Free Seminars

FREE Calculation Tools for Long Service Payment (2/2024)

Two FREE calculation tools are available in the market that assist employers in calculating LSP obligations and the negative service costs.

HKAS 1: Materiality of accounting policy disclosures (1/2024)

Only disclose material accounting polices and discourage boilorplate disclosures

Accounting implications of the Abolition of the MPF-LSP Offsetting Mechanism (10/2023)

Start from 1.5.2023, the employer's mandatory contribution of MPF can no longer used to offset the long service payment owe to the employees.

Application of HKFRS for Private Entities (10/2023)

An entity can use HKFRS for Private Entities if it has no public accountability

Lessor Forgiveness of Lease Payment (5/2023)

How to account for forgiveness of lease payment when specific clause of lease concession is stipulated in the lease contract?

Subscription of softwares (2023 Clarification)

Should the subscription of softwares be treated as HKFRS16 Leases or HKAS38 Intangible Assets?

2023 Update - HKAS 12 Income Tax

Amendments to HKAS 12 -Deferred Tax related to Assets and Liabilities arising from a Single Transaction

HKFRS 9 - Expected Credit Losses Model (7/2022)

Financial instruments are subject to impairment review by applying the ‘Expected Credit Losses Model’ (ECL)

Development costs of websites (2023 Clarification)

Should the development costs of websites be capitalized or expensed to income statement?

HKFRS 13 Fair Value Measurement (2022 Clarification)

IFRS 13 Fair Value Measurement applies when another IFRS requires or permits fair value measurements, either in the primary statements themselves or in the footnotes.

HKFRS 3 Business Combination (2022)

Amendments to paragraph 3.23 to clarify the identifiable liabilities to be recognized in business combination to avoid Day-2 gain or loss.

HKFRS 16 - Treatment of Rental Deposit

Should rental deposit be capitalized as ROU assets? It depends on the rental deposit is refundable or not.


2022 update - HKAS 37 Provision of onerous contract

Incremental costs of fulfilling that contract and an allocation of other costs relate directly to fulfilling contracts are to be included in assessing onerous contracts.


2022 update - HKFRS 16 Cost capitalized in PPE

Amendments prohibit the deduction of amounts received from selling items produced while the company is preparing the asset for its intended use from the cost of PPE.