HKAS definition
Examples of HKAS in a sentence
HKFRS 15 establishes a comprehensive framework for recognising revenue and some costs from contracts with customers and replaces HKAS 18 (which covered revenue arising from sale of goods and rendering services) and HKAS 11 (which specified the accounting for construction contracts).
As there is no requirement of any restatement by the Group of the corresponding figures of the period prior to 1 January 2019, the comparative information prior to 1 January 2019 continues to be reported under HKAS 17.
HKFRS 9 which replaces HKAS 39, sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.
The Unaudited Consolidated Interim Financial Statements have not been audited and have been reviewed by KPMG, Certified Public Accountants, Hong Kong, and are prepared in accordance with HKAS 34 Interim Financial Reporting, and have been included elsewhere in this Offering Circular.
Under HKAS 40, hotel properties are not accounted for as investment properties.
The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on the HKSE and with Hong Kong Accounting Standard 34 (HKAS 34) “Interim Financial Reporting” and the relevant disclosure requirements set out in Appendix C of the REIT Code issued by the SFC.
If an item of property, plant and equipment becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer shall be recognised in other comprehensive income as properties revaluation reserve under HKAS 16.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2, leasing transactions that are within the scope of HKAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 or value in use in HKAS 36.
Pursuant to HKAS 38, an intangible asset will be recognized in the consolidated financial statements of the Group in respect of the Licensed Trademarks under the Trademark Licensing Agreement of not more than RMB3,900,000 which is unaudited and may be subject to adjustment in the future.
The Issuer Group’s Audited Financial Statements have been prepared and presented in accordance with HKFRS and the Issuer Group’s Unaudited Interim Financial Statements have been prepared in accordance with HKAS 34.