Preview

Hong Kong Accounting Standard

Powerful Essays
Open Document
Open Document
11363 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Hong Kong Accounting Standard
HKAS 27 (December 2004March 2008)

Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements*

* This HKAS 27 is applicable for annual periods beginning on or after 1 January 2005 but before 1 July 2009. HKAS 27 (Revised) issued in March 2008 is applicable for annual periods beginning on or after 1 July 2009 and supersedes this HKAS 27.

1

HKAS 27

COPYRIGHT © Copyright 2008 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen 's Road East, Wanchai, Hong Kong. All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org.

© Copyright

1A

HKAS 27 (March December 20042007)

Contents Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements paragraphs SCOPE DEFINITIONS PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS Specific provisions for Hong Kong incorporated companies CONSOLIDATION PROCEDURES ACCOUNTING FOR INVESTMENTS IN SEPARATE FINANCIAL STATEMENTS DISCLOSURE Specific


References: 12A HKAS 27 (December 2007) HKAS 27 (December 2004) Basis for Conclusions HKAS 27 (MarchDecember 2004) should be available to a parent that is not wholly-owned when the owners of the minority interests have been informed about, and do not object to, consolidated financial statements not being presented HKAS 27 (MarchDecember 2004) or similar entity
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Xacc/280 Week 5 Assignment
    • 749 Words
    • 3 Pages

    Xacc/280 Week 5 Assignment

    A Financial Statement can be defined as, “Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position” (Business Dictionary, 2011). The Financial information is required for various users to make an informed Decision. “The purpose of financial information is to provide inputs for decision making” (Kimmel, Weygandt, Kieso, 2009, Para 1, p. 6). There are four different parts covered in a Financial Statement; those are Balance Sheet, Income Statement, Retained Earnings Statement, and Statement of Cash flow. The assignment will elaborate the purpose of each statement and differentiate its utility for different…

    • 749 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Acc 561 Financial Statements Differential
    • 910 Words
    • 4 Pages

    Acc 561 Financial Statements Differential

    Financial statements provide documentation of a company’s financial history for a set timeframe. One of the financial statement used by investors, creditors, and mangers is the balance sheet. The second statement used by accountant’s income statement, which is also important to shareholders. The third statement is the retained earnings statement, and the fourth financial statement is the statement of cash flows. Each financial statement has a different purpose and shows different aspects of the company’s finances. However, these financial statements are integrated and work together to provide shareholders financial information. This paper will defines the four financial statements while explaining the financial statement most suitable for either an investor, creditor, or management.…

    • 910 Words
    • 4 Pages
    Better Essays
    Read More
  • Powerful Essays

    Accounting
    • 8672 Words
    • 35 Pages

    Accounting

    Q3-3 Parent company shareholders are likely to find consolidated statements more useful. Noncontrolling shareholders may gain some understanding of the basic strength of the overall economic entity by examining the consolidated statements; however, they have no control over the parent company or other subsidiaries and therefore must rely on the assets and earning power of the subsidiary in which they hold ownership. The separate statements of the subsidiary are more likely to provide useful information to the noncontrolling shareholders.…

    • 8672 Words
    • 35 Pages
    Powerful Essays
    Read More
  • Good Essays

    Presentation of Comprehensive Income
    • 1215 Words
    • 5 Pages

    Presentation of Comprehensive Income

    The standard’s most notable change requires “entities to present items of net income and other comprehensive income either in one continuous statement – referred to as the statement of comprehensive income – or in two separate, but consecutive, statements of net income and other comprehensive income” (Doran 2). Previously, GAAP allowed entities to report components of other comprehensive income within the statement of shareholders’ equity in addition to the options above. ASU 2011-05 effectively eliminated the presentation of comprehensive income and its components in the statement of changes in equity. Recent convergence projects between FASB and IASB are requiring entities to more frequently classify items that were once accounted for elsewhere as components of other comprehensive income. Due to the increase in the number of items being reported in other comprehensive income and the potential for an even greater increase in items classified as other comprehensive income as a result of convergence projects, FASB believes these items should be displayed more prominently in the financial statements (New…

    • 1215 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Mid-Term Review: Accounting Information Systems
    • 1479 Words
    • 6 Pages

    Mid-Term Review: Accounting Information Systems

    Mid-term Review Accounting Information Systems XP Chapter 1: Accounting Information Systems and Accountant Midterm Review - Accounting Information Systems 2 Question 1 XP • Which of the following is not a means by which information improves decision making? A. Increasing information overload B. Reducing uncertainty C. Providing feedback about the effectiveness of prior decisions. D. Identifying situations requiring management action Midterm Review - Accounting Information Systems 3 Question 2 XP • The Financial Accounting Standards Board (FASB), in its Statement of Financial Accounting Concepts No. 2, has defined accounting as A. An information identification, development, measurement, and communication process. B. A way to provide adequate controls to safeguard an organization's assets…

    • 1479 Words
    • 6 Pages
    Good Essays
    Read More
  • Powerful Essays

    Notes to Financial Statements Sample
    • 2839 Words
    • 12 Pages

    Notes to Financial Statements Sample

    * PAS 1 “ Presentation of Financial Statements “ – provides a framework within which an entity assesses how to present fairly the effects of…

