Exhibit 99.3
Chunghwa Telecom Co., Ltd. and Subsidiaries
Consolidated Financial Statements for the
Three Months Ended March 31, 2021 and 2020
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Millions of New Taiwan Dollars)
March 31, 2021 (Unaudited) | December 31, 2020 (Audited) | March 31, 2020 (Unaudited) | March 31, 2021 (Unaudited) | December 31, 2020 (Audited) | March 31, 2020 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||||||||||
ASSETS | LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS |
| CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,044 | 7 | $ | 30,420 | 6 | $ | 16,570 | 3 | Short-term loans | $60 | — | $67 | — | $70 | — | ||||||||||||||||||||||||||||||||||||
Financial assets at fair value through profit or loss | 8 | — | 10 | — | 7 | — | Short-term bills payable | 4,999 | 1 | 6,999 | 1 | 19,966 | 4 | |||||||||||||||||||||||||||||||||||||||
Hedging financial assets | — | — | 2 | — | — | — | Financial liabilities at fair value through profit or loss | 4 | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||||||||
Contract assets | 5,247 | 1 | 5,331 | 1 | 4,467 | 1 | Hedging financial liabilities | 2 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trade notes and accounts receivable, net | 21,391 | 4 | 22,622 | 5 | 23,401 | 5 | Contract liabilities | 13,265 | 4 | 13,437 | 3 | 17,163 | 4 | |||||||||||||||||||||||||||||||||||||||
Receivables from related parties | 34 | — | 230 | — | 10 | — | Trade notes and accounts payable | 9,690 | 2 | 15,591 | 3 | 11,890 | 2 | |||||||||||||||||||||||||||||||||||||||
Inventories | 12,349 | 2 | 12,409 | 3 | 17,775 | 4 | Payables to related parties | 325 | — | 646 | — | 338 | — | |||||||||||||||||||||||||||||||||||||||
Prepayments | 5,487 | 1 | 2,306 | — | 5,103 | 1 | Current tax liabilities | 8,718 | 2 | 6,157 | 1 | 8,335 | 2 | |||||||||||||||||||||||||||||||||||||||
Other current monetary assets | 11,620 | 2 | 6,124 | 1 | 6,159 | 1 | Lease liabilities | 3,297 | 1 | 3,382 | 1 | 3,395 | 1 | |||||||||||||||||||||||||||||||||||||||
Other current assets | 2,233 | — | 2,349 | — | 1,876 | — | Other payables | 22,596 | 4 | 23,988 | 5 | 19,654 | 4 | |||||||||||||||||||||||||||||||||||||||
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Provisions | 326 | — | 314 | — | 200 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 88,413 | 17 | 81,803 | 16 | 75,368 | 15 | Current portion of long-term loans | 1,600 | — | 1,600 | — | — | — | |||||||||||||||||||||||||||||||||||||||
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Other current liabilities | 957 | — | 1,042 | — | 973 | — | ||||||||||||||||||||||||||||||||||||||||||||||
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NONCURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets at fair value through profit or loss | 817 | — | 677 | — | 767 | — | Total current liabilities | 65,839 | 14 | 73,223 | 14 | 81,985 | 17 | |||||||||||||||||||||||||||||||||||||||
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Financial assets at fair value through other comprehensive income | 3,650 | 1 | 7,193 | 1 | 5,903 | 1 | NONCURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using equity method | 6,994 | 2 | 6,695 | 1 | 7,141 | 1 | Long-term loans | — | — | — | — | 1,600 | — | |||||||||||||||||||||||||||||||||||||||
Contract assets | 2,487 | — | 2,495 | — | 2,567 | 1 | Bonds payable | 19,981 | 4 | 19,980 | 4 | — | — | |||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | 280,151 | 55 | 281,416 | 56 | 279,867 | 56 | Contract liabilities | 7,216 | 1 | 7,289 | 2 | 6,668 | 1 | |||||||||||||||||||||||||||||||||||||||
Right-of-use assets | 10,765 | 2 | 11,009 | 2 | 11,494 | 2 | Deferred income taxes liabilities | 2,018 | — | 1,967 | — | 1,928 | 1 | |||||||||||||||||||||||||||||||||||||||
Investment properties | 9,611 | 2 | 9,621 | 2 | 8,164 | 2 | Provisions | 104 | — | 101 | — | 100 | — | |||||||||||||||||||||||||||||||||||||||
Intangible assets | 88,664 | 18 | 90,285 | 19 | 94,408 | 19 | Lease liabilities | 6,022 | 1 | 6,215 | 1 | 6,425 | 1 | |||||||||||||||||||||||||||||||||||||||
Deferred income tax assets | 3,074 | 1 | 3,133 | 1 | 3,262 | 1 | Customers’ deposits | 4,732 | 1 | 4,827 | 1 | 4,602 | 1 | |||||||||||||||||||||||||||||||||||||||
