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Hong Kong Listed Limited - EY - United States

hong kong Listed Limited Illustrative Report of the Directors and Financial Statements for the year ended 31 December 2016. This set of illustrative financial statements is for a fictitious company Listed on the Main Board ( MB ) of The Stock Exchange of hong kong Limited (the Stock Exchange ). For a company Listed on the Growth Enterprise Market ( GEM ). of the Stock Exchange, equivalent disclosure requirements are also included on the left-hand side of pages 1 to 159 for reference. The applicable disclosure requirements under the hong kong Companies Ordinance are also included on the left-hand side pages. Certain disclosure exemptions (not highlighted in these financial statements) are available under the hong kong Companies Ordinance for a private company. As hong kong Listed Limited has a 31 December year end, these financial statements disclose the effects of changes in accounting policies as a result of the revised hong kong Financial Reporting Standards ( HKFRSs ) which are first effective for financial years beginning on or after 1 January 2016.

Hong Kong Listed Limited. Illustrative Report of the Directors and Financial Statements for the year ended 31 December 2016

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Transcription of Hong Kong Listed Limited - EY - United States

1 hong kong Listed Limited Illustrative Report of the Directors and Financial Statements for the year ended 31 December 2016. This set of illustrative financial statements is for a fictitious company Listed on the Main Board ( MB ) of The Stock Exchange of hong kong Limited (the Stock Exchange ). For a company Listed on the Growth Enterprise Market ( GEM ). of the Stock Exchange, equivalent disclosure requirements are also included on the left-hand side of pages 1 to 159 for reference. The applicable disclosure requirements under the hong kong Companies Ordinance are also included on the left-hand side pages. Certain disclosure exemptions (not highlighted in these financial statements) are available under the hong kong Companies Ordinance for a private company. As hong kong Listed Limited has a 31 December year end, these financial statements disclose the effects of changes in accounting policies as a result of the revised hong kong Financial Reporting Standards ( HKFRSs ) which are first effective for financial years beginning on or after 1 January 2016.

2 These illustrative financial statements are general purpose . financial statements and do not attempt to show all possible accounting and disclosure requirements, nor do they include particular disclosures required by the Stock Exchange or other regulatory bodies for specialist industries, such as banks (see Appendix 15 of the Listing Rules and the Guideline on the Application of the Banking (Disclosure) Rules issued by the hong kong Monetary Authority), financial conglomerates and insurance companies. This set of financial statements also shows the changes on the auditor's report as a result of the new and revised hong kong Standards on Auditing related to audit reporting which are effective for financial years ending on or after 15 December 2016. HKFRSs as at 30 November 2016. The hong kong Institute of Certified Public Accountants (the HKICPA ) has issued the following new and revised HKFRSs, which are effective for the financial year ending 31 December 2016: Amendments to HKFRS 10, Investment Entities: Applying the Consolidation Exception HKFRS 12 and HKAS 28 (2011).

3 Amendments to HKFRS 11 Accounting for Acquisitions of Interests in Joint Operations HKFRS 14 Regulatory Deferral Accounts Amendments to HKAS 1 Disclosure Initiative Amendments to HKAS 16 Clarification of Acceptable Methods of Depreciation and Amortisation and HKAS 38. Amendments to HKAS 16 Agriculture: Bearer Plants and HKAS 41. Amendments to HKAS 27 (2011) Equity Method in Separate Financial Statements Annual Improvements to HKFRSs 2012-2014 Cycle hong kong Listed Limited is an existing preparer of financial statements in accordance with HKFRSs and it is a corporate company which is not an investment entity as defined in HKFRS , so these financial statements do not reflect any additional requirements for first-time adopters under HKFRS 1 First-time Adoption of hong kong Financial Reporting Standards, and for investment entities under HKFRS 10 and HKFRS 12. (i). hong kong Listed Limited does not early adopt the following HKFRSs which were in issue as at 30 November 2016 but are not yet effective for the financial year ending 31 December 2016: Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions (apb 1 January 2018).

4 Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts**. HKFRS 9 Financial Instruments (apb 1 January 2018). Amendments to HKFRS 10 Sale or Contribution of Assets between an Investor and its Associate or and HKAS 28 (2011) Joint Venture*. HKFRS 15 Revenue from Contracts with Customers (apb 1 January 2018). Amendments to HKFRS 15 Clarifications to HKFRS 15 Revenue from Contracts with Customers (apb 1 January 2018). HKFRS 16 Leases (apb 1 January 2019). Amendments to HKAS 7 Disclosure Initiative (apb 1 January 2017). Amendments to HKAS 12 Recognition of Deferred Tax Assets for Unrealised Losses (apb 1 January 2017). apb means effective for annual periods beginning on or after * No mandatory effective date yet determined but available for adoption ** The amendments have been issued by the IASB and, at the time of this publication, are expected to be issued shortly by the HKICPA.

