Section 1 Section 1 Accounting standards that are mandatorily effective for year ended 31 December 2013 Below is an overview of new and revised Hong K

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1 China National Technical Financial Reporting in Hong Kong Closing out for 2013 Financial Year 中文 January 2014 Authors: Candy Fong Stephen Taylor There are many accounting standards that become mandatorily effective for 2013 financial year. This special edition of Financial Reporting in Hong Kong contains a summary of accounting standards that are mandatorily effective for 2013 financial year. Application of many of these Standards requires significant judgement how these new Standards are applied by entities for the first time would probably be the area of the regulatory focus when regulators review entities' financial statements. This newsletter also highlights topical issues taking into account the current economic conditions (e.g. impairment). Impairment would continue to be an area of regulatory focus (in particular, the appropriateness of assumptions and inputs used in determining whether or not impairment is required and if so, the amount of impairment loss). Recently, the Secretary For Financial Services and the Treasury has appointed 3 March 2014 as the commencement date of the new Companies Ordinance in Hong Kong. This newsletter gives a summary of the new Companies Ordinance. Contents Section 1 - Accounting standards that are mandatorily effective for year ended 31 December 2013 Section 2 Accounting standards that allow early application for the year ended 31 December 2013 (not mandatory) Section 3 Topical issue: impairment and related issues Section 4 New Companies Ordinance 1

2 Section 1 Section 1 Accounting standards that are mandatorily effective for year ended 31 December 2013 Below is an overview of new and revised Hong Kong Financial Reporting Standards (HKFRSs) that are mandatorily effective for the year ended 31 December The Standards below are effective for annual periods that begin on or after 1 January 2013 (unless specified otherwise). New and revised HKFRSs on consolidation, joint arrangements, associates and disclosures ('package of five') HKFRS 10 Consolidated Financial Statements Application Retrospective application, with specific transitional provisions. HKFRS 11 Joint Arrangements Retrospective application, with specific transitional provisions. HKFRS 12 Disclosure of Interests in Other Entities Retrospective application, with specific transitional provisions. Amendments to HKFRS 10, HKFRS 11 and HKFRS 12 Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance HKAS 27 Separate Financial Statements (as revised in 2011) Retrospective application. The amendments clarify certain transition guidance on the application of HKFRS 10, HKFRS 11 and HKFRS 12 for the first time. Retrospective application. HKAS 28 Investments in Associates and Joint Ventures (as revised in 2011) Retrospective application. Note: For your information, the effective date of the application of the package of five may not be 1 January 2013 in certain jurisdictions. For example: In European regions where entities apply IFRSs as Adopted for Use in the European Union, the effective date will be annual periods beginning on or after 1 January In Singapore where entities apply Financial Reporting Standards issued by the Accounting Standards Council, the effective date will be annual periods beginning on or after 1 January In China where entities apply China Accounting Standards, exposure drafts have just been issued. New HKFRS on fair value measurement HKFRS 13 Fair Value Measurement Revised HKFRS on employee benefits HKAS 19 Employee Benefits (as revised in 2011) Application Prospective application. The disclosure requirements of HKFRS 13 need not be applied in comparative information provided for periods before initial application of HKFRS 13. Application Retrospective application, with specific transitional provisions. 2

3 Section 1 Amendments to other HKFRSs Amendments to HKFRS 1 Government Loans Amendments to HKFRS 7 Disclosures - Offsetting Financial Assets and Financial Liabilities Amendments to HKAS 1 Presentation of Items of Other Comprehensive Income (effective for annual periods beginning or after 1 July 2012) Annual Improvements to HKFRSs Cycle Application Retrospective application. Retrospective application. Retrospective application. Retrospective application. New Interpretation HK (IFRIC) Int 20 Stripping Costs in the Production Phase of a Surface Mine Application This Interpretation should be applied to production stripping costs incurred on or after the beginning of the earliest period presented, with specific transitional provisions. New and revised HKFRSs on consolidation, joint arrangements, associates and disclosures In June 2011, the HKICPA issued the 'package of five'. In July 2012, the HKICPA issued amendments to HKFRS 10, HKFRS 11 and HKFRS 12 Consolidated Financial Statements, Joint Arrangements and Disclosures of Interests in Other Entities: Transition Guidance to clarify certain transitional guidance on the application of HKFRS 10, HKFRS 11 and HKFRS 12 for the first time. The table below is a high level summary of the scope of each of the five new and revised Standards. Old standard HKAS 27 Consolidated and Separate Financial Statements that sets out requirements for both consolidated and separate financial statements HK (SIC) Int 12 Consolidation Special Purpose Entities New or revised standard HKFRS 10 replaces the part of HKAS 27 that deals with consolidated financial statements and HK (SIC) Int 12. Issues Under HKFRS 10, there is only one basis for consolidation for all entities, and that basis is control. This change is to remove the perceived inconsistency between the previous version of HKAS 27 and HK (SIC) Int 12; the former used a control concept while the latter placed greater emphasis on risks and rewards. Issues dealt with by HKFRS 10 include: When should an investor consolidate an investee? Similar to the previous version of HKAS 27, the new Standard uses the concept of control in determining whether an investor needs to consolidate an investee. However, the definition of control under the new Standard has been changed (please see the discussion below for the new definition of control). How to consolidate a subsidiary? Most of the requirements regarding consolidation procedures have been carried forward unchanged from the previous standard. How to account for changes in a parent's interest over its subsidiaries (e.g. 'loss of control' and 'no loss of control' scenarios')? Most of the requirements have been carried forward unchanged from the previous Standard. HKAS 27 (as revised in 2011) Separate Financial Statements The revised Standard sets out the requirements regarding separate financial statements only. Most of the requirements in the revised Standard are carried forward 3

4 Section 1 Old standard New or revised standard Issues unchanged from the previous Standard. HKAS 31 Interests in Joint Ventures HK (SIC)-Int 13 Jointly Controlled Entities Non- Monetary Contributions by Venturers HKFRS 11 replaces HKAS 31 and HK (SIC) Int 13. Is an investee a joint arrangement within the scope of HKFRS 11? The answer depends on whether parties to the arrangement have joint control over the investee. The definition of joint control under the new Standard is the same as the old Standard except that the new definition focuses on 'relevant activities of an investee' rather than just on 'operating and financial activities of the investee'. This is to align with the new definition of control under HKFRS 10. Therefore, when an investor determines whether it shares control over an investee with other parties, it should refer to HKFRS 10 regarding the definition of control. How should a joint arrangement be classified and accounted for? HKFRS 11 has two types of joint arrangements which are joint ventures and joint operations (please see the discussion below for the classification requirements). HKAS 28 Investments in Associates HKAS 28 (as revised in 2011) Investments in Associates and Joint Ventures Similar to the previous Standard, the revised Standard deals with how to apply the equity method of accounting. However, the scope of the revised Standard has been changed so that it covers investments in joint ventures as well because HKFRS 11 requires investments in joint ventures to be accounted for using the equity method of accounting. Various standards HKFRS 12 Disclosure of Interests in Other Entities HKFRS 12 is a new disclosure Standard that sets out what entities need to disclose in their annual consolidated financial statements when they have interests in subsidiaries, joint arrangements, associates or unconsolidated structured entities. HKFRS 12 requires extensive disclosures. HKFRS 10 Consolidated Financial Statements New definition of control under HKFRS 10 HKFRS 10 includes a more robust definition of control (compared to the part of HKAS 27 it replaces) in order to address unintentional weaknesses of the definition of control set out in the previous Standard. The definition of control under HKFRS 10 includes the following three elements: a) power over an investee; b) exposure, or rights, to variable returns from its involvement with the investee; and c) ability to use its power over the investee to affect the amount of the investor s returns. All three elements must be met for an investor to have control over an investee. With regard to the first criterion (i.e. power over an investee), HKFRS 10 states that an investor has power over an investee when the investor has existing rights that give it the current ability to direct the relevant activities of the investee, which are the activities that significantly affect the returns of the investee (not merely financial and operating activities as set out in the previous Standard). 4

5 Section 1 With regard to the second criterion (i.e. exposure or rights), HKFRS 10 requires that, in assessing control, only substantive rights (i.e. rights that the holder has the practical ability to exercise) are considered. For a right to be substantive, the right needs to be currently exercisable at the time when decisions about the relevant activities need to be made. The application of HKFRS 10 requires significant judgement in a number of areas as follows: Identification of an investee s relevant activities. This may be particularly challenging in the context of a special purpose entity that has activities with a limited scope. Consideration of whether the investor has the practical ability to exercise a right (i.e. whether the right is substantive), or whether a right is protective (i.e. designed only to protect the interests of the investor, but not to give power over the investee). Assessment of whether an investee has the practical ability to direct relevant activities unilaterally even though it does not have the majority of voting rights (this is sometimes referred to as de facto control ). On de facto control, HKFRS 10 does not give any bright line instead, HKFRS 10 includes a number of illustrative examples (e.g. when an investor owns 48% equity interest and voting power of an investee with the remaining 52% widely owned by many unrelated investors, the illustrative example in HKFRS 10 states that it is clear that the investor has de facto control over the investee). Determination of whether a decision maker is acting on its own account (as principal ) or on behalf of another party (as agent ). For example, a fund manager manages a fund and has discretion over some activities of the fund. Whether the fund manager has control over the fund requires an analysis to be performed as to whether the fund manager is acting as a principal or an agent. If the fund manager is acting as the principal for the fund it manages, it should consolidate the fund. Conversely, if the fund manager is merely acting as the agent, it should not consolidate the fund. HKFRS 10 requires investors to make a balanced assessment of all relevant factors and to reassess the conclusion whenever facts and circumstances indicate that there are changes to any element of control, with consolidation of an investee commencing or ceasing whenever control is obtained or lost. Transitional provisions under HKFRS 10 Specific transitional provisions are given for entities that apply HKFRS 10 for the first time. Specifically, entities are required to make the 'control' assessment in accordance with HKFRS 10 at the date of initial application, which is the beginning of the annual reporting period for which HKFRS 10 is applied for the first time. For example, where an entity applies HKFRS 10 for the first time when it prepares its consolidated financial statements for the year ended 31 December 2013, the date of initial application is 1 January No adjustments are required when the 'control' conclusion made at the date of initial application of HKFRS 10 is the same before and after the application of HKFRS 10. However, adjustments are required when the 'control' conclusion made at the date of initial application of HKFRS 10 is different from that before the application of HKFRS 10. 5

6 Section 1 Scenario Scenario 1 Investees that were not consolidated under the previous version of HKAS 27/ HK (SIC) Int 12 will be consolidated under HKFRS 10 (assessment made at the date of initial application of HKFRS 10) Scenario 2 Investees that were consolidated under the previous version of HKAS 27/ HK (SIC) Int 12 will not be consolidated under HKFRS 10 (assessment made at the date of initial application of HKFRS 10) Adjustments required Identify the date of control in accordance with HKFRS 10 and apply HKFRS 3 as if that investee had been consolidated from that date (and thus had applied acquisition accounting in accordance with HKFRS 3); When the date of control was determined to be earlier than the beginning of the immediately preceding period 1 (i.e. 1 January 2012 when an entity applies HKFRS 10 for the first time for the year ended 31 December 2013), an entity should make adjustments to equity at the beginning of the immediately preceding period between (a) the amount of assets, liabilities and non-controlling interests recognised and (b) the previous carrying amount of the investor's involvement with the investee; and Adjust retrospectively the annual period immediately preceding the date of initial application (i.e when an entity applies HKFRS 10 for the first time for the year ended 31 December 2013). Measure the interest in the investee at the amount at which it would have been measured if the requirements of HKFRS 10 had been applied when the investor became involved with (but did not control in accordance with HKFRS 10); and Adjust retrospectively the annual period immediately preceding the date of initial application, and make adjustments to equity at the beginning of the immediately preceding period, where appropriate. HKFRS 11 Joint Arrangements Two types of joint arrangements under HKFRS 11 HKFRS 11 deals with how a joint arrangement should be classified where two or more parties have joint control. There are two types of joint arrangements under HKFRS 11: joint operations and joint ventures. The classification of joint arrangements depends on the parties' rights and obligations under the arrangements. Type of joint arrangement Joint venture Features Accounting under HKFRS 11 Joint venturers have rights to the net assets of the arrangement. Equity method of accounting Proportionate consolidation is no longer allowed. Joint operation Joint operators have rights to the assets and obligations for the liabilities of the arrangement. Each joint operator recognises its assets, liabilities, revenue and expenses, and its share of the assets, liabilities, revenue and expenses relating to its interest in the joint operation in accordance with the HKFRSs applicable to those particular assets, liabilities, revenues and expenses. 1 Notwithstanding the references to the immediately preceding period in HKFRS 10.C4 C5A, an entity may also present adjusted comparative information for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, all references to the immediately preceding period in the said paragraphs should be read as the earliest adjusted comparative period presented. 6

7 Section 1 HKFRS 11 adopts a 4-step approach in determining whether a joint arrangement should be classified as a joint venture or a joint operation (see the decision tree below). This approach is unlike HKAS 31 under which the existence of a separate vehicle is the key determinant to determine whether a joint arrangement should be classified as a jointly controlled entity. From the decision-tree above, entities are required to take into account not only the legal form of the joint arrangement but also the related contractual arrangements and the specific facts and circumstances (including the purpose and design) to determine how a joint arrangement should be classified under HKFRS 11. Significant effort may be required to accumulate the necessary information and to prepare the analysis. Upon application of HKFRS 11, the following changes may occur: 7

8 Section 1 Transitional provisions under HKFRS 11 HKFRS 11 requires retrospective application with the following transitional provisions: Scenario Scenario 1 The joint arrangement is a joint venture under HKFRS 11 which was previously treated as a jointly controlled entity and proportionate consolidation was applied Adjustments required Recognise the investment in the joint venture as at the beginning of the immediately preceding period (i.e. 1 January 2012 if entities apply HKFRS 11 for the first time for the year ended 31 December 2013) and measure it as the aggregate of the carrying amounts of the assets and liabilities the investor had previously proportionately consolidated, including any goodwill arising from acquisition; Assess impairment on the initial investment as at the beginning of the immediately preceding period in accordance with paragraphs of HKAS 28 (as revised in 2011); and Adjust retrospectively the annual period immediately preceding the date of initial application. Scenario 2 The joint arrangement is a joint operation under HKFRS 11 which was previously treated as a jointly controlled entity and the equity method of accounting was applied Derecognise the investment that was previously accounted for using the equity method of accounting as at the beginning of the immediately preceding period (i.e. 1 January 2012 if entities apply HKFRS 11 for the first time for the year ended 31 December 2013); Recognise the joint operator's share of each of the assets and the liabilities (including any goodwill) in a specified proportion in accordance with the contractual arrangements as at the beginning of the immediately preceding period; and Recognise the difference resulting from the above adjustments against goodwill or retained earnings, as appropriate. HKFRS 12 Disclosure of Interests in Other Entities HKFRS 12 is a new disclosure Standard that sets out what entities need to disclose in their annual consolidated financial statements when they have interests in subsidiaries, joint arrangements, associates or unconsolidated structured entities (broadly the same as special purpose entities under HK (SIC) Int 12). HKFRS 12 aims to provide users of financial statements with information that helps evaluate the nature of, and risks associated with, the reporting entity's interests in other entities, as well as the effects of those interests on the investor s financial statements. HKFRS 12 requires extensive disclosures. The table below includes some of the new disclosures required by HKFRS 12. Significant effort may be required to accumulate the necessary information for disclosure purposes. 8

9 Section 1 Nature of investment Some new disclosures required by HKFRS 12 1) Investments in subsidiaries in consolidated financial statements Significant judgements and assumptions a reporting entity has made in determining whether or not it has control over an investee. Information about the composition of the reporting entity group. Summarised financial information of each subsidiary that has material NCI to the Group (extensive disclosures are required (see B10 and B11 of HKFRS 12). See below for illustrative examples. 2) Investments in joint arrangements and associates Significant judgements and assumptions a reporting entity has made in determining (a) whether or not it has joint control/significant influence over an investee, and (b) how a joint arrangement is classified. Summarised financial information about each material joint venture or associate (extensive disclosures are required (see B12 B15 of HKFRS 12). An entity should also disclose, in aggregate, the carrying amount of its interests in all individually immaterial joint ventures or associates that are accounted for using the equity method, with the following information being separately disclosed including a) profit or loss from continuing operations, post-tax profit or loss from discontinued operations, other comprehensive income, and total comprehensive income. Information about risks associated with the reporting entity's interests in joint ventures and associates. 3) Investments in unconsolidated structured entities Information about the nature and extent of the reporting entity's interests in unconsolidated structured entities (e.g. qualitative and quantitative information about the nature, purpose, size, and activities of the structured entity and how the structured entity is financed). Information about risks associated with the reporting entity's interests in unconsolidated structured entities. Recently, we have published Illustrative Annual Financial Statements 2013 that provides illustrative disclosures required by HKFRS 12. Illustrative examples As mentioned above, for each subsidiary that has material non-controlling interests (NCI) to the reporting entity, HKFRS 12 requires summarised financial information of that subsidiary to be disclosed. Summarised financial information includes current assets, non-current assets, current liabilities and non-current liabilities, revenue, profit or loss and total comprehensive income as well as cash flows of the subsidiary to enable users to understand the interests that NCI have in the group's activities and cash flows. 9

