Hong Kong Financial Reporting Standards
Illustrative Financial Statements 2011
Publish date: December 2011
Deloitte's Asia-Pacific IFRS Centre of Excellence in Hong Kong has published Hong Kong Financial Reporting Standards — Illustrative Financial Statements 2011.
This publication aims to provide useful guidance to preparers of financial statements reporting under Hong Kong Financial Reporting Standards (HKFRSs). Specifically, this publication contains a set of illustrative annual financial statements for the year ended 31 December 2011 of an hypothetical entity with its shares listed on The Stock Exchange of Hong Kong Limited that are prepared in accordance with HKFRSs and the relevant disclosure requirements set out in the Hong Kong Companies Ordinance and the Listing Rules.
The illustrative annual financial statements reflect the impact of the application of some key HKFRSs that are mandatorily effective for 2011 (e.g. HKAS 24 Related Party Disclosures (as revised in 2009) and a number of amendments arising from the annual improvements project.
A number of appendices are also included in this publication in order to give examples of the early application of a number of new and revised Standards that are not yet mandatorily effective on 1 January 2011 (e.g. amendments to HKAS 12 titled Deferred Tax – Recovery of Underlying Assets, a package of five new and revised Standards on consolidation, joint arrangements, associates and disclosures issued in 2011).