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Hong Kong financial institutions are to collect information . Introduction to OFS Common Reporting Standard Oracle Financial Services Common Reporting Standard application enables financial institutions to create reports 37 th Floor, Wu Chung House. This means consolidating the financial information from the mainland Chinese WFOE and preparing it according to PRC generally accepted accounting principles and the Hong Kong Financial Reporting Standards (HKFRS). may allow the annual financial statements of an overseas issuer to be drawn up otherwise than in conformity with financial reporting standards referred to in Note 2.1. 2, paragraph 6 HKFRS2(6) HK(SIC) Interpretation No. Some examples of the standards set out in the HKICPA's HKFRS Handbook include: The HKFRS consists of 41 distinct accounting standards, 15 financial reporting standards and several interpretations. . Authorization. Before converging with IFRS, Hong Kong applied its own accounting standards and systems, which were independent of mainland China. 6, paragraph 4 HK(IFRIC)6(4) The Hong Kong Companies Ordinance (Cap. Hong Kong Financial Reporting Standards (HKFRS): Hong Kong Institute of Certified Public Accountants (HKICPA). 13, paragraph 4 HK(SIC)13(4) HK(IFRIC) Interpretation No. Jardine Matheson uses International Financial Reporting Standards in preparing its financial statements and has done so for a number of years. The Financial Reporting Council (Amendment) Bill 2021 would "make the regulation mechanism more effective . Hong Kong Financial Reporting Standards or " HKFRS "' shall mean financial reporting standards approved by the Council of the Hong Kong Society of Accountants ("HKSA") and includes all Statements of Standard Accounting Practice (" SSAP ") and interpretations of HKFRS approved by the HKSA from time to time; Sample 1 Based on 1 documents About us Organization. Floor, Hysan Place 500 Hennessy Road Causeway Bay, Hong Kong Telephone (852) 2522 6022 Telefax (852) 2845 2588 Every standard is designed for a certain area such as the financial statement presentations, statements of cash flows, inventories, income taxes, and so on. HKICPA also issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for companies that do not have public accountability as it will remove some accounting treatments, topics and disclosure requirements that do not apply to private entities. financial statements under SME-FRF and SME-FRS and must revert to the full Hong Kong Financial Reporting Standards, they are still allowed to exempt from preparing the Consolidated Financial Statements and thus save unnecessary costs, effort and undue delays. Territories covered: Australia, Canada, Hong Kong, India, Japan and Singapore. These standards serve as the fundamental guiding principles for how a Hong Kong company recognizes, measures, presents, and discloses its accounting policy and financial results. Let's go through some examples. . These HKFRS as prevalent now were adopted by the city in 2005 and had been modelled on the International Financial Reporting Standards, issued by the International Accounting Standards Board. 224 Hong Kong companies are governed by the Hong Kong Financial Reporting Standards ("HKFRS"). General information 10 2. Deloitte Accounting Focus (in Simplified Chinese) Every standard here is related to a specified topic. Wanchai, Hong Kong. A centrally-located venue at the heart of Hong Kong financial hub, the HKEX Connect Hall is an iconic venue for Hong Kong's financial community. Secretary for Financial Services and the Treasury Christopher Hui. Overview Subsidiaries Awards Strategic Plan 2022 Contact us Library. The Hong Kong Institute of Certified Public Accountants (HKICPA) is the professional body responsible for regulating accountancy in Hong Kong and has issued the updated HKFRS in January 2005. Hong Kong Financial Reporting Standards for SMEs (2nd Edition) is an essential desktop reference for accounting professionals who are required to prepare the financial statements of private entities or SMEs. The scope, structure, contents and components of IFRS compliant financial statements, including underlying assumptions and related footnotes disclosures. HKFRS 4 Insurance Contracts 34 . In addition, is paper discusses th several proposed For many preparers, I believe this "big bang . PEOPLE'S REPUBLIC OF CHINA--HONG KONG SPECIAL ADMINISTRATIVE REGION 4 INTERNATIONAL MONETARY FUND HKICPA Hong Kong Institute of Certified Public Accountants HKSAR Hong Kong Special Administrative Region HKFRS 1 First-time Adoption of Hong Kong Financial Reporting Standards 19 . Hong Kong Financial Reporting Standards Update . Dieses Problem wurde 2001 vom International Accounting Standards Board (IASB) durch die Einfhrung der International Financial Reporting Standards (IFRS) gelst. Companies which meet the criteria set out under section 359 of the new ordinance are eligible to prepare financial statements under the SME-FRF & SME-FRS (Revised) for financial years beginning on or after 3 March 2014 and are qualified to prepare simplified directors' reports.This simplified reporting