10 Section 1 Below are examples. Facts Example 1: Entity A needs to prepare consolidated financial statements Group A has two NCIs (NCI (D1) and NCI (E4)). Is summarised financial information required to be disclosed in the Group's consolidated financial statements? If so, what summarised financial information should be disclosed? In preparing Entity A's consolidated financial statements, Entity A needs to determine whether NCI (D1) and NCI (E4) are material to the Group. HKFRS 12 does not specify what is meant by 'material'. Nor does it give any bright line as to what is meant by 'material'. Entities should establish their policies and apply them consistently. As an example, Entity A should take into account the followings to determine whether a NCI is material to the Group: a) profit (loss) attributable to the NCI vs profit of the Group; and b) net assets attributable to the NCI vs net assets of the Group. Having compared between profit of sub-group D attributable to NCI (D1) and profit of the Group and net assets of sub-group D attributable to NCI (D1) and net assets of the Group, Entity A concludes that NCI (D1) is material to the Group (for example, sub-group D's profit attributable to NCI (D1) and sub-group D' net assets attributable to NCI (D1) represent more than 10% of the Group's profit and net assets). Entity A concludes that NCI (E4) is not material to the Group as both the profit and net assets attributable to NCI (E4) amount to only 2%. Since NCI (D1) is material to the Group, as a minimum, the following summarised financial statements of sub-group D should be made in the consolidated financial statements of Entity A: consolidated non-current assets of sub-group D, consolidated current assets of sub-group D, consolidated non-current liabilities of sub-group D, consolidated current liabilities of sub-group D, consolidated revenue of sub-group D, consolidated profit or loss of sub-group D; consolidated total comprehensive income of sub-group D; Cash flow information of sub-group D (which in our view should include at least information about operating, investing and financing cash flows); profit or loss allocated to NCI (D1); accumulated NCI (D1) at the end of the reporting period; and dividends paid to NCI (D1). Example 2: Same facts as Example 1, except that Entity A concludes that both NCI (D1) and NCI (E4) are material to the Group. In addition to the consolidated summarised financial information of sub-group D to be disclosed in the consolidated financial statements of Entity A, Entity A should also disclose a) summarised financial information of E4 in the consolidated financial statements of Entity A and b) the fact that Entity E4 is 60% held by Entity D.. 10

11 Section 1 HKFRS 13 Fair Value Measurement Key concepts under HKFRS 13 HKFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. HKFRS 13 does not change the requirements regarding which items should be measured or disclosed at fair value. The scope of HKFRS 13 is broad; it applies to both financial instrument items and non-financial instrument items for which other HKFRSs require or permit fair value measurements and disclosures about fair value measurements, subject to a few exceptions. HKFRS 13 gives a new definition of fair value for financial reporting purposes. Fair value under HKFRS 13 is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market condition (i.e. an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. In applying the new definition of fair value, HKFRS 13 requires the following concepts: The unit of account for measuring fair value (i.e., at an individual asset or liability or groups of assets or liabilities level) should be consistent with the unit of account applied by the applicable Standard requiring or permitting the use of fair values. For example, in fair-valuing a financial asset that is measured in accordance with HKAS 39, reference should be made to HKAS 39 to identify the unit of account for fair value measurement purpose. Unit of account for equity investments The determination of the unit of account for financial assets that are investments in subsidiaries, joint ventures and associates measured at fair value is currently included as an item on the IASB s work programme, with an exposure draft scheduled for the first quarter of This question becomes relevant when such an investment is measured at fair value, for example when the recoverable amount of the investment is estimated based on fair value less costs of disposal for the purposes of impairment testing, and the investee in question has shares quoted in an active market (i.e., with a Level 1 price available). Prior to the conclusion of that IASB project, it is possible to view the unit of account to be the investment as a whole and thus to justify an adjustment to a fair value measurement based on the product of a quoted price per share and the number of shares held (often referred to as P x Q ) to reflect the premium that would be paid for control, joint control or significant influence over an investee. It should be noted that any such adjustment would be unobservable (i.e., a Level 3 input). If significant, this would result in the entire fair value measurement being categorised as Level 3 and, therefore, in a requirement to provide the additional disclosures stipulated by IFRS 13 with regard to Level 3 fair value measurement (for example, a description of the valuation process and inputs used and of sensitivity to changes in the unobservable input used). Other quoted equity investments that are measured at fair value in accordance with either HKFRS 9 or HKAS 39 are not the subject of these discussions. For such assets the unit of account is viewed as the individual share and no adjustment should be made to a Level 1 share price. 11

12 For non-financial assets, fair value is based on the highest and best use of that asset, regardless of whether the entity chooses to use the asset in a different way. The highest and best use of a non-financial asset Section 1 The highest and best use of a non-financial asset (e.g. land and buildings and intangible assets etc.) may differ from its current use. For example, in a business combination where the acquiree has an asset that the acquirer does not intend to use (e.g. a patent for a product which the acquirer does not intend to manufacture) it is clear that the fair value of this asset must still reflect the optimal use of the asset by a market participant it is not appropriate to assign a value of nil due to the acquirer s future intentions. Non-performance risk (the risk that a party to the item will not perform under its obligations) must be incorporated into the valuation of both assets and liabilities. Credit risk in derivative valuations When determining the fair value of derivatives, it is common for a starting point to be derived based on forecast expected cash flows discounted at a risk free rate. However, to incorporate non-performance risk as required by HKFRS 13, it is necessary to adjust this value to reflect the risk of default by each party to the contract. Such an adjustment may commonly be required to valuations provided by a bank for over the counter (OTC) derivatives as these may not include the effect of non-performance risk. An adjustment to counterparty credit risk is often referred to as a credit valuation adjustment (CVA), with own credit risk reflected through a debit valuation adjustment (DVA). The fair value of a liability is based on the concept of a transfer value, rather than settlement value. The valuation assumes that the asset is sold or the liability transferred in the principal (or most advantageous) market to which the entity has access. Disclosures under HKFRS 13 HKFRS 13 requires extensive quantitative and qualitative disclosures about the techniques used to determine fair values and the inputs to those techniques. This includes disclosing the level within the fair value hierarchy within which fair value measurements are categorised. The fair value hierarchy The fair value hierarchy is not a new concept. It was introduced a few years ago when HKFRS 7 Financial Instruments: Disclosures was issued. HKFRS 13 extends the fair value hierarchy requirement to nonfinancial instruments. Specifically, under HKFRS 13, the fair value hierarchy requirement is applicable to all assets and liabilities that are either measured at fair value or for which fair value is disclosed. The fair value hierarchy categorises inputs to a valuation based on how observable they are: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Level 3 are unobservable inputs for the asset or liability. The entire asset or liability is classified at the lowest level of any input that is significant to the measurement of that item. 12

13 Section 1 Level 3 classification does not necessarily mean that the fair value is not reliable Level 3 classification merely reflects the fact that unobservable data are used in arriving at the fair value. Additional disclosures on valuation processes and sensitivities to unobservable inputs are required for all assets and liabilities categorised as Level financial year is the first year in which fair value hierarchy disclosure has to be applied to nonfinancial instruments (e.g. investment properties). Due to the unique feature of each property, it is unlikely to categorise the fair value of real estate properties as 'Level 1'. Whether or not the fair value should be classified as 'Level 2' or 'Level 3' would depend on inputs and assumptions used to estimate the fair value. Below are examples. Example 1 Entity A owns a number of residential apartment units in Sha Tin, Hong Kong. The fair value of each apartment unit is based on the recent transaction prices of similar units in the same block of building or the building nearby (e.g. recent transaction price of HK$ [xx] per square ft. multiplied by [] square ft. of the subject apartment unit.). The recent transaction prices are observable inputs. Where there are no significant adjustments to the observable inputs (i.e. the recent transaction price), the fair value may qualify as 'Level 2' classification. However, where there are no sufficient recent transactions of similar units to justify that there is an active market for the properties, 'Level 2' classification is not appropriate and hence should be classified as 'Level 3' instead. Example 2 - Entity A owns a commercial property in Admiralty, Hong Kong (land and the entire block of building) there are no buy and sell transactions in the market for similar properties. In determining the fair value of the commercial property, Entity A engages a valuer to determine the fair value. The valuer adopts an income capitalisation approach - it estimates the rental income and rental yield with reference to the average rental income / rental yield of commercial properties located in Admiralty and Wan Chai. Given the fact that significant judgement may be involved in arriving at the estimates, the fair value of the commercial building should be categorised as 'Level 3. Recently, we have published Illustrative Annual Financial Statements 2013 that provides illustrative disclosures required by HKFRS 13. HKAS 19 Employee Benefits (as revised in 2011) HKAS 19 (as revised in 2011) changes the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and plan assets. The amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the corridor approach permitted under the previous version of HKAS 19 and accelerate the recognition of past service costs. The amendments require all actuarial gains and losses to be recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the statement of financial position to reflect the full value of the plan deficit or surplus. Another significant change to HKAS 19 relates to the presentation of changes in defined benefit obligations and plan assets with changes being split into three components: Service cost: recognised in profit or loss and includes current and past service cost as well as gains or losses on settlements. Net interest: recognised in profit or loss and calculated by applying the discount rate at the beginning of each reporting period to the net defined benefit liability or asset at the beginning of that reporting period, taking into account any changes in the net defined benefit liability (asset) during the period as a result of contribution and benefit payments. Remeasurement: recognised in other comprehensive income and comprises actuarial gains and losses on the defined benefit obligation, the excess of the actual return on plan assets over the change in plan assets due to the passage of time, and the changes, if any, due to the impact of the asset ceiling. As a result, the profit or loss will no longer include an expected return on plan assets; instead, imputed finance income is calculated on the plan assets and is recognised as part of the net interest cost in profit or loss. Any actual 13

14 Section 1 return above or below the imputed finance income on plan assets is recognised as part of remeasurement in other comprehensive income. Discount rate The identification of a suitable high quality corporate bond (HQCB) yield for use in discounting defined benefit obligations has been a challenging issue for some time, particularly in regions such as the Eurozone where the population of AAA and AA-rated bonds fell following the financial crisis. The revised version of HKAS 19 neither changes this concept nor offers additional guidance on how a suitable discount rate may be determined. The IFRS Interpretations Committee has discussed this issue a number of times and in November 2013 issued an agenda decision stating the following: high quality as used in paragraph 83 of IAS 19 (which is identical to HKAS 19) reflects an absolute concept of credit quality and not a concept of credit quality that is relative to a given population of corporate bonds; a reduction in the number of HQCB should not result in a change to the concept of high quality; an entity s methods and techniques used for determining the discount rate so as to reflect the yields on HQCB would not be expected to change significantly from period to period; the discount rate applied to a defined benefit obligation is typically a significant actuarial assumption which should be disclosed in accordance with paragraphs of IAS 19; and the identification of the HQCB population used as a basis to determine the discount rate requires the use of judgement and may often have a significant effect on the entity s financial statements. This would require disclosure in accordance with paragraph 122 of IAS 1 (which is identical to HKAS 1). Amendments to HKFRS 1 Government Loans The amendments provide relief to first-time adopters of HKFRSs by amending HKFRS 1 to allow prospective application of HKAS 39 Financial Instruments: Recognition and Measurement or HKFRS 9 Financial Instruments and paragraph 10A of HKAS 20 Accounting for Government Grants and Disclosure of Government Assistance to government loans outstanding at the date of transition to HKFRSs. Amendments to HKFRS 7 Disclosures Offsetting Financial Assets and Financial Liabilities HKAS 32 Financial Instruments: Presentation requires offsetting of financial assets and financial liabilities when certain criteria are met. The amendments to HKFRS 7 require entities to disclose information about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement. Amendments to HKAS 1 Presentation of Items of Other Comprehensive Income The amendments to HKAS 1 introduce new terminology for the statement of comprehensive income and income statement. Under the amendments to HKAS 1, a statement of comprehensive income is renamed as a statement of profit or loss and other comprehensive income and an income statement is renamed as a statement of profit or loss. The amendments to HKAS 1 retain the option to present profit or loss and other comprehensive income in either a single statement or in two separate but consecutive statements. However, the amendments to HKAS 1 require additional disclosures to be made in the other comprehensive income section such that items of other comprehensive income are grouped into the following two categories: items that will not be reclassified subsequently to profit or loss (e.g. revaluation surplus on property, plant and equipment under HKAS 16 Property, Plant and Equipment, and revaluation surplus on intangible assets under HKAS 38 Intangible Assets); and items that may be reclassified subsequently to profit or loss when specific conditions are met (e.g. fair value changes on available-for-sale investments under HKAS 39, and fair value changes on hedging instruments in cash flow hedges). Income tax on items of other comprehensive income is required to be allocated on the same basis the amendments do not change the option to present items of other comprehensive income either before tax or net of tax. 14

15 Section 1 Annual Improvements to HKFRSs Cycle The Annual Improvements include amendments to 5 HKFRSs, which have been summarised below. Standard Subject of amendment Details HKFRS 1 First-time Adoption of Hong Kong Financial Reporting Standards Repeated application of HKFRS 1 Borrowing costs The amendments clarify that an entity may apply HKFRS 1 if its most recent previous annual financial statements did not contain an explicit and unreserved statement of compliance with HKFRSs, even if the entity applied HKFRS 1 in the past. An entity that does not elect to apply HKFRS 1 must apply HKFRSs retrospectively as if there was no interruption. An entity should disclose: a) the reason why it stopped applying HKFRSs; b) the reason why it is resuming the application of HKFRSs; and c) the reason why it has elected not to apply HKFRS 1, if applicable. The amendments clarify that borrowing costs capitalised under previous GAAP before the date of transition to HKFRSs may be carried forward without adjustment to the amount previously capitalised at the transition date. Borrowing costs incurred on or after the date of transition to HKFRSs that relate to qualifying assets under construction at the date of transition should be accounted for in accordance with HKAS 23 Borrowing Costs. HKAS 1 Presentation of Financial Statements Clarification of the requirements for comparative information The amendments also state that a first-time adopter can choose to apply HKAS 23 as of a date earlier than the transition date. The amendments to HKAS 1 clarify that an entity is required to present a statement of financial position as at the beginning of the preceding period (third statement of financial position) only when the retrospective application of an accounting policy, restatement or reclassification has a material effect on the information in the third statement of financial position and that the related notes are not required to accompany the third statement of financial position. The amendments also clarify that additional comparative information is not necessary for periods beyond the minimum comparative financial statement requirements of HKAS 1. However, if additional comparative information is provided, the information should be presented in accordance with HKFRSs, including related note disclosure of comparative information for any additional statements. Presenting additional comparative information voluntarily would not trigger a requirement to provide a complete set of financial statements. However, the entity should present related note information for those additional statements. 15

16 Section 1 Standard Subject of amendment Details HKAS 16 Property, Plant and Equipment HKAS 32 Financial Instruments: Presentation HKAS 34 Interim Financial Reporting Classification of servicing equipment Tax effect of distribution to holders of equity instruments Interim financial reporting and segment information for total assets and liabilities The amendments clarify that spare parts, stand-by equipment and servicing equipment should be classified as property, plant and equipment when they meet the definition of property, plant and equipment in HKAS 16 and as inventory otherwise. The amendments clarify that income tax on distributions to holders of an equity instrument and transaction costs of an equity transaction should be accounted for in accordance with HKAS 12 Income Taxes. The amendments clarify that the total assets and total liabilities for a particular reportable segment would be separately disclosed in interim financial reporting only when the amounts are regularly provided to the chief operating decision maker and there has been a material change from the amounts disclosed in the last annual financial statements for that reportable segment. HK (IFRIC) Int 20 Stripping Costs in the Production Phase of a Surface Mine HK (IFRIC) Int 20 applies to waste removal costs that are incurred in surface mining activity during the production phase of a mine ( production stripping costs ). Under the Interpretation, the costs from this waste removal activity ( stripping ) which provide improved access to ore is recognised as a non-current asset ( stripping activity asset ) when certain criteria are met, whereas the costs of normal on-going operational stripping activities are accounted for in accordance with HKAS 2 Inventories. The stripping activity asset is accounted for as an addition to, or as an enhancement of, an existing asset and classified as tangible or intangible according to the nature of the existing asset of which it forms part. An entity should apply this Interpretation to production stripping costs incurred on or after the beginning of the earliest period presented. Any previously recognised stripping asset balance should be reclassified as a part of an existing asset to which the stripping activity relates to the extent that there remains an identifiable component of the ore body with which the predecessor stripping asset can be associated. If there is no identifiable component of the ore body to which that predecessor stripping asset relates, it should be recognised in opening retained earnings at the beginning of the earliest period presented. 16

