Financial Reporting in Hong Kong 2015/16 (SME Edition)

Since the Hong Kong Financial Reporting Standards have been a major upheaval in recent years, the need for SME practices to understand these new standards increases. Now fully revised and updated, Financial Reporting in Hong Kong 2015: SME Edition is the most comprehensive and straightforward handbook for understanding and adapting the HKFRS standards.

This handy reference guide includes easy-to-follow HKFRSs flow charts, explanations, practical examples and templates of disclosures that greatly facilitate understanding of the practical implementation issues involved in applying these complex standards.

A user-friendly format is employed by arranging the chapters based on "individual standards" so that even first-time SME practice can easily navigate and understand the complicated requirements, which involve:

• examples of cross-related standards;
• recently issued and revised HKFRS standards including business combination, financial instrument, and the Hong Kong Companies Ordinance (Cap 622);
• self-practice questions with solutions illustrating the practical application of HKFRSs;
• templates for financial statement disclosures.

Designed with the needs of the user in mind, HKFRS Implementation Guide: SME Edition is an essential desktop reference for accountants, financial professionals and SME practicing.

Financial Reporting in Hong Kong 2015/16 is the ideal one-stop shop for entities reporting under Hong Kong Financial Reporting Standards (HKFRSs).

This edition deals comprehensively with HKFRSs that apply to accounting periods beginning in 2015 and covers the legal and regulatory requirements in relation to financial reporting in Hong Kong.

“A significant text designed to meet the needs of SMEs in Hong Kong, by providing practical guidance with reference to the Hong Kong Financial Reporting Standards (HKFRSs).

This new edition authoritatively restates the HKFRSs for Private Entities with all the necessary commentary to navigate the complex standards that now apply to SMEs. Illustrative examples applying the standards are tailored to practical situations encountered by SMEs on a daily basis.

The essence of the HKFRSs together with the Hong Kong Companies Ordinance (Cap 622) is extracted and analyzed in the context of financial statements for SMEs specifically. This ambitious text allows readers to form an advanced understanding of complex provisions without them having to do the tedious work of deciphering which parts of the legislation apply to SMEs. It will undoubtedly become an indispensable reference for auditors, in-house accountants, and finance professionals.”

Chloe Lau
Head of Publishing and Product Development
Wolters Kluwer Hong Kong Limited

Features:

• Provide latest updates and application on new and revised HKFRSs
• Contain extensive worked examples to simulate situations that are likely to arise 
• Up-to-date summary and analysis of the requirements under the HKFRSs 
• Chapters arranged based on "individual standards" so that even first-time SME practicing can easily check and understand the complicated requirements

Benefits:

• Provide latest updates and application on new and revised HKFRSs
• Serve 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

Topic Covered:

• Statement of Financial Position
• Statement of Comprehensive Income 
• Statement of Cash Flow
• Note to Accounts 
• Consolidation