Accounting and accounting rules in Hong Kong - Business

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 incorporated company that is not a holding company or a subsidiary in itself has Certain topics of the HKFRS have been omitted in the SME-FRS, as they are not relevant to typical SMEs. The SME-FRS consists of 22 accounting standards that cover topics such as presentation of financial statements, accounting policies, leases, etc.

Sme ifrs vs hkfrs

FAQ 3.3, Criterion #1: Can reductions in lease payments that are linked to other conditions (eg commodity prices 4 The main premise is that IFRS for SMEs disclosures are retained where the R&M principles and options are the same or similar in IFRS for SMEs and full IFRS. 1 Refer to . AASB Action Alert 196 2 The term “Full IFRS” refers to full Australian Accounting Standards throughout this document. Agenda paper 3.2 AASB Meeting 14 June 2019 (M171) apply or choose not to apply SME-FRF&FRS and choose to use the new HKFRS • SME-FRF&FRS to be applied by small and medium-sized entities that meet the criteria for applying SME-FRF&FRS e.g. s141D companies and overseas companies that meet certain size tests and have all shareholders ’ agreements. 2018-02-27 2018-11-14 SME Implementation Group The IFRS Foundation formed an SME Implementation Group (SMEIG) in September 2010 following a public call for nominations. Its members have two main responsibilities: • to develop and publish questions and answers as non-mandatory guidance issued by the SMEIG for IFRS for small and medium-sized entities with ‘full IFRS’ issued up to July 2009.

IFRS Standards differences between the SME-FRF and FRS and the full Hong Kong Financial Reporting Standards (“HKFRSs”). They are summarised in below:- Property, plant and equipment Measurement model • There is no revaluation model.

Accounting and accounting rules in Hong Kong - Business

2018-11-14 with first adoption of IFRS/HKFRS 16 Chew Ping Teo / Lillian Chan January 2020 ©2020.For information,contactDeloitteChina. 2 Our responsibilities and obligations All materials or explanations (not restricted to the following presentation slides) (collectively “Material”) have been and are prepared in general terms only. The Date recorded: 15 May 2019 Approach to the 2019 comprehensive review of the IFRS for SMEs Standard (Agenda Paper 30A) Background.

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They are summarised in below:- Property, plant and equipment Measurement model • There is no revaluation model. Only the cost model is allowed. Subsequent to initial recognition, all the property, plant and equipment statements as long as they are not misunderstandable (IFRS for SMEs 3.22). Here are the most important commonalities between the full IFRS and the IFRS for SMEs in the parts of the financial statements: Statement of financial position and comprehensive income Another similarity of the full IFRS and the IFRS for SMEs is, that there is neither a HKFRS No. Title IFRS No. Differences in Transitional Provisions Differences in Effective Dates Other Textual Differences HKFRS 1 Revised First-time Adoption of Hong Kong Financial Reporting Standards IFRS 1 Revised No No, except para 39a specifies that paras B2 to B6 and D18 of HKFRS 1 (IFRS 1) are effective for AP beginning on or after 1 Full IFRS: Transaction costs are excluded under IFRS 3 (revised). Contingent consideration is recognised regardless of the probability : of payment.

2) Ordinance 2018. Please refer to paragraph 54 of the SME-FRF for the effective date of the amendments.
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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.

Some preparers and auditors of SMEs’ financial statements explained to the Board that a requirement to prepare restated prior period data in all cases would be burdensome for SMEs adopting the IFRS for SMEs for the first time. 2021-04-10 · The IFRS for SMEs Standard reflects five types of simplifications from full IFRS Standards: some topics in full IFRS Standards are omitted because they are not relevant to typical SMEs; some accounting policy options in full IFRS Standards are not allowed because a more simplified method is available to SMEs; many of the recognition and measurement Convergence to IFRS and SME-FRS 28 August 2006 HKFRS (even if no guidance in SME-FRS) No fallback to Main (HKAS 1 and 8 vs.
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Where this can’t be reliably estimated, a useful life of 10 years is assumed. 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. • Compliance with the SME-FRF and SME-FRS is necessary in order for financial statements to give a “true and correct view” • When a HK incorporated company prepares its financial statements in accordance with section 141D SME-FRF and SME-FRS SME-FRF and SME-FRS Must use No Choice • … 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 … differences between the SME-FRF and FRS and the full Hong Kong Financial Reporting Standards (“HKFRSs”).

Accounting and accounting rules in Hong Kong - Business

SME-FRS Section 1 and 2) This is part 1 of a series of articles five articles dealing with Leases under the IFRS for SMEs and also the VAT and Income Tax treatment thereof.

(Proposed IFRS for SMEs 11.31) (SME-FRS 15.6 - 7) Section 13 Investments in Associates IFRS FOR SMES—2015 IFRS Foundation 4. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) is set out in Sections 1–35 and Appendices A–B. Terms defined in the Glossary are in bold type the first time they appear in each section, as appropriate. IFRS vs IFRS for SMEs. The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) as a financial reporting framework. 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.