regime is referred to as "the reporting exemption" in the ordinance. Summary of Significant Accounting Policies Nature of Business - Congoleum manufactures resilient sheet and tile flooring products. cost of nancial reporting compliance against the benet derived by users of the nancial statements of smaller entities. codified into the HKEX Listing Rules the requirement of the Joint Policy Statement that a listed company which has adopted one of the accepted alternative financial reporting standards must adopt Hong Kong Financial Reporting Standards (HKFRS) or International Reporting Standards (IFRS) if it de-lists from the jurisdiction of the alternative . As Hong Kong Listed Limited has a 31 December year end, these financial statements disclose the effects of changes in accounting policies as a result of the revised Hong Kong Financial Reporting Standards ("HKFRSs") which are first effective General Consent granted by the Monetary Authority under Section 97 (1) of the Banking Ordinance (PDF File, 44.3 KB) Guideline on specific consent to use banking names and descriptions (PDF File, 49.8 KB) Guideline on Minimum Criteria for Authorization (PDF File, 379.4 KB) HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations 37 . Measurement and recognition of the various elements of international accounting principles and standards, including transition concerns. With the deepening of various global crises - climate change, pollution, poverty and the latest Covid-19 pandemic, to name a few - the centrality of sustainability as a value and . features 25hong kong financial reporting standards: hkas 27 (relevant to ate paper 7 - advanced accounting & pbe paper i - financial reporting) lindywwyauaca,fcca,faia,fcpaandmorrisymkwokmpa,acma,cpa hkas 27 "consolidated and separatefinancial statements" this article provides the definition of a subsidiary and some conditions for exemption from Hong Kong financial institutions and listed companies will have to disclose the financial impact of climate change on their businesses, as outlined in a major global standard, by 2025, the city's . It also serves as a useful reference for auditors when analysing the financial statements of those entities. Suggest new definition. HKFRS 2 Share-based payment 25 . Email address: commentletters@hkicpa.org.hk. Each standard relates to a specific topic such as the way a company presents its financial statements, inventories, statement of cash flows, income taxes etc. If the company is a holding company, it must prepare consolidated financial statements and include all subsidiary undertakings, including overseas subsidiaries. Rm 1002, 10/F., Golden Gate Commercial Building, 136-138 Austin Road, Tsimshatsui, Kowloon, Hong Kong Tel: (852)27399698 Fax: (852)27399313 Email: vc@vcpa.com.hk. The Hong Kong Financial Reporting Standards, or HKFRS s for short, is a set of financial reporting standards issued by the Hong Kong Institute of Certified Public Accountants in Hong Kong. It relieves smaller entities from excessive reporting and disclosure requirements and the use of complex calculation and measurement bases as required under the Hong Kong Financial Reporting Standards ("the Full HKFRS"). reference to the new Companies Ordinance (Cap. Review the company's consolidated financial state- ments to evaluate whether the . requirements of Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and the Hong Kong Companies Ordinance have been met and to assist the users to ensure that information required by the Rules Governing the Listing of Securities on The Authors from City University of Hong Kong highlight the advantages of developing industry-specific reporting guidance to improve the quality of environmental, social and governance (ESG) reporting in Hong Kong. Some of the accounting treatments that are allowed under the full HKFRS are eliminated under the HKFRS for Private Entities. Notes: Type of Regulatory . Hong Kong against one-size-fits-all sustainability disclosure standards A survey of 184 asset owners conducted by index provider FTSE Russell released on Friday also found that sustainable . Accounting update in Hong Kong This section covers the followings: an overview of amendments to Hong Kong Financial Reporting Standards (HKFRSs) that are mandatorily effective for the year ending 31 December 2012; and an overview of new and revised HKFRSs that are not yet mandatorily effective but allow early Revenue recognition and financial reporting requirements. Statement of compliance with Hong Kong Financial Reporting Standards 10 3. Notes to the Financial Statements 89 Sino Land Company Limited Annual Report 2006. 