This publication 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 2010 of a 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 HKFRSs that are mandatorily effective for 2010, for example, HKFRS 3 Business Combinations and HKAS 27 Consolidated and Separate Financial Statements, as revised in 2008, as well as Hong Kong Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause. In addition to the illustrative annual financial statements, this publication also contains an overview of new and revised HKFRSs that are effective for the financial statements for the year ended 31 December 2010 and those that have been issued but not yet effective and their implication, as well as a brief regulatory update in Hong Kong.

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