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Welcome to Financial Reporting News - 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.
Our August edition leads with an article on the first annual improvements project adopted by the HKICPA as to maintain the convergence of HKFRSs with
IFRSs. We then look at some recent changes that have taken place. In the
"IFRSs and other news" section, we comment on the effect the credit crisis may have on the future reporting of financial instruments.
Table of contents
HKFRSs news
The
first annual improvements project
Amendments
to HKFRS 1and HKAS 27
HK
(IFRIC) Interpretation on Agreements for the Construction
of Real Estate
HK
(IFRIC) Interpretation on Hedges of a Net Investment in a Foreign
Operation
Proposed
amendments to the extant HK SME-FRF and SME-FRS and consultation on
the proposed restructuring of financial reporting by private companies
in Hong Kong
HKAS
1 Revised: Implementation draws nearer
HKICPA
invitations to comment on exposure drafts
¡@
IFRSs and other news
IASB
exposure drafts and discussion papers
Convergence
moves a step closer
Credit
crisis causes IASB to review its work schedule
¡@
Effective
dates
Effective
dates of new/revised HKFRS
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