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New Arrival Hong Kong Master GAAP Guide (15th Edition)

Hong Kong Master GAAP Guide (15th Edition)

  • Author:
  • Publisher: Wolters Kluwer (HK) (formerly CCH)
  • ISBN: 9789887840497
  • Published In: October 2018
  • Format: Paperback , 1124 pages
  • Jurisdiction: Hong Kong ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Description 
  • Contents 
  • Author 
  • Details

    Generally Accepted Accounting Principles (GAAP) are constantly evolving as better methods of providing financial information continue to emerge in our ever changing business world. Now in its 15th edition, the matchless annual desktop reference Hong Kong Master GAAP Guide has long been regarded the single most useful tool for accountants and professionals in Hong Kong to keep abreast of the latest developments in Hong Kong Financial Reporting Standards (HKFRS).

    In particular, three new chapters in relation to the HKFRS 16 Leases, HKFRS 17 Insurance Contracts and HK(IFRIC) Interpretation 22 – Foreign Currency Transactions and Advance Consideration are added in this new edition.

    Other Chapters related to HKFRS 2, HKFRS 10, HKFRS 11, HKFRS 14, HKAS 1, HKAS 7, HKAS 12, HKAS 15, HKAS 16, HKAS 27, HKAS 28, HKAS 38 and HKAS 41, are also updated in accordance to the Amendments to the HKFRS.

    The Hong Kong Master GAAP Guide turns compliance with HKFRS into a straightforward step-by-step process. As in earlier editions, the 15th edition provides:

    • a separate chapter for each accounting standard and official interpretation;
    • clear explanations for the requirements of HKFRS;
    • numerous worked examples illustrating situations that are likely to arise; and
    • detailed analysis of specific accounting issues.

    The manual deals comprehensively with the HKFRS issued by the Hong Kong Institute of Certified Public Accountants up to 31 May 2018 that apply for annual periods beginning on or after 1 January 2018.

    The Hong Kong Master GAAP Guide is a comprehensive, practical and up-to-date commentary on the Hong Kong Financial Reporting Standards. It is an essential tool for accountants and professionals who are required to prepare the accounts of a business entity. This book also serves as a useful reference for auditors when analysing the financial statements of corporations.

    This publication provides practical commentary on Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants.

    • Extensive worked examples and illustration to simulate situations that are likely to arise.
    • Financial Reporting in Hong Kong gives an overview of the overall regulatory framework under which all companies operate.
    • Each HKFRS is covered under a separate chapter for easy reference.
    • Detailed analysis of specific accounting issues

     

    Topics Covered:

    • Financial Reporting in Hong Kong
    • Hong Kong Interpretations
    • Hong Kong Financial Reporting Standards
    • Hong Kong (IFRIC) Interpretations
    • Hong Kong Accounting Standards
    • Hong Kong (SIC) Interpretations
  • Financial Reporting in Hong Kong
    1 Introduction
    2 Hong Kong Institute of Certified Public Accountants

    HK Interpretations
    3 HK-Int 4 “Leases - Determination of the Length of Lease Term in respect of Hong Kong Land Leases”
    4 HK-Int 5 "Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause"

    HKFRS
    5 HKFRS 1 "First-Time Adoption of Hong Kong Financial Reporting Standards"
    6 HKFRS 2 "Share-based Payment"
    7 HKFRS 3 "Business Combinations"
    8 HKFRS 4 "Insurance Contracts"
    9 HKFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"
    10 HKFRS 6 "Exploration for and Evaluation of Mineral Resources"
    11 HKFRS 7 "Financial Instruments: Disclosures"
    12 HKFRS 8 "Operating Segments"
    13 HKFRS 9 "Financial Instruments"
    14 HKFRS 10 "Consolidated Financial Statements"
    15 HKFRS 11 "Joint Arrangements"
    16 HKFRS 12 "Disclosure of Interests in Other Entities"
    17 HKFRS 13 "Fair Value Measurement"
    18 HKFRS 14 "Regulatory Deferral Accounts"
    19 HKFRS 15 "Revenue from Contracts with Customers"
    20 HKFRS 16 "Leases"
    21 HKFRS 17 "Insurance Contracts"

