Accounting and accounting rules in Hong Kong - Business

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2018-11-16 · use HKFRS or, if they are incorporated outside Hong Kong, to use IFRS Standards as issued by the IASB Board. An SME (as defined in the . IFRS for SMEs. Standard) in Hong Kong also has the option to adopt the HKFRS for Private Entities, which is nearly identical to the . IFRS for SMEs. Standard. Additionally, a Hong Kong IFRS 16 transition -lease modification –Example 1 –continued (Lease modification before 1 January 2019) Effective date of lease modification under IFRS 16 1 Apr 2016 30 Sep 2018 1 Jan 2019 1 pr 2019 30 Sept 2022 Original lease ($1M per month) “New” lease ($1.2M per month) Date of initial application (DIA) Operating lease commitment @31 Dec 2018 • Compared with IFRS for SMEs, HKFRS for Private Entities has the following differences: a.

The International Accounting Standards Board (IASB) published IFRS for SMEs during July 2009. ifrs sme limited consolidated financial statements for the year ended 31 december 2017. consolidated statement of comprehensive income. 3.23(d),(e) 5.5(a) revenue. 2017. 2016 restated.

Accounting and accounting rules in Hong Kong - Business

Value-added Remarks on Value-added Tax (VAT) May 22, 2019. 0. regarding the correct interpretation of a rule or HKFRS.

Pocket IFRS 2016 - Summary Financial Accounting - StuDocu

This is an essential aspect for both the readers of the financial statements of the small and medium-sized entities and the ones using the This section provides details of how the IFRS for SMEs differs from the provisions of full IFRSs. It is an unedited extract from the Basis for Conclusions (BC) issued by the IASB.

IFRS for SMEs – goodwill is amortised over its useful life. Where this can’t be reliably estimated, a useful life of 10 years is assumed. • discusses the scope of the IFRS for SMEs • provides information about the IFRS for SMEs • compares the IFRS for SMEs to full IFRS • discusses future reviews of the IFRS for SMEs • gives a snapshot of the IFRS for SMEs Page 3 Page 4 Page 6 Page 12 Page 13 Full IFRS is aimed primarily at public-traded entities, and over 110 jurisdictions IFRS for SMEs Section 1 Small and Medium-sized Entities: IFRS IAS 1 Presentation of Financial Statements: Scope An SME is defined as an entity that: • Does not have public accountability and • Publishes general-purpose financial statements for external users.
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VAT Regulations dealing with the supply of electronic services May 22, 2019. Value-added Remarks on Value-added Tax (VAT) May 22, 2019. 0. regarding the correct interpretation of a rule or HKFRS.

© 2010-11 Nelson Consulting Introduction. • Compared with IFRS for SMEs, HKFRS for Private. 12 Jan 2017 (b) the extent to which SMEs reporting under IFRS are using leases. (v) Inclusion of non-standard terms and conditions (for instance, non-.
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Pocket IFRS 2016 - Summary Financial Accounting - StuDocu

SCOPE OF SECTION 1 •Describes the characteristics of SMEs and which type of entities may apply IFRS for SMEs. •If SMEs users would benefit from full IFRS , a cost vs benefit analysis should be performed to assess the suitability. 1.5: ENTITIES THAT MAY USE IFRS FOR regarding the correct interpretation of a rule or HKFRS. Also, the impact of any requirements that may result from current exposure drafts or other current projects of the SEHK, HKICPA, IASB or its interpretive body, IFRS Interpretations Committee, is not illustrated. Although we endeavour to provide accurate and timely information, there can be no 6 Full IFRS vs.

Accounting and accounting rules in Hong Kong - Business

Fair value basis is required/permitted in the following areas: - investments in associates and joint ventures that an entity measures at fair value. Financial Reporting Standards for small and medium-sized entities’ (IFRS for SMEs). An IFRS for SMEs has clear benefits for investors, lenders and those seeking to raise finance through the transparency afforded by a consistently applied global set of financial reporting standards. Such benefits are not 2017-08-11 HKFRS (even if no guidance in SME-FRS) No fallback to Main HKFRS (even if no guidance in SME-FRS) SelfSelf-contained-contained Historical Cost Convention Historical Cost Convention Properly Present Only Properly Present Only Not Applicable to Consol.

Generally Accepted Accounting Principles. IAS. 7 Feb 2019 https://www.cpdbox.comLearn the basic steps in lease accounting under IFRS 16 - both initial and subsequent measurement & recognition are Standards), (b) IFRS Standards as issued by the IASB Board (if the SME is incorporated outside Hong Kong), (c) the HKFRS for. Private Entities, which is the The Small and Medium-Sized Entities (SMEs) Financial Reporting The HKFRS and HKSA have been developed to achieve convergence with IFRS. ; Key Online Seminar: Covid-19-Related Rent Concessions Amendment to HKFRS 16 on Pro-Forma Financial Statements (Under both HKFRS and SME-FRS) for Year Recap the latest updates on Financial Reporting Standards and discuss Standard (“HK SME-FRF & SME-FRS”) and generally does not cover differences in disclosure requirements in both standards.