March 2006
In this newsletter, we look at the following topics:
1. PRC Accounting Standards Convergence Commentary - "Best or Worst of Times?"
The Chinese Ministry of Finance has made a key move to join the world stage. Companies need to start their planning now to make a smooth transition to adopt new Chinese Accounting Standards in 2007 - the challenge should not be underestimated.
2. HKAS 21 amendments
In January 2006, the HKICPA released changes to HKAS 21, The Effects of Changes in Foreign Exchange Rates, as an amendment to the standard. The changes are effective for annual periods commencing on or after 1 January 2006. Early application is encouraged. The changes relate to inter-company loans that fund foreign operations. They address concerns raised by constituents that the definition of a net investment was too restrictive and unclear in the previous version of the standard.
3. IASB project update
4. IFRIC agenda decisions
- IFRS 3 Business Combination - Whether a New Entity that pays Cash can be identified as the Acquirer;
- IAS 17 Leases - Time pattern of user's benefit from an operating lease; and
- IAS 39 Financial Instruments: Recognition and Measurement - Retention of servicing rights.
Read more by downloading the pdf file below.
Note: HKFRS has converged with IFRS effective from 1 January 2005. Contents contained in this newsletter are also relevant to IFRS preparers.
Find Out More
If you would like to have more information on the above, please contact Gladys Lau, +852 2289 2976, email me.
Get Your Copy Here
Download our HKFRS News - March 2006 (pdf file, 180KB) for your reference.
Related Pages
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