hkicpa hkfrs 8

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Hong Kong Financial Reporting Standard 8 Operating Segments (HKFRS 8) is set out in paragraphs 1-37 and Appendices A and B. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Definition of terms are given in the

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Accounting Policies, Changes in Accounting Estimates and Errors Hong Kong Accounting Standard 8 HKAS 8 Revised September 2018 January 2019 Effective for

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Hong Kong Financial Reporting Standard 7 Financial Instruments: Disclosures (HKFRS 7) is set out in paragraphs 1-45 and Appendices A-DC. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in

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i contents (2/19) MEMBERS’ HANDBOOK CONTENTS OF VOLUME II (Updated to February 2019) Issue/(Review date) PREFACE AND FRAMEWORK PREFACE Preface to Hong Kon g Financial Reporting Standards 10/0 6

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Scope of HKFRS 2 HK(IFRIC) Interpretation 8 HK(IFRIC)-Int 8 Revised July 20092010 Effective for annual periods beginning on or after 1 May 2006 Amendments to HKFRS 2 Share-based Payment — Group Cash-settled Share-based Payment

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HKFRS for Private Entities (Revised) Revised February 2011 May 2017 Hong Kong Financial Reporting Standard for Private Entities Effective for financial statements which cover a period beginning on or after 1 January 2017 Early application is permitted

Technical Resources This webpage contains pronouncements, guides and articles that are relevant to IES 8 Professional Competence for Engagement Partners Responsible for Audit of Financial Statements. Effective date 1 July 2016 Why do we need this

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HKFRS 3 is to maintain international convergence arising from the revision of IFRS 3 Business Combinations (IFRS 3) by the International Accounting Standards Board (IASB). The HKICPA supported the reasons for revising IFRS 3 of the IASB.

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Disclosure has an important role to play in financial reporting. This article explains two disclosure standards: HKFRS 8 “Operating Segments” and HKAS 34 “Interim Financial Reporting”. Operating segment reporting is of particular relevance for large

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statement presentation. Sections 4-8 prescribe the format and content of the individual financial statements and notes. Other sections of the HKFRS for Private Entities establish additional presentation and disclosure requirements. These financial

The Hong Kong Institute of Certified Public Accountants (the Institute) is the only body authorized by law to register and grant practising certificates to certified public accountants in Hong Kong. The Institute has more than 42,000 members and more than 18,000

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5 I. Introduction • To provide information about – financial position, • To meet this objective, financial statements provide information – financial performance , and – cash flows of an entity, That is useful to a wide range of users in making economic decisions • To also

Technical Resources This webpage contains pronouncements, guides and articles that are relevant to IES 8 Professional Competence for Engagement Partners Responsible for Audit of Financial Statements. Effective date 1 July 2016 Why do we need this standard

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HKFRS 10 Consolidated Financial Statements is effective since 1 January 2013. It is one of the five standards issued in 2011 which deal with consolidation or investments. HKFRS 10 establishes principles for the presentation and preparation of consolidated financial

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Workshop in English HK$650 for HKICPA member or student HK$1,000 for non-member 27/F, Wu Chung House 213 Queen’s Road East, Wanchai, Hong Kong Workshop on IFRS/HKFRS 17 for non-life insurers – Overall requirements [WSHP19092401] 24

In January 2019, the HKICPA issued amendments to the definition of a business in HKFRS 3 Business Combinations. The amendments are intended to assist entities to determine whether a transaction should be accounted for as a business combination or as

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Both a HKICPA seminar and workshop on HKFRS 16 are available for participants to learn the new requirements If typhoon signal no.8 or above / Black rainstorm warning is hoisted at or after 6:30 a.m on the date of workshop / 2:30 pm on the date of seminar,

HKICPA/SFC Joint Seminar on The Audit of Licensed Corporations 20 September 2011 Financial Reporting Forum on New standards on consolidation, joint ventures and disclosure, and fair value measurement – HKFRS 9 Financial Instruments and HKFRS 13

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IFRS/HKFRS 17 Insurance Contracts will replace IFRS/HKFRS 4 Insurance Contracts on 1 January 2021. The following IFRS/HKFRS 17 workshops for life-insurers and non-life insurers are available for industry professionals who have acquired the basic principles of

The only body authorized by law to register and grant practising certificates to certified public accountants in Hong Kong. The Institute has more than 28,000 members and 13,000 registered students. Members of the Institute are entitled to the description certified

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22: Accounting policies, changes in accounting estimates and errors; events after the reporting period | Part C Accounting for business transactions 481 1 HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Topic highlights HKAS 8 deals

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Background, objectives & methodology • Since the convergence of the Hong Kong Financial Reporting Standards (HKFRS) with International Financial Reporting Standards (IFRS) in 2005, The Institute has delivered more than 70 training events to members,

HKICPA takes disciplinary action against a firm and two certified public accountants (practising) HKICPA publishes pocket summary – Implementing HKFRS 17 Insurance Contracts HKICPA takes disciplinary action against a corporate practice and two certified

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1 HKICPA Approves New Accounting Standard for Insurance Contracts HKFRS 17 strengthens investor protection to enhance market efficiency (Hong Kong, 23 February 2018) — The Hong Kong Institute of Certified Public Accountants (HKICPA) has approved

Members’ handbook update no. 210 relates to the issuance of Amendments to HKFRS 9 Financial Instruments 2017-12-15 Press release: Hong Kong Institute of Certified Public Accountants elects 45th president and council 2017-11-29 Press release : Best

HKFRS 4 Insurance Contracts HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations HKFRS 6 Exploration for and Evaluation of Mineral Resources HKFRS 7 Financial Instruments: Disclosures HKFRS 8 Operating Segments HKFRS 9

HKFRS for Private Entities Workshop (8, 13 and 16 December 2012) 20 September 2012 ICAC Workshop on Ethical Decision Making (1 November 2012) 18 September 2012 Seminar on Proposed Amendment to the Code of Ethics (18 October 2012)

香港會計師公會(簡稱 HKSA,2004 年 9 月 8 日英文名字從變更為 HKICPA) 是根據 《專業會計師條例》 (香港法律第五十章)於 1973 年 1 月 1 日成立, 是香港唯一法定專業會計師註冊組織,專責監管香港的會計專業。 1976 年,香港首次頒行會計準則(簡稱 HKSSAP

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Source: HKICPA, “HKFRS Update”, 8 Jan. 2009 Effective after 2009 Dec. YearEffective after 2009 Dec. Year–EndEnd Selected new interpretations and amendments to HKFRSs issued in 2007 to 2008 • HKFRS 1 (Revised) First-time Adoption of HKFRS ¾1 Jul

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5. As defined in paragraph 1.3 of HKFRS for Private Entities, an entity has public accountability if: (a) its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or

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The new leasing disclosures, applicable when an entity has adopted HKFRS 16 Leases as a lessee, are illustrated in Appendix G. While the HKICPA issued a revised Conceptual Framework for Financial Reporting in June 2018 which will be used immediately by

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2 HKAS 32, HKAS 39 and HKFRS 7 HKAS 32 ⇒Disclosure and presentation HKAS 39 ⇒Recognition and measurement • The most interesting standards • The most lengthiest standards • The most complex standards • Cover some unusual or more complex

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8 4. Consolidation Procedures A X Entity A acquired 80% of Entity X at year end by issuing 1,600 shares of HK$1 each and their financial statements are set out below: Example Line by Line Consol Non-current assets Property, plant & equipment 1,500 2,000

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In December 2017, the HKICPA further updated the amendments to HKFRS 9 in respect of the accounting for a modi˜cation or exchange of a ˜nancial liability measured at amortised cost that does not result in derecognition. HKFRS 9.

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Previously, HKFRS/IFRS had little guidance for ‘unbundling’ contracts into components. In contrast, HKFRS/IFRS 15 contains detailed guidance and it is likely that many entities will need to amend their current accounting policies and approaches. This may

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– the host debt instrument is measured at $8 on initial recognition – Then, the discount of $2 that is implicit in the host bond (principal of $10 minus the original carrying amount of $8) is amortised to profit or loss over the term to maturity of the note using the

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HKFRS 9 Financial Instruments (2014) Newsletter – Issue No. 11/2014 MAIN FEATURES Hong Kong Financial Reporting Standard (“HKFRS”) 9 (2014) incorporates the contents of previously issued piecemeal HKFRS 9 issued in 2009, 2010 and

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• HKFRS 12 Disclosure of Interests in Other Entities • HKFRS 13 Fair Value Measurement • HKAS 1 (revised) Presentation of Items of OCI • HKAS 19 (revised) Employee Benefits • HK(IFRIC) – Int 20 Stripping Costs in the Production Phase of a Surface Mine

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The HKICPA’s Framework is vital as it underpins all HKFRS.When an accounting standard does not appear to provide guidance on a topic you may be required to fall back on the basic principles of the Framework. (002)HK01PC12_CH02.qxp 8/11/2012 8:40

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HKFRS 16 Leases 3 A supplier’s right to substitute an asset is substantive only if both of the following conditions exist: (i) the supplier has the practical ability to substitute alternative asset throughout the period of use; This is usually fulfilled when the customer