Hong Kong GAAP: A Master Guide to Hong Kong

Author Patrick P H Ng, Author Ng Eng Juan

The new Hong Kong GAAP: A Master Guide to Financial Reporting Standards 2023 (17th Edition) is
a comprehensive, practical and up-to-date commentary on the Hong Kong Financial Reporting
Standards. This Master Guide also serves as a useful and irreplaceable reference for auditors
and accounting professionals when analysing the financial statements of corporations.
The 17th Edition has been updated in light of recent changes to relevant Hong Kong Financial
Reporting Standards (HKFRS), including the following:
■ Property, Plant and Equipment – Proceeds before Intended Use (Amendments to HKAS 16)
■ Onerous Contracts – Cost of Fulfilling a Contract (Amendments to HKAS 37 Provisions,
Contingent Liabilities and Contingent Assets)
■ Reference to the Conceptual Framework (Amendments to HKFRS 3 Business Combinations)
■ Classification of Liabilities as Current or Non-current (Amendments to HKAS 1 Presentation of
Financial Statements)
■ Definition of a Business (Amendments to HKFRS 3)
■ Definition of Material (Amendments to HKAS 1 and HKAS 8)
■ Interest Rate Benchmark Reform – Phase 1 (Amendments to HKFRS 9 and HKFRS 7)
■ Amendments to HKFRS 17 Insurance Contracts
■ HK-Int 5 (2020) Presentation of Financial Statements – Classification by the Borrower of
a Term Loan that Contains a Repayment on Demand Clause
■ Interest Rate Benchmark Reform – Phase 2 (Amendments to HKFRS 9, HKFRS 7 and HKFRS 16)
■ Covid-19-Related Rent Concessions beyond 30 June 2021 (2021 Amendment to HKFRS 16 Leases)
■ Amendments to HKFRS 1 (Disclosure of Accounting Policies)
■ Amendments to HKAS 8 (Definition of Accounting Estimates)
■ Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments to HKAS 12 Income Taxes)
■ Non-current Liabilities with Covenants (Amendments to HKAS 1 Presentation of Financial
Statements) (2022 Amendments)
In addition, the 17th Edition includes updates on Annual Improvements to HKFRS for
“2018-2020” cycle

Author Patrick P H Ng, Author Ng Eng Juan

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