Ten new IAS-equivalent standards adopted in Hong Kong

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19 Apr 2004

The Council of the Hong Kong Society of Accountants has adopted 10 new accounting standards and one interpretation that are identical in content to their IAS and SIC counterparts.

These were previously approved by the Financial Accounting Standards Committee (FASC). Moreover, Hong Kong standards are being renamed and renumbered to conform to IASB numbering. The new Hong Kong pronouncements are:

  • HKAS 1 Presentation of Financial Statements
  • HKAS 2 Inventories
  • HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • HKAS 10 Events after the Balance Sheet Date
  • HKAS 16 Property, Plant and Equipment
  • HKAS 21 The Effects of Changes in Foreign Exchange Rates
  • HKAS 27 Consolidated and Separate Financial Statements
  • HKAS 28 Investments in Associates
  • HKAS 29 Financial Reporting in Hyperinflationary Economies
  • HKAS 33 Earnings per Share
  • HKAS-Int 12 Consolidation - Special Purpose Entities

Remaining convergence issues are currently being dealt with by the FASC.

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