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In this newsletter, we look at the following topic:
Reclassification of financial assets - Amendments to HKAS 39 Financial Instruments: Recognition and Measurement and HKFRS 7 Financial Instruments: Disclosures
The International Accounting Standards Board has issued amendments to IAS 39, 'Financial instruments: Recognition and measurement', and IFRS 7, 'Financial instruments: Disclosure', which permit the reclassification of some financial assets. The amendments were issued on 13 October 2008 as an urgent response to the current financial crisis. The HKICPA will adopt the IASB amendments for the equivalent HKFRSs. The Hong Kong Amendments will be issued in due course with the same effective date as the IASB Amendments, which is 1 July 2008.
For a discussion of the Hong Kong Profits Tax issues arising from the reclassification of these financial assets, please refer to our Hong Kong Tax News Flash (Nov 2008, Issue 1) entitled "Reclassification of financial assets - What does that mean for tax?".
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Read more by downloading our HKFRS News - Nov 2008 Supplement (pdf file, 57KB) for your reference.
Note: HKFRS has converged with IFRS effective from 1 January 2005. Contents contained in this newsletter are relevant to both HKFRS preparers and IFRS preparers.
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