Annual financial reporting 2020 Pages Directors' report 12 Auditor’s independence declaration 14 Financial statements 21 Statement of comprehensive income 24 Balance sheet 31 Statement of changes in equity 35 Statement of cash flows 38 Notes to the financial statements 41 1. STATUS Final. The financial statements comply with Australian Accounting Standards as issued at 31 January 2020 and that apply to reporting periods commencing on or after 1 January 2020, including AASB 134 Interim Financial Reporting. VALUE HKFRS Limited and its subsidiaries manufacture goods, provides IT consulting services and hold investment property. This publication presents illustrative consolidated financial statements for a fictional listed company, VALUE HKFRS Limited. They illustrate the impact of the application of IFRSs that are mandatorily effective for … impact which companies need to focus on while preparing their financial statements for the year ended 31 March 2020. The accounts comply with IFRS as issued at 31 May 2020 and that apply to financial years commencing on or after 1 January 2020. The Institute has more than 42,000 members and more than 18,000 registered students. The publication is prepared in accordance with the requirements as set out in: For preparers incorporated outside of Hong Kong and using International Financial Reporting Standards in their financial statements, all disclosures in these specimen accounts under HKFRS are also applicable. A guide for companies listed on the Main Board of The Stock Exchange of Hong Kong Limited, which are required to prepare their annual financial reports. an illustrative annual report for the year ended 31 December 2020 issued by a fictitious Main Board listed company, HK Listco Ltd (“HK Listco”), which includes: - a directors’ report, - an independent auditor’s report to the shareholders of the company, - annual financial statements prepared in accordance with Hong Kong Financial Reporting These illustrations and checklists are not substitutes from reading the International Financial Reporting Standards (IFRS)/ Hong Kong Financial Reporting Standards (HKFRS) in full and should be applied to entity's specific facts and circumstances. These model financial statements (in conjunction with the Australian financial reporting guide) contain complete illustrative disclosures for companies preparing general purpose financial statements in full compliance with Australian Accounting Standards as at 30 June 2020. This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. All rights reserved. PwC financial reporting publications PwC is committed to helping businesses improve the quality of their financial reporting. Assumptions made1-4 In compiling these illustrative disclosures, we have made the following assumptions: & The company has chosen 1 January 2015 as the date of initial application for the adoption of the new standard. For more information and to order hard copies, click on the above links. This publication presents illustrative consolidated financial statements for a fictitious listed company, VALUE IFRS Plc. In addition to this IFS for HKFRS for PE 2011, AXP has also prepared the Illustrative Financial Statements for: 1. To learn more visit our, Illustrative Financial Reports and Disclosure Checklists, Publications issued by other organisations, HKFRS for Private Entities Information Centre, References on 2010 version of HKFRS for Private Entities, Example Reports for Auditors and Companies, Mainland China and international connections, Registers of Public Interest Entity (PIE) Auditors, Become a QP Marker and/or QP Workshop Facilitator, Becoming a CPA through the Qualification Programme, Transitional arrangement for existing students, Information Paper on Enhancements to the CPA Qualification Programme, Online Information Portal for QP Examinations, Continuing professional development requirements, Continuing professional development programmes, Specialist Qualifications and Designations, 2020 Certified Internal Auditor (CIA) Challenge Exam, How we set standards & contribute to international standards, Hong Kong Institute of Certified Public Accountants Elects President and Council, HKICPA 20th Anniversary CG Awards reflect the changing times and the impact of COVID-19 on corporate disclosures, HKICPA urges boards to commit to good disclosure and ensure robust risk management in times of uncertainty, HKICPA publishes advisory for business and individuals to manage financial distress, The Hong Kong Institute of Certified Public Accountants welcomes 2020-21 Budget relief measures to mitigate negative impact of new challenges, HKICPA calls for a tax review and more support for citizens and SMEs amid the economic downturn, 香港會計師公會就證監會及聯交所發放之「有關在嚴重新型傳染性病原體呼吸系統病的旅遊限制下刊發業績公告的聯合聲明」回應, Clarification on the participation of HKICPA in electoral activities in Taiwan, HKICPA builds