Hong Kong GAAP: A Master Guide to Financial Reporting Standards 2021

Topics Covered:

Financial Reporting in Hong Kong

Chapter 1 Introduction

Chapter 2 The Conceptual Framework for Financial Reporting

HK Interpretations

Chapter 3 HK-Int 4 “Leases – Determination of the Length of Lease Term in respect of Hong Kong Land Leases”

Chapter 4 HK-Int 5 “Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause”

HKFRS

Chapter 5 HKFRS 1 “First-Time Adoption of Hong Kong Financial Reporting Standards”

Chapter 6 HKFRS 2 “Share-based Payment”

Chapter 7 HKFRS 3 “Business Combinations”

Chapter 8 HKFRS 4 “Insurance Contracts”

Chapter 9 HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Chapter 10 HKFRS 6 “Exploration for and Evaluation of Mineral Resources”

Chapter 11 HKFRS 7 “Financial Instruments: Disclosures”

Chapter 12 HKFRS 8 “Operating Segments”

Chapter 13 HKFRS 9 “Financial Instruments”

Chapter 14 HKFRS 10 “Consolidated Financial Statements”

Chapter 15 HKFRS 11 “Joint Arrangements”

Chapter 16 HKFRS 12 “Disclosure of Interests in Other Entities”

Chapter 17 HKFRS 13 “Fair Value Measurement”

Chapter 18 HKFRS 14 “Regulatory Deferral Accounts”

Chapter 19 HKFRS 15 “Revenue from Contracts with Customers”

Chapter 20 HKFRS 16 “Leases”

Chapter 21 HKFRS 17 “Insurance Contracts”

HK(IFRIC) Interpretations

Chapter 22 HK(IFRIC)-Int 1 “Changes in Existing Decommissioning, Restoration and Similar Liabilities”

Chapter 23 HK(IFRIC)-Int 2 “Members’ Shares in Co-operative Entities and Similar Instruments”

Chapter 24 HK(IFRIC)-Int 5 “Rights to Interests arising from, Restoration and Environmental Rehabilitation Funds”

Chapter 25 HK(IFRIC)-Int 6 “Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment”

Chapter 26 HK(IFRIC)-Int 7 “Applying the Restatement Approach under HKAS 29 Financial Reporting in Hyperinflationary Economies”

Chapter 27 HK(IFRIC)-Int 10 “Interim Financial Reporting and Impairment”

Chapter 28 HK(IFRIC)-Int 12 “Service Concession Arrangements”

Chapter 29 HK(IFRIC)-Int 14 “HKAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”

Chapter 30 HK(IFRIC)-Int 16 “Hedges of a Net Investment in a Foreign Operation”

Chapter 31 HK(IFRIC)-Int 17 “Distribution of Non-cash Assets to Owners”

Chapter 32 HK(IFRIC)-Int 19 “Extinguishing Financial Liabilities with Equity Instruments”

Chapter 33 HK(IFRIC)-Int 20 “Stripping Costs in theProduction Phase of a Surface Mine”

Chapter 34 HK(IFRIC)-Int 21 “Levies”

Chapter 35 HK(IFRIC)-Int 22 “Foreign Currency Transactions and Advance Consideration”

Chapter 36 HK(IFRIC)-Int 23 “Uncertainty over Income Tax Treatments”

HKAS

Chapter 37 HKAS 1 “Presentation of Financial Statements”

Chapter 38 HKAS 2 “Inventories”

Chapter 39 HKAS 7 “Statement of Cash Flows”

Chapter 40 HKAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”

Chapter 41 HKAS 10 “Events after the Reporting Period”

Chapter 42 HKAS 12 “Income Taxes”

Chapter 43 HKAS 16 “Property, Plant and Equipment”

Chapter 44 HKAS 19 (2011) “Employee Benefits”

Chapter 45 HKAS 20 “Accounting for Government Grants and Disclosure of Government Assistance”

Chapter 46 HKAS 21 “The Effects of Changes in Foreign Exchange Rates”

Chapter 47 HKAS 23 “Borrowing Costs”

Chapter 48 HKAS 24 “Related Party Disclosures”

Chapter 49 HKAS 26 “Accounting and Reporting by Retirement Benefit Plans”

Chapter 50 HKAS 27 (2011) “Separate Financial Statements”

Chapter 51 HKAS 28 (2011) “Investments in Associates and Joint Ventures”

Chapter 52 HKAS 29 “Financial Reporting in Hyperinflationary Economies”

Chapter 53 HKAS 32 “Financial Instruments: Presentation”

Chapter 54 HKAS 33 “Earnings per Share”

Chapter 56 HKAS 36 “Impairment of Assets”

Chapter 57 HKAS 37 “Provisions, Contingent Liabilities and Contingent Assets”

Chapter 58 HKAS 38 “Intangible Assets”

Chapter 59 HKAS 40 “Investment Property”

Chapter 60 HKAS 41 “Agriculture”

HK(SIC) Interpretations

Chapter 61 HK(SIC)-Int 10 “Government Assistance – No Specific Relation to Operating Activities”

Chapter 62 HK(SIC)-Int 25 “Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders

Chapter 63 HK(SIC)-Int 29 “Service Concession Arrangements: Disclosures”

Chapter 64 HK(SIC)-Int 32 “Intangible Assets – Web Site Costs”

Annual Improvements

Chapter 65 Annual Improvements to HKFRSs 2015-2017 Cycle

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 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).