Page 120 - HKCAAVQ AR 2018-19
P. 120

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)


                    Provisions (continued)                                     ᅡ௪€ᚃ


                    The amount recognised as a provision is the best estimate of   ᆽႩމᅡ௪ٙږᕘ€ܼ̍ࠠଡ଼ପ͛
                    the consideration required to settle the present obligation at the   ٙᅡ௪މ׵జѓಂ͋ࣛᄵБତࣛ
                    end of the reporting period, taking into account the risks and   ப΂הც˾ᄆٙ௰ԳПࠇd຅ʕʊ
                    uncertainties surrounding the obligation. When a provision is   Ͻᅇၾப΂Ϟᗫٙࠬᎈʿʔᆽ֛
                    measured using the cash flows estimated to settle the present   Ϊ९fࡊᅡ௪˸ПࠇᄵБତࣛப΂
                    obligation, its carrying amount is the present value of those   ٙତږݴඎࠇඎࣛdՉሪࠦ࠽މ༈
                    cash flows (when the effect of the time value of money is   ഃତږݴඎٙତ࠽€ࡊږ፺ࣛගᄆ
                    material).                                                 ࠽ٙᅂᚤ᙮ࠠɽࣛf

                    When some or all of the economic benefits required to settle   ࡊഐ૶ᅡ௪הცʘ௅ʱאΌ௅຾
                    a provision are expected to be recovered from a third party,   ᏶лूཫಂਗ਼Іୋɧ٫ϗΫdۆᏐ
                    a receivable is recognised as an asset if it is virtually certain   ϗಛධ׵ટڐٵ֛̙ϗΫಛධ˲
                    that reimbursement will be received and the amount of the   ঐ̙ቦࠇඎᏐϗಛධږᕘࣛᆽႩ
                    receivable can be measured reliably.                       މ༟ପf

                    Financial instruments                                      ږፄʈՈ


                    Financial assets and financial liabilities are recognised when the   ږፄ༟ପʿږፄࠋවɗ׵͉҅ϓ
                    Council  becomes a  party  to  the  contractual provisions of the   މʈՈΥߒૢ˖ٙࠈߒ˙ࣛᆽ
                    instruments.                                               Ⴉf

                    Financial assets and financial liabilities are initially measured at   ৰၾ܄˒ʘගٙΥߒପ͛ٙᏐϗ
                    fair value except for accounts receivable arising from contracts   ሪಛ̮€Іɚཧɓɞϋ̬˜ɓ˚ৎ
                    with customers which are initially measured in accordance   ܲ๫࠰ಥৌਕజѓ๟ۆୋ15໮ආ
                    with HKFRS 15 since 1 April 2018. Transaction costs that are   Бڋ֐ࠇඎdږፄ༟ପʿږፄࠋ
                    directly attributable to the acquisition or issue of financial assets   වڋӉܲʮʪᄆ࠽ࠇඎdϗᒅא೯
                    and financial liabilities are added to or deducted from the fair   Бږፄ༟ପʿږፄࠋවٜટᏐЦ
                    value of the financial assets or financial liabilities, as appropriate,   ٙʹ׸ϓ͉ɗ׵ڋӉᆽႩࣛ̋ɝ
                    on initial recognition.                                    ږፄ༟ପאږፄࠋවٙʮʪᄆ࠽
                                                                               אІږፄ༟ପאږፄࠋවٙʮʪ
                                                                               ᄆ࠽ϔৰf













               120      Hong Kong Council for Accreditation of Academic and Vocational Qualifications
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