Pocket IFRS 2016 - Summary Financial Accounting - StuDocu

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The IFRS for SMEs uses full IFRSs as a starting point (BC95-BC97). The IFRS Foundation's logo and the IFRS for SMEs ® logo, the IASB ® logo, the ‘Hexagon Device’, eIFRS ®, IAS ®, IASB ®, IFRIC ®, IFRS ®, IFRS for SMEs ®, IFRS Foundation ®, International Accounting Standards ®, International Financial Reporting Standards ®, NIIF ® and SIC ® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS There are, as a result, some significant differences between the IFRS for SMEs and full IFRSs. Since the IFRS for SMEs is intended to apply to SMEs, these differences are expected to persist in the future, although the extent to which new and amended IFRS standards are incorporated into the IFRS for SMEs at a later date is uncertain. 10. with first adoption of IFRS/HKFRS 16 Chew Ping Teo / Lillian Chan January 2020 ©2020.For information,contactDeloitteChina.

A company incorporated under the Hong Kong Companies Ordinance qualifies for reporting under the SME-FRF & SME-FRS if it satisfies the 'reporting exemption' criteria as set out in section 359 of the new Companies Ordinance. Effective from financial year beginning on or after 1 February 2019, section 359 of the new Companies Ordinance extends the reporting exemption to the groups that may consist of Hong Kong and non-Hong Kong incorporated body corporates and mixed groups (i.e. groups (IFRS for SMEs 7.1, full IFRS IAS 7.10). So the user of the statement is able to evaluate the impact of the entity’s activities on the financial position (IFRS for SMEs 7.1, full IFRS IAS 7.11).

This is useful as this method informs whomsoever reads the financial statements, of not only the past transactions but also of the future obligations that the company needs to settle. 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.

Accounting and accounting rules in Hong Kong - Business

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 for SMEs Standard. Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has the option to use the Hong Kong Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard (SME-FRF & SME-FRS).

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The SME-FRS consists of 22 accounting standards that cover topics such as presentation of financial statements, accounting policies, leases, etc. Topics such as interim financial reporting, segment reporting, business review, etc.

0 % 31 Aug 2011 IFRS or IFRS for SMEs as published by the IASB. In addition to local GAAP While HKFRS have been converged with IFRS, differences.
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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.
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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.