17 Section 2 Accounting standards that allow early application for the year ended 31 December 2013 (not mandatory) Section 2 This section covers an overview of new and revised HKFRSs that are not yet mandatorily effective but allow early application for the year ended 31 December For this purpose, the discussion below reflects a cut-off date of 31 December When preparing the financial statements for the year ended 31 December 2013, entities should also consider and disclose the potential impact of the application of any new and revised HKFRSs issued by the HKICPA after 31 December 2013 but before the financial statements are authorised for issued. New HKFRS on financial instruments HKFRS 9 Financial Instruments (as revised in 2013) Effective for annual periods beginning on or after Upon publication of the general hedge accounting element of HKFRS 9, the mandatory effective date of 1 January has been removed (however, early application is still permitted). Application Retrospective application, with specific transitional provisions. HKFRS 9 states that the Standard is available for application. If an entity elects to apply the Standard (with the exception set out in the next paragraph below), it must apply all the requirements set out in HKFRS 9 at the same time with the statement of the application being disclosed in the notes to the financial statements. An entity may elect to apply the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss without applying the other requirements set out in HKFRS 9. Amendments to HKAS 39 Novation of Derivatives and Continuation of Hedge Accounting 1 January 2014 Retrospective application. Note: At its November 2013 meeting, the IASB tentatively decided that the mandatory effective date of IFRS 9 (which is identical to HKFRS 9) will be no earlier than annual periods beginning on or after 1 January Amendments to other HKFRSs Amendments to HKFRS 10, HKFRS 12 and HKAS 27 Investment Entities Amendments to HKAS 32 Offsetting Financial Assets and Financial Liabilities Amendments to HKAS 36 Recoverable Amount Disclosures for Non-Financial Assets Effective for annual periods beginning on or after Application 1 January 2014 Retrospective application, with specific transitional provisions. 1 January 2014 Retrospective application. 1 January 2014 Retrospective application. HK (IFRIC) Int 21 Levies 1 January 2014 Retrospective application. 17

18 Section 2 HKFRS 9 Financial Instruments (as revised in 2013) HKFRS 9 is a new Standard for financial instruments that is ultimately intended to replace HKAS 39 in its entirety. The replacement project consists of the following three phases: Phase 1: Classification and measurement of financial assets and financial liabilities; Phase 2: Impairment methodology; and Phase 3: Hedge accounting. Phase 1: Classification and measurement of financial assets and financial liabilities HKFRS 9 contains new requirements for the classification and measurement of financial assets. Under HKFRS 9, all recognised financial assets that are currently within the scope of HKAS 39 Financial Instruments: Recognition and Measurement will be subsequently measured at either amortised cost or fair value. A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is generally measured at amortised cost. All other debt instruments must be measured at fair value through profit or loss (FVTPL). A fair value option is available (provided that certain specified conditions are met) as an alternative to amortised cost measurement. All equity investments within the scope of HKAS 39 are to be measured in the statement of financial position at fair value, with gains and losses recognised in profit or loss except that if an equity investment is not held for trading, an irrevocable election can be made at initial recognition to measure the investment at fair value through other comprehensive income (FVTOCI), with only dividend income generally recognised in profit or loss. In November 2012, the IASB re-opened for discussion the classification and measurement requirements of financial assets and published an exposure draft proposing limited improvements to IFRS 9, which is identical to HKFRS 9 in all aspects. The exposure draft proposes a new category for debt investments, which is 'fair value through other comprehensive income' when certain criteria are met. The IASB is still in the process of redeliberation and has not yet issued the final amendments at the time of writing. HKFRS 9 also contains requirements for the classification and measurement of financial liabilities and derecognition requirements. One major change from HKAS 39 relates to the presentation of changes in the fair value of a financial liability designated as at FVTPL attributable to changes in the credit risk of that liability, which changes are presented in other comprehensive income, unless the presentation of the effect of the change in the liability s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability s credit risk are not subsequently reclassified to profit or loss. Under HKAS 39, the entire amount of the change in the fair value of the financial liability designated as FVTPL is presented in profit or loss. Phase 2: Impairment methodology In March 2013, the IASB issued a revised exposure draft that proposes a more forward-looking impairment model that reflects expected credit losses, as compared to the incurred loss model under IAS 39, which is identical to HKAS 39 in all aspects. The comment period ended on 5 July The IASB has not yet issued the final amendments at the time of writing. Finalised requirements to be included in IFRS 9 are due in the first half of Phase 3: Hedge accounting In December 2013, the HKICPA issued another revised version of HKFRS 9 that includes Chapter 6 Hedge Accounting (which is identical to the revised version of IFRS 9 issued in November 2013 by the IASB). The principal changes as compared to the general hedge accounting under HKAS 39 are as follows: increased eligibility of hedging instruments; increased eligibility of hedged items; accounting for the time value component of options and forward contracts with less volatility in profit or loss. qualifying criteria for applying hedge accounting, HKFRS 9 employs a more principle based approach; and modification and discontinuation of hedging relationships. 18

19 Section 2 The IASB's project on macro hedging (now decoupled from IFRS 9) is ongoing, with a discussion paper due early in Q1 of Amendments to HKAS 39 Novation of Derivatives and Continuation of Hedge Accounting The amendments to HKAS 39 provide relief from the requirement to discontinue hedge accounting when a derivative hedging instrument is novated under certain circumstances. The amendments also clarify that any change to the fair value of the derivative hedging instrument arising from the novation should be included in the assessment of hedge effectiveness. The amendments to HKAS 39 are effective for annual periods beginning on or after 1 January Retrospective application is required. Amendments to HKFRS 10, HKFRS 12 and HKAS 27 Investment Entities The amendments to HKFRS 10 introduce an exception from the requirement to consolidate subsidiaries for a parent that meets the definition of an investment entity. In terms of the exception, an investment entity is required to measure its interests in subsidiaries at fair value through profit or loss. The exception does not apply to subsidiaries of investment entities that provide investment-related services. To qualify as an investment entity, certain criteria have to be met. Specifically, an entity is an investment entity when it: obtains funds from one or more investors for the purpose of providing them with professional investment management services; commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and measures and evaluates performance of substantially all of its investments on a fair value basis. Consequential amendments to HKFRS 12 and HKAS 27 have been made to introduce new disclosure requirements for investment entities. In general, the amendments require retrospective application, with specific transitional provisions. Amendments to HKAS 32 Offsetting Financial Assets and Financial Liabilities The amendments to HKAS 32 clarify existing application issues relating to the offsetting requirements. Specifically, the amendments clarify the meaning of currently has a legally enforceable right of set-off and simultaneous realisation and settlement. The amendments to HKAS 32 are effective for annual periods beginning on or after 1 January Retrospective application is required. Amendments to HKAS 36 Recoverable Amount Disclosures for Non-Financial Assets The amendments to HKAS 36 remove the requirement to disclose the recoverable amount of a cash-generating unit (CGU) to which goodwill or other intangible assets with indefinite useful lives had been allocated when there has been no impairment or reversal of impairment of the related CGU. Furthermore, the amendments introduce additional disclosure requirements regarding the fair value hierarchy, key assumptions and valuation techniques used when the recoverable amount of an asset or CGU was determined based on its fair value less costs of disposal. The amendments to HKAS 36 are effective for annual periods beginning on or after 1 January Retrospective application is required. HK (IFRIC) Int 21 Levies HK (IFRIC) Int 21 Levies addresses the issue of when to recognise a liability to pay a levy. The Interpretation defines a levy, and specifies that the obligating event that gives rise to the liability is the activity that triggers the payment of the levy, as identified by legislation. The Interpretation provides guidance on how different levy arrangements should be accounted for; in particular, it clarifies that neither economic compulsion nor the going concern basis of financial statements preparation implies that an entity has a present obligation to pay a levy that will be triggered by operating in a future period. HK (IFRIC) Int 21 is effective for annual periods beginning on or after 1 January Retrospective application is required. 19

20 Section 3 Section 3 Topical issue: Impairment and related issues Impairment remains a key area of regulatory focus not only in Hong Kong but also in many countries around the world. Various Standards in the HKFRS bound volume provide specific guidance on impairment assessment. A high-level summary of impairnent and other related issues is as follows: Items Applicable HKFRS Requirement Inventories HKAS 2 Inventories HKAS 2 requires inventories to be measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Non-financial assets (e.g. owned-occupied property, plant and equipment, intangible assets and goodwill) Financial assets within the scope of HKAS 39 or HKFRS 9 that are not measured at fair value through profit or loss (e.g. loans receivables and equity instruments measured at fair value with changes in fair value being recognised in other comprehensive income) Investments in associates and joint ventures Deferred tax assets arising from deductible temporary differences and tax losses HKAS 36 Impairment of Assets HKAS 39 or HKFRS 9 HKAS 39 and HKAS 28 HKAS 12 Income Taxes See below for details. See below for details. See below for details. Under HKAS 12, a deferred tax asset should be recognised for deductible tempoary differences and tax losses to the extent that it is probable that taxable profit will be available against which the deductible tempoary differences and tax losses can be utilised. Deferred tax assets which were recognised in prior periods may have to be reversed through profit or loss when it is no longer substantiable that it is probable that sufficient taxable profits wil be generated. Impairment of non-financial assets (e.g. owner-occupied property, plant and equipment, intangible assets and goodwill) For owner-occupied properties (e.g. a manufacturing plant) and intangible assets with finite lives, they need to be tested for impairment when there is an indication of impairment. HKAS sets out a number of external and internal indicators, for example, observable indications that the value of the assets has been dropped, significant adverse changes in the technology, market, economic or legal environment in which the entity operates and asset obsolescence or physical damage etc.. For goodwill and recognised intangible assets with indefinite useful lives, they need to be tested for impairment loss on annual basis, irrespective of whether there is any indication of impairment. 20

21 Section 3 Under HKAS 36, an impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. The recoverable amount is the higher of the asset s (or cash-generating unit's) fair value less costs of disposal and its value in use (the present value of the future cash flows expected to be derived from an asset or cash-generating unit). Testing for impairment using a value in use approach involves a number of steps, with careful consideration needed at each stage of the process. In particular, preparers should pay special attention to the following areas: The appropriate identification of cash-generating units (CGUs). A CGU is the smallest identifable group of assets that generates cash flows that are largely independent of the cash inflows from other assets or groups of assets. Cost-sharing arrangements should not result in the identification of larger CGUs. The supportability of cash-flow projections. Cash flow projections and assumptions must be documentated and supported. In particular, when the cash flow projections differ from market expectations about the economy or industry in which the entity operates or when previous forecasts have differed from actual results, it is critical to hav e further analysis as to how the projections can be substantiated. The appropriate allocation of goodwill to CGUs or groups of CGUs. Goodwill may be allocated to a group of CGUs, but that group must be the lowest level at which goodwill is monitored for internal management purposes and must not be larger than an operating segment (as defined in HKFRS 8 Operating Segments) before any aggregation is applied for disclosure of segment information. It is also important to remember that such an allocation does not mean that individual CGUs within that group no longer exist, in fact if there are indicators of an impairment at a CGU level IAS 36 requires a two-step approach, with the carrying amount of each CGU compared to its recoverable amount before the goodwill is added and the group of CGUs is tested again. The consistency of projections with forecasts used for impairment assessment in the prior period. If there are significant unfavourable variances between the actual results and forecasts made in prior year, it may indicate that the asset or CGU does not function as expected and hence there may be additional impairment to be recognised for the current period. The consistency of projections with forecasts used for other purposes (e.g. internal reports to key management personnel or external reports provided to existing or potential investors). The appropriateness of long-term growth and discount rates applied to the forecast cash flows. Application of the entity s overall weighted average cost of capital (WACC) to all CGUs (or groups of CGUs) may not be appropriate when the entity operates in a number of different markets. HKAS 36 specifically mentions country risk in this context and this might be a significant consideration in the current economic environment as some economies show signs of growth whilst others continue to struggle. The use of pre-tax discount rate to determine the asset's or CGU's value in use. HKAS 36 emphasises that the discount rate should be a pre-tax rate. Similarly, cash-flow projections should not include any income tax payments or receipts. The inclusion of goodwill in the functional currency of the foreign operation. HKAS 21 states that any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation should be treated as assets and liabilities of the foreign operation and hence should be expressed in the functional currency of the foreign operation. For impairment assessment purposes, goodwill should be included in the functional currency currency of the foreign operation. Impairment of financial assets Financial assets that not measured at fair value through profit or loss need to be considered for impairment in a different way to non-financial assets. The requirements of HKAS 39 (or, when applied, HKFRS 9) need to be considered carefully. It is important to remember that equity investments classified as available-for-sale (AFS) under HKAS 39 must be assessed for impairment at an individual level, rather than as part of a portfolio. Accordingly, entities will need to apply a consistent accounting policy to determine whether a fall in the value of an investment is significant or prolonged and, therefore, whether the investment is impaired. 21

22 The observations of the IFRS Interpretations Committee made in respect of this requirement in July 2009 remain valid, namely: Section 3 o o o o that a fall in value that is either significant or prolonged results in an impairment, the standard cannot be read to mean that both are required; a fall in value is assessed in absolute terms, a decline being in line with a general fall in market values does not make it any less significant; a forecast recovery of value is not a relevant factor; and foreign currency denominated equity securities should be assessed for impairment in the entity s functional currency, not in the currency of the equity. Assets measured at amortised cost (e.g. loans receivables) should be assessed for the occurrence of events indicating that a loss has been incurred, including: o o o o significant financial difficulty of the issuer or obligor; a breach of contract, such as a default or delinquency in interest or principal payments; it becoming probable that the borrower will enter bankruptcy or other financial reorganisation; and the disappearance of an active market for that financial asset because of financial difficulties. Investments in subsidiaries, associates and joint ventures are only subject to the impairment requirements of HKAS 39 when they are accounted for using that standard (e.g. when an investor is preparing its separate financial statements). Impairment of investments in associates and joint ventures For investments in associates and joint venture that are accounted for using the equity method in accordance with HKAS 28, HKAS 28 requires entities to apply HKAS 39 to determine whether there are any impairment indicators. Where there is an impairment indicator, impairment assessment needs to be performed. Consistent with HKAS 36, impairment loss should be quantified by comparing between the entire investment's carrying amount (including goodwill) and the investment's recoverable amount which is the higher of value in use and fair value less costs to sell. HKAS 28 contains specific guidance on how to determine the value in use of an investment in associate or a joint venture, which is as follows: an investor's share of the present value of the estimated future cash flows expected to be generated by the associate or joint venture, including the cash flows from the operations of the associate or joint venture and the proceeds from the ultimate disposal of the investment; or the present value of the estimated future cash flows expected to arise from dividends to be received from the investment and from its ultimate disposal. Impairment disclosures Informative disclosures are critical in providing users with an appropriate understanding of the judgements made in determining whether assets, financial or non-financial, are impaired and this has been an area of focus for regulators. HKAS 36 and HKFRS 7 include detailed disclosure requirements for non-financial and financial assets respectively. It is important to give due focus to those that are intended to provide users with insight into the exercise undertaken and the key assumptions and judgements made. Regulators have indicated a particular focus on: the requirement in paragraph 134(d) of HKAS 36 to describe the approach taken to determine the key assumptions used in a value in use calculation (including the period over which cash flows have been projected based on forecasts approved by management, the long-term growth rate applied beyond that period and the discount rate applied to forecast cash flows); the requirement in paragraph 134(f) of HKAS 36 to provide a sensitivity analysis if a reasonably possible change in a key assumption would result in an impairment (such an assumption could be, for example, the margin achieved on sales as well as revenue growth or discount rate); and 22

23 Section 3 the requirements of HKFRS 7 to disclose information about the credit quality of assets that are neither past due nor impaired and the factors considered in determining that financial assets are impaired. Disclosures should be made to reflect the specific facts and circumstances. 'Boilerplate' dislcosures that do not reflect the specific facts and circumstances of the entity are not appropriate. Reversal of impairment of non-financial assets Firstly, and most simply, it should be remembered that HKFRSs do not permit the reversal of an impairment of goodwill to be recognised under any circumstances. In contrast, impairments of other non-financial assets within the scope of HKAS 36 are reversed when there is objective evidence that the previously recognised impairment loss has decreased. Indicators of such a decrease mirror the indicators for impairment stated by HKAS 36 but it is not necessary for an indicator of reversal to be the mirror of the indicator that led to the initial impairment. It is important to note that reversal of an impairment loss does not arise simply due to the passage of time resulting in the discounted value of future cash inflows increasing. An increase in those cash inflows (due to improved revenue forecasts), reduced forecast cash outflows (due to, for example, revised actuarial assumptions applied to a defined benefit obligation) or a decrease in the discount rate to be applied is necessary. Once a possible reversal has been identified, a test of the asset (or CGU s) recoverable amount is conducted in the same way as for an impairment review and any reversal recognised accordingly. Reversal of impairment can only increase the carrying amount of an asset to the value it would have had absent the original impairment, taking into account any additional depreciation or amortisation that would have been recognised without the original impairment. Reversal of impairment of financial assets In respect of reversal of impairment, equity investments classified as AFS are similar to goodwill in that reversal is not permitted. Subsequent to an impairment loss, any increase in value is recognised in other comprehensive income (OCI), not in profit or loss. Impairments of AFS debt investments and of assets measured at amortised cost should be reversed through profit or loss account if an increase in value (for an AFS investment) or decrease in impairment loss (for an asset measured at amortised cost) can be related objectively to an event that occurred after the impairment was recognised. Similar to non-financial assets, reversal of impairment of a financial asset cannot result in the entity making a net profit. Reversal of impairment of an AFS debt instrument recognised in profit or loss is limited to the impairment previously recognised in profit or loss. Similarly, reversal of impairment of an asset measured at amortised cost cannot result in the carrying amount of the asset exceeding its value had the impairment not occurred. Presentation of impairment reversals In addition to the recognition and measurement of impairment reversals, it is important to consider their presentation in profit or loss. This presentation would usually be expected to be in the same line in profit or loss as the original impairment. 23

