Page 98 - 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

2.1 HKFRS 15 Revenue from Contracts 2.1 ࠰ಥৌਕజѓ๟ۆୋ
with Customers 15໮ԸІ܄˒Υߒʘ
ϗू

The Council has applied HKFRS 15 for the first time in the ͉҅׵І͉ึࠇಂගৎ࠯ϣ
current year. HKFRS 15 superseded HKAS 18 Revenue, Ꮠ͜࠰ಥৌਕజѓ๟ۆୋ15
HKAS 11 Construction Contracts and the related ໮f࠰ಥৌਕజѓ๟ۆୋ15
interpretations. ໮ʊ՟˾࠰ಥึࠇ๟ۆୋ18
໮˜ϗू™e࠰ಥึࠇ๟ۆୋ
11໮˜ܔጘΥߒ™ʿ޴ᗫ༕
ᙑf

The Council has applied HKFRS 15 retrospectively ͉҅મ͜৛๑جᏐ͜࠰ಥৌ
with the cumulative effect of initially applying this ਕజѓ๟ۆୋ15໮dԨ׵࠯
Standard recognised at the date of initial application, ϣᏐ͜˚ɚཧɓɞϋ̬˜ɓ
1 April 2018. Any difference at the date of initial ˚ᆽႩᏐ͜༈๟ۆପ͛ٙଢ଼
application is recognised in the opening retained profits ࠇᅂᚤf࠯ϣᏐ͜˚ٙ΂О
and comparative information has not been restated. ࢨମਗ਼ᆽႩމಂڋवπϗ
Furthermore, in accordance with the transition provisions ूdΝࣛʔึ࿁ˢ༰༟ৃආ
in HKFRS 15, the Council has elected to apply the Бࠠࠑf̤̮d࣬ኽ࠰ಥৌ
Standard retrospectively only to contracts that are ਕజѓ๟ۆୋ15໮ٙཀನૢ
not completed at 1 April 2018. Accordingly, certain ಛd͉҅፯኿ස࿁ɚཧɓɞ
comparative information may not be comparable as ϋ̬˜ɓ˚֠͊ҁഐٙΥߒ
comparative information was prepared under HKAS 18 ৛๑Ꮠ͜༈๟ۆf͟׵ˢ༰
Revenue and HKAS 11 Construction Contracts and the ༟ৃ݊ܲ๫࠰ಥึࠇ๟ۆୋ
related interpretations. 18໮˜ϗू™e࠰ಥึࠇ๟ۆ
ୋ11໮˜ܔጘΥߒ™ʿ޴ᗫ
༕ᙑᇜՓdΪϤdत֛ٙˢ
༰༟ৃ̙ঐʔՈϞ̙ˢ׌f

The Council recognises revenue from the following major ͉҅ᆽႩၾ܄˒ᖦࠈٙΥߒ
sources which arise from contracts with customers: ପ͛ٙɨΐ˴ࠅԸ๕ʘϗ
ूj

• Accreditation services fees • ൙ᄲ؂ਕ൬
• Advisory services fees • ፔ༔؂ਕ൬
• Consultancy services fees • ᚥਪ؂ਕ൬
• Qualifications assessment fees • ༟ዝ൙П൬
• Qualifications registry fees • ༟ዝΤ̅൬

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