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Welcome to Financial Reporting News ¡V a quarterly update from Grant Thornton. Financial Reporting News offers a summary of the more significant developments in Hong Kong Financial Reporting Standards
(HKFRSs) along with insights into topical issues and comments and views
from Grant Thornton.
With effect from 1 January 2005, HKFRSs were fully converged with International Financial Reporting Standards
(IFRSs). The Hong Kong Institute of Certified Public Accountants (HKICPA) has committed to maintain convergence with IFRSs by aligning the timing of issuing Exposure Drafts, Standards and Interpretations in Hong Kong as closely as possible with the timing of issuing Exposure Drafts, Standards and Interpretations by the International Accounting Standards Board
(IASB) and by converging the content of each HKFRS with the equivalent
IFRS. Against this background, included in this newsletter is a section
"IFRSs and other news", which summarises the more significant IFRSs developments following which the HKICPA is expected to issue the HKFRSs equivalence. Accordingly you would have more time to plan your financial reporting ahead of the HKICPA's move.
This first edition leads with the revised standards on business combinations and on preparing consolidated financial statements which will make major changes to the reporting of merger and acquisition activity, and the way to measure non-controlling interests in consolidated financial statements. We then look at some other recent changes that have taken place and some that are expected to occur in the near future.
Table of content
HKFRs news
Revised standards on business
combinations and preparation of consolidated financial statements
HKFRS 2
amendment to clarify the meaning of vesting condition
HKICPA invitations to comment
on exposure drafts
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IFRSs and other news
Amendment
to IAS 32 departs from principles
IASB
exposure drafts and discussion papers
IASB
consolidation project continues to evolve
The pensions debate heats up
Large firms' joint paper
on principles-based accounting
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Effective
dates
Effective
dates of new/revised HKFRSs
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