24 Section 4 New Companies Ordinance in Hong Kong Recently, the Secretary for Financial Services and the Treasury has appointed 3 March 2014 as the commencement date of the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong) ("the new CO") and the subsidiary legislation. The new CO is a completely new Ordinance it will come into operation on 3 March 2014 and will supersede most of the requirements set out in the existing Companies Ordinance (Cap 32). Schedule 11 of the new CO contains specific transitional provisions to ensure smooth transition from the existing Companies Ordinance (Cap 32) to the new CO. The new CO, which consists of more than 900 sections and 11 schedules, provides a modernised legal framework for the incorporation and operation of companies in Hong Kong. It aims to achieve four main objectives, namely, to a) enhance corporate governance, b) ensure better regulations, c) facilitate business and d) modernise the law. Specifically, the new CO is divided into 21 parts as follows: Part 1 (Preliminary) sets out the title of the new CO, the commencement provision, and the definitions of various terms and expressions that are used in the new CO. Part 2 (Registrar of Companies and Companies Register) deals with the general functions and powers of the Registrar of Companies ( the Registrar ). Part 3 (Company Formation and Related Matters, and Re-registration of Company) deals with company formation, registration and related matters. Part 4 (Share Capital) deals with the core concepts about share capital, its creation, transfer and alteration. In particular, this Part introduces a mandatory no-par regime for all companies with a share capital to modernise the share capital regime. Part 5 (Transactions in relation to Share Capital) contains the provisions concerning capital maintenance (reduction of capital and purchase of a company s own shares) and the giving of financial assistance by a company to another party for the purpose of acquiring shares of that company or its holding company. To facilitate business operation, this Part streamlines and rationalises the existing rules by introducing new exceptions based on the solvency test for reduction of capital, buy-backs and financial assistance. Part 6 (Distribution of Profits and Assets) deals with the distribution of profits and assets to members. The usual form of distribution is through payment of dividends. While there is no fundamental change to the current rules, the modernised language should facilitate easier understanding. Part 7 (Debentures) deals with a miscellany of matters concerning debentures. Part 8 (Registration of Charges) deals with the registration of charges by both Hong Kong and registered non- Hong Kong companies. It sets out the types of charges which require registration, the registration procedures and the consequences of non-compliance. Part 9 (Accounts and Audit) contains the accounting and auditing provisions in relation to the keeping of accounting records, the preparation and circulation of annual financial statements, directors and auditor s reports and the appointment and rights of auditors. New provisions are introduced to facilitate small and medium-sized entities (SMEs) to take advantage of simplified accounting and reporting requirements, to require public and large companies to include an analytical business review in directors reports, and to enhance auditors right to information. Part 10 (Directors and Company Secretaries) deals with directors and company secretaries of a company. It mainly reorganises, with some modifications, the existing provisions of the Companies Ordinance (Cap. 32) relating to the appointment, removal and resignation of directors and company secretaries. This Part also clarifies the standard of directors duty of care, skill and diligence. Part 11 (Fair Dealing by Directors) covers fair dealing by directors and deals with specified situations in which a director is perceived to have a conflict of interest. 24

25 Part 12 (Company Administration and Procedure) governs resolutions and meetings, registers (including registers of members, directors and company secretaries), company records, registered offices, publication of company names and annual returns. Part 13 (Arrangements, Amalgamation, and Compulsory Share Acquisition in Takeover and Share Buy- Back) restates, with some amendments, the provisions of Companies Ordinance (Cap.32) concerning schemes of arrangement, reconstructions or amalgamations of a company with other companies, and compulsory acquisitions. Part 14 (Remedies for Protection of Companies or Member s Interests) consolidates the existing provisions concerning shareholder remedies under the Companies Ordinance (Cap. 32). The scope and operation of the unfair prejudice remedy are refined. Part 15 (Dissolution by Striking Off or Deregistration) sets out the provisions on striking off and deregistration of defunct companies, restoration of companies that have been struck off or deregistered, and related matters (including treatment of properties of dissolved companies). It introduces changes which streamline the existing procedures for striking-off and restoration of companies. This Part also imposes new requirements to prevent any possible abuse of the deregistration procedure. Part 16 (Non-Hong Kong Companies) deals with companies incorporated outside Hong Kong which have established a place of business in Hong Kong. There is no fundamental change to the current rules. Part 17 (Companies Not Formed, but Registrable, under this Ordinance) deals with companies not formed under the new CO or a former Companies Ordinance but are eligible to be registered under the new CO. There is no fundamental change to the current rules. Part 18 (Communications to and by Companies) builds on the rules governing communications by a company to another person introduced in the Companies (Amendment) Ordinance The new rules will also facilitate electronic communications by a company s members and debenture holders to the company. Part 19 (Investigations and Enquiries) deals with investigations and enquiries into a company s affairs by inspectors and the Financial Secretary. Part 20 (Miscellaneous) contains a number of miscellaneous provisions, including miscellaneous offences and the new power for the Registrar to compound specified offences. Part 21 (Consequential Amendments, and Transitional and Saving Provisions) deals with the transitional and saving provisions and consequential amendments that are required for the commencement of the new CO. Part 9 of the new CO Accounts and audits Part 9 of the new CO contains the accounting and auditing requirements, namely provisions in relation to the keeping of accounting records, the preparation and circulation of annual financial statements, directors and auditors reports and the appointment and rights of auditors. New provisions are introduced: to facilitate SMEs to take advantage of simplified accounting and reporting; to require public and other large companies to include an analytical business review in directors reports; and to enhance auditors right to information. Based on section 358 of the new CO, the requirements of Part 9 with regard to the preparation of audited annual reports by companies are effective only for financial year beginning on or after the commencement date of the new CO (i.e. 3 March 2014). For example, for March-year end companies, the requirements set out in Part 9 of the new CO will be applicable since the year ending 31 March For December-year end companies, the requirements set out in Part 9 of the new CO will be applicable since the year ending 31 December

26 Below is a summary of Part 9. Relaxing the criteria for SMEs to prepare simplified financial and directors reports i.e. the reporting exemption Section 141D of the Companies Ordinance (Cap. 32) provides that a private company (other than a company which is a member of a corporate group and certain companies specifically excluded, such as insurance and stock-broking companies) may, with the written agreement of all its shareholders, prepare simplified accounts and simplified directors reports in respect of one financial year at a time. According to the Small and Medium-sized Entity- Financial Reporting Framework ( SME-FRF ) issued by the HKICPA, a Hong Kong company qualifies for reporting based on the SME-Financial Reporting Standard ( SME-FRS ) if it satisfies the requirement under section 141D. The new CO allows private companies and groups of private companies meeting certain size criteria to report under the SME-FRF. Companies which qualify for simplified reporting are referred to in the new CO as companies falling within the reporting exemption. The reporting exemptions are in respect of the specific requirements relating to the preparation of financial statements and directors reports. The exemptions are set out in the following sections: Section 380(3) no requirement to disclose auditor s remuneration in financial statements. Section 380(7) no requirement for financial statements to give a true and fair view. Section 381(2) subsidiary undertakings may be excluded from consolidated financial statements in accordance with applicable accounting standards. Section 388(3)(a) no requirement to include business review in directors report. Section 406(1)(b) no requirement for auditor to express a true and fair view opinion on the financial statements. Audit of the financial statements is still required for all companies, except dormant companies (section 447), under the new CO. In August 2013, the HKICPA issued a Consultation Draft on SME-FRF & SME-FRS, with a comment deadline of 25 October Below is a summary of the main changes proposed in the Consultation Draft as compared to the existing Standard: Inclusion of a summary of the criteria for "qualifying entities" with cross-references to the new CO; The accounting requirements are expanded to cover consolidated financial statements, business combinations and investments in other entities accounted for by application of the equity-method; Guidance on presenting a cash flow statement has been included the preparation of a cash flow statement is optional. However, if a cash flow statement is presented then this guidance should be followed; Additional guidance material has been added on the non-exempt disclosure requirements in the new CO and certain other provisions of the new CO which are relevant to the SME-FRF & SME-FRS; Guidance has been added on the concept of "realized profits and losses" and the relationship between these and "recognised profits and losses" reported under the SME-FRS; Specific disclosure requirements have been added to the SME-FRF to cover the first year that a company transitions from e.g. full HKFRSs to SME-FRS; Additional disclosure requirements have been added to the Income Taxes section to disclose tax rates and unused tax losses; 26

27 New guidance has been added on determining the "reporting currency" of an entity (which is based on the concept of functional currency in full HKFRSs); The definition of "related party" has been updated to align with the latest definition in full HKFRSs; The definitions of "active market" and "fair value" have been updated to be consistent with HKFRS 13 Fair Value Measurement; Guidance on determining whether an entity is acting as an agent or principal has been added to the appendix; and Some minor housekeeping has been done on the other parts of the SME-FRS (for example definitions added to the glossary that were previously only in the text, and other inconsistencies removed). At the time of writing, the HKICPA has not yet issued a revised version of SME-FRF & SME-FRS. Requiring public companies and other companies that do not qualify for simplified reporting to prepare a business review within the directors report Under the new CO, all companies (except those qualified for simplified reporting) are required to prepare, as part of the directors report, a business review which is more analytical and forward-looking than the information required under Companies Ordinance (Cap. 32). Private companies not qualified for simplified reporting may opt out of the requirement to prepare a business review if so approved by a special resolution. The business review will provide additional information for shareholders and help assess how the directors have performed their duties. In particular, the requirement to include information relating to environmental and employee matters that have a significant impact on the company is in line with international trends to promote corporate social responsibility. Section 388 and Schedule 5 of the new CO provide for the directors duty to prepare a directors report and the detailed requirements of a business review. The business review consists of: a fair review of the company s business; a description of the principal risks and uncertainties facing the company; particulars of important events affecting the company that have occurred since the end of the financial year; and an indication of likely future development in the company s business. To the extent necessary for an understanding of the development, performance or position of the company s business, a business review must include: an analysis using financial key performance indicators; a discussion on the company s environmental policies and performance and the company s compliance with the relevant laws and regulations that have a significant impact on the company; and an account of the company s key relationships with its employees, customers and suppliers and others that have a significant impact on the company on which the company s success depends. The HKICPA will soon issue an exposure draft Accounting Bulletin 5 Guidance for the Preparation of a Business Review under the Hong Kong Companies Ordinance for public comment that aims to provide guidance on how to prepare a business review required by the new CO. Streamlining disclosure requirements that overlap with the accounting standards Under the new CO, to avoid any potential conflict between the Tenth Schedule under the Companies Ordinance (Cap. 32) and HKFRSs and between the Eleventh Schedule and SME-FRS, both Schedules are repealed, with only a small number of public interest disclosure requirements not covered by the HKFRSs or SME-FRS being retained in Schedule 4 of the new CO. 27

28 Schedule 4 includes the following public interest disclosures: a) the aggregate amount of any outstanding loans to directors and employees to acquire shares in the company authorized under sections 280 and 281 of the new CO; b) information regarding a company s ultimate parent undertaking; and c) auditors remuneration (applicable to companies not qualified for simplified reporting, required under paragraph 15 of the Tenth Schedule to Cap. 32). In addition, Schedule 4 of the new CO requires a statement to be made in the financial statements as to whether they have been prepared in accordance with the applicable accounting standards, and to give the particulars of, and the reasons for, any material departure from those standards. The new CO and related information is available at 35/F One Pacific Place 88 Queensway Hong Kong Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms Deloitte Touche Tohmatsu in Hong Kong, Deloitte Touche Tohmatsu in Macau, and Deloitte Touche Tohmatsu Certified Public Accountants LLP in the Chinese Mainland. All rights reserved. Homepage Privacy Thank you for your interest in Deloitte China services. Deloitte China would like to continue to use your personal information (in particular name and contact details) for the purpose of sending you marketing and regulatory updates, invitations to seminars and other events organized, sponsored or promoted by Deloitte China. If you do not wish to receive further communications from Deloitte China, please send a return to the sender with the word Unsubscribe in the subject line. If you would like to update your personal information, please click here. Deloitte China refers to Deloitte Touche Tohmatsu in Hong Kong, Deloitte Touche Tohmatsu in Macau, Deloitte Touche Tohmatsu Certified Public Accountants LLP in the Chinese Mainland and their respective affiliates practising in Hong Kong, Macau and the Chinese Mainland. 28

29 中国全国专业技术部 香港财务报告 2013 财务年度总结 English 2014 年 1 月 作者 : 房惠玲 Stephen Taylor 许多会计准则均于 2013 财务年度强制生效 本 香港财务报告 特别版汇总了于 2013 财务年度强制生效的会计准则 许多此类准则的应用均要求运用重大判断 主体如何初次应用此类准则很可能会成为监管机构复核主体财务报表时重点关注的领域 本简讯同时强调了当前经济环境下需考虑的热点问题 ( 如, 减值 ) 减值将继续成为备受监管机构关注的领域 ( 特别是在确定是否须确认减值时, 所使用的假设和输入值的适当性 ; 及如需确认时, 减值损失的金额 ) 近日, 财经事务及库务局局长将 2014 年 3 月 3 日指定为新 公司条例 的生效日期 本简讯提供了新 公司条例 的汇总 内容 第 1 部分 对截至 2013 年 12 月 31 日止年度强制生效的会计准则 第 2 部分 可供截至 2013 年 12 月 31 日止年度提前采用 ( 尚未强制生效 ) 的会计准则 第 3 部分 热点问题 : 减值及相关事项 第 4 部分 新 公司条例 29

30 第 1 部分 第 1 部分 对截至 2013 年 12 月 31 日止年度强制生效的会计准则 对截至 2013 年 12 月 31 日止年度强制生效的新的及经修订的香港财务报告准则 (HKFRS) 概述如下 下列准则对自 2013 年 1 月 1 日或以后日期开始的年度期间生效 ( 除非另有说明 ) 有关合并 合营安排 联营企业和披露的新的及经修订的 HKFRS( 一套五项准则 ) 香港财务报告准则第 10 号 合并财务报表 (HKFRS 10) 应用 追溯应用, 需遵循特定的过渡性规定 香港财务报告准则第 11 号 合营安排 (HKFRS 11) 追溯应用, 需遵循特定的过渡性规定 香港财务报告准则第 12 号 在其他主体中权益的披露 (HKFRS 12) 对 HKFRS 10 HKFRS 11 和 HKFRS 12 的修订 : 合并财务报表 合营安排和在其他主体中权益的披露 - 过渡性指引 香港会计准则第 27 号 单独财务报表 (2011 年修订 ) (HKAS 27(2011)) 香港会计准则第 28 号 在联营和合营企业中的投资 (2011 年修订 ) (HKAS 28(2011)) 追溯应用, 需遵循特定的过渡性规定 追溯应用 有关修订澄清了有关首次采用 HKFRS 10 HKFRS 11 和 HKFRS 12 的特定过渡性指引 追溯应用 追溯应用 注 : 请注意, 在某些司法管辖区, 应用 一套五项准则 的生效日期可能并非 2013 年 1 月 1 日 例如 : 在欧洲地区 ( 主体应用欧盟认可采用的国际财务报告准则 (IFRS)), 生效日期为自 2014 年 1 月 1 日或以后日期开始的年度期间 在新加坡 ( 主体应用会计准则理事会发布的财务报告准则 ), 生效日期为自 2014 年 1 月 1 日或以后日期开始的年度期间 在中国 ( 主体应用企业会计准则 ), 相关的征求意见稿才刚刚发布 有关公允价值计量的新 HKFRS 香港财务报告准则第 13 号 公允价值计量 (HKFRS 13) 应用 未来适用法 无需针对首次采用 HKFRS 13 前的期间所提供的比较信息应用 HKFRS 13 的披露要求 有关雇员福利的经修订的 HKFRS 香港会计准则第 19 号 雇员福利 (2011 年修订 ) (HKAS 19(2011)) 应用 追溯应用, 需遵循特定的过渡性规定 30