    HK(IFRIC) Interpretations
    22 HK(IFRIC)-Int 1 "Changes in Existing Decommissioning, Restoration and Similar Liabilities"
    23 HK(IFRIC)-Int 2 "Members’ Shares in Co-operative Entities and Similar Instruments"
    24 HK(IFRIC)-Int 5 "Rights to Interests arising from,Restoration and Environmental Rehabilitation Funds"
    25 HK(IFRIC)-Int 6 "Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment”
    26 HK(IFRIC)-Int 7 "Applying the Restatement Approach under HKAS 29 Financial Reporting in Hyperinflationary Economies"
    27 HK(IFRIC)-Int 10 "Interim Financial Reporting and Impairment"
    28 HK(IFRIC)-Int 12 "Service Concession Arrangements"
    29 HK(IFRIC)-Int 14 "HKAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction"
    30 HK(IFRIC)–Int 16 "Hedges of a Net Investment in a Foreign Operation"
    31 HK(IFRIC)–Int 17 "Distribution of Non-cash Assets to Owners"
    32 HK(IFRIC)–Int 19 "Extinguishing Financial Liabilities with Equity Instruments"
    33 HK(IFRIC)–Int 20 "Stripping Costs in the Production Phase of a Surface Mine"
    34 HK(IFRIC)–Int 21 "Levies"
    35 HK(IFRIC)–Int 22 "Foreign Currency Transactions and Advance Consideration"

    HKAS
    36 HKAS 1 "Presentation of Financial Statements"
    37 HKAS 2 "Inventories"
    38 HKAS 7 "Statement of Cash Flows"
    39 HKAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors"
    40 HKAS 10 "Events After the Reporting Period"
    41 HKAS 12 "Income Taxes"
    42 HKAS 16 "Property, Plant and Equipment"
    43 HKAS 19 (2011) "Employee Benefits"
    44 HKAS 20 "Accounting for Government Grants and Disclosure of Government Assistance" 45 HKAS 21 "The Effects of Changes in Foreign Exchange Rates" 46 HKAS 23 "Borrowing Costs"
    47 HKAS 24 "Related Party Disclosures"
    48 HKAS 26 "Accounting and Reporting by Retirement Benefit Plans"
    49 HKAS 27 (2011) "Separate Financial Statements"
    50 HKAS 28 (2011) "Investments in Associates and Joint Ventures"
    51 HKAS 29 "Financial Reporting in Hyperinflationary Economies"
    52 HKAS 32 "Financial Instruments: Presentation"
    53 HKAS 33 "Earnings Per Share"
    54 HKAS 34 "Interim Financial Reporting"
    55 HKAS 36 "Impairment of Assets"
    56 HKAS 37 "Provisions, Contingent Liabilities and Contingent Assets"
    57 HKAS 38 "Intangible Assets"
    58 HKAS 40 "Investment Property"
    59 HKAS 41 "Agriculture"

    HK(SIC) Interpretations
    60 HK(SIC)-Int 10 "Government Assistance – No Specific Relation to Operating Activities"
    61 HK(SIC)-Int 25 "Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders"
    62 HK(SIC)-Int 29 "Service Concession Arrangements: Disclosures"
    63 HK(SIC)-Int 32 "Intangible Assets – Web Site Costs"

    Abbreviations

  • Mr PATRICK P H Ng

    Mr PATRICK P H Ng (BA (HONS), M PHIL, FCPA, FCCA, Hon HKAT) is currently a Lecturer of the Department of Business Administration, Hong Kong Institute of Vocational Education. Previously, he was a Lecturer of the Department of Accountancy, City University of Hong Kong.

    Mr Ng received a Bachelor of Arts Degree with First Class Honours (in Accounting, Finance & Economics) from University of Essex, UK, and a Master of Philosophy (in Finance) from King’s College, University of Cambridge, UK. He is a Fellow of the Hong Kong Institute of Certified Public Accountants (HKICPA, formerly HKSA), a Fellow of the Association of Chartered Certified Accountants (ACCA), a Fellow of the Hong Kong Society of Registered Financial Planners and an Honorary Hong Kong Accounting Technician. He had served as a Board Member of Hong Kong Institute of Accredited Accounting Technicians (HKIAAT, formerly HKAAT) from 1999 to 2003, the Editor of the Members’ Journal of ACCA (Hong Kong) from 1997 to 2005 and 2007 to 2009, and the Chief Editor of Accounting Personnel, the Journal of HKIAAT, from 1996 to 2006.