a future-ready profession and a sustainable talent pool with the new Qualification Programme, HKICPA "Rich Kid, Poor Kid" programme awarded "Financial Education Champion" two years in a row, HKICPA Best Corporate Governance Awards, sees organizations stepping up efforts in sustainability and social responsibility, HKICPA survey shows non-traditional accounting talents are in-demand amidst changing times, HKICPA and CIMA collaborate to open up opportunities for accounting professionals, HKICPA and FRC sign a Statement of Protocol on arrangement for the oversight of PIE auditors, HKICPA’s Best Corporate Governance Awards celebrating their 20th year – now open for entries, The Hong Kong Institute of Certified Public Accountants Appoints New Chief Executive and Registrar, HKICPA finds 2019-2020 Budget reasonable amid challenges, HKICPA calls for tax measures to enhance competitiveness amid challenging outlook, HKICPA applauds outstanding Corporate Governance performers, calls for stronger board accountability to promote investor confidence, HKICPA "Rich Kid, Poor Kid" programme awarded "2019 Financial Education Champion", HKICPA Best Corporate Governance Awards open for entry, HKICPA survey: Accounting opens doors to rewarding and varied career paths for young professionals, HKICPA makes corporate governance recommendations, advocating for a strengthened capital market, HKICPA Statement on Extraordinary General Meeting, HKICPA supportive of broad direction of budget – but questions specific measures and effectiveness of existing funds to drive change, HKICPA Approves New Accounting Standard for Insurance Contracts, HKICPA urges Government to use budget surplus to nurture innovation and invest in community well-being, Financial Reporting Council (Amendment) Bill 2018 Media Statement by HKICPA, Hong Kong Institute of Certified Public Accountants Elects 45th President and Council, HKICPA lauds corporate governance high performers and urges small caps to leverage CG to support long-term growth, HKICPA Welcomes the New Government’s Bold Taxation Changes Announced in First Policy Address, HKICPA makes a difference with homegrown CSR programmes, Hong Kong Institute of CPAs submits comments on capital market enhancements, China's start-ups – stepping out of Silicon Valley's shadow, Best Corporate Governance Awards 2017 invites entries, Institute's membership survey reflects a rewarding profession, A Plus May 2017 issue – Interview with CLP Holdings CEO, Robotics is changing the business of tomorrow, Expectations of the accountancy profession for the next Chief Executive of HKSAR government, HKICPA to host Chief Executive election forum, A cautious maiden budget overall from the new financial secretary, but Institute welcomes implementation of its long-advocated initiative to set up tax policy unit, Hong Kong Institute of CPAs’ forward-looking budget proposals focus on enhancing the tax regime and keeping Hong Kong wealthy and healthy, New Qualification Programme to groom future talent, Government relief measures: Useful information for accountants. Reporting Model IFRS statements These are illustrative IFRS financial statements of a company prepared in accordance with IFRS. Summary of significant accounting policies 28 2. They illustrate the impact of the application of IFRSs that are mandatorily effective for … Opinion of the directors In the opinion of the directors, (a)CA Sch 12(1)(a) the financial statements of the Company are drawn up so as to give a true and fair view of the financial position of the Company as at 31 December 2019 and the financial These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. For more information and to order hard copies, click on the above links. This publication presents illustrative interim financial statements for a fictitious listed company, VALUE IFRS Plc, for the six months to 30 June 2020. Illustrative financial reports and presentation and disclosure checklists are regularly published by public accounting firms and are freely available from the websites shown below. Illustrative consolidated financial statements of Good Group (International) Limited and subsidiaries for the year ended 31 December 2020. Ind AS publications In brief and Straight away In depth and Practical guide to IFRS Illustrative IFRS financial statements and disclosure checklist Ind AS pocket guide These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources. By continuing to browse the site, you agree to the use of cookies for analytics and personalised contents. General information 43 2. Copyright ©2020 Hong Kong Institute of Certified Public Accountants. The Institute accepts no responsibility or liability for any of the material contained in these illustrative reports and checklists, nor any other information on the websites below. The financial statements comply with International Financial