Incremental costs of obtaining contracts | 962 | — | 1,000 | — | 930 | — | Net defined benefit liabilities | 3,420 | 1 | 3,415 | 1 | 3,539 | 1 | |||||||||||||||||||||||||||||||||||||||
Net defined benefit assets | 3,577 | 1 | 3,373 | 1 | 2,204 | — | Other noncurrent liabilities | 1,986 | — | 1,890 | — | 1,685 | — | |||||||||||||||||||||||||||||||||||||||
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Prepayments | 2,145 | — | 2,214 | — | 2,612 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,990 | 1 | 5,266 | 1 | 4,992 | 1 | Total noncurrent liabilities | 45,479 | 8 | 45,684 | 9 | 26,547 | 5 | |||||||||||||||||||||||||||||||||||||||
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Total noncurrent assets | 417,887 | 83 | 424,377 | 84 | 424,311 | 85 | Total liabilities | 111,318 | 22 | 118,907 | 23 | 108,532 | 22 | |||||||||||||||||||||||||||||||||||||||
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EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stocks | 77,574 | 15 | 77,574 | 15 | 77,574 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
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Additional paid-in capital | 149,806 | 30 | 149,790 | 30 | 149,786 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||
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Retained earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal reserve | 77,574 | 15 | 77,574 | 15 | 77,574 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Special reserve | 2,676 | 1 | 2,676 | 1 | 2,676 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Unappropriated earnings | 76,007 | 15 | 67,574 | 13 | 73,834 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
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Total retained earnings | 156,257 | 31 | 147,824 | 29 | 154,084 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||
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Others | (152 | ) | — | 927 | — | (709 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
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Total equity attributable to stockholders of the parent | 383,485 | 76 | 376,115 | 74 | 380,735 | 76 | ||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | 11,497 | 2 | 11,158 | 3 | 10,412 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
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Total equity | 394,982 | 78 | 387,273 | 77 | 391,147 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||
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TOTAL | $ | 506,300 | 100 | $ | 506,180 | 100 | $ | 499,679 | 100 | TOTAL | $ | 506,300 | 100 | $ | 506,180 | 100 | $ | 499,679 | 100 | |||||||||||||||||||||||||||||||||
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- 1 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars, Except Earnings Per Share)
(Unaudited)
Three Months Ended March 31 | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
REVENUES | $ | 50,101 | 100 | $ | 48,150 | 100 | ||||||||||
OPERATING COSTS | 31,893 | 64 | 30,391 | 63 | ||||||||||||
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GROSS PROFIT | 18,208 | 36 | 17,759 | 37 | ||||||||||||
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OPERATING EXPENSES | ||||||||||||||||
Marketing | 4,885 | 9 | 5,073 | 10 | ||||||||||||
General and administrative | 1,303 | 3 | 1,213 | 3 | ||||||||||||
Research and development | 875 | 2 | 936 | 2 | ||||||||||||
Expected credit loss | 44 | — | 6 | — | ||||||||||||
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Total operating expenses | 7,107 | 14 | 7,228 | 15 | ||||||||||||
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OTHER INCOME AND EXPENSES | 3 | — | (1 | ) | — | |||||||||||
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INCOME FROM OPERATIONS | 11,104 | 22 | 10,530 | 22 | ||||||||||||
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NON-OPERATING INCOME AND EXPENSES | ||||||||||||||||
Interest income | 18 | — | 39 | — | ||||||||||||
Other income | 42 | — | 43 | — | ||||||||||||
Other gains and losses | 164 | — | 39 | — | ||||||||||||
Interest expenses | (51 | ) | — | (42 | ) | — | ||||||||||
