HKFRS 16 definition

HKFRS 16. Hong Kong Financial Reporting Standard 16 “Leases” which include standards and interpretations promulgated by the Hong Kong Institute of Certified Public Accountants;
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HKFRS 16 the Hong Kong Financial Reporting Standard 16 issued by the Hong Kong Institute of Certified Public Accountants, which sets out the principles for the recognition, measurement, presentation and disclosure of leases “HK$” Hong Kong dollars, the lawful currency of Hong Kong
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HKFRS 16. Hong Kong Financial Reporting Standard 16 “Leases”, effective on 1 January 2019
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Examples of HKFRS 16 in a sentence

  • HKFRS 16 distinguishes lease and service contracts on the basis of whether an identified asset is controlled by a customer.

  • HKFRS 16 will supersede HKAS 17 Leases and the related interpretations when it becomes effective.

  • The application of HKFRS 16 may result in potential changes in classification of these assets depending on whether the Group presents right-of-use assets separately or within the same line item at which the corresponding underlying assets would be presented if they were owned.

  • HKFRS 16 LeasesHKFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees.

  • Lessor accounting under HKFRS 16 is substantially unchanged from HKAS 17.

  • Upon initial application of HKFRS 16, the right-of-use assets represented leases of staff quarters, offices and items of office equipment in Hong Kong and PRC.

  • The only exceptions are rent concessions that occurred as a direct consequence of the COVID-19 pandemic and met the conditions set out in paragraph 46B of HKFRS 16 Leases.

  • The comparative information presented in 2018 has not been restated and continues to be reported under HKAS 17 and related interpretations as allowed by the transition provision in HKFRS 16.

  • The Group has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in existence at the date of initial application of HKFRS 16, being 1 January 2019.

  • Although total cash flows are unaffected, the adoption of HKFRS 16 therefore results in a significant change in presentation of cash flows within the consolidated statement of cash flows.


More Definitions of HKFRS 16

HKFRS 16. Hong Kong Financial Reporting Standard 16 “HKS” HKS International Limited, a company incorporated in the British Virgin Islands with limited liability
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HKFRS 16. The Hong Kong Financial Reporting Standard 16 “Leases” issued by the Hong Kong Institute of Certified Public Accountants “Incorporated Owners” the incorporated owners of the building of which the 42F Property and the 49F Property form part from time to time
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HKFRS 16. Hong Kong Financial Reporting Standard 16
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Related to HKFRS 16

  • HKFRS Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants

  • PRC GAAP means the generally accepted accounting principles in the PRC.

  • UK GAAP means generally accepted accounting principles in the United Kingdom.

  • IFRS means the international financial reporting standards as issued by the International Accounting Standards Board as in effect from time to time.

  • EU means the European Union.

  • EU GDPR means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC.

  • Central Bank Regulations means the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019, as may be amended from time to time;