Pocket IFRS 2016 - Summary Financial Accounting - StuDocu

Accounting and accounting rules in Hong Kong - Business

Additionally, a Hong Kong IFRS 16 transition -lease modification –Example 1 –continued (Lease modification before 1 January 2019) Effective date of lease modification under IFRS 16 1 Apr 2016 30 Sep 2018 1 Jan 2019 1 pr 2019 30 Sept 2022 Original lease ($1M per month) “New” lease ($1.2M per month) Date of initial application (DIA) Operating lease commitment @31 Dec 2018 • Compared with IFRS for SMEs, HKFRS for Private Entities has the following differences: a. Replacing the termReplacing the term “SMEs” in IFRS for SMEs byin IFRS for SMEs by “Private Entities ”; b. Replacing the recognition and measurement principles in section 29 Income Tax of the IFRS for SMEs with the extant version of HKAS 12 Income iii IFRS for SMEs – Pocket guide 2009 Contents 1 Accounting framework of the IFRS for SMEs 1 1.1 Scope 1 1.2 Historical cost 1 1.3 Concepts 1 1.4 Fair presentation 2 1.5 First-time adoption 2 The Board discussed the approach to the 2019 comprehensive review of the IFRS for SMEs, principles the Board could apply when determining whether and how to align Section 20 'Leases' with IFRS 16 'Leases', and the way forward and next steps. IASB ED of proposed IFRS for SMEs HK SME-FRF & SME-FRS - price risk of a commodity or in a firm commitment or highly probable forecast transaction to purchase or sell a commodity; or - foreign exchange risk in a net investment in a foreign operation. (Proposed IFRS for SMEs 11.31) (SME-FRS 15.6 - 7) Section 13 Investments in Associates A Guide to the IFRS for SMEs | March 2016 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 Se hela listan på iasplus.com The amendments to HKFRS/IFRS 16 do not explicitly specify whether the practical expedient may be applied on a lease- by-lease basis.

It has not been approved by the FRSC and the Council of the Hong Kong Institute of Certified Public Accountants. This High Level Comparison is intended for general guidance only. 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. Only the cost model is allowed. Subsequent to initial recognition, all the property, plant and equipment for SMEs and IFRS; and to encourage early consideration of what IFRS for SMEs means to the entity. These and other issues are expanded upon in the main body of this publication.

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• Compared with IFRS for SMEs, HKFRS for Private. 12 Jan 2017 (b) the extent to which SMEs reporting under IFRS are using leases. (v) Inclusion of non-standard terms and conditions (for instance, non-. 4 Jul 2019 The IFRS for SMEs – a chance for Tanzanian entities to benefit from simpler reporting.

Accounting and accounting rules in Hong Kong - Business

Contingent considerations are included as part of the acquisition cost if it is probable that the amount will be paid and its 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 • Compared with IFRS for SMEs, HKFRS for Private Entities has the following differences: a. Replacing the termReplacing the term “SMEs” in IFRS for SMEs byin IFRS for SMEs by “Private Entities ”; b. Replacing the recognition and measurement principles in section 29 Income Tax of the IFRS for SMEs with the extant version of HKAS 12 Income 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. Only the cost model is allowed.

3.23(d),(e) 5.5(a) revenue. 2017. 2016 restated. notes. cu The SME-FRS adopts historical cost as the principle basis of preparation. There would be no revaluation or discounting except when required or permitted by the SME-FRS.
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63. Appendix V enture.

For SME-FRF & SME-FRS (Revised December 2015) • Compared with IFRS for SMEs, HKFRS for Private Entities has the following differences: a. Replacing the termReplacing the term “SMEs” in IFRS for SMEs byin IFRS for SMEs by “Private Entities ”; b. Replacing the recognition and measurement principles in section 29 Income Tax of the IFRS for SMEs with the extant version of HKAS 12 Income IFRS for SMEs Fact Sheet December 2016 4 (ii) a further 12 jurisdictions are currently considering requiring or permitting the IFRS for SMEs Standard. (iii) for the 84 jurisdictions that require or permit the IFRS for SMEs Standard: (1) 4 jurisdictions require the IFRS for SMEs Standard for all SMEs that are not required to use full IFRS Standards.
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Pocket IFRS 2016 - Summary Financial Accounting - StuDocu

sme-frs是在hkfrs的基础上对于部分准则的执行做出了简化安排，对于未简化的部分，还是按照hkfrs的规定进行执行，sme-frs里有一项简化的部分是在对于长期股权投资的处理 2009-07-09 · Comprehensive review of the IFRS for SMEs. 14 Dec 2020.