IFRS for SMEs Section 1 Small and Medium-sized Entities: IFRS IAS 1 Presentation of Financial Statements: Scope An SME is defined as an entity that: • Does not have public accountability and • Publishes general-purpose financial statements for external users.

Convergence to IFRS and SME-FRS 28 August 2006 Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA HKFRS (even if no guidance in SME-FRS) No fallback to Main HKFRS (even if no guidance in SME-FRS) SelfSelf-contained-contained Historical …

- Amortised cost basis - Fair value basis. Fair value basis is required/permitted in the following areas: - investments in associates and joint ventures that an entity measures at fair value. 2018-11-16 · use HKFRS or, if they are incorporated outside Hong Kong, to use IFRS Standards as issued by the IASB Board. An SME (as defined in the .

IFRS for SMEs – goodwill is amortised over its useful life. Where this can’t be reliably estimated, a useful life of 10 years is assumed. IFRS 1 requires an entity’s first IFRS financial statements to include at least one year of comparative information under IFRSs. Some preparers and auditors of SMEs’ financial statements explained to the Board that a requirement to prepare restated prior period data in all cases would be burdensome for SMEs adopting the IFRS for SMEs for the first time. The new IFRS 16 Leases changed the accounting treatment of leases for entities applying the full International Financial Reporting Standards. However, lease accounting under the IFRS for SMEs was not affected and stayed the same. In periods of change it is often good to just sit back and remember the things we know.

developed SME-FRF&FRS. For clarity and differentiation, this HKFRS which is based on “IFRS for SMEs” is to be called “Hong Kong Financial Reporting 14 Nov 2018 Back in 2016, the International Accounting Standards Board (IASB) announced changes to International Financial Report Standards (IFRS). 30 Jan 2017 As a result, the current IAS 17 based lease accounting rules in IFRS for SMEs will continue to apply to those companies that use it for some time Appendix 1: IFRS for SMEs and UK Accounting Standards.

2018-11-16

This High Level Comparison is intended for general guidance only. An SME (as defined in the IFRS for SMEs Standard) in Hong Kong also has the option to adopt the HKFRS for Private Entities, which is nearly identical to the IFRS for SMEs Standard. Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has the option to use the Hong Kong Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard (SME-FRF & SME-FRS). HKFRS No. Title IFRS No. Differences in Transitional Provisions Differences in Effective Dates Other Textual Differences HKFRS 1 Revised First-time Adoption of Hong Kong Financial Reporting Standards IFRS 1 Revised No No, except para 39a specifies that paras B2 to B6 and D18 of HKFRS 1 (IFRS 1) are effective for AP beginning on or after 1 IASB ED of proposed IFRS for SMEs HK SME-FRF & SME-FRS • No quantified size criteria.

An SME (as defined in the IFRS for SMEs Standard) in Hong Kong also has the option to adopt the HKFRS for Private Entities, which is nearly identical to the IFRS for SMEs Standard. Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has the option to use the Hong Kong Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard (SME-FRF & SME-FRS).

FAQ 3.3, Criterion #1: Can reductions in lease payments that are linked to other conditions (eg commodity prices 2009-07-09 IASB ED of proposed IFRS for SMEs HK SME-FRF & SME-FRS - price risk of a commodity or in a firm commitment or highly probable forecast transaction to purchase or sell a commodity; or - foreign exchange risk in a net investment in a foreign operation. (Proposed IFRS for SMEs 11.31) (SME-FRS 15.6 - 7) Section 13 Investments in Associates SME Implementation Group The IFRS Foundation formed an SME Implementation Group (SMEIG) in September 2010 following a public call for nominations. Its members have two main responsibilities: • to develop and publish questions and answers as non-mandatory guidance issued by the SMEIG for 2019-07-16 2018-02-27 IFRS for small and medium-sized entities with ‘full IFRS’ issued up to July 2009. An executive summary outlines The definition of an SME is therefore based on the nature of an entity rather than on its size. The standard is applicable immediately.

Appendix V enture. (Amendments to IFRS 10 and IAS 28). Indefinitely deferred. The Small and Medium-Sized Entities (SMEs) Financial Reporting The HKFRS and HKSA have been developed to achieve convergence with IFRS. ; Key Listed companies and financial institutions are required to apply Hong Kong Financial Reporting Standards (HKFRS) which are virtually identical to IFRS Online Seminar: Covid-19-Related Rent Concessions Amendment to HKFRS 16 on Pro-Forma Financial Statements (Under both HKFRS and SME-FRS) for Year Recap the latest updates on Financial Reporting Standards and discuss Standard (“HK SME-FRF & SME-FRS”) and generally does not cover differences in disclosure requirements in both standards.
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IFRS for SMEs. Standard. Additionally, a Hong Kong incorporated company that is not a holding company or a subsidiary in itself has Certain topics of the HKFRS have been omitted in the SME-FRS, as they are not relevant to typical SMEs.

IFRS for SMEs – applies a purchase method of accounting for business combinations whereas IFRS3 applies the acquisition method to account for business combinations. IFRS for SMEs – goodwill is amortised over its useful life. Where this can’t be reliably estimated, a useful life of 10 years is assumed. IFRS for SMEs Section 1 Small and Medium-sized Entities: IFRS IAS 1 Presentation of Financial Statements: Scope An SME is defined as an entity that: • Does not have public accountability and • Publishes general-purpose financial statements for external users.
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2021-04-20

Effective from financial year beginning on or after 1 February 2019, section 359 of the new Companies Ordinance extends the There are some extremely notable differences between full International Financial Reporting Standards (IFRS) and the IFRS for Small-Medium Enterprises (IFRSSME). These are set out in the following table in the following order of Issue: application of IFRSSME; statement of cash flows; accounting policies, changes in accounting estimates and errors; IFRS for SMEs – applies a purchase method of accounting for business combinations whereas IFRS3 applies the acquisition method to account for business combinations. IFRS for SMEs – goodwill is amortised over its useful life.

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View 2—the IFRS for SMEs Standard should provide a stable platform that is only updated for specific problems brought to the Board’s attention. The benefits of this approach are as follows: It maintains a stable platform—it minimises disruption and the cost of a significant update for entities applying the IFRS for SMEs Standard

Some preparers and auditors of SMEs’ financial statements explained to the Board that a requirement to prepare restated prior period data in all cases would be burdensome for SMEs adopting the IFRS for SMEs for the first time. 2021-04-10 · The IFRS for SMEs Standard reflects five types of simplifications from full IFRS Standards: some topics in full IFRS Standards are omitted because they are not relevant to typical SMEs; some accounting policy options in full IFRS Standards are not allowed because a more simplified method is available to SMEs; many of the recognition and measurement Convergence to IFRS and SME-FRS 28 August 2006 HKFRS (even if no guidance in SME-FRS) No fallback to Main (HKAS 1 and 8 vs.