Page 111 - HKCAAVQ AR 2018-19

Financial Report ৌਕజѓ

Notes to the Financial Statements (continued)
ৌਕజڌڝൗ€ᚃ

For the year ended 31 March 2019 ࿚Їɚཧɓɘϋɧ˜ɧɤɓ˚˟ϋܓ

2. Application of New and 2. Ꮠ͜อࠈʿ຾ࡌࠈ࠰
Amendments to Hong Kong ಥৌਕజѓ๟ۆ€˜࠰
Financial Reporting Standards ಥৌਕజѓ๟ۆ™
(“HKFRSs”) (continued) €ᚃ

HKFRS 16 Leases (continued) ࠰ಥৌਕజѓ๟ۆୋ16໮
ॡ༣€ᚃ

The application of new requirements may result in changes Ꮠ͜อࠅӋ̙ঐኬߧɪࠑٙࠇ
in measurement, presentation and disclosure as indicated ඎeΐజձמᚣʘᜊһf͉҅͂ၑ
above. The Council intends to elect the practical expedient to ፯኿ک׵ྼਕ዁Ъٙ˙ج˸ਗ਼࠰
apply HKFRS 16 to contracts that were previously identified ಥৌਕజѓ๟ۆୋ16໮Ꮠ͜׵˸
as leases applying HKAS 17 and not apply this standard to ۃᏐ͜࠰ಥึࠇ๟ۆୋ17໮ʘΥ
contracts that were not previously identified as containing a ߒdϾʔਗ਼༈๟ۆᏐ͜׵˸ۃᏐ͜
lease applying HKAS 17 and HK(IFRIC) – Int 4. Therefore, ࠰ಥึࠇ๟ۆୋ17໮ձ࠰ಥ€਷
the Council will not reassess whether the contracts are, or ყৌਕజѓ༕ᙑ։ࡰึÑ༕ᙑ
contain a lease which already existed prior to the date of ୋ4໮͊஗ᗆйމ̍ўॡ༣ٙΥ
initial application. Furthermore, the Council intends to elect ߒfΪϤd࿁׵࠯ϣੂБ˚ۃʊπ
the modified retrospective approach for the application of ίٙΥΝd͉҅ਗ਼ʔࠠอ൙ПՉ݊
HKFRS 16 as lessee and will recognise the cumulative effect щމॡ༣א٫̍ўॡ༣f̤̮d͉
of initial application to opening retained profits without restating ҅͂ၑЪމוॡɛમ͜຾ࡌҷٙ
comparative information. ৛๑جԸᏐ͜࠰ಥৌਕజѓ๟ۆ
ୋ16໮dԨਗ਼׵࠯ϣᏐ͜˚ٙଢ଼
ጐᅂᚤᆽႩЇಂڋवπϗूϾ͊
࿁ˢ༰༟ৃ̋˸ࠠΐf

Amendments to HKAS 1 and HKAS 8 ࠰ಥึࠇ๟ۆୋ1໮€ࡌ
Definition of Material ࠈʿ࠰ಥึࠇ๟ۆୋ8
໮€ࡌࠈࠠࠅ׌່֛ٙ

The amendments provide refinements to the definition of ༈ࡌࠈ͉࿁ࠠࠅ׌່֛ٙආБə
material by including additional guidance and explanations in ࡌҷdίЪ̈ྼሯ׌кᓙࣛ̋ɝܸ
making materiality judgements. The amendments also align the ˏձ༆ᙑ޴ᗫʫ࢙f༈ࡌࠈ͉ၾ
definition across all HKFRSs and will be mandatorily effective הϞ࠰ಥৌਕజѓ๟ۆ່֛ٙɓ
for the Council’s annual period beginning on 1 January 2020. ߧdԨਗ਼ί͉҅׵ɚཧɚཧϋɓ˜
The application of the amendments is not expected to have ɓ˚ৎϋܓʫ੶Փ͛ࣖfᏐ͜༈ࡌ
significant impact on the financial position and performance of ࠈ͉ཫಂʔึ࿁͉҅ٙৌਕًر
the Council but may affect the presentation and disclosures in ձุᐶପ͛ࠠɽᅂᚤdШ̙ঐᅂᚤ
the financial statements. ৌਕజڌٙΐజձמᚣf

Hong Kong Council for Accreditation of Academic and Vocational Qualifications 111
࠰ಥኪஔʿᔖุ༟ዝ൙ᄲ҅