Page 127 - 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)

Financial instruments (continued) ږፄʈՈ€ᚃ

Financial assets (continued) ږፄ༟ପ€ᚃ

Impairment of financial assets (upon application HKFRS 9 with ږፄ༟ପಯ࠽€࣬ኽڝൗ2ʕٙཀ
transitions in accordance with note 2) (continued) ನૢಛમ͜࠰ಥৌਕజѓ๟ۆୋ
9໮ࣛ€ᚃ

(i) Significant increase in credit risk (continued) (i) ڦ൲ࠬᎈɽషᄣ̋€ᚃ

The Council regularly monitors the effectiveness of ͉֛҅ಂ္છᆽ֛ڦ൲ࠬᎈ
the criteria used to identify whether there has been a ݊щɽషᄣ̋ʘᅺ๟ٙϞࣖ
significant increase in credit risk and revises them as ׌dԨආБቇࣛࡌࠈd˸ᆽ
appropriate to ensure that the criteria are capable of ڭᅺ๟ঐ੄ᗆйږᕘགྷಂۃ
identifying significant increase in credit risk before the ٙڦ൲ࠬᎈɽషᄣ̋f
amount becomes past due.

(ii) Definition of default (ii) ༼ߒʘ່֛

For internal credit risk management, the Council considers ࿁׵ʫ௅ڦ൲ࠬᎈ၍ଣd຅
an event of default occurs when information developed ʫ௅ٙ༟ৃڌ׼වਕɛʔ˄
internally indicates that the debtor is unlikely to pay its ̙ঐΌᕘ˕˹වᛆɛdܼ̍
creditors, including the Council, in full (without taking into ͉҅€ʔϽᅇ͉҅ܵϞٙ΂
account any collaterals held by the Council). Оתץيd͉҅ਗ਼ൖމ೯
͛༼ߒԫ΁f

Irrespective of the above, the Council considers that ʔሞɪࠑʱؓνОdν؈ږ
default has occurred when a financial asset is more than ፄ༟ପ೯͛གྷಂ൴ཀ90˂d
90 days past due unless the Council has reasonable ͉҅ѩႩމʊ೯͛༼ߒdৰ
and supportable information to demonstrate that a more ڢ͉҅ϞΥଣ̙˕౪ٙ༟ৃ
lagging default criterion is more appropriate. ڌ׼༈ഃઋرቇ͜һ̋ᄱᕦ
ٙ༼ߒᅺ๟f

Hong Kong Council for Accreditation of Academic and Vocational Qualifications 127
࠰ಥኪஔʿᔖุ༟ዝ൙ᄲ҅