Share of profits of associates and joint ventures accounted for using equity method | 40 | — | 35 | — | ||||||||||||
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Total non-operating income and expenses | 213 | — | 114 | — | ||||||||||||
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INCOME BEFORE INCOME TAX | 11,317 | 22 | 10,644 | 22 | ||||||||||||
INCOME TAX EXPENSE | 2,679 | 5 | 2,544 | 5 | ||||||||||||
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NET INCOME | 8,638 | 17 | 8,100 | 17 | ||||||||||||
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TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||||
Unrealized gain or loss on investments in equity instruments at fair value through other comprehensive income | (945 | ) | (2 | ) | (1,286 | ) | (3 | ) | ||||||||
Gain or loss on hedging instruments subject to basis adjustment | (4 | ) | — | — | — |
(Continued)
- 2 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars, Except Earnings Per Share)
(Unaudited)
Three Months Ended March 31 | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Share of remeasurements of defined benefit pension plans of associates and joint ventures | $ | 1 | — | $ | — | — | ||||||||||
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(948 | ) | (2 | ) | (1,286 | ) | (3 | ) | |||||||||
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Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||
Exchange differences arising from the translation of the foreign operations | (37 | ) | — | (12 | ) | — | ||||||||||
Share of exchange differences arising from the translation of the foreign operations of associates and joint ventures | — | — | — | — | ||||||||||||
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(37 | ) | — | (12 | ) | — | |||||||||||
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Total other comprehensive loss, net of income tax | (985 | ) | (2 | ) | (1,298 | ) | (3 | ) | ||||||||
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TOTAL COMPREHENSIVE INCOME | $ | 7,653 | 15 | $ | 6,802 | 14 | ||||||||||
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NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
Stockholders of the parent | $ | 8,338 | 17 | $ | 7,850 | 16 | ||||||||||
Noncontrolling interests | 300 | — | 250 | 1 | ||||||||||||
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$ | 8,638 | 17 | $ | 8,100 | 17 | |||||||||||
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COMPREHENSIVE INCOME ATTRIBUTABLE TO | ||||||||||||||||
Stockholders of the parent | $ | 7,354 | 15 | $ | 6,554 | 13 | ||||||||||
Noncontrolling interests | 299 | — | 248 | 1 | ||||||||||||
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$ | 7,653 | 15 | $ | 6,802 | 14 | |||||||||||
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EARNINGS PER SHARE | ||||||||||||||||
Basic | $ | 1.07 | $ | 1.01 | ||||||||||||
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Diluted | $ | 1.07 | $ | 1.01 | ||||||||||||
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(Concluded)
- 3 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In Millions of New Taiwan Dollars)
(Unaudited)
Equity Attributable to Stockholders of the Parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Differences | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arising | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||
from the | Gain or Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | Translation of | on Financial | Gain or Loss | Attributable to | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Special | Unappropriated | Total Retained | the Foreign | Assets at | on Hedging | Stockholders | Noncontrolling | ||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | Paid-in Capital | Legal Reserve | Reserve | Earnings | Earnings | Operations | FVOCI | Instruments | Total Others | of the Parent | Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2020 | $ | 77,574 | $ | 149,762 | $ | 77,574 | $ | 2,676 | $ | 65,984 | $ | 146,234 | $ | (148 | ) | $ | 735 | $ | — | $ | 587 | $ | 374,157 | $ | 10,115 | $ | 384,272 | |||||||||||||||||||||||||
Net income for the three months ended March 31, 2020 | — | — | — | — | 7,850 | 7,850 | — | — | — | — | 7,850 | 250 | 8,100 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss for the three months ended March 31, 2020 | — | — | — | — | — | — | (13 | ) | (1,283 | ) | — | (1,296 | ) | (1,296 | ) | (2 | ) | (1,298 | ) | |||||||||||||||||||||||||||||||||
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Total comprehensive income (loss) for the three months ended March 31, 2020 | — | — | — | — | 7,850 | 7,850 | (13 | ) | (1,283 | ) | — | (1,296 | ) | 6,554 | 248 | 6,802 | ||||||||||||||||||||||||||||||||||||
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Share-based payment transactions of subsidiaries | — | 24 | — | — | — | — | — | — | — | — | 24 | 49 | 73 | |||||||||||||||||||||||||||||||||||||||
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BALANCE, MARCH 31, 2020 | $ | 77,574 | $ | 149,786 | $ | 77,574 | $ | 2,676 | $ | 73,834 | $ | 154,084 | $ | (161 | ) | $ | (548 | ) | $ | — | $ | (709 | ) | $ | 380,735 | $ | 10,412 | $ | 391,147 | |||||||||||||||||||||||
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BALANCE, JANUARY 1, 2021 | $ | 77,574 | $ | 149,790 | $ | 77,574 | $ | 2,676 | $ | 67,574 | $ | 147,824 | $ | (315 | ) | $ | 1,240 | $ | 2 | $ | 927 | $ | 376,115 | $ | 11,158 | $ | 387,273 | |||||||||||||||||||||||||
Net income for the three months ended March 31, 2021 | — | — | — | — | 8,338 | 8,338 | — | — | — | — | 8,338 | 300 | 8,638 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the three months ended March 31, 2021 | — | — | — | — | 1 | 1 | (35 | ) | (946 | ) | (4 | ) | (985 | ) | (984 | ) | (1 | ) | (985 | ) | ||||||||||||||||||||||||||||||||
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Total comprehensive income (loss) for the three months ended March 31, 2021 | — | — | — | — | 8,339 | 8,339 | (35 | ) | (946 | ) | (4 | ) | (985 | ) | 7,354 | 299 | 7,653 | |||||||||||||||||||||||||||||||||||
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Disposal of investments in equity instruments at fair value through other comprehensive income | — | — | — | — | 94 | 94 | — | (94 | ) | — | (94 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||
Share-based payment transactions of subsidiaries | — | 16 | — | — | — | — | — | — | — | — | 16 | 40 | 56 | |||||||||||||||||||||||||||||||||||||||
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BALANCE, MARCH 31, 2021 | $ | 77,574 | $ | 149,806 | $ | 77,574 | $ | 2,676 | $ | 76,007 | $ | 156,257 | $ | (350 | ) | $ | 200 | $ | (2 | ) | $ | (152 | ) | $ | 383,485 | $ | 11,497 | $ | 394,982 | |||||||||||||||||||||||
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- 4 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars)
(Unaudited)
Three Months Ended March 31 | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Income before income tax | $ | 11,317 | $ | 10,644 | ||||
Adjustments to reconcile income before income tax to net cash provided by operating activities: | ||||||||
Depreciation | 7,848 | 7,759 | ||||||
Amortization | 1,641 | 1,059 | ||||||
Amortization of incremental costs of obtaining contracts | 195 | 197 | ||||||
Expected credit loss | 44 | 6 | ||||||
Interest expenses | 51 | 42 | ||||||
Interest income | (18 | ) | (39 | ) | ||||
Compensation cost of share-based payment transactions | 4 | 2 | ||||||
Share of profits of associates and joint ventures accounted for using equity method | (40 | ) | (35 | ) | ||||
Loss (gain) on disposal of property, plant and equipment | (3 | ) | 1 | |||||
Loss on disposal of financial instruments | — | 2 | ||||||
Loss on disposal of investments accounted for by using equity method | — | 6 | ||||||
Provision for impairment loss and obsolescence of inventory | 33 | 24 | ||||||
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net | (133 | ) | 12 | |||||
Others | (50 | ) | (51 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in: | ||||||||
Contract assets | 92 | 8 | ||||||
Trade notes and accounts receivable | 1,220 | 3,042 | ||||||
Receivables from related parties | 196 | 7 | ||||||
Inventories | 27 | (454 | ) | |||||
Prepayments | (3,112 | ) | (3,153 | ) | ||||
Other current monetary assets | (147 | ) | 122 | |||||
Other current assets | 116 | 554 | ||||||
Incremental cost of obtaining contracts | (157 | ) | (184 | ) | ||||
Increase (decrease) in: | ||||||||
Contract liabilities | (245 | ) | 150 | |||||
Trade notes and accounts payable | (5,901 | ) | (3,423 | ) | ||||
Payables to related parties | (321 | ) | (316 | ) | ||||
Other payables | (2,490 | ) | (2,523 | ) | ||||
Provisions | 15 | (5 | ) | |||||
Other current liabilities | (77 | ) | (6 | ) | ||||
Net defined benefit plans | (199 | ) | (42 | ) | ||||
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|
|
| |||||
Cash generated from operations | 9,906 | 13,406 | ||||||
Interest paid | (23 | ) | (77 | ) | ||||
Income tax paid | (8 | ) | (8 | ) | ||||
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|
|
| |||||
Net cash provided by operating activities | 9,875 | 13,321 | ||||||
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|
|
|
(Continued)
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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars)
(Unaudited)
Three Months Ended March 31 | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of financial assets at fair value through other comprehensive income | $ | (38 | ) | $ | (35 | ) | ||
Proceeds from disposal of financial assets at fair value through other comprehensive income | 2,906 | — | ||||||
Acquisition of financial assets at fair value through profit or loss | (9 | ) | (39 | ) | ||||
Proceeds from disposal of financial assets at fair value through profit or loss | 10 | 30 | ||||||
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months | (7,726 | ) | (1,392 | ) | ||||
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months | 1,998 | 2,616 | ||||||
Acquisition of investments accounted for using equity method | (274 | ) | — | |||||
Acquisition of property, plant and equipment | (4,443 | ) | (3,729 | ) | ||||
Proceeds from disposal of property, plant and equipment | 6 | 14 | ||||||
Acquisition of intangible assets | (20 | ) | (47,420 | ) | ||||
Decrease in other noncurrent assets | 214 | 70 | ||||||
Interest received | 17 | 46 | ||||||
Dividends received | 103 | — | ||||||
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|
| |||||
Net cash used in investing activities | (7,256 | ) | (49,839 | ) | ||||
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| |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from short-term loans | 63 | 70 | ||||||
Repayments of short-term loans | (70 | ) | (90 | ) | ||||
Proceeds from short-term bills payable | 5,000 | 29,000 | ||||||
Repayments of short-term bills payable | (7,000 | ) | (9,000 | ) | ||||
Decrease in customers’ deposits | (103 | ) | (150 | ) | ||||
Payments for the principal of lease liabilities | (1,019 | ) | (992 | ) | ||||
Increase in other noncurrent liabilities | 95 | 142 | ||||||
Change in other noncontrolling interests | 53 | 72 | ||||||
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| |||||
Net cash provided by (used in) financing activities | (2,981 | ) | 19,052 | |||||
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| |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (14 | ) | (14 | ) | ||||
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| |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (376 | ) | (17,480 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 30,420 | 34,050 | ||||||
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| |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 30,044 | $ | 16,570 | ||||
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(Concluded)
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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended March 31, 2021 and 2020
(Unaudited)
STATEMENT OF COMPLIANCE
The Company has prepared its consolidated balance sheets as of March 31, 2021 and 2020, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2021 and 2020 in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standard Board (IASB). The consolidated financial statements are incomplete as they omit the related footnote disclosures as required under International Financial Reporting Standards as issued by IASB.
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