    • 2839 Words
    • 12 Pages
    Powerful Essays
    Read More
  • Good Essays

    China Accounting System
    • 1135 Words
    • 5 Pages

    China Accounting System

    In accounting literature, the notion of conservatism is to employ a less optimistic attitude towards handling accounting transactions or events when varied alternatives are present. The basic implication of the convention was traditionally to anticipate not profits but all losses. Therefore, a series of accounting procedures based on conservatism have been developed to account for provisional expenses and potential losses in accounting practice, such as allowances for doubtful accounts, reserves or provisions for inventory price-drops, lower of cost or market (LCM) for inventory valuation, accelerated depreciation, write-off of research and development expenditures, and so on. A widely accepted merit of the convention is thus to avoid an overstatement of assets or income in the financial statements or to provide a buffer for potential losses that may possibly occur in business operations with inherent uncertainty or risks. Overstatement in financial position or operating results led to business failures eventually and caused substantial losses to investors, creditors and other users. Responding to criticisms from the beneficiaries of financial statements, a conservative attitude emerged in practice and led to the conservatism accounting convention that has been widely accepted by accounting profession and business community since the 1930s.…

    • 1135 Words
    • 5 Pages
    Good Essays
    Read More
  • Powerful Essays

    2013IFRS EN
    • 68863 Words
    • 571 Pages

    2013IFRS EN

    These model financial statements have been prepared by the IFRS Centre of Excellence in Hong Kong, Deloitte China, with special thanks to…

    • 68863 Words
    • 571 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    accounting
    • 515 Words
    • 3 Pages

    accounting

    The information in this document is provided for general guidance only and on the understanding that it does not represent, and is not intended to be, advice. Whilst care has been taken in its preparation, it should not be used as a substitute for consultation with professional accounting, tax, legal or other advisors. Before making any decision or taking any action, you should consult with an appropriate specialist or professional. No warranty is given to the correctness of the information contained in this document, or its suitability for use by you. To the fullest extent permitted by law, no liability is accepted by the Institute of Chartered Accountants in Australia or Thomson Reuters for any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or use by any person of any material in the document.…

    • 515 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Chinese Accounting Systems and Practices
    • 26567 Words
    • 107 Pages

    Chinese Accounting Systems and Practices

    Shanghai University o f Finance a n d E c o n o m i c s…

    • 26567 Words
    • 107 Pages
    Good Essays
    Read More
  • Good Essays

    Ias 7
    • 4872 Words
    • 20 Pages

    Ias 7

    OBJECTIVE SCOPE BENEFITS OF CASH FLOW INFORMATION DEFINITIONS Cash and cash equivalents PRESENTATION OF A STATEMENT OF CASH FLOWS Operating activities Investing activities Financing activities REPORTING CASH FLOWS FROM OPERATING ACTIVITIES REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES REPORTING CASH FLOWS ON A NET BASIS FOREIGN CURRENCY CASH FLOWS INTEREST AND DIVIDENDS TAXES ON INCOME INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES CHANGES IN OWNERSHIP INTERESTS IN SUBSIDIARIES AND OTHER BUSINESSES NON-CASH…

    • 4872 Words
    • 20 Pages
    Good Essays
    Read More
  • Powerful Essays

    Ias 1
    • 11262 Words
    • 46 Pages

    Ias 1

    This revised Standard replaces IAS 1 (revised 1997) Presentation of Financial Statements and will apply for annual periods beginning on or after January 1, 2005. Earlier application is encouraged.…

    • 11262 Words
    • 46 Pages
    Powerful Essays
    Read More
  • Good Essays

    Accounting Standard 10
    • 12260 Words
    • 50 Pages

    Accounting Standard 10

    OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements of Cost Measurement of Cost MEASUREMENT AFTER RECOGNITION Cost Model Revaluation Model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Paragraphs 1 2-5 6 7-15 11-12 13-15 16-30 17-23 24-30 31-66 32 33-43 44-63 49-60 61-63 64…

    • 12260 Words
    • 50 Pages
    Good Essays
    Read More
  • Powerful Essays

    Accounting Standards Notes CA IPCC Group 2

    • 27466 Words
    • 211 Pages

    Accounting Standards Notes CA IPCC Group 2

    ‐ Accounting Standards provide framework & standard accounting policies to be followed by different enterprises…

    • 27466 Words
    • 211 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Accounting harmonization
    • 2438 Words
    • 10 Pages

    Accounting harmonization

     Financial accounting’s aim is to allow all the users of interested parties to understand firm’s situations in global and synthetic way. The financial statement produce information for managers as well as for the other users parties (Creditors, Customers, suppliers, employees, stakeholder and even competitors). These different type of users needs different type of information, but they have to satisfy their needs from three documents: Balance sheet, Income statement, and Financial statement. Managers are the most preferred user; they can access to all kind of documents that they required, because they have to make strategic decisions about the development of the firm and they have to forecast the future strategies. Other user have different possibility to reach information, and this depends on the type of users, and on the needs of the firm. For examples, if the firm needs some financing, sometimes banks and investors ask for some additional documents, and it is company’s interest to give them. So users like bank and investors have more power to reach the information that they need. Investors can reach just the Financial statement and all the public available information that the company are required do give.…

    • 2438 Words
    • 10 Pages
    Powerful Essays
    Read More

Related Topics