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Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

2. Application of new and revised Hong Kong Financial Reporting Standards (HKFRSs)/changes in accounting policies (continued)

The Group has not early applied the following new and revised standards, amendments or interpretations that have been issued but are not yet effective.

HKFRSs (Amendments) HKAS 12 (Amendments) HKAS 24 (Revised) HKAS 32 (Amendments) HKFRS 7 (Amendments) HKFRS 9

Improvements to HKFRSs issued in 20101 Deferred Tax: Recovery of Underlying Assets6 Related Party Disclosures4 Classification to Rights Issues2 Disclosures - Transfers of Financial Assets5 Financial Instruments7

HK(IFRIC)-Int 14 (Amendments)

Prepayments of a Minimum Funding Requirement4

HK(IFRIC)-Int 19

Extinguishing Financial Liabilities with Equity Instruments3

1

2

3

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5

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7

Effective for annual periods beginning on or after 1 July 2010 and 1 January 2011, as appropriate Effective for annual period beginning on or after 1 February 2010 Effective for annual period beginning on or after 1 July 2010 Effective for annual period beginning on or after 1 January 2011 Effective for annual period beginning on or after 1 July 2011 Effective for annual period beginning on or after 1 January 2012 Effective for annual period beginning on or after 1 January 2013

HKFRS 9 Financial Instruments(as issued in November 2009) introduces new requirements for the classification and measurement of financial assets. HKFRS 9 Financial Instruments(as revised in November 2010) adds requirements for financial liabilities and for derecognition.

  • Under HKFRS 9, all recognised financial assets that are within the scope of HKAS 39 Financial Instruments: Recognition and Measurementare subsequently measured at either amortised cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. All other debt investments and equity investments are measured at their fair values at the end of subsequent accounting periods.

  • In relation to financial liabilities, the significant change relates to financial liabilities that are designated as at fair value through profit or loss. Specifically, under HKFRS 9, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the presentation of the effects of changes in the liabilitys credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liabilitys credit risk are not subsequently reclassified to profit or loss. Previously, under HKAS 39, the entire amount of the change in the fair value of the financial liability designated as at fair value through profit or loss was presented in profit or loss.

Great Eagle Holdings Limited

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