CFM INDOSUEZ Wealth Management - 2020 Annual Report

Amendment to IFRS 16 Leases – Concessions de loyers liées à la COVID 19 CFM Indosuez Wealth applied the amendment to IFRS 16 Leases concerning rent concessions related to Covid-19. This amendment allows lessees to account for rent concessions having a direct link to Covid-19 as a variable leasepayment in the income statement, without prior assessment of the absence of changes to the contract under the meaning of IFRS 16. At 31 December 2019, the duration selected for the activation of leases was the first expiry date of the 3/6/9 lease contract after aminimumduration of three years. Thisminimumdurationwas revisedby theGroupfollowing the publication of the IFRIC (International Financial Reporting InterpretationsCommittee) inNovember 2019. Theminimumdurationwas thereforechanged fromthree to five years. This change led to an increase in long-termrights, which rose from €5,032,000 to €10,866,000 (+€5.8 million), with depreciation increasing from €1,565,000 to €3,701,000 at end December 2020. The allocation for the period includes an additional expense of €172,000 in depreciation, of which €157,000 concern the 2019 financial year. IBOR reform As a user of critical benchmarks, CFM Indosuez Wealth Group is extremely aware of the importance of benchmarks and the implications of the changes being introduced under ongoing reforms. Crédit AgricoleGroup’sBenchmarksproject isoverseeing the benchmarks transition for the entire Group and is ensuring that all entities comply with the Benchmarks Regulation (BMR). This project has been implemented among Group entities to prepare all business lines and support clients with the transition to new benchmarks. NOTE 1: Accounting principles and policies applied 1.1 APPLICABLE STANDARDS AND COMPARABILITY Pursuant to Regulation (EC) No. 1606/2002, the consolidated financial statements have been prepared in accordance with IAS/IFRS and IFRIC interpretations applicable on 31 December 2020, as adopted by the European Union (the carve-out version), thus using certain exemptions to the application of IAS 39 for macro-hedge accounting. These standards are available on the website of the European Commission at the following URL: https://ec.europa. eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/financial-reporting_en The standards and interpretations applied are the same as those used in the Group’s financial statements at 31 December 2019. They have been supplemented by the provisions of IFRS as adopted by the European Union on 31 December 2020, the application of which is mandatory for the first time in 2020. Standards, Amendments or Interpretations Date of publication by the European Union Date of first application: fiscal year starting on Applicable in the Group Amendment to the références au Cadre Conceptuel dans les normes IFRS 6 December 2019 1 January 2020 Yes Amendment to IFRS 9 Financial Instruments Reform of reference interest rates – Phase 1 16 January 2020 1 January 2020 (1) Yes Amendment to IFRS 16 Leases 12 October 2020 1 June 2020 Yes (1) The Group has decided to apply the amendment to IFRS 9 in advance as of 1 January 2018. 58 NOTES TO THE FINANCIAL STATEMENTS