Page 112 - 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

3. Significant Accounting Policies 3. ˴ࠅึࠇ݁ഄ

Statement of compliance జѓ๟ۆ

The financial statements have been prepared in accordance ͉ৌਕజڌʊ຾ܲ๫࠰ಥึࠇࢪ
with all applicable HKFRSs, the collective term which includes ʮึ཯бʘהϞቇٙ͜࠰ಥৌ
all applicable individual HKFRSs, Hong Kong Accounting ਕజѓ๟ۆ‘ϾᇜႡdϤ୕၈̍
Standards (“HKASs”) and Interpretations issued by the HKICPA ў࠰ಥึࠇࢪʮึ཯бٙהϞቇ
and accounting principles generally accepted in Hong Kong. ٙ͜ࡈй࠰ಥৌਕజѓ๟ۆ‘e
࠰ಥึࠇ๟ۆ‘ձ༕ᙑ˸ʿ࠰
ಥ౷ཁમॶٙึࠇࡡۆf

Basis of preparation ᇜႡਿ๟

The financial statements have been prepared on the historical ৌਕజڌɗ˸ዝ̦ϓ͉ਿ๟ᇜ
cost basis except for certain financial instruments that are ᅠdઓ߰ʍږፄʈՈνɨ˖༱ΐٙ
measured at fair values at the end of each reporting period, as ึࠇ݁ഄהࠑ׵΢జѓಂ͋ʘʮ
explained in the accounting policies below. ʪᄆ࠽ࠇඎৰ̮f

Historical cost is generally based on the fair value of the ዝ̦ϓ͉ɓছਿ׵މ౬՟஬يʿ
consideration given in exchange for goods and services. ؂ਕה˕˹˾ᄆٙʮʪᄆ࠽f

Fair value is the price that would be received to sell an asset ʮʪᄆ࠽ܸ̹݊ఙਞၾ٫ʘග׵
or paid to transfer a liability in an orderly transaction between ࠇඎ˚ಂආБٙϞҏʹ׸ʕ̈ਯ
market participants at the measurement date, regardless of ɓධ༟ପהϗ՟ٙᄆࣸאᔷ୅ɓ
whether that price is directly observable or estimated using ධࠋවה˕˹ٙᄆࣸdೌሞ༈ᄆࣸ
another valuation technique. In estimating the fair value of ٜ݊ટᝈ࿀Ցٙഐ؈ᒔ݊મ͜Չ
an asset or a liability, the Council takes into account the ˼П࠽ҦஔЪ̈ٙПࠇfί࿁༟ପ
characteristics of the asset or liability if market participants אࠋවٙʮʪᄆ࠽Ъ̈Пࠇࣛd͉
would take those characteristics into account when pricing ҅Ͻᅇə̹ఙਞၾ٫׵ࠇඎ˚ಂ
the asset or liability at the measurement date. Fair value for މ༈༟ପאࠋවආБ֛ᄆࣛਗ਼ึ
measurement and/or disclosure purposes in these financial Ͻᅇٙ༈ഃतᅄfί༈ഃৌਕజڌ
statements is determined on such a basis, except for share- ʕࠇඎʿŊאמᚣٙʮʪᄆ࠽ѩ
based payment transactions that are within the scope of ܲϤਿᓾʚ˸ᆽ֛dઓ࠰ಥৌਕజ
HKFRS 2 Share-based Payment, leasing transactions that are ѓ๟ۆୋ2໮˸ٰ΅މਿᓾٙ˕˹
within the scope of HKAS 17, and measurements that have ᇍఖʫٰٙ΅˹ಛʹ׸e࠰ಥึࠇ
some similarities to fair value but are not fair value, such as net ๟ۆୋ17໮ᇍఖʫٙॡ༣ʹ׸e
realisable value in HKAS 2 Inventories or value in use in HKAS ˸ʿၾʮʪᄆ࠽ᗳЧШԨڢʮʪ
36 Impairment of Assets. ᄆ࠽ٙࠇඎ€Էν࠰ಥึࠇ๟ۆ
ୋ2໮π஬ʕ̙ٙᜊତଋ࠽א࠰ಥ
ึࠇ๟ۆୋ36໮༟ପٙಯ࠽ ʕٙ
Դ͜ᄆ࠽ৰ̮f

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