31 第 1 部分 对其他 HKFRS 的修订 对 香港财务报告准则第 1 号 (HKFRS 1) 的修订 : 政府贷款 对 香港财务报告准则第 7 号 (HKFRS 7) 的修订 : 披露 - 金融资产和金融负债的抵销 应用 追溯应用 追溯应用 对 香港会计准则第 1 号 (HKAS 1) 的修订 : 其他综合收益项目追溯应用 的列报 ( 对自 2012 年 7 月 1 日或以后日期开始的年度期间生效 ) 香港财务报告准则的年度改进 ( 周期 ) 追溯应用 新解释公告 香港 ( 国际财务报告解释公告 ) 解释公告第 20 号 地表采矿生产阶段的剥采成本 (HK (IFRIC) Int 20) 应用 本解释公告适用于最早列报期间的期初或以后发生的生产剥采成本, 需遵循特定的过渡性规定 有关合并 合营安排 联营和披露的新的及经修订的 HKFRS 香港会计师公会 (HKICPA) 于 2011 年 6 月发布了 一套五项准则 2012 年 7 月,HKICPA 发布了对 HKFRS 10 HKFRS 11 和 HKFRS 12 的修订 合并财务报表 合营安排和在其他主体中权益的披露 : 过渡性指引, 以澄清有关首次采用 HKFRS 10 HKFRS 11 和 HKFRS 12 的某些过渡性指引 下表概括性地汇总了这 5 项新的及经修订的准则的范围 旧准则新的或经修订的准则问题 同时规范合并财务报表和单独财务报表的 香港会计准则第 27 号 合并财务报表和单独财务报表 (HKAS 27) HKFRS 10 取代了 HKAS 27 中涉及合并财务报表的部分以及 HK (SIC) Int 12 根据 HKFRS 10, 对所有主体而言只有一个合并基础, 就是控制 此项变更旨在消除前一版 HKAS 27 和 HK (SIC) Int 12 之间已知的不一致 : 前者采用 控制 的概念, 而后者则侧重于风险和报酬 HKFRS 10 涉及的问题包括 : 香港 ( 国际会计准则解释公告 ) 解释公告第 12 号 合并 : 特殊目的主体 (HK (SIC) Int 12) 投资者应在何时合并被投资者? 与前一版 HKAS 27 相似, 新准则在确定投资者是否需要合并被投资者时使用控制的概念 但是, 新准则中 控制 的定义已作变更 ( 请参见下文有关 控制 新定义的讨论 ) 如何合并子公司? 有关合并程序的大多数规定仍沿用前一版 HKAS 27 的规定, 并未作出变更 如何核算母公司在其子公司中的权益变动 ( 例如, 丧失对子公司的控制 和 未丧失对子公司的控制 的情况 )? 大多数规定仍沿用前一版 HKAS 27 的规定, 并未作出变更 香港会计准则第 27 号 单独财务报表 (2011 年修订 ) (HKAS 27(2011)) 经修订的 HKAS 27 仅规定了与单独财务报表相关的要求 经修订的 HKAS 27 中的大多数规定仍沿用前一版 HKAS 27 的规定, 并未作出变更 31

32 第 1 部分 旧准则新的或经修订的准则问题 香港会计准则第 31 号 合营中的权益 (HKAS 31) 香港 ( 国际会计准则解释公告 ) 解释公告第 13 号 共同控制主体 : 合营者的非货币性投入 (HK (SIC) Int 13) HKFRS 11 取代了 HKAS 31 和 HK (SIC) Int 13 被投资者是否属于 HKFRS 11 范围内的合营安排? 答案取决于合营安排中的各方是否共同控制该被投资者 新准则中 共同控制 的定义与旧准则相同, 但新定义着重关注 被投资者的相关活动 而非仅仅关注 被投资者的经营和财务活动 这是为了与 HKFRS 10 中 控制 的新定义保持一致 因此, 当投资者在确定其是否与其他各方分享对被投资者的控制时, 该投资者应参考 HKFRS 10 中有关 控制 的定义 如何对合营安排进行分类和会计处理?HKFRS 11 阐述了两种类型的合营安排 : 合营企业和共同经营 ( 请参见下文有关分类要求的讨论 ) 香港会计准则第 28 号 联营中的投资 (HKAS 28) 香港会计准则第 28 号 在联营和合营企业中的投资 (2011 年修订 ) (HKAS 28(2011)) 与前一版 HKAS 28 相似, 经修订的准则阐述了如何应用权益法会计 但是, 经修订的 HKAS 28 的范围已作变更, 从而亦涵盖合营企业中的投资, 因为 HKFRS 11 规定合营企业中的投资应采用权益法会计进行核算 多项准则 香港财务报告准则第 12 号 在其他主体中权益的披露 (HKFRS 12) HKFRS 12 是一项新的披露准则, 其规定了当主体拥有在子公司 合营安排 联营或未合并的结构化主体中的权益时, 主体需要在其年度合并财务报表中披露哪些信息 HKFRS 12 要求主体作出广泛披露 香港财务报告准则第 10 号 合并财务报表 (HKFRS 10) HKFRS 10 关于控制的新定义 HKFRS 10 包含 ( 与被其取代的 HKAS 27 部分相比 ) 更为完善的 控制 定义, 以解决之前的准则所规定的 控制 定义中无意造成的弱点 HKFRS 10 中 控制 的定义包含以下三项要素 : a) 拥有对被投资者的权力 ; b) 因参与被投资者的活动而承担或有权获得可变回报 ; 以及 c) 有能力通过行使对被投资者的权力影响投资者的回报金额 投资者须同时具备这三项要素才能被视为拥有对被投资者的控制 关于第一项标准 ( 即, 拥有对被投资者的权力 ),HKFRS 10 指出, 当投资者拥有使其目前有能力指导被投资者的相关活动 ( 此类活动是指对被投资者的回报产生重大影响的活动, 而非仅为之前的准则所述的财务和经营活动 )) 的现行权利时, 投资者拥有对被投资者的权力 32

33 第 1 部分 关于第二项标准 ( 即, 承担或有权获得可变回报 ),HKFRS 10 规定, 在评估控制时, 只应考虑实质性权利 ( 即, 持有人有现实能力行使的权利 ) 一项权利要具有实质性, 则当需要作出涉及主导相关活动的决策时, 该权利必须是可行使的 HKFRS 10 的应用要求在下列若干领域内运用重大判断 : 识别被投资者的 相关活动 对于其活动范围有限的 特殊目的主体 而言, 这可能颇具挑战性 考虑投资者是否具有行使权利的实际能力 ( 即, 权利是否为实质性权利 ), 或权利是否为 保护性 权利 ( 即, 仅旨在保护投资者利益, 而并未赋予对被投资者的权力 ) 评估投资者是否拥有单方面指导相关活动的实际能力, 即使其并未拥有超过半数的表决权 ( 这有时被称为 实际控制 ) HKFRS 10 并未对实际控制作出明确规定 取而代之的是,HKFRS 10 包含了若干示例 ( 例如, 在投资者拥有被投资者 48% 的权益和表决权 而其余 52% 权益由广泛的不相关的许多投资者持有的情况下,HKFRS 10 的示例说明该投资者对被投资者拥有实际控制是明确的 ) 确定决策者是代表其自身行事 ( 作为 当事人 ) 还是代表另一方行事 ( 作为 代理人 ) 例如, 基金经理管理某项基金并可自行决定基金的某些活动 确定基金经理是否拥有对基金的控制要求分析基金经理是作为当事人还是代理人行事 如果基金经理是作为其所管理基金的当事人, 则应合并该基金 相反, 如果基金经理仅作为代理人行事, 则不应合并该基金 HKFRS 10 要求投资者权衡评估所有相关因素, 并且一旦有关事实和情况表明控制的任何要素已发生变化, 则应作出重新评估, 并在获得或丧失控制时开始合并或停止合并被投资者 HKFRS 10 的过渡性规定 针对首次采用 HKFRS 10 的主体提供了具体的过渡性规定 特别是, 主体须在首次采用日 ( 即, 首次采用 HKFRS 10 的年度报告期间的期初 ) 根据 HKFRS 10 对 控制 进行评估 例如, 如果主体在编制其截至 2013 年 12 月 31 日止年度的合并财务报表时首次采用 HKFRS 10, 则其首次采用日应为 2013 年 1 月 1 日 如果在 HKFRS 10 的首次采用日得出的 控制 结论在采用 HKFRS 10 的前后是相同的, 则无需作出调整 但是, 如果在 HKFRS 10 的首次采用日得出的 控制 结论与采用 HKFRS 10 之前所得出的 控制 结论不同, 则必须作出调整 33

34 第 1 部分 情况 情况 1 根据 HKFRS 10 将合并原先根据前一版 HKAS 27/ HK (SIC) Int 12 未进行合并的被投资者 ( 于 HKFRS 10 的首次采用日作出评估 ) 须作出的调整 根据 HKFRS 10 识别取得控制之日并采用 香港财务报告准则第 3 号 (HKFRS 3), 视同被投资者自该日起被纳入合并范围 ( 因此已按照 HKFRS 3 的规定采用购买法会计 ); 如果确定取得控制之日早于上一个期间 2 的期初 ( 当主体在截至 2013 年 12 月 31 日止年度首次采用 HKFRS 10 时, 即为 2012 年 1 月 1 日 ), 则主体应就以下两者之间的差额对上一个期间期初的权益作出调整 :(a) 已确认的资产 负债和非控制性权益的金额 ; 以及 (b) 投资者涉入被投资者的原账面金额 ; 以及 追溯调整首次采用日前的上一个年度期间 ( 当主体在截至 2013 年 12 月 31 日止年度首次采用 HKFRS 10 时, 即为 2012 年度 ) 情况 2 根据 HKFRS 10 不再合并原先根据前一版 HKAS 27/ HK (SIC) Int 12 已进行合并的被投资者 ( 于 HKFRS 10 的首次采用日作出评估 ) 以若 HKFRS 10 的要求在投资者开始对被投资者投资 ( 但根据 HKFRS 10 并不控制被投资者 ) 时已采用所计量的金额, 计量在被投资者中的权益 ; 以及 追溯调整首次采用日的上一个年度期间, 并对上一个年度期间的期初权益作出调整 ( 如适当 ) 香港财务报告准则第 11 号 合营安排 (HKFRS 11) HKFRS 11 规定的两种类型的合营安排 HKFRS 11 阐述了在两个或两个以上的主体拥有 共同控制 的情况下应如何对合营安排进行分类 根据 HKFRS 11 的规定, 存在两种类型的合营安排 : 共同经营 和 合营企业 合营安排的分类取决于各方在安排中的权利和义务 合营安排的类型特征根据 HKFRS 11 的会计处理 合营企业 共同经营 合营者对合营安排中的净资产享有权利 共同经营者对合营安排中的资产享有权利, 并对合营安排中的负债承担义务 权益法会计 比例合并法不再适用 每个共同经营者按照适用于特定资产 负债 收入和费用的香港财务报告准则的规定, 确认其资产 负债 收入和费用, 以及与其在共同经营中的权益相关的资产 负债 收入和费用的份额 2 尽管此处引用了 HKFRS 10 第 C4 C5A 段中有关 上一个期间 的说法, 但主体亦可列示任何更早的列报期间的调整后的比较信息, 但并不要求这样做 如果主体确实列示了任何更早期间的调整后的比较信息, 则上述段落中的所有提及 上一个期间 的部分均应被解读为 所列报的最早一个调整后的比较期间 34

35 第 1 部分 HKFRS 11 采用 4 步法来确定合营安排应当分类为合营企业还是共同经营 ( 参见下述决策树 ) 该方法不同于 HKAS 31 以存在单独工具作为确定是否应将合营安排分类为共同控制主体的关键决定因素 上述决策树表明主体不仅须考虑合营安排的法律形式, 还应考虑相关的合同安排及特定的事实和情况 ( 包括目的和设计 ), 以确定应如何根据 HKFRS 11 对合营安排进行分类 可能须投入大量工作来累积所需的信息及编制相关的分析 采用 HKFRS 11 时, 通常会发生下列变更 : 35

36 第 1 部分 HKFRS 11 的过渡性规定 HKFRS 11 要求按照下列过渡性规定予以追溯应用 : 情况 情况 1 根据 HKFRS 11, 此前作为共同控制主体处理并采用比例合并法的合营安排现被分类为合营企业 须作出的调整 确认在上一个期间的期初 ( 如果主体在截至 2013 年 12 月 31 日止年度首次采用 HKFRS 11, 即为 2012 年 1 月 1 日 ) 在合营企业中的投资, 并以投资者之前按比例合并的资产和负债 ( 包括购买产生的商誉 ) 的账面金额之和对其进行计量 ; 按照 HKAS 28(2011 年修订 ) 第 40 至 43 段评估初始投资在上一个期间的期初的减值 ; 以及 追溯调整首次采用日前的上一个年度期间 情况 2 根据 HKFRS 11, 此前作为共同控制主体处理并采用权益法会计的合营安排现被分类为共同经营 终止确认在上一个期间的期初 ( 如果主体针对截至 2013 年 12 月 31 日止年度首次采用 HKFRS 11, 即为 2012 年 1 月 1 日 ) 采用权益法会计核算的投资 ; 根据合同安排规定的比例确认在上一个期间期初, 共同经营者在每一项资产和负债 ( 包括商誉 ) 中所占的份额 ; 以及 在商誉或留存收益中确认上述调整所产生的差额 ( 如适当 ) 香港财务报告准则第 12 号 在其他主体中权益的披露 (HKFRS 12) HKFRS 12 是一项新的披露准则, 其规定了当主体拥有在子公司 合营安排 联营或未合并的结构化主体 ( 大体上等同于 HK (SIC) Int 12 中的 特殊目的主体 ) 中的权益时, 需要在其年度合并财务报表中披露哪些信息 HKFRS 12 旨在向财务报表使用者提供有助于评价报告主体在其他主体中权益的性质和相关风险以及此类权益对投资者财务报表所产生之影响的信息 HKFRS 12 要求提供广泛的披露 下表包含 HKFRS 12 所要求的部分新的披露 出于披露目的, 可能需投入大量工作来累积所需的信息 36

37 第 1 部分 投资的性质 1) 在合并财务报表中的在子公司中的投资 HKFRS 12 规定的部分新披露 报告主体在确定其是否拥有对被投资者的控制时所作出的重大判断和假设 有关报告主体集团构成情况的信息 拥有对集团重大的非控制性权益的各子公司的汇总财务信息 ( 须提供广泛披露 ( 参见 HKFRS 12 的 B10 段和 B11 段 )) 请参见下文的示例 2) 在合营安排和联营中的投资 报告主体在确定下列事项时所作出的重大判断和假设 :(a) 其是否拥有对被投资者的共同控制 / 重大影响 ; 以及 (b) 如何对合营安排进行分类 有关各重大的合营企业或联营的汇总财务信息 ( 须提供广泛披露 ( 参见 HKFRS 12 的 B12 至 B15 段 )) 主体同时应当汇总披露在所有采用权益法核算的 单独而言不重大的合营企业或联营中权益的账面金额, 并分别披露下列信息, 包括 : 来自持续经营的损益, 来自终止经营的税后损益, 其他综合收益, 及综合收益总额 与报告主体在合营企业和联营中的权益有关的风险的相关信息 3) 在未合并的结构化主体中的投资 报告主体在未合并的结构化主体中权益的性质和范围的相关信息 ( 如, 有关结构化主体的性质 目的 规模及活动的定性和定量信息, 以及该结构化主体如何融资 ) 与报告主体在未合并的结构化主体中的权益有关的风险的相关信息 我们近期发布的 2013 年度财务报表范例提供了 HKFRS 12 规定的披露示例 示例 如上所述, 对于拥有对报告主体重大的非控制性权益 ("NCI") 的每一家子公司,HKFRS 12 要求披露该子公司的汇总财务信息 汇总财务信息包括流动资产 非流动资产 流动负债和非流动负债 收入 损益和综合收益总额 以及子公司的现金流量, 以便使用者能够了解非控制性权益在集团活动和现金流量中享有的权益 37

38 第 1 部分 举例如下 有关事实 示例 1: 主体 A 需编制合并财务报表 集团 A 拥有两项非控制性权益 (NCI (D1) 和 NCI (E4)) 是否须在集团合并财务报表中披露汇总财务信息? 如是, 应当披露哪些汇总财务信息? 在编制主体 A 的合并财务报表时, 主体 A 需要确定 NCI (D1) 和 NCI (E4) 对集团而言是否重大 HKFRS 12 并未具体列明 重大 的含义, 亦未界定 重大 的明确范围 主体应当制定自身的政策并一致地应用该政策 例如, 主体 A 在确定某项非控制性权益对集团是否重大时, 应考虑以下各项 : c) 归属于非控制性权益的利润 ( 亏损 ) 相对于集团利润 ( 亏损 ) 的比较 ; 以及 d) 归属于非控制性权益的净资产相对于集团净资产的比较 在将归属于 NCI (D1) 的子集团 D 利润与集团利润进行比较 及将归属于 NCI (D1) 的子集团 D 净资产与集团净资产进行比较之后, 主体 A 断定 NCI (D1) 对集团而言是重大的 ( 例如, 归属于 NCI (D1) 的子集团 D 利润和归属于 NCI (D1) 的子集团 D 净资产占集团利润和净资产的 10% 以上 ) 主体 A 认为 NCI (E4) 对集团而言并不重大, 因为归属于 NCI (E4) 的利润和净资产仅占 2% 由于 NCI (D1) 对集团而言是重大的, 在主体 A 的合并财务报表中至少应当披露关于子集团 D 的下列汇总财务信息 : 子集团 D 的合并非流动资产, 子集团 D 的合并流动资产, 子集团 D 的合并非流动负债, 子集团 D 的合并流动负债, 子集团 D 的合并收入, 子集团 D 的合并损益 ; 子集团 D 的合并综合收益总额 ; 子集团 D 的现金流量信息 ( 我们认为至少应包括关于经营活动 投资活动和筹资活动现金流量的信息 ); 分配至 NCI (D1) 的损益 ; NCI (D1) 在报告期末的累计金额 ; 及 向 NCI (D1) 支付的股利 示例 2: 有关事实与示例 1 相同, 但主体 A 断定 NCI (D1) 和 NCI (E4) 对集团而言均是重大的 除在主体 A 的合并财务报表中披露子集团 D 的合并汇总财务信息之外, 主体 A 还应当 :a) 在主体 A 的合并财务报表中披露 E4 的汇总财务信息, 及 b) 披露主体 D 持有主体 E4 60% 的权益这一事实 38

