Page 113 - 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€ᚃ
(continued)

Basis of preparation (continued) ᇜႡਿ๟€ᚃ

In addition, for financial reporting purposes, fair value Ϥ̮dఱৌਕజѓϾԊdʮʪᄆ࠽
measurements are categorised into Level 1, 2 or 3 based on ࠇඎ࣬ኽʮʪᄆ࠽ࠇඎٙ፩ɝᅰ
the degree to which the inputs to the fair value measurements ኽ̙ᝈ࿀೻ܓʿʮʪᄆ࠽ࠇඎٙ
are observable and the significance of the inputs to the fair value ፩ɝᅰኽ࿁Չ዆᜗ٙࠠࠅ׌ʱᗳ
measurement in its entirety, which are described as follows: މୋɓॴeୋɚॴאୋɧॴd฿ࠑ
νɨj

• Level 1 inputs are quoted prices (unadjusted) in active • ୋɓॴ፩ɝᅰኽܸ༈ྼ᜗׵
markets for identical assets or liabilities that the entity can ࠇඎ˚ಂ̙˸՟੻ٙ޴Ν༟
access at the measurement date; ପאࠋව׵ݺᚔ̹ఙٙజᄆ
€͊຾ሜ዆i

• Level 2 inputs are inputs, other than quoted prices • ୋɚॴ፩ɝᅰኽܸఱ༟ପא
included within Level 1, that are observable for the asset ࠋවٜટאගટή̙ᝈ࿀ٙ
or liability, either directly or indirectly; and ፩ɝᅰኽ€ୋɓॴʫܼ̍ٙ
జᄆৰ̮iʿ

• Level 3 inputs are unobservable inputs for the asset or • ୋɧॴ፩ɝᅰኽܸ༟ପאࠋ
liability. වٙʔ̙ᝈ࿀፩ɝᅰኽf

The principal accounting policies are set out below. ˴ࠅึࠇ݁ഄ༱ΐνɨf

Revenue from contracts with customers ԸІ܄˒Υߒʘϗू€࣬
(upon application of HKFRS 15 in ኽڝൗ2ʕٙཀನૢಛᏐ
accordance with transitions in note 2) ͜࠰ಥৌਕజѓ๟ۆୋ15
໮

Under HKFRS 15, the Council recognises revenue when (or ࣬ኽ࠰ಥৌਕజѓ๟ۆୋ15໮d
as) a performance obligation is satisfied, i.e. when “control” of ͉҅׵ҁϓᄵߒ່ਕࣛ€אఱϤ
the goods or services underlying the particular performance ᆽႩϗूdу׵त֛ᄵߒப΂޴ᗫ
obligation is transferred to the customer. ٙ஬ۜא؂ਕٙ˜છՓᛆ™ᔷᜫʚ
܄˒ࣛf

A performance obligation represents a good or service (or a ᄵߒ່ਕܸ݊ɓධ׼ᆽٙਠۜא
bundle of goods or services) that is distinct or a series of distinct ؂ਕ€אεධਠۜא؂ਕאɓӻ
goods or services that are substantially the same. ΐྼሯ޴Νٙ׼ᆽਠۜא؂ਕf

Hong Kong Council for Accreditation of Academic and Vocational Qualifications 113
࠰ಥኪஔʿᔖุ༟ዝ൙ᄲ҅