Hong Kong Financial Reporting Standards — Financial Statements 2005: A Practical Guide for Preparers
1 January 2005 marked the beginning of a new era for the setting of Hong Kong Financial Reporting Standards (HKFRSs).
On that date, the suite of Accounting Standards in Hong Kong became fully harmonised with International Financial Reporting Standards (IFRSs), except for a few minor differences. This process resulted in the revision of numerous Standards and Interpretations and the issuance of several brand new Standards and Interpretations. The cumulative effect of these revisions and new Standards is that entities are being required to rewrite substantially their financial statements in 2005.
The objective of this guide is to provide assistance with the process of drafting those financial statements. This publication draws on our experience of the presentation and disclosure requirements of the new and revised Standards and their international equivalents and, in particular, of the understanding that we have gained by closely monitoring the drafting process. It deals with issues that we have faced, and overcome – in the hope that we can help readers to avoid those pitfalls.This publication includes 2005 HKFRS model financial statements, a presentation and disclosure checklist for 2005 and a section which gives a summary of the key changes made to the listing rules which affect the disclosure and presentation of information in the 2005 annual report.