    Mr Ng is an accomplished and well-respected writer in the field of accounting and financial reporting. He has authored/co-authored twelve accounting textbooks entitled ‘‘Financial Accounting for Hong Kong’’, ‘‘HKIAAT Paper 1 Financial Accounting’’, ‘‘Introduction to Financial Accounting in Hong Kong’’, “Basic Cost Accounting in Hong Kong”, “New Senior Secondary BAFS Frank Woods’ Accounting Module Exam Practice 1”, ‘‘Financial Accounting’’, ‘‘Advanced Accounting’’, ‘‘HKAL – Principles of Accounts (Volume 1 & 2)’’, ‘‘HKIAAT Paper 7 Financial Accounting’’, “HKIAAT PBE Paper 1 “Financial Accounting”, ‘‘Examination Guide to ACCA Paper 13 (H) Financial Reporting Environment (Hong Kong)’’, ‘‘Accounting in Hong Kong: Regulatory Framework and Advanced Accounting Practice’’ and ‘‘Corporate Accounting – Business Combinations in Hong Kong’’. Mr Ng has published in total more than 65 articles on financial reporting and audit assurance disciplines, in international refereed journals, professional journals and refereed conference proceedings. He taught the Professional Stage of ACCA Examination Courses on Financial Reporting and Advanced Corporate Reporting Papers with the City University of Hong Kong for more than 11 years.

    Mr Ng lent his many years of practical experience in accounting and auditing in Hong Kong and substantial teaching and research experience to the Wolters Kluwer’s loose-leaf publication ‘‘Hong Kong GAAP – A Practical Guide to Accounting Standards’’ in 1999. It was then published as a bound book and retitled ‘‘Hong Kong Master GAAP Guide’’ which goes into the 15th Edition in 2018.

    With Chinese Accounting Standards (CAS) converging with International Financial Reporting Standards (IFRS), Mr Ng has also extended his international knowledge of Financial Reporting Standards to another Wolters Kluwer publication, ‘‘China Master GAAP Guide’’, which was launched in 2004 and goes into the 10th Edition in 2013.

     

    Associate Professor Ng Eng Juan

    Associate Professor Ng Eng Juan graduated with B Ec (first class honours) from University Malaya and MBA from University of Southern California. He is a fellow of the Institute of Certified Public Accountants of Singapore (ICPAS), the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA). He has also passed the uniform examinations of the American Institute of Certified Public Accountants (AICPA).

    Prof Ng has had many years of working experience in an international public accounting firm. He is currently with the Nanyang Business School of the Nanyang Technological University, teaching financial accounting courses in the B Acc and MBA programmes. Over the years, he has won several teaching awards, including ‘‘Teacher of the Year’’.

    Prof Ng is actively involved in the accounting profession. He has been a member of the Accounting Standards Committee and China Committee of ICPAS and the Technical Panel of MIA for many years. He currently serves as an external examiner/advisor to several accounting professional and degree programs in Singapore, UK and China. He also provides consultancy services to public accounting firms and other organisations and conducts regular executive development programmes for accountants and managers. He was awarded ‘‘CPE Trainer of the Year’’ by the ICPAS in 2006.

    Prof Ng’s current research interests are in the area of accounting standards and practices. Among his publications are more than 20 professional books including ‘‘Consolidated Accounts’’, ‘‘Cash Flow Statements’’, ‘‘Accounting for Income Taxes’’, ‘‘Consolidated Financial Statements (Singapore)’’, ‘‘Accounting Disclosure Handbook (Singapore)’’, ‘‘Singapore GAAP’’, ‘‘Malaysia GAAP’’ and ‘‘A Practical Guide to Financial Reporting Standards (Malaysia)’’.

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