39 第 1 部分 香港财务报告准则第 13 号 公允价值计量 (HKFRS 13) HKFRS 13 中的主要概念 HKFRS 13 就公允价值计量和有关公允价值计量的披露提供了单一的指引 HKFRS 13 并未变更有关哪些项目应当按公允价值计量或披露的规定 HKFRS 13 的范围较为宽泛, 其适用于其他香港财务报告准则要求或允许采用公允价值计量和披露公允价值计量的金融工具项目和非金融工具项目 ( 特定情况除外 ) HKFRS 13 对在财务报告中使用的 公允价值 给出了新的定义 HKFRS 13 将 公允价值 定义为 : 市场参与者之间于计量日在主要 ( 或最有利 ) 市场上进行的有序交易中, 按当前市场状况出售一项资产所收到的价格或转移一项负债所支付的价格 ( 即, 退出价格 ), 无论该价格是可直接观察到的还是采用其他估值技术估计的 在应用公允价值的新定义时,HKFRS 13 要求运用下列概念 : 计量公允价值的计量单元 ( 即, 在单项资产或负债 或者一组资产或负债的水平上 ) 应与要求或允许使用公允价值的适用准则所应用的计量单元相一致 例如, 在确定按照 HKAS 39 计量的金融资产的公允价值时, 应当参照 HKAS 39 以确定计量公允价值的计量单元 权益投资的计量单元 对于为以公允价值计量的在子公司 合营企业和联营中的投资的金融资产, 其计量单元的确定现已被纳入国际会计准则理事会 (IASB) 的工作计划项目, 预计相关的征求意见稿将于 2014 年第一季度发布 当此类投资是以公允价值计量 ( 例如, 出于减值测试目的投资的可收回金额以公允价值减处置费用进行估计 ), 且相关的被投资者的股份具有活跃市场报价时 ( 即, 能够获得 第一层次 价格 ), 确定计量单元的问题将变为相关 在该 IASB 项目完成之前, 计量单元可被视为是整项投资, 从而对基于每股报价与所持有的股份数量的乘积 ( 通常称为 P x Q ) 的公允价值计量进行调整, 以反映就对被投资者的控制 共同控制或重大影响所支付的溢价是合理的 应注意的是, 任何此类调整均是不可观察的 ( 即, 第三层次 输入值 ) 若此类调整金额重大, 将导致公允价值计量整体归入 第三层次, 从而须根据 IFRS 13 的规定提供针对第三层次的公允价值计量的额外披露 ( 例如, 描述估值流程和所使用的输入值, 以及所使用的不可观察输入值变动的敏感性 ) 其他按照 HKFRS 9 或 HKAS 39 以公允价值计量的有报价的权益投资不在上述讨论范畴之内 对于此类资产, 计量单元应被视为个别股份, 且不应对 第一层次 股价进行任何调整 39

40 第 1 部分 对于非金融资产, 公允价值应当基于该资产的 最高效和最佳使用, 不论主体是否选择以其他方式使用该资产 非金融资产的最高效和最佳使用 非金融资产 ( 如, 土地和建筑物及无形资产等 ) 的最高效和最佳使用可能不同于其当前使用方式 例如, 在企业合并中, 如果被购买方拥有一项购买方预期不会使用的资产 ( 如, 购买方不打算进行生产的产品的专利 ), 显然该资产的公允价值仍必须反映市场参与者对该资产的最佳使用 因购买方的未来意图而断定其公允价值为零是不恰当的 不履约风险 ( 项目一方不履行其义务的风险 ) 必须包含在资产和负债的估值之中 衍生工具估值中的信用风险 在确定衍生工具的公允价值时, 常见的做法为将按 无风险 利率折现的预测的估计现金流量作为计算的起点 但是, 为根据 HKFRS 13 的要求包含不履约风险, 有必要调整该价值以反映合同各方的违约风险 通常须针对银行提供的场外交易衍生工具的估值作出此类调整, 因为其可能并未包含不履约风险的影响 针对交易对方信用风险的调整通常被称为贷项估值调整 (Credit valuation adjustment,cva), 而主体自身的信用风险则通过借项估值调整 (Debit valuation adjustment,dva) 来反映 负债的公允价值是基于转移价值而非结算价值的概念 估值是基于在主体能够进入的主要 ( 或最有利 ) 市场上出售资产或转移负债的假设 HKFRS 13 要求提供的披露 HKFRS 13 要求针对用于确定公允价值的技术及此类技术的输入值提供广泛的定量和定性披露, 包括披露公允价值计量在公允价值级次中所归入的层次 公允价值级次 公允价值级次并非一个新概念 ; 在 香港财务报告准则第 7 号 金融工具 : 披露 (HKFRS 7) 于数年前发布时便已引入了这一概念 HKFRS 13 将公允价值级次要求延伸至涵盖非金融工具 特别是, HKFRS 13 规定, 公允价值级次要求适用于以公允价值计量或需披露公允价值的所有资产和负债 公允价值级次基于估值所采用的输入值的可观察程度对输入值进行分类 : 第一层次 主体在计量日能获得的相同资产或负债在活跃市场上的报价 ( 未经调整的 ) 第二层次 除了被纳入第一层次输入值的报价以外的资产或负债直接或间接可观察的输入值 第三层次 第三层次输入值为资产或负债的不可观察输入值 资产或负债整体将归入对项目计量而言重要的最低层次输入值所属的级次 40

41 第 1 部分 归入第三层次不一定意味着公允价值不可靠 归入第三层次仅仅反映在确定公允价值过程中使用了不可观察的数据这一事实 对于归入 第三层次 的所有资产和负债, 须提供关于估值流程及不可观察输入值的敏感性的额外披露 2013 财务年度是须针对非金融工具 ( 如, 投资性房地产 ) 应用公允价值级次披露的首个年度 由于每一项房地产各具特点, 因此, 不太可能将房地产的公允价值归入 第一层次 应将公允价值归入 第二层次 还是 第三层次 将取决于用以估计公允价值的输入值和假设 举例如下 示例 1 主体 A 在香港沙田拥有几套公寓式住宅单位 每套公寓单位的公允价值均按同一小区或附近小区内类似单位的近期交易价格计算 ( 如, 近期交易价格港币 [xx] 元 / 平方英尺, 乘以特定公寓单位的面积 [ ] 平方英尺 ) 近期交易价格为可观察输入值 若未对可观察输入值 ( 即, 近期交易价格 ) 作出重大调整, 则相关公允价值符合 第二层次 的分类条件 然而, 若并无足够的类似单位的近期交易可证明该物业存在活跃市场, 则归入 第二层次 是不恰当的, 而应将其归入 第三层次 示例 2 主体 A 在香港金钟拥有一幢商业楼宇 ( 土地及整幢建筑 ), 且在类似物业的市场中没有购买和出售交易 在确定该商业楼宇的公允价值时, 主体 A 聘请评估师来确定其公允价值 评估师采用收入资本化法 通过参照位于金钟和湾仔的商业楼宇的平均租金收入 / 租金收益率来估计该商业楼宇的租金收入和租金收益率 鉴于作出该估计可能涉及重大判断这一事实, 该商业楼宇的公允价值应归入 第三层次 我们近期发布的 2013 年度财务报表范例提供了 HKFRS 13 规定的披露示例 香港会计准则第 19 号 雇员福利 (2011 年修订 ) (HKAS 19(2011)) HKAS 19(2011) 变更了设定受益计划和辞退福利的会计处理 其中最重大的变更与设定受益义务和计划资产变动的会计处理有关 有关修订要求设定受益义务和计划资产公允价值的变动在发生时确认, 从而取消了前一版 HKAS 19 中允许采用的 区间法 并加速了过去服务成本的确认 有关修订要求立即通过其他综合收益确认所有精算利得和损失, 以使在合并财务状况表中确认的养老金资产或负债净额反映计划的亏损或盈余的全部价值 针对 HKAS 19 作出的另一项重大变更与设定受益义务和计划资产变动的列报有关, 此类变动被分为 3 个组成部分 : 服务成本 : 计入损益且包含当期服务成本和过去服务成本以及结算产生的利得或损失 净利息 : 计入损益且通过将每个报告期初的折现率应用于该报告期初的设定受益负债或资产净额来计算, 同时考虑因提存金和福利的支付而导致设定受益负债 ( 资产 ) 净额在当期发生的任何变动 重新计量 : 计入其他综合收益且包含设定受益义务产生的精算利得和损失 计划资产的实际回报超出随时间的推移而导致的计划资产变动的部分 以及因受资产上限的影响而发生的变动 ( 如有 ) 因此, 损益将不再包含计划资产的预期回报 ; 而是应根据计划资产计算出估算的融资收益, 并将其作为利息费用净额的一部分计入损益 实际回报高于或低于计划资产的估算的融资收益的部分均作为重新计量的一部分计入其他综合收益 41

42 第 1 部分 折现率 识别用于对设定受益义务进行折现的合适的高质量公司债券收益率有时是一个极具挑战性的事项, 尤其是在某些地区 ( 例如, 在金融危机后 AAA 级和 AA 级债券数量减少的欧元区 ) HKAS 19 的修订版既未变更这一概念, 亦未就如何确定合适的折现率提供额外指引 国际财务报告准则解释委员会已多次讨论该事项, 并于 2013 年 11 月发布一项议程决定, 指出 : IAS 19( 其与 HKAS 19 完全相同 ) 第 83 段中 高质量 的表述反映的是信用质量的绝对概念, 而非相对于某些公司债券总体的信用质量而言的概念 ; 高质量公司债券的数量减少不应导致高质量的概念发生变化 ; 主体用于确定折现率以反映高质量公司债券收益率的方法和技术预期不应在各期间内发生重大变动 ; 适用于设定受益义务的折现率通常是一项重大精算假设, 其应根据 IAS 19 第 144 至 145 段作出披露 ; 以及 识别用于作为确定折现率之依据的高质量公司债券总体须运用判断, 并且往往会对主体的财务报表产生重大影响 必须根据 IAS 1( 其与 HKAS 1 完全相同 ) 第 122 段进行披露 对 香港财务报告准则第 1 号 (HKFRS 1) 的修订 : 政府贷款 有关修订通过以下方式向香港财务报告准则的首次采用者提供豁免 : 对 HKFRS 1 作出修订, 从而允许针对在香港财务报告准则过渡日未偿还的政府贷款, 在未来适用法的基础上采用 香港会计准则第 39 号 金融工具 : 确认和计量 (HKAS 39) 或 香港财务报告准则第 9 号 金融工具 (HKFRS 9) 以及 香港会计准则第 20 号 政府补助的会计和政府援助的披露 (HKAS 20) 第 10A 段的规定 对 香港财务报告准则第 7 号 (HKFRS 7) 的修订 : 披露 金融资产和金融负债的抵销 香港会计准则第 32 号 金融工具 : 列报 (HKAS 32) 要求在符合特定条件时抵销金融资产和金融负债 对 HKFRS 7 的修订要求主体披露关于可执行的总互抵协议或类似安排下金融工具的抵销权及相关安排 ( 例如, 缴纳担保品要求 ) 的信息 对 香港会计准则第 1 号 (HKAS 1) 的修订 : 其他综合收益项目的列报 对 HKAS 1 的修订引入了有关综合收益表和收益表的新术语 根据对 HKAS 1 的修订, 综合收益表被重命名为损益及其他综合收益表, 而收益表则被重命名为损益表 对 HKAS 1 的修订保留了可在一份单一的报表中 或在两份单独的但连贯的报表中列报损益和其他综合收益的选择 但是, 对 HKAS 1 的修订要求在其他综合收益部分提供额外的披露, 从而将其他综合收益项目归入以下两个类别 : 后续不会重分类至损益的项目 ( 如, 香港会计准则第 16 号 不动产 厂场和设备 (HKAS 16) 规定的不动产 厂场和设备的重估价盈余和 香港会计准则第 38 号 无形资产 (HKAS 38) 规定的无形资产的重估价盈余 ); 以及 在满足特定条件的情况下, 后续可重分类至损益的项目 ( 如,HKAS 39 规定的可供出售投资的公允价值变动和现金流套期的套期工具的公允价值变动 ) 其他综合收益项目的所得税应按相同基础进行分摊 有关修订并未变更以税前或税后基础列报其他综合收益项目的选择 42

43 第 1 部分 香港财务报告准则的年度改进 ( 周期 ) 该等年度改进包括针对 5 项香港财务报告准则作出的修订, 有关修订汇总如下 : 准则修订的内容详情 香港财务报告准则第 1 号 首次采用香港财务报告准则 (HKFRS 1) 重复采用 HKFRS 1 借款费用 有关修订澄清, 如果主体上一年度的财务报表未包含一项有关遵循香港财务报告准则的明确且无保留的声明, 则该主体可以采用 HKFRS 1( 即使该主体过去曾采用过 HKFRS 1) 未选择采用 HKFRS 1 的主体须追溯应用香港财务报告准则, 视同其没有中断地连续采用香港财务报告准则 主体应披露 : d) 其停止采用香港财务报告准则的原因 ; e) 其恢复采用香港财务报告准则的原因 ; 以及 f) 其未选择采用 HKFRS 1 的原因 ( 如适用 ) 有关修订澄清, 在香港财务报告准则过渡日之前根据原公认会计原则予以资本化的借款费用可在过渡日予以结转, 而无需调整此前已资本化的金额 在过渡至香港财务报告准则的当日或以后日期发生的 与在过渡日符合条件的在建资产相关的借款费用应当按照 香港会计准则第 23 号 借款费用 (HKAS 23) 进行核算 香港会计准则第 1 号 财务报表的列报 (HKAS 1) 对比较信息规定作出澄清 有关修订同时指出, 首次采用者可以选择在过渡日前的某个日期采用 HKAS 23 针对 HKAS 1 的修订澄清, 仅当追溯应用某项会计政策 重述或重分类对上一个期间的期初财务状况表 ( 第三份财务状况表 ) 中的信息产生重大影响时, 主体才须列报第三份财务状况表, 且该第三份财务状况表无需随附相关附注 有关修订同时指出, 无需针对超出 HKAS 1 中的比较财务报表最低要求以外的期间提供额外的比较信息 但是, 如果提供额外的比较信息, 则此类信息应按照香港财务报告准则进行列报 ( 包括披露针对任何额外报表的比较信息的相关附注 ) 自愿列报额外的比较信息不会引发提供一整套财务报表的要求 但是, 主体应列示此类额外报表的相关附注信息 43

44 第 1 部分 准则修订的内容详情 香港会计准则第 16 号 不动产 厂场和设备 (HKAS 16) 香港会计准则第 32 号 金融工具 : 列报 (HKAS 32) 香港会计准则第 34 号 中期财务报告 (HKAS 34) 维修设备的分类 对权益工具持有者分配的纳税影响 中期财务报告及有关资产和负债总额的分部信息 有关修订澄清, 当备件 备用设备和维修设备符合 HKAS 16 中不动产 厂场和设备的定义时, 应将其划归为不动产 厂场和设备 否则, 应将其划归为存货 有关修订澄清, 对权益工具持有者的分配和权益性交易的交易费用的所得税应当按照 香港会计准则第 12 号 所得税 (HKAS 12) 进行核算 有关修订澄清, 仅当定期向主要经营决策者提供相关金额且上一期年度财务报表中披露的该报告分部金额已发生重大变动时, 特定报告分部的资产总额和负债总额才须在中期财务报告中予以单独披露 香港 ( 国际财务报告解释公告 ) 解释公告第 20 号 地表采矿生产阶段的剥采成本 (HK (IFRIC) Int 20) HK (IFRIC) Int 20 适用于在采矿生产阶段的地表采矿活动中发生的废料处理成本 ( 生产剥采成本 ) 该解释公告规定, 能够提升矿石开采能力的废料处理活动 ( 剥采 ) 成本在满足特定标准时应确认为一项非流动资产 ( 剥采活动资产 ), 但正常持续运作的剥采活动成本应按照 香港会计准则第 2 号 存货 (HKAS 2) 进行核算 剥采活动成本应作为现有资产的添置或改良进行核算, 并根据其所构成的现有资产的性质归类为有形资产或无形资产 主体应将本解释公告应用于最早列报期间的期初或以后发生的生产剥采成本 任何以前期间确认的剥采资产余额均须重分类为与剥采活动相关的现有资产的一部分, 只要与之前的剥采资产相关的矿体的某个可辨认组成部分还存在 如果不存在与之前的剥采资产相关的矿体的可辨认组成部分, 则其应在最早列报期间的期初计入期初留存收益 44

