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

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

  • Author:
  • Publisher: Wolters Kluwer (HK) (formerly CCH)
  • ISBN: 9789881343024
  • Published In: January 2016
  • Format: Paperback , 876 pages
  • Jurisdiction: Hong Kong ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 1,250.00

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  • Description 
  • Contents 
  • Author 
  • Details

    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
  • Section A Statement of Financial Position

    Chapter 1 Property – PPE
    Chapter 2 Property – Investment Property
    Chapter 3 Property – Lease
    Chapter 4 Property – Borrowing Costs
    Chapter 5 Property – Government Assistance
    Chapter 6 Property – Non-current Asset Held for Sale and Discontinued Operations
    Chapter 7 Property – Intangible Assets
    Chapter 8 Financial Instruments
    Chapter 9 Provisions, Contingent Liabilities and Contingent Assets
    Chapter 10 Adjustments
    Chapter 11 Income Tax
    Chapter 12 Shareholder’s Equity

    Section B Statement of Comprehensive Income

    Chapter 13 Revenue
    Chapter 14 Construction Contracts
    Chapter 15 Employee Benefits
    Chapter 16 Share-based Payment
    Chapter 17 Earnings Per Share

    Section C Statement of Cash Flows

    Chapter 18 Statement of Cash Flows

    Section D Note to Accounts

    Chapter 19 Disclosure – Segment Reporting
    Chapter 20 Disclosure – Related Party Transactions
    Chapter 21 Disclosures – Fair Value Measurement

    Section E Consolidation

    Chapter 22 Principles of Consolidation
    Chapter 23 Accounting for Subsidiaries
    Chapter 24 Accounting for Associates and Joint Arrangements
    Chapter 25 Foreign Currency Transaction

    Index

  • Ms. Ng Chung Yan Linda

    Ms. Ng obtained a master’s degree in professional accounting from the Hong Kong Polytechnic University in October 2009 and a bachelor’s degree in business administration from Hong Kong University of Science and Technology in November 1997. She has been a certified professional forensic accountant of the Institute of Certified Forensic Accountants since September 2011, a certified tax adviser and an associate of the Taxation Institute of Hong Kong since September 2010, a fellow of the Association of Chartered Certified Accountants since October 2005 and a practicing member of Hong Kong Institute of Certified Public Accountants since January 2005.

    She had worked in Ernst & Young before, and has obtained the practicing qualification in Hong Kong since January 2008 to serve her own portfolio of clients and has been lecturing HKICPA Qualification Programme Module A paper since September 2007.

    She was appointed as an independent non-executive director of a Hong Kong Main Board listed Company in 2014. She has been the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee since 2014.

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