Hong Kong Financial Reporting Standards — Illustrative Annual Financial Statements 2012
Deloitte's Asia-Pacific IFRS Centre of Excellence in Hong Kong has published Hong Kong Financial Reporting Standards — Illustrative Annual Financial Statements 2012, which aims to provide useful guidance to preparers of financial statements reporting under Hong Kong Financial Reporting Standards (HKFRSs).
Specifically, this publication contains a set of illustrative annual financial statements for the year ended 31 December 2012 of an hypothetical entity with its shares listed on The Stock Exchange of Hong Kong Limited that are prepared in accordance with HKFRSs and the relevant disclosure requirements set out in the Hong Kong Companies Ordinance and the Listing Rules.
The illustrative annual financial statements reflect the impact of the application of some key amendments to HKFRSs that are mandatorily effective for 2012 (e.g. amendments to HKAS 12 Deferred Tax: Recovery of Underlying Assets).
A couple of appendices are also included in this publication in order to give examples of the early application of a number of new and revised standards that are not yet mandatorily effective on 1 January 2012: they include the amendments to HKAS 1 Presentation of Items of Other Comprehensive Income and the package of five new and revised standards on consolidation, joint arrangements, associates and disclosures that were issued in 2011 and revised in 2012.
