Financial Reporting in Hong Kong 2013 is the ideal one-stop shop for entities reporting under Hong Kong Financial Reporting Standards (HKFRSs).
2013 is another busy year in which there are many new and revised HKFRSs that become mandatorily effective and require retrospective application. Many of these HKFRSs are complicated and the application of these HKFRSs may significantly affect the financial positions and performance of entities.
This edition deals comprehensively with HKFRSs that apply to accounting periods beginning in 2013 and covers the legal and regulatory requirements in relation to financial reporting in Hong Kong.
This edition contains significant revisions to the previous edition that was published in 2010, reflecting:
- the requirements of new and revised HKFRSs that are mandatorily effective for 2013 and of further HKFRSs and pronouncements issued up to February 2013 that will apply from 2013 and later; and
- the requirements of new Companies Ordinance that was gazetted in 2012 with a tentative effective date of 2014 (to the extent that they relate to financial reporting).
Specifically, this edition contains two Volumes (Volume A and Volume B).
Volume A covers all HKFRSs other than those dealing exclusively with financial instruments. It contains materials on the latest HKFRSs, including:
- HKFRS 10 Consolidated Financial Statements;
- HKFRS 11 Joint Arrangements;
- HKFRS 12 Disclosure of Interests in Other Entities;
- HKFRS 13 Fair Value Measurement;
- HKAS 27 Separate Financial Statements (as revised in 2011);
- HKAS 28 Investments in Associates and Joint Ventures (as revised in 2011); and
- HKAS 19 Employee Benefits (as revised in 2011).
Volume B covers HKFRSs that deal exclusively with financial instruments. It contains much guidance on the application of HKAS 32 Financial Instruments: Presentation, HKAS 39 Financial Instruments: Recognition and Measurement, and HKFRS 7 Financial Instruments: Disclosures.
The IASB has started a path to reduce complexity in financial reporting for financial instruments since 2008, which contains 3 phases. So far, Phase 1 regarding classification and measurement of financial assets and financial liabilities (with a mandatory effective date of 1 January 2015) has ‘almost’ been completed (the IASB has recently issued an exposure draft proposing limited amendments to the classification and measurement requirements of financial assets set out in Phase 1 of the new Standard). At the time of writing, the IASB has not yet issued Phases 2 and 3 regarding impairment methodology and hedge accounting. Until then, we will continue to apply HKAS 39. Therefore, Volume B deals mainly with the requirements of HKAS 32, HKAS 39 and HKFRS 7, with a summary of the Phase 1 Standard and the latest developments of the new Standard.
We hope that this publication will help you navigate through the increasingly complex and changing financial reporting requirements in Hong Kong.
The 6th edition of Financial Reporting in Hong Kong 2013 is a handy reference book which provides comprehensive, user-friendly and up-to-date commentary and application on Hong Kong Financial Reporting Standards (HKFRSs). It covers the legal and regulatory requirements in relation to financial reporting in Hong Kong.
Key Features & Benefits
- Provides a complete and concise coverage of HKFRS.
- Contains new and revised HKFRSs that are mandatorily effective for 2013 and of further HKFRSs and pronouncements issued up to February 2013 that will apply from 2013 and later.
- Serves as a reference tool for accountants and professionals who are required to prepare the accounts of a business enterprise, and for auditors who analyse financial statements of corporations.
- Provides latest updates and application on new and revised HKFRSs.
- Contains extensive worked examples to simulate situations that are likely to arise.
- Up-to-date summary and analysis of the requirements under the Companies Ordinance and Inland Revenue Ordinance that relate to financial reporting.
- Each accounting standard, topic and interpretation is covered under a separate chapter and phase for easy reference.
