a sale and leaseback transaction without
recognizing a gain or loss for the right-of-use it retains, and is not prevented from recognizing a gain or loss for the total or partial termination of the lease.
As of the date of these condensed interim consolidated financial statements, the Group anticipates that the application of the amendments mentioned above
will not significantly affect its financial statements.
2.c) Accounting Estimates and Judgments
The preparation of financial statements at a certain date requires Management to make estimates and assessments affecting the amount of assets and
liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of
these condensed interim consolidated financial statements.
In preparing these condensed interim consolidated financial statements, significant
estimates and judgments were made by Management in applying the Groups accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements,
which are disclosed in Notes 2.b) and 2.c) to the annual consolidated financial statements.
Review of impairment indicators of property, plant and equipment
As explained in Notes 2.b.8) and 2.b.9) to the annual consolidated financial statements, as a general criteria, the method used to estimate the
recoverable amount of property, plant and equipment consists of estimating the value-in-use based on the future expected cash flows arising from the use of such assets,
discounted at a rate that reflects the weighted average cost of the capital employed.
Regarding interim periods, IAS 34 requires entities to apply
the impairment testing. When an entity has previously recognized impairment losses, it is necessary to review the detailed calculations made at the end of the period if the indicators that gave rise to such losses continue to remain present. To such
end, the entity shall revise the existence of significant indicators of impairment or reversals since the end of the last fiscal year and determine whether it has to proceed or not with such testing.
The Group continuously monitors business perspectives in the market it operates. In general, the Group analyzes macroeconomic variables, such as price
index, devaluation and, in particular for the local natural gas market, the demand volume to be satisfied and domestic prices.
As of
September 30, 2022, based on the evolution of variables and the methodology mentioned above, the Group recognized an impairment charge of property, plant and equipment for the CGU Gas Austral Basin of 14,108 (9,170 net of the income
tax), mainly generated by production cost increases. The discount rate after taxes used as of September 30, 2022 was 14.63%, the recoverable amount after taxes as of such date of the CGU Gas Austral Basin being 10,421.
The Group will continue analyzing the prospects for the variables mentioned above to further estimate their impact on expected cash flows.