45 第 2 部分 第 2 部分 可供截至 2013 年 12 月 31 日止年度提前采用 ( 尚未强制生效 ) 的会计准则 本部分概述了尚未对截至 2013 年 12 月 31 日止年度强制生效但允许提前采用的新的及经修订的香港财务报告准则 (HKFRS) 因此, 下述内容以 2013 年 12 月 31 日为截止日 在编制截至 2013 年 12 月 31 日止年度的财务报表时, 主体应同时考虑及披露采用香港会计师公会 (HKICPA) 于 2013 年 12 月 31 日后 但在财务报表批准报出之前发布的任何新的及经修订的香港财务报告准则的潜在影响 有关金融工具的新 HKFRS 对自以下日期或之后开始的年度期间生效应用 香港财务报告准则第 9 号 金融工具 (2013 年修订 ) (HKFRS 9) 在 HKFRS 9 针对一般套期会计的部分发布后,HKFRS 9 的 2015 年 1 月 1 日的强制生效日期已被取消 ( 然而, 仍允许提前采用 ) 追溯应用, 需遵循特定的过渡性规定 HKFRS 9 规定可以采用该准则 如果主体选择采用 HKFRS 9( 下一段所述的例外情况除外 ), 其必须同时采用 HKFRS 9 所述的所有要求并在财务报表附注中披露采用该准则的声明 主体可以选择采用针对指定为以公允价值计量且其变动计入损益的金融负债利得和损失的列报要求, 而无需采用 HKFRS 9 规定的其他要求 对 HKAS 39 的修订 : 衍生工具的变更和套期会计的延续 2014 年 1 月 1 日追溯应用 注 : 在 2013 年 11 月的会议上,IASB 意向性地决定 IFRS 9( 其与 HKFRS 9 完全相同 ) 的强制生效日期将不早于自 2017 年 1 月 1 日或以后日期开始的年度期间 对其他 HKFRS 的修订 对自以下日期或之后开始的年度期间生效 应用 对 HKFRS 10 HKFRS 12 和 HKAS 27 的修订 : 投资主体 2014 年 1 月 1 日追溯应用, 需遵循特定的过渡性规定 对 HKAS 32 的修订 : 金融资产和金融负债的抵销 2014 年 1 月 1 日 追溯应用 对 香港会计准则第 36 号 (HKAS 36) 的修订 : 非金融资产可收回金额的披露 香港 ( 国际财务报告解释公告 ) 解释公告第 21 号 征收费用 (HK (IFRIC) Int 21) 2014 年 1 月 1 日追溯应用 2014 年 1 月 1 日追溯应用 45

46 第 2 部分 香港财务报告准则第 9 号 金融工具 (2013 年修订 ) (HKFRS 9) HKFRS 9 是一项有关金融工具的新准则, 其最终将完全取代 HKAS 39 取代 HKAS 39 的项目分为以下 3 个阶段 : 第 1 阶段 : 金融资产和金融负债的分类和计量 ; 第 2 阶段 : 减值方法 ; 以及 第 3 阶段 : 套期会计 第 1 阶段 : 金融资产和金融负债的分类和计量 HKFRS 9 包含针对金融资产的分类和计量的新规定 根据 HKFRS 9, 目前属于 香港会计准则第 39 号 金融工具 : 确认和计量 (HKAS 39) 范围内的所有已确认金融资产均将按摊余成本或公允价值进行后续计量 符合以下条件的债务工具通常按摊余成本计量 :(i) 在以收取合同现金流量为目标的业务模式中持有 ; 以及 (ii) 拥有仅包含本金和未付本金金额所产生之利息的合同现金流量 所有其他债务工具均须以公允价值计量且其变动计入损益 (FVTPL) 同时提供公允价值选择权 ( 前提是符合某些特定条件 ) 作为按摊余成本计量的替代方法 属于 HKAS 39 范围的所有权益投资均须在财务状况表中按公允价值计量, 并将利得和损失计入损益, 除非权益投资并非为交易而持有, 则可在初始确认时作出一项不可撤销的选择, 即以公允价值计量且其变动计入其他综合收益 (FVTOCI) 的方法计量该项投资, 仅股利收益通常计入损益 2012 年 11 月,IASB 就金融资产的分类和计量规定重新征询公众意见, 并发布了一份征求意见稿建议对 IFRS 9( 其在所有方面均与 HKFRS 9 完全相同 ) 作出有限范围的改进 该征求意见稿建议当满足特定标准时新增一个债务投资类别, 即 以公允价值计量且其变动计入其他综合收益 在编写本刊物时,IASB 仍在审议过程中且尚未发布有关修订的终稿 HKFRS 9 同时包含金融负债的分类和计量规定及终止确认要求 区别于 HKAS 39 的一项主要变更涉及归属于负债信用风险变动的指定为以公允价值计量且其变动计入损益的金融负债的公允价值变动的列报 ( 除非在其他综合收益中列示该负债的信用风险变动影响将产生或增加损益中的会计不匹配, 否则此类变动应在其他综合收益中列示 ) 归属于金融负债信用风险的公允价值变动其后不得重分类至损益 根据 HKAS 39, 指定为以公允价值计量且其变动计入损益的金融负债公允价值变动应全额在损益中列示 第 2 阶段 : 减值方法 2013 年 3 月,IASB 发布了一份经修订的征求意见稿, 建议一项比 IAS 39( 其在所有方面均与 HKAS 39 完全相同 ) 中的已发生损失模型更具前瞻性的 反映预计信用损失的减值模型 征求意见截止期为 2013 年 7 月 5 日 在编写本刊物时,IASB 尚未发布有关修订的终稿 拟纳入 IFRS 9 的要求终稿将于 2014 年上半年发布 第 3 阶段 : 套期会计 2013 年 12 月,HKICPA 发布了另一版经修订的 HKFRS 9, 其包括第 6 章 套期会计 ( 与 IASB 同月发布的经修订的 IFRS 9 相同 ) 相对于 HKAS 39 规定的一般套期会计, 所作的主要变更如下 : 增加了符合条件的套期工具 ; 增加了符合条件的被套期项目 ; 针对期权和远期合同的时间价值组成部分的会计处理减少了损益中的波动性 对于符合运用套期会计的标准,HKFRS 9 采纳了更倾向于以原则为导向的方法 ; 以及 套期关系的修改和终止 46

47 第 2 部分 IASB 的宏观套期项目 ( 现已从 IFRS 9 独立出来 ) 仍在进行当中, 讨论文件预计将于 2014 年第一季度初发布 对 HKAS 39 的修订 : 衍生工具的变更和套期会计的延续 对 HKAS 39 的修订豁免在特定情形下发生变更的衍生套期工具遵循终止套期会计的要求 该修订同时澄清, 因此类变更导致的衍生套期工具公允价值的任何变动应包括在对套期有效性的评估当中 对 HKAS 39 的修订对自 2014 年 1 月 1 日或以后日期开始的年度期间生效, 须予以追溯应用 对 HKFRS 10 HKFRS 12 和 HKAS 27 的修订 : 投资主体 对 HKFRS 10 的修订引入了一项例外情况, 即符合投资主体定义的母公司无需合并其子公司 就该项豁免而言, 投资主体应以公允价值计量且其变动计入损益的方法计量其在子公司中的权益 该例外情况不适用于提供投资相关服务的投资主体的子公司 为符合投资主体的条件, 必须满足特定标准 具体而言, 满足以下标准的主体即是投资主体 : 从一个或多个投资者处获得资金, 其目的在于向此类投资者提供专业投资管理服务 ; 向其投资者承诺, 基金投资的唯一商业目的是为了从资本增值中获得回报 赚取投资收益或两者兼有 ; 以及 以公允价值为基础计量和评价其实质上所有投资的业绩 HKFRS 12 和 HKAS 27 已作出相应的修订以引入针对投资主体的新披露要求 一般而言, 上述修订须予以追溯应用, 并且需遵循特定的过渡性规定 对 HKAS 32 的修订 : 金融资产和金融负债的抵销 对 HKAS 32 的修订澄清了与抵销规定有关的现有应用问题 特别是, 有关修订澄清了 当前具有法律上可执行的抵销权 和 同时变现和结算 的含义 对 HKAS 32 的修订对自 2014 年 1 月 1 日或以后日期开始的年度期间生效, 须予以追溯应用 对 HKAS 36 的修订 : 非金融资产可收回金额的披露 对 HKAS 36 的修订规定, 对于已分摊商誉或其他使用寿命不确定的无形资产的现金产出单元, 若相关现金产出单元并未发生减值或减值的转回, 则无需披露该现金产出单元的可收回金额 此外, 有关修订针对基于其公允价值减处置费用确定资产或现金产出单元的可收回金额的情况, 引入了关于公允价值级次 所使用的关键假设和估值技术的额外披露要求 对 HKAS 36 的修订对自 2014 年 1 月 1 日或以后日期开始的年度期间生效, 须予以追溯应用 香港 ( 国际财务报告解释公告 ) 解释公告第 21 号 征收费用 (HK (IFRIC) Int 21) 香港 ( 国际财务报告解释公告 ) 解释公告第 21 号 征收费用 (HK (IFRIC) Int 21) 阐述了何时确认一项缴纳征收费用的负债的问题 该解释公告定义了征收费用, 并明确产生负债的义务事项是导致法例所规定的征收费用付款的活动 该解释公告就如何核算不同的征收费用安排提供了指引 ; 并特别澄清, 经济强制要求或财务报表编制的持续经营基础均并未意味着主体因未来期间的经营所而拥有缴纳征收费用的现时义务 HK (IFRIC) Int 21 对自 2014 年 1 月 1 日或以后日期开始的年度期间生效, 须予以追溯应用 47

48 第 3 部分 第 3 部分 热点问题 : 减值及相关事项 无论是在香港或是全球范围内的许多国家, 减值仍然是监管机构的重点关注领域 香港财务报告准则 (HKFRS) 合订本的各项准则就减值评估提供了特定指引 关于减值及其他相关事项的概括性汇总如下 : 项目适用的 HKFRS 要求 存货 香港会计准则第 2 号 存货 (HKAS 2) HKAS 2 要求存货按成本与可变现净值两者的孰低计量 可变现净值是在正常经营过程中以估计售价减去估计完工成本及销售所必需的估计费用后的价值 非金融资产 ( 如, 自用不动产 厂场和设备, 无形资产和商誉 ) 香港会计准则第 36 号 资产减值 (HKAS 36) 详情请见下文 属于 HKAS 39 或 HKFRS 9 范围的并非 " 以公允价值计量且其变动计入损益 " 的金融资产 ( 如, 应收贷款和以公允价值计量且其变动计入其他综合收益的权益工具 ) 香港会计准则第 39 号 金融工具 : 确认和计量 (HKAS 39) 或 香港财务报告准则第 9 号 金融工具 (HKFRS 9) 详情请见下文 在联营和合营企业中的投资 可抵扣暂时性差异和可抵扣亏损产生的递延所得税资产 香港会计准则第 39 号 金融工具 : 确认和计量 (HKAS 39) 和 香港会计准则第 28 号 在联营和合营企业中的投资 (HKAS 28) 香港会计准则第 12 号 所得税 (HKAS 12) 详情请见下文 根据 HKAS 12, 如果很可能获得能利用可抵扣暂时性差异和可抵扣亏损来抵扣的应税利润, 则应针对可抵扣暂时性差异和可抵扣亏损确认递延所得税资产 若证实不再很可能产生足够的应税利润, 则前期已确认的递延所得税资产可能必须通过损益转回 非金融资产 ( 如, 自用不动产 厂场和设备, 无形资产和商誉 ) 的减值 对于自用不动产 ( 如, 生产厂房 ) 和有限使用寿命的无形资产, 当存在减值迹象时需要执行减值测试 HKAS 阐述了一系列外部和内部的减值迹象, 例如, 下述可观察到的迹象 : 资产价值下跌, 技术 市场 主体经营所处的经济或法律环境的重大不利变更, 及资产陈旧过时或实体损坏等 对于商誉及已确认的使用寿命不确定的无形资产, 无论是否存在减值迹象, 均需要每年进行减值测试 48

49 第 3 部分 根据 HKAS 36, 减值损失是指资产或现金产出单元的账面金额超过其可收回金额的部分 可收回金额是资产 ( 或现金产出单元 ) 的公允价值减处置费用与其 使用价值 ( 预期从资产或现金产出单元中形成的未来现金流量的现值 ) 两者之中的较高者 运用使用价值法执行的减值测试涉及一系列步骤, 而该过程中的每一个步骤均需加以审慎考虑 尤其是, 财务报表编制者应特别留意下述领域 : 适当识别现金产出单元 (CGU) 现金产出单元指现金流入基本上独立于其他资产或资产组合所产生的现金流入的最小可辨认资产组合 成本分成安排不应导致识别出更大的现金产出单元 确保现金流量预测得到适当证明 现金流量预测和假设必须予以记录及得到适当证明 在现金流量预测不同于有关主体经营所处的经济或行业的市场预测 或之前的预测不同于实际结果的情况下, 对如何能够证明该预测执行进一步分析是至关重要的 在多个现金产出单元或多个现金产出单元组之间适当地分摊商誉 商誉可分摊至一组现金产出单元组, 但该现金产出单元组必须是基于内部管理目的对商誉进行监管的最低水平, 并且不得大于为披露分部信息进行加总前的经营分部 ( 香港财务报告准则第 8 号 经营分部 (HKFRS 8) 所界定的 ) 同样重要的是应当谨记, 商誉的分摊并不意味着该现金产出单元组内不再存在单个现金产出单元, 事实上, 若有迹象表明在单个现金产出单元水平上发生了减值, 则 HKAS 36 要求运用两步法 : 首先将每一个现金产出单元的账面金额与其可收回金额进行比较, 然后加上商誉金额并对该现金产出单元组再次执行测试 预测与用于前期减值评估的预测的一致性 如果实际结果与上一年度预测之间存在重大不利差异, 这可能表明资产或现金产出单元并未按预期运作, 从而可能须在当期确认额外的减值 预测与用于其他目的的预测 ( 如, 呈递关键管理人员的内部报告, 或向现有或潜在投资者提供的外部报告 ) 的一致性 预测现金流量所使用的长期增长率和折现率的适当性 如果主体在若干不同的市场内经营, 则针对所有现金产出单元 ( 或现金产出单元组 ) 运用主体的总体加权平均资本成本 (WACC) 可能是不恰当的 HKAS 36 特别提及该情况下的国家风险, 而在某些经济体出现经济增长迹象而其他国家尚未摆脱困境的当前经济环境下, 这可能是一个重要的考虑因素 使用税前折现率确定资产或现金产出单元的使用价值 HKAS 36 强调折现率应当为税前利率 类似地, 现金流量预测不应包含任何所得税付款或收款 包括以境外经营的功能货币计价的商誉 香港会计准则第 21 号 (HKAS 21) 规定, 收购境外经营所产生的商誉及对收购该境外经营时对资产和负债账面金额的任何公允价值调整均应视为该境外经营的资产和负债, 从而应当以境外经营的功能货币计价 出于减值评估目的, 应当包括以境外经营的功能货币计价的商誉 金融资产的减值 并非 " 以公允价值计量且其变动计入损益 " 的金融资产需采用不同于非金融资产的方式来考虑减值 需要审慎考虑 HKAS 39( 或者 HKFRS 9, 如已采用 ) 的要求 重要的是应谨记根据 HKAS 39 归类为可供出售的权益投资必须在单项资产基础上 ( 而非作为资产组合的一部分 ) 进行减值评估 据此, 主体需要应用一致的会计政策来确定投资的价值下跌是否 明显 或 持续, 进而确定投资是否发生了减值 49

50 第 3 部分 国际财务报告准则解释委员会于 2009 年 7 月对此提出的观察意见仍然有效, 即 : o 明显 或者 持续 的价值下跌足以导致减值,HKAS 39 不应被理解为同时要求满足 明显 及 持续 的条件 ; o 价值的下跌应按绝对金额进行评估, 与普遍市场价值下跌一致的价值下跌并不意味着其并不重大 ; o o 对价值收回的预测并非一项相关的因素 ; 以及 以外币计价的权益证券应以主体的功能货币 ( 而非该权益证券的计价货币 ) 进行减值评估 以摊余成本计量的资产 ( 如, 应收贷款 ) 应在表明存在损失的事项发生之时执行减值评估, 包括 : o 发行人或债务人的重大财务困难 ; o 违反合同, 例如违约或拖欠利息或本金付款 ; o o 借款人很可能将会破产或进行其他财务重组 ; 以及 由于财务困难导致该金融资产的活跃市场消失 仅当在子公司 联营和合营企业中的投资按照 HKAS 39 核算 ( 如, 当投资者编制其单独财务报表 ) 时, 才须遵循 HKAS 39 的减值要求 在联营和合营企业中投资的减值 对于按照 HKAS 28 采用权益法核算的联营和合营企业中的投资,HKAS 28 要求主体应用 HKAS 39 以确定是否存在任何减值迹象 如果存在减值迹象, 则需要执行减值评估 与 HKAS 36 相一致, 减值损失应通过比较整项投资的账面金额 ( 包括商誉 ) 与该投资的可收回金额 ( 使用价值与公允价值减处置费用两者之中的较高者 ) 予以量化 HKAS 28 包含如何确定联营或合营企业中投资的使用价值的特定指引, 具体如下 : 在估计的联营或合营企业预期将产生的预计未来现金流量的现值中投资者享有的份额, 包括联营或合营企业的经营活动带来的现金流以及最终处置投资的收入 ; 或者 估计预期从投资中收取的股利以及从最终处置投资产生的未来现金流量的现值 减值的披露 提供详尽信息的披露对于使用者适当了解在确定 ( 金融或非金融 ) 资产是否已发生减值时所作的判断是至关重要的, 而这一直是监管机构重点关注的领域 HKAS 36 和 HKFRS 7 分别包含了针对非金融资产和金融资产的详尽披露要求 重要的是需要适当关注令使用者了解所执行的操作及所运用的关键假设和判断的披露 监管机构指出其尤其会关注 : HKAS 36 第 134(d) 段规定的, 确定用于计算使用价值的关键假设之方法的描述 ( 包括基于经管理层批准的预测所预计的现金流量涵盖的期间 超过该期间部分所使用的长期增长率 以及用于预测现金流量的折现率 ); HKAS 36 第 134(f) 段规定的, 若关键假设的合理可能变动将导致减值时需提供的敏感性分析 ( 例如, 此类假设可能是销售利润率, 及收入增长率或折现率 ); 以及 50

