Local News - Current
The ASC has issued SFRS for Small Entities Q&A Section 12, Issue 1: Accounting for financial guarantee contracts in individual or separate financial statements of issuer. This Q&A provides non-mandatory guidance on the implementation of SFRS for Small Entities.
The ASC has issued Annual Improvements to SFRS(I)s 2015-2017 Cycle and Improvements to FRSs (March 2018), effective for annual reporting periods beginning on or after 1 January 2019.
The ASC has submitted its comment letter to the IASB on ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8).
The ASC has submitted its comment letter to the IASB on ED/2017/5 Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8).
The Minister for Finance has re-appointed Mr Kevin Kwok as Chairman of the ASC and appointed Mr Cheung Pui Yuen as the new Deputy Chairman. In addition, five new members have been appointed. The composition of the newly appointed Council can be found here. The appointments are for terms till 31 October 2019. Click here for the press release issued by the Ministry of Finance.
The collection of FRSs and INT FRSs that is required to be applied for annual period beginning on 1 January 2018, is now available. This collection includes official pronouncements that have been issued by the ASC up to 31 December 2017, but does not include new/revised/amendments to FRSs and INT FRSs which are effective for annual periods beginning after 1 January 2018.
Last updated on 29 March 2018