3. Significant accounting policies (continued):

(l) New standards and interpretations not yet adopted:

The following standards are effective for the year ended December 31, 2020.

Amendments to References to the Conceptual Framework in IFRS Standards

On March 29, 2018, the IASB issued a revised version of its Conceptual Framework for Financial Reporting (the “Framework”), that underpins IFRS Standards. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards to update references in IFRS Standards to previous versions of the Conceptual Framework.

Both documents are effective from January 1, 2020 with earlier application permitted.

Some Standards include references to the 1989 and 2010 versions of the Framework. The IASB has published a separate document which contains consequential amendments to affected Standards so that they refer to the new Framework, with the exception of IFRS 3 Business Combinations which continues to refer to both the 1989 and 2010 Frameworks.

Definition of Material (Amendments to IAS 1 and IAS 8):

On October 31, 2018, the IASB refined its definition of material and removed the definition of material omissions or misstatements from IAS 8.

The amendments are effective for annual periods beginning on or after January 1, 2020.

Early adoption is permitted.

The definition of material has been aligned across IFRS Standards and the Framework. The amendments provide a definition and explanatory paragraphs in one place.

Pursuant to the amendments, information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

The Commission has assessed the potential impacts on its financial statements, and determined that the future pronouncements will not have a material impact on the Commission.