5 (ii). The following HKFRSs have not been dealt with in these illustrative financial statements: HKAS 26 Accounting and Reporting by Retirement Benefit Plans HKAS 27 (2011) Separate Financial Statements HKAS 29 Financial Reporting in Hyperinflationary Economies HKAS 34 Interim Financial Reporting HKAS 41 Agriculture HKFRS 1 First-time Adoption of hong kong Financial Reporting Standards HKFRS 4 Insurance Contracts HKFRS 6 Exploration for and Evaluation of Mineral Resources HKFRS 9 Financial Instruments HKFRS 14 Regulatory Deferral Accounts HKFRS 15 Revenue from Contracts with Customers HKFRS 16 Leases HK(IFRIC)-Int 2 Members' Shares in Co-operative Entities and Similar Instruments HK(IFRIC)-Int 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds HK(IFRIC)-Int 6 Liabilities arising from Participating in a Specific Market Waste Electrical and Electronic Equipment HK(IFRIC)

6 -Int 7 Applying the Restatement Approach under HKAS 29 Financial Reporting in Hyperinflationary Economies HK(IFRIC)-Int 12 Service Concession Arrangements HK(IFRIC)-Int 13 Customer Loyalty Programmes HK(IFRIC)-Int 14 HKAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate HK(IFRIC)-Int 16 Hedges of a Net Investment in a Foreign Operation HK(IFRIC)-Int 17 Distributions of Non-cash Assets to Owners HK(IFRIC)-Int 18 Transfers of Assets from Customers HK(IFRIC)-Int 19 Extinguishing Financial Liabilities with Equity Instruments HK(IFRIC)-Int 20 Stripping Costs in the Production Phase of a Surface Mine HK(SIC)-Int 10 Government Assistance No Specific Relation to Operating Activities HK(SIC)-Int 25 Income Taxes Changes in the Tax Status of an Entity or its Shareholders HK(SIC)-Int 29 Service Concession Arrangements: Disclosures HK(SIC)-Int 31 Revenue Barter Transactions Involving Advertising Services HK(SIC)-Int 32 Intangible Assets Web Site Costs Narrative shown on the left-hand side of each page indicates the applicable HKFRS paragraphs, the hong kong Companies Ordinance and rules of the Stock Exchange or other regulatory bodies that describe the specific disclosure requirements.

7 In certain cases, for the purpose of this document, the requirements have been paraphrased. Reference should be made to the source for the complete text. The information shown may not present every applicable disclosure requirement. Additional illustrative disclosures which are not applicable to hong kong Listed Limited are highlighted in grey on the right- hand pages for reference. A Listed company needs to comply with the minimum disclosure requirements as specified in Appendix 16 of the Listing Rules (GEM Rules Chapter 18). A Listed company which is not incorporated in hong kong is also required to comply with the disclosure requirements of the hong kong Companies Ordinance and subsidiary legislation (A16(28)) (GEM Rules and ). This publication does not include all the disclosures required by the Listing Rules and the hong kong Companies Ordinance. The disclosures presented in these illustrative financial statements are examples only.

8 Actual disclosures should reflect the particular circumstances of the entity concerned. In addition, there may be more than one way in which disclosures can be made whilst still complying with HKFRSs or other requirements. In case of doubt as to the disclosure requirements, reference should be made to the relevant source. (iii). HKAS 1 refers to a statement of financial position and a statement of profit or loss and other comprehensive income or a statement of profit or loss . HKAS 1 allows an entity to use titles for the statements other than those used in HKAS 1. For example, an entity may use the title statement of comprehensive income instead of statement of profit or loss and other comprehensive income (HKAS ). Concerning the use of the terms Mainland China and People's Republic of China/PRC in the main body (right-hand pages) of these financial statements, the term People's Republic of China/PRC has only been used when referring to a legal status, such as for a company established/registered in the PRC.

9 Elsewhere in the financial statements, the term Mainland China has been used, as in the subsidiary's operations are in Mainland China . The purpose of this wording is to differentiate between hong kong and Mainland China, as both form part of the PRC. (Where the left-hand page disclosure requirements refer to the PRC , this has been left as it is, to accurately reflect the wording of the source document.). (iv). hong kong Financial Reporting Standards The term HKFRSs is defined in the Preface to hong kong Financial Reporting Standards to include all hong kong Financial Reporting Standards, hong kong Accounting Standards ( HKASs ) and Interpretations approved by the Council of the HKICPA and currently in issue . Therefore, when the financial statements are described as complying with HKFRSs, this means that they comply with the entire hierarchy of pronouncements issued by the HKICPA, including HKASs, hong kong Financial Reporting Standards and Interpretations.

10 Abbreviations: AB Accounting Bulletin issued by the HKICPA. AG Accounting Guideline issued by the HKICPA. A16 Appendix 16 of the Rules Governing the Listing of Securities on the MB of the Stock Exchange BP Best practice C(DR) Section X of the Companies (Directors' Report) Regulation (Cap. 622D). C(DIBD) Section X of the Companies (Disclosure of Information about Benefits of Directors) Regulation (Cap. 622G). ChXX Chapter XX of the Rules Governing the Listing of Securities on the MB of the Stock Exchange CP The Code Provisions on corporate governance practices contained in Appendix 14 of the Rules Governing the Listing of Securities on the MB of the Stock Exchange (Appendix 15 of GEM). GEM The Rules Governing the Listing of Securities on the GEM of the Stock Exchange HKAS hong kong Accounting Standard issued by the HKICPA. HKAS Paragraph X of hong kong Accounting Standard 1. HKAS Paragraph X of hong kong Accounting Standard 23.


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