622) and Hong Kong Financial Reporting Standards. Hong Kong Financial Reporting Standards: HKAS 39 "Financial Instruments: Recognition and Measurement" (Relevant to PBE Paper I - Financial Reporting) Lindy W W Yau, ACA, FCCA, FAIA, FCPA and Morris Y M Kwok, MPA, ACMA, CPA HKAS 39 provides the principles for recognition and measurement for financial instruments. Hong Kong Institute of Certified Public Accountants. The harmonisation of HKFRSs with the International Financial Reporting Standards (IFRSs) resulted in changes in some significant accounting policies and new disclosure requirements. The scope, structure, contents and components of IFRS compliant financial statements, including underlying assumptions and related footnotes disclosures. The consolidated loss of the Group for the year ended 31 May 2011 was Inc. $154 Thinion and the consolidated net assets of the Group as at 31 May 2011 was1-11<$1,252 Thinion 10. The harmonisation of HKFRSs with the International Financial Reporting Standards (IFRSs) resulted in changes in some significant accounting policies and new disclosure requirements. Other Resources: VII. Certified Public Accountants (Practising) Private Entities, which is nearly identical to the IFRS for SMEs Standard. HKAS 1: Presentations of Financial Statements For entities reporting under Hong Kong Financial Reporting Standards (HKFRSs), 2005 was certainly a remarkable year. Common Reporting Standard Hong Kong User Guide Release 8.1.1.0.0 July 2021 Part Number: F13055-01 Oracle Financial Services Software, Inc. 1900 Oracle Way . Illustrative HKFRS consolidated financial statements December 2020 This publication presents the sample annual financial reports of a fictional listed company, VALUE HKFRS Limited. HKFRS 3 Definition of a Business (amendments) Update No. 213 Queen's Road East. . Hong Kong Financial Reporting Standards (including Interpretations) were converged with International Financial Reporting Standards (IFRSs) with effect from 1 January 2005, except for some minor differences. Commonly asked technical questions. Hong Kong Financial Reporting Standards ("HKFRS") issued by the Institute 9. A material part of the consolidated net assets was the Company's right to Related to Adoption of Hong Kong Financial Reporting Standards Continued. It also serves as a useful reference for auditors when analysing the financial statements of those entities. International Financial Reporting Standards (IFRS). APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS/CHANGES IN ACCOUNTING POLICIES (Continued) Financial Instruments (Continued) Its Financial Reporting Standards Committee is responsible for establishing financial reporting standards in Hong Kong. [1] It comprises a collection of standards, these include: Hong Kong Financial Reporting Standard (HKFRS) HKFRS Interpretation (HKFRS-Int) Business, finance, etc. NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 30th June, 2006 2. Financial year-end These topics can range from inventory, financial statements, income taxes, cash flow statements and more. The HKFRS has been designed to apply to general-purpose financial statements. The generally applicable financial reporting standards are the HKFRS which are modelled after the IFRS. TOC, writing style, pedagogy, robust EOC) on which users of Weygandt . Changes in accounting policies 21 5. This accounting standard is based on 'The Framework for the Preparation and Presentation of Financial Statements', which explains the concepts and the various information presented in the financial statement. For entities reporting under Hong Kong Financial Reporting Standards (HKFRSs), 2005 was certainly a remarkable year. Regulatory Reporting. Website www.hkicpa.org.hk/en/ Email contact standardsetting@hkicpa.org.hk Section I. In general, accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS). Since 1st January 2005, Hong Kong has adapted a Financial Reporting Standards (FRS) framework that has been modelled on International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). The HKFRS is made of 41 different accounting standards and 15 financial reporting standards. HKFRS 3 Business Combinations 28 . requirements under the Hong Kong Companies Ordinance are also included on the left-hand side pages. The Hong Kong Accounting Standards, or HKAS for short, formerly HKSSAP, is a set of accounting standards issued by the Hong Kong Institute of Certified Public Accountants . The HKFRS consists of 41 distinct accounting standards, 15 financial reporting standards and several interpretations. Financial reporting in Hong Kong and the applicable reporting exemption for companies . Required Access Jardine Matheson's most recent annual report on the company's Web site (www.jardine-matheson.com). If the accounting records are kept outside Hong Kong, the returns must be kept in Hong Kong. For many preparers, I believe this "big bang . 1, Basis for Conclusions, paragraph 21 HKAS1(BC 21) Hong Kong Financial Reporting Standard No. In January 1, 2005, Hong Kong Institute of Certified Public Accountants (HKICPA) issued Hong Kong Financial Reporting Standards (HKFRS), which have been fully convergent with IFRS in all material aspects. Hong Kong Financial Reporting Standards. Fax number: (852) 2865 6776. 622), Section 383 s383 The HKAS are the rules that govern the treatment of Hong Kong financial transactions and are known locally, as the Hong Kong Financial Reporting Standards ("HKFRS"). Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has the option to use the Hong Kong Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard (SME-FRF &amp; SME-FRS). 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