51 第 3 部分 HKFRS 7 要求披露的关于已逾期或已减值资产的信用质量的信息, 及在确定金融资产已发生减值时所考虑的因素 有关披露应当反映具体事实和情况 并不反映主体自身特定事实和情况的 程式化 披露是不恰当的 非金融资产减值的转回 首先及最为简单的是, 应当谨记香港财务报告准则在任何情况之下均不允许确认商誉减值的转回 相反, 对于属于 HKAS 36 范围的其他非金融资产, 如果存在客观证据表明之前确认的减值损失减少, 则应当转回减值 表明减值损失减少的指标与 HKAS 36 所述的减值指标相对应, 但导致减值转回的某项指标不一定是导致初始确认减值的同一指标 重要的是应注意, 减值损失的转回并不会仅仅由于未来现金流入的折现价值随时间流逝而增加所导致 预测现金流入的增加 ( 因收入预测上升所致 ) 预测现金流出的减少 ( 例如, 因设定受益义务的精算假设作出修正所致 ) 或所应用的折现率下降是必需的 一旦识别出可能发生减值转回, 应当采用与减值复核相同的方式对资产 ( 或现金产出单元 ) 的可收回金额执行测试, 并相应确认任何转回的金额 减值转回所导致的资产账面金额增加额应以其若未发生最初减值时的价值为限, 并同时考虑若未发生减值将确认的任何额外的折旧或摊销 金融资产减值的转回 对于减值的转回, 归类为可供出售的权益投资与商誉类似, 即不允许通过损益转回减值损失 在发生减值损失后, 任何价值的增加应计入其他综合收益而非计入损益 如果可供出售的债务投资及以摊余成本计量的资产的价值的增加 ( 对于可供出售的投资 ) 或减值损失的减少 ( 对于以摊余成本计量的资产 ) 客观上与确认减值以后发生的事项有关, 则减值应通过损益予以转回 与非金融资产类似, 金融资产减值的转回不得导致主体确认 净利润 对于可供出售的债务工具, 计入损益的减值转回应以之前在损益中确认的减值金额为限 类似地, 以摊余成本计量的资产减值的转回不得导致资产账面金额超过其若未发生减值时的价值 减值转回的列报 除了减值转回的确认和计量之外, 重要的是需要考虑减值转回在损益中的列报 其通常应在列示原减值的同一损益单列项目中列报 51

52 第 4 部分 第 4 部分 香港新 公司条例 近日, 财经事务及库务局局长将 2014 年 3 月 3 日指定为新 公司条例 ( 香港法例第 622 章 )( 下称 新条例 ) 和其附属法例的生效日期 新条例是一套全新的条例 其将于 2014 年 3 月 3 日实施并取代现行 公司条例 ( 第 32 章 ) 中大部分的规定 新条例附表 11 包含具体的过渡性规定以确保从现行 公司条例 ( 第 32 章 ) 顺利过渡至新条例 新条例包含超过 900 项条文及 11 个附表, 为香港公司的注册及运作提供了一个现代化的法律架构 新条例旨在达致四个主要目的, 分别是 :a) 加强企业管治,b) 确保规管更为妥善,c) 方便营商及 d) 使公司法例现代化 具体而言, 新条例分为如下 21 个部分 : 第 1 部 ( 导言 ) 载述新条例的名称和生效条文, 以及新 公司条例 中所使用的各词语和词句的定义 第 2 部 ( 公司注册处处长及公司登记册 ) 处理公司注册处处长 ( 处长 ) 的一般职能及权力 第 3 部 ( 公司组成及相关事宜, 以及公司的重新注册 ) 处理公司组成和注册及相关事宜 第 4 部 ( 股本 ) 处理股本的核心概念 股本的形成 转让及更改等事宜 特别值得一提的是, 这部分引入适用于所有有股本公司的强制性无面值股份制度, 以革新股本制度 第 5 部 ( 关于股本的事宜 ) 载有关于资本保存的条文 ( 即就减少股本和公司购买本身的股份的规定 ), 以及有关公司资助其他人士购入该公司或其控权公司的股份的条文 为方便营商, 这部分也在引入偿付能力测试的基础上, 就减少股本 回购及资助新订例外情况, 以精简和理顺现行规则 第 6 部 ( 利润及资产的分派 ) 处理把利润及资产分派予成员的事宜 常见的分派形式是以股息支付 虽然现行规则不会有任何重大改动, 但重写应有助公众更易理解其内容 第 7 部 ( 债权证 ) 处理关于债权证的多项事宜 第 8 部 ( 押记的登记 ) 处理香港公司及注册非香港公司押记登记的事宜 这部分载述须予登记的押记的种类 登记程序及不遵从规定的后果 第 9 部 ( 账目及审计 ) 载有与以下几方面有关的会计及审计条文 : 备存会计记录 拟备和传阅周年财务报表 董事报告及核数师报告, 以及核数师的委任和权利 这部分订立新的条文, 便利中小型企业 ( 下称 中小企 ) 采用简化的会计和汇报规定, 并要求公众公司和大型公司在其董事报告加入具分析性的业务审视, 以及加强核数师索取资料的权利 第 10 部 ( 董事及公司秘书 ) 处理有关董事及公司秘书的事宜 这部分主要重整 公司条例 ( 第 32 章 ) 中与董事和公司秘书的委任 罢免及辞职有关的现行条文, 并作出一些修订 这部分亦厘清董事以谨慎 技巧及努力行事的责任标准 第 11 部 ( 董事的公平处事 ) 涵盖董事的公平处事, 以及处理董事被认为有利益冲突的指明情况 第 12 部 ( 公司管理及议事程序 ) 规管决议及会议 登记册 ( 包括成员登记册 董事登记册及公司秘书登记册 ) 公司纪录 注册办事处 公布公司名称以及周年申报表等事宜 52

53 第 4 部分 第 13 部 ( 安排 合并及在进行收购和股份回购时强制购入股份 ) 重述 公司条例 ( 第 32 章 ) 有关债务偿还安排计划 公司与其他公司重整或合并, 以及强制收购的条文, 并作出一些修订 第 14 部 ( 保障公司或成员权益的补救 ) 把 公司条例 ( 第 32 章 ) 有关股东补救方法的现有条文合并, 并改善不公平损害补救的范围及施行 第 15 部 ( 被除名或撤销注册而解散 ) 载述有关把不营运公司除名和撤销注册 把已除名或撤销注册的公司恢复注册及其他相关事宜 ( 包括已解散公司财产的处理 ) 的条文 这部分引入修订, 以简化把公司除名和恢复注册的现行程序 这部分亦订立新规定, 以防撤销注册的程序可能被滥用 第 16 部 ( 非香港公司 ) 处理有关在香港以外成立为法团并在香港设立营业地点的公司的事宜 这部分没有对现行规则作出重大修改 第 17 部 ( 并非根据本条例组成但可根据本条例注册的公司 ) 处理有关并非根据新 公司条例 或旧有 公司条例 成立, 但有资格根据新 公司条例 注册的公司的事宜 这部分没有对现行规则作出重大修改 第 18 部 ( 公司与外间的通讯 ) 以 2010 年公司 ( 修订 ) 条例 下规管公司向另一人作出通讯的规则作为基础 新规则亦将会利便公司的成员及债权证持有人以电子形式向公司作出通讯 第 19 部 ( 调查及查讯 ) 处理有关审查员和财政司司长调查和查讯公司事务的事宜 第 20 部 ( 杂项条文 ) 载有多条杂项条文, 内容包括杂项罪行及处长可就指明罪行准以缴款代替检控的新权力 第 21 部 ( 相应修订 过渡性条文及保留条文 ) 处理过渡性及保留条文, 以及为实施新 公司条例 而须作出的相应修订 新条例第 9 部 账目及审计 新条例第 9 部 ( 账目及审计 ) 载述有关会计及审计的规定, 即与备存会计纪录 拟备和传阅周年财务报表 董事及核数师报告, 以及核数师的委任和权利有关的条文 新条例亦订立新条文以便 : 中小企可遵从简明会计及汇报规定 ; 规定公众公司及其他大型公司在董事报告内加入具分析性的业务审视 ; 以及 加强核数师索取资料的权利 根据新条例第 358 条, 第 9 部中关于公司经审计财务报告的拟备规定仅对自新条例生效日 ( 即,2014 年 3 月 3 日 ) 或以后日期开始的财年生效 例如, 对于年终截止日为 3 月 31 日的公司, 新条例第 9 部的规定将自截至 2015 年 3 月 31 日止年度起适用 对于年终截止日为 12 月 31 日的公司, 新条例第 9 部的规定将自截至 2015 年 12 月 31 日止年度起适用 53

54 第 4 部分 第 9 部摘要如下 放宽中小企拟备简明财务及董事报告的准则, 即 在提交报告方面获豁免 现有公司条例 ( 第 32 章 ) 第 141D 条订明, 私人公司 ( 属于法团集团成员的公司及特别予以豁除的某些公司 ( 例如保险及证券经纪公司 ) 除外 ) 如获全体股东书面同意, 可就某财政年度拟备简明账目及简明董事报告 根据香港会计师公会 (HKICPA) 发出的 中小企财务报告总纲, 香港公司如符合第 141D 条所述规定, 便符合资格, 可根据 中小企财务报告准则 作出汇报 新条例容许符合特定规模标准的私人公司及私人公司集团根据 中小企财务报告总纲 进行报告 符合资格拟备简明报告的公司在新条例中是指 在提交报告方面获豁免 的公司 该等在提交报告方面获得的豁免是指豁免遵从有关拟备财务报表及董事报告的特定规定 豁免事项载于下列条文 : 第 380(3) 条 ( 并无规定须在财务报表内披露核数师的酬金 ) 第 380(7) 条 ( 并无规定须拟备 真实而中肯地反映 的财务报表 ) 第 381(2) 条 ( 根据适用的会计准则可将附属企业豁除于综合财务报表外 ) 第 388(3)(a) 条 ( 并无规定须在董事报告内加入业务审视 ) 第 406(1)(b) 条 ( 并无规定核数师须述明财务报表是否 真实而中肯地反映 的意见 ) 在新条例下, 除不活动公司外 ( 第 447 条 ), 所有公司仍须进行财务报表的审计工作 HKICPA 于 2013 年 8 月刊发了关于 中小企财务报告总纲 和 中小企财务报告准则 的咨询稿, 该咨询稿的征求意见截止期为 2013 年 10 月 25 日 与现行准则相比, 咨询稿中建议的主要修订汇总如下 : 包含 符合资格的主体 的标准汇总, 并提供新条例的交叉索引编号 ; 会计要求延伸至涵盖合并财务报表 企业合并和采用权益法核算的对其他主体的投资 ; 包含关于现金流量表列报的指引 编制现金流量表并非强制要求 然而, 如果列报现金流量表, 则须遵循该指引 ; 新条例和新条例中涉及 中小企财务报告总纲 和 中小企财务报告准则 的若干其他规定新增了关于非豁免披露要求的额外指引材料 ; 新增了关于 已实现利润和损失 的概念 及其与按照 中小企财务报告准则 报告的 已确认利润和损失 之间的关系的指引 ; 中小企财务报告总纲 新增了涵盖公司从 香港财务报告准则 过渡至 中小企财务报告准则 的首年的具体披露要求 ; 所得税 一节新增了额外的披露要求, 以披露税率和未利用的可抵扣亏损 ; 新增了关于确定主体 报告货币 的新指引 ( 基于整套 香港财务报告准则 的功能货币概念 ); 54

55 第 4 部分 关联方 的定义已作更新, 以与整套 香港财务报告准则 的最新定义保持一致 ; 活跃市场 和 公允价值 定义的已作更新, 以与 香港财务报告准则第 13 号 公允价值计量 (HKFRS 13) 保持一致 ; 附录新增了有关确定主体是作为代理人还是当事人的指引 ; 以及 中小企财务报告准则 的其他部分已作出若干细微的非重大修订 ( 例如, 术语表新增了此前仅在正文中载述的定义, 并删除了其他不一致的表述 ) 在编写本刊物时,HKICPA 尚未发布 中小企财务报告总纲 和 中小企财务报告准则 的修订版 规定公众公司及其他不符合拟备简明报告资格的公司须在董事报告内拟备 业务审视 新条例下, 所有公司 ( 符合资格拟备简明报告的公司除外 ) 均须拟备业务审视, 作为董事报告的一部分 与 公司条例 ( 第 32 章 ) 规定提供的数据比较, 业务审视须更具分析性及前瞻性 不符合资格拟备简明报告的私人公司如藉特别决议获取批准, 可选择不遵从拟备业务审视的规定 业务审视可为股东提供更多数据, 有助他们评估董事履行职责的表现 特别要一提的是, 业务审视须包括对环境有关及对公司有重大影响的雇员事务等数据的规定, 与提倡企业社会责任的国际趋势一致 新条例第 388 条及附表 5 订明董事须拟备董事报告的职责及有关业务审视的详细要求 业务审视须包含以下项目 : 对公司业务的中肯审视 ; 对公司面对的主要风险及不明朗因素的描述 ; 在该财政年度终结后发生的 对公司有影响的重大事件的详情 ; 以及 公司业务相当可能有的未来发展的揭示 在对了解公司业务的发展 表现或状况属必需的范围内, 业务审视须包含 : 运用财务关键表现指标进行的分析 ; 对公司的环境政策及表现, 以及公司遵守对其有重大影响的有关法例及规例的情况的探讨 ; 以及 公司与其雇员 顾客及供货商, 以及与其他人士 ( 对公司有重大影响而公司的兴盛系于该等人士 ) 的重要关系的说明 HKICPA 即将发布征求意见稿 < 会计公报 > 第 5 号 香港 公司条例 下的业务审视拟备指引 的意见征询, 旨在就如何根据新条例拟备业务审视提供指引 简化与会计准则重复的披露规定 在新条例下, 为消除 公司条例 ( 第 32 章 ) 附表 10 与 香港财务报告准则 及附表 11 与 中小企财务报告准则 可能存在的抵触, 两个附表予以废除, 只会在新条例附表 4 保留少量关乎公众利益而没有列入 香港财务报告准则 和 中小企财务报告准则 的披露规定 55

56 第 4 部分 附表 4 载有以下关乎公众利益的披露事项 : d) 在新条例第 280 及 281 条的权限下, 向董事及雇员作出用以收购公司股份而尚未清偿的贷款总额 : e) 有关公司的最终母企业的资料 ; 以及 f) 核数师的酬金 ( 适用于不符合资格拟备简明报告的公司, 第 32 章附表 10 第 15 段规定必须披露的 ) 此外, 新条例附表 4 规定, 公司须在财务报表内作出陈述, 说明该报表是否按照适用的会计准则拟备, 以及提供与该等准则有事关重要的偏离之处的详情及原因 新条例及相关的信息刊载于 香港金鐘道 88 號太古廣場一座 35 樓 Deloitte ( 德勤 ) 泛指德勤有限公司 ( 一家根據英國法律組成的私人的擔保有限公司, 以下稱 德勤有限公司 ), 以及其一家或多家成員所 每一個成員所均為具有獨立法律地位的法律實體 請參閱 中有關德勤有限公司及其成員所法律結構的詳細描述 2014 德勤 關黃陳方會計師行 ( 香港 ) 德勤 關黃陳方會計師行 ( 澳門 ) 德勤華永會計師事務所( 特殊普通合夥 ) ( 中國大陸 ) 版權所有保留一切權利主頁 私隱感謝您對德勤中國服務的關注 德勤中國希望可以繼續使用您的個人資料 ( 尤其姓名及聯絡資料 ), 以向您發送市場和政策更新資訊, 以及由德勤中國舉辦 贊助或宣傳之研討會及其他活動的邀請函 如您日後不希望接收德勤中國發出之通訊, 請回復電郵並在郵件主題欄中填上 "Unsubscribe" 如欲更新您的個人資料, 請點擊此處 德勤中國泛指德勤 關黃陳方會計師行 ( 香港 ) 德勤 關黃陳方會計師行 ( 澳門 ) 德勤華永會計師事務所( 特殊普通合夥 )( 中國大陸 ) 以及其於香港 澳門及中國大陸從事業務之關聯機構 56