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Subsequent to initial recognition, all the property, plant and equipment for SMEs and IFRS; and to encourage early consideration of what IFRS for SMEs means to the entity. These and other issues are expanded upon in the main body of this publication. It takes into account authoritative pronouncements issued under IFRS for SMEs and full IFRSs published up to 9 July 2009. SME Financial Reporting Framework and Standard Standards and reference material .

It is an unedited extract from the Basis for Conclusions (BC) issued by the IASB. The full BC document is attached at the foot of this page. The IFRS for SMEs uses full IFRSs as a starting point (BC95-BC97). • Compared with IFRS for SMEs, HKFRS for Private Entities has the following differences: a.

notes. cu IFRS vs IFRS for SMEs. IFRS vs IFRS for SMEs.

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Over the last few years we have seen various changes being made with regards to the IFRS (International Financial Reporting Standards) accounting framework, which includes new standards such as IFRS 15 (Revenue), IFRS 9 (Financial Instruments) and IFRS 16 (Leases), replacing the IFRS 16 transition -lease modification –Example 1 –continued (Lease modification before 1 January 2019) Effective date of lease modification under IFRS 16 1 Apr 2016 30 Sep 2018 1 Jan 2019 1 pr 2019 30 Sept 2022 Original lease ($1M per month) “New” lease ($1.2M per month) Date of initial application (DIA) Operating lease commitment @31 Dec 2018 HKFRS/IFRS 16 and which satisfies the criteria, therefore, it can be applied to leases for underlying assets other than real estate as long as all criteria are met. FAQ 3.3, Criterion #1: Can reductions in lease payments that are linked to other conditions (eg commodity prices 4 The main premise is that IFRS for SMEs disclosures are retained where the R&M principles and options are the same or similar in IFRS for SMEs and full IFRS. 1 Refer to .

Accounting and accounting rules in Hong Kong - Business

The IFRS for SMEs is simpler and specifically tailored to the needs of SMEs and users of their accounts. The main differences are: the omission of certain topics (IFRS 4 Insurance Contracts, IFRS 8 Operating Segments, IAS 26 Accounting and Reporting by Retirement Benefit Plans, IAS 33 Earnings Per Share and IAS 34 Interim Financial Reporting); Choosing between IFRS and IFRS for SMEs - Mazars - South Africa. Over the last few years we have seen various changes being made with regards to the IFRS (International Financial Reporting Standards) accounting framework, which includes new standards such as IFRS 15 (Revenue), IFRS 9 (Financial Instruments) and IFRS 16 (Leases), replacing the IFRS 16 transition -lease modification –Example 1 –continued (Lease modification before 1 January 2019) Effective date of lease modification under IFRS 16 1 Apr 2016 30 Sep 2018 1 Jan 2019 1 pr 2019 30 Sept 2022 Original lease ($1M per month) “New” lease ($1.2M per month) Date of initial application (DIA) Operating lease commitment @31 Dec 2018 HKFRS/IFRS 16 and which satisfies the criteria, therefore, it can be applied to leases for underlying assets other than real estate as long as all criteria are met. FAQ 3.3, Criterion #1: Can reductions in lease payments that are linked to other conditions (eg commodity prices 4 The main premise is that IFRS for SMEs disclosures are retained where the R&M principles and options are the same or similar in IFRS for SMEs and full IFRS. 1 Refer to . AASB Action Alert 196 2 The term “Full IFRS” refers to full Australian Accounting Standards throughout this document.

The amendments to HKFRS/IFRS 16 do not explicitly specify whether the practical expedient may be applied on a lease- by-lease basis. However, all accounting policies relating to leases in the scope of HKFRS/IFRS 16 are subject to the requirement in HKFRS/IFRS 16.2, which requires an entity to apply HKFRS/IFRS 16 consistently to contracts IFRS 16 transition -lease modification –Example 1 –continued (Lease modification before 1 January 2019) Effective date of lease modification under IFRS 16 1 Apr 2016 30 Sep 2018 1 Jan 2019 1 pr 2019 30 Sept 2022 Original lease ($1M per month) “New” lease ($1.2M per month) Date of initial application (DIA) Operating lease commitment @31 Dec 2018 2019-07-16 · IFRS vs IFRS for SMEs.
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Facebook; Twitter; Google+; LinkedIn; The majority of financial HKFRS for Private Entities (‘” the new HKFRS ”) is a single, stand-alone Standard including a Basis for Conclusion to aid user’s application. To aid simplicity the new HKFRS does not cross refer to full HKFRSs and given that full HKFRSs comprises of over 2,500 pages, the new HKFRS has clearly been condensed to aid understandability. HKFRS uses the accrual basis of accounting, which means a transaction’s effect is recognised when it occurs and is reported in the financial statement of the period it happens.

However, lease accounting under the IFRS for SMEs was not affected and stayed the same. In periods of change it is often good to just sit back and remember the things we know. (3) 23 jurisdictions give an SME a choice to use either full IFRS Standards or local GAAP instead of the IFRS for SMEs Standard.
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HKFRS No. Title IFRS No. Differences in Transitional Provisions Differences in Effective Dates Other Textual Differences HKFRS 1 Revised First-time Adoption of Hong Kong Financial Reporting Standards IFRS 1 Revised No No, except para 39a specifies that paras B2 to B6 and D18 of HKFRS 1 (IFRS 1) are effective for AP beginning on or after 1 Full IFRS: Transaction costs are excluded under IFRS 3 (revised). Contingent consideration is recognised regardless of the probability : of payment. IFRS for SMEs: Transaction costs are included in the acquisition costs. Contingent considerations are included as part of the acquisition cost if it is probable that the amount will be paid and its 2018-11-16 statements as long as they are not misunderstandable (IFRS for SMEs 3.22). Here are the most important commonalities between the full IFRS and the IFRS for SMEs in the parts of the financial statements: Statement of financial position and comprehensive income Another similarity of the full IFRS and the IFRS for SMEs is, that there is neither a The scope for IFRSSME is for entities that meet the definition of an SME. An SME is defined as an entity that: † does not have public accountab ility; and † publishes general purpose financial statements for external users. An entity that is required to apply full IFRS is required to apply IAS 1 when preparing and presenting financial statements. A company incorporated under the Hong Kong Companies Ordinance qualifies for reporting under the SME-FRF & SME-FRS if it satisfies the 'reporting exemption' criteria as set out in section 359 of the new Companies Ordinance.

Accounting and accounting rules in Hong Kong - Business

1. HKFRS for Private Entities. 16 March 2011. Small vs. Large.

consolidated statement of comprehensive income.