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Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has from HKFRS) to the SME‐FRF and SME‐FRS is accounted for as follows: a) All items recognised previously under a different GAAP (for example, deferred tax liability) which do not meet the recognition criteria under the SME‐FRF and SME‐ IFRS treatment: Application of IFRSSME: The scope for IFRSSME is for entities that meet the definition of an SME. An SME is defined as an entity that: does not have public accountability; and; publishes general purpose financial statements for external users. An entity that is required to apply full IFRS is required to apply IAS 1 when The amendments to HKFRS/IFRS 16 do not explicitly specify whether the practical expedient may be applied on a lease- by-lease basis. However, all accounting policies relating to leases in the scope of HKFRS/IFRS 16 are subject to the requirement in HKFRS/IFRS 16.2, which requires an entity to apply HKFRS/IFRS 16 consistently to contracts Main differences between IFRS 3 and IFRS for SMEs section 19: IFRS for SMEs – applies a purchase method of accounting for business combinations whereas IFRS3 applies the acquisition method to account for business combinations. IFRS for SMEs – goodwill is amortised over its useful life. 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.

2) Ordinance 2018. Please refer to paragraph 54 of the SME-FRF for the effective date of the amendments. 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. It takes into account authoritative pronouncements issued under IFRS for SMEs and full IFRSs published up to 9 July 2009.

Accounting and accounting rules in Hong Kong - Business

(Amendments to IFRS 10 and IAS 28). Indefinitely deferred. The Small and Medium-Sized Entities (SMEs) Financial Reporting The HKFRS and HKSA have been developed to achieve convergence with IFRS.

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WHAT. ARE THE KEY. DIFFERENCES? WHEN. WILL IT. HAPPEN In addition, the IFRS for SMEs contains fewer disclosure. 1.

Section 1 Scope . Qualifying entities. Criteria: •. No public accountability; and. •.
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consolidated statement of comprehensive income.

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.
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Accounting and accounting rules in Hong Kong - Business

14 Dec 2020.

Accounting and accounting rules in Hong Kong - Business

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. It takes into account authoritative pronouncements issued under IFRS for SMEs and full IFRSs published up to 9 July 2009. SME Financial Reporting Framework and Standard Standards and reference material .

Although we endeavour to provide accurate and timely information, there can be no Publication: Use of IFRS Standards around the world [PDF] Issued Standards.