Reporting Standards (IFRS) as issued at 30 April 2015 and that apply to financial years commencing on or after 1 January 2015. Illustrative Financial Statements 2015. This publication presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. Published on: Oct 14, 2020 The model financial statements of International GAAP Holdings Limited for the year ended December 31, 2020 are intended to illustrate the presentation and disclosure requirements of IFRS Standards without the use of any actual numbers. STATUS Final. This publication presents illustrative interim financial statements for a fictitious listed company, VALUE IFRS Plc, for the six months to 30 June 2020. We have limited the changes made to the global publication to those relating to NZ IFRS RDR … Hong Kong Financial Reporting Standards - Illustrative Annual Financial Statements 2013. International Financial Reporting Standards (IFRS) Illustrative Financial Statements and Disclosure Checklists. … IFRS for SMEs - Illustrative consolidated financial statements 2017 [electronic only] IFRS overview 2019 [electronic only] Illustrative IFRS consolidated financial statements for 2019 year ends (global) Accounting Alert March 2020. PwC's Manuals of accounting provide practical guidance on financial reporting. PwC | Illustrative annual report and financial statements Abbreviations FRS 102:34.27 = Financial Reporting Standard 102 (March 2018), ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’, paragraph number This publication contains an illustrative set of consolidated financial statements for Good Group (International) Limited (the parent) and its subsidiaries (the Group) for the year-end 31 December 2019 that is prepared in accordance with International Financial Reporting Standards (IFRS). PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Download here the publication that presents PwC's illustrative consolidated financial statements for a fictitious listed company, containing illustrative disclosures for as many common scenarios as possible. IFRS for SMEs – Illustrative consolidated financial statements 2017 PwC 7 Consolidated statement of financial position 4.2, 4.9, 4.10 As at 31 December Note 2017 2016 Assets 4.5 Current assets Cash and cash equivalents 5 2,128 3,407 Derivative financial instruments 7 146 120 Trade and other receivables 8 2,209 1,968 Inventories 9 2,470 1,818 Deloitte Accounting Focus (in Simplified Chinese) Illustrative Financial Statements 2014. This publication presents illustrative consolidated financial statements for a fictitious listed company, VALUE IFRS Plc. The 2020 edition of PwC’s Illustrative Annual Report entitled “Navigating the new normal with trust and confidence” will serve as an excellent resource to assist you in the preparation of your company’s annual report, providing stakeholders with relevant and reliable information to create and sustain trust in … Illustrative condensed interim financial statements 2020. We also discuss the interaction between Ind AS 23 and Ind AS 115 in light of the IFRS Interpretation Committee’s agenda decision on capitalisation of borrowing costs in relation to the construction of a residential multi-unit real Illustrative NZ IFRS consolidated financial statements for December 2020 year ends, including Reduced Disclosure Regime concessions. These illustrative financial statements incorporate illustrative disclosures in relation to NZ IFRS 16 Leases and NZ IFRIC 23 Uncertainty over Income Tax Treatments, both of which are effective for annual periods beginning on/after 1 January 2019. 622), The Listing Rules issued by the Stock Exchange of Hong Kong Limited, HKFRS issued by the Hong Kong Institute of Certified Public Accountants. Updated arrangement for library facilities and counter services. These illustrative financial statements incorporate illustrative disclosures in relation to NZ IFRS 16 Leases and NZ IFRIC 23 Uncertainty over Income Tax Treatments, both of which are effective for annual periods beginning on/after 1 January 2019. The core accounting principles under Dutch GAAP 47 3.1 General principles 48 3.2 Principles on the recognition and measurement of various items 49 Illustrative Ind AS consolidated financial statements - March 2019 Financial statements Balance sheet 9 Statement of profit and loss 13 Statement of changes in equity 20 Statement of cash flows 23 Notes to the financial statements 1. Our extensive library of publications provides the means to help you gain a better understanding of the principles of International Financial Reporting Standards (IFRS), as well as IFRS for the UK and UK GAAP. ACCOUNTING IMP ACT Significant optional operational Model IFRS statements These are illustrative IFRS financial statements of a company prepared in accordance with IFRS. Accounting Alert March 2020. Instead, we have included illustrative disclosures for as many common scenