131 Annual Report 2021 Comparatives Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year. 5. New accounting pronouncements At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Top Management expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Authority. 6. Financial risk management Financial risk factors The Authority is exposed to market price risk, interest rate risk, credit risk, liquidity risk, other market price risk and reputation risk arising from the financial instruments it holds. The risk management policies employed by the Authority to manage these risks are discussed below: 6.1 Market price risk The Authority is exposed to equity securities price risk because of equity investments held by the Authority and classified on the statement of financial position either as fair value through other comprehensive income or at fair value through profit or loss. The Authority is not exposed to commodity price risk. 6.2 Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Authority's income and operating cash flows are substantially independent of changes in market interest rates as the Authority has no significant interest-bearing assets. The Authority is exposed to interest rate risk in relation to its non-current borrowings. Borrowings issued at variable rates expose the Authority to cash flow interest rate risk. Borrowings issued at fixed rates expose the Authority to fair value interest rate risk. The Top Management monitors the interest rate fluctuations on a continuous basis and acts accordingly. At the reporting date the interest rate profile of interest- bearing financial instruments was: 2021 2020 € € Fixed rate instruments Financial assets 7.643.315 7.520.618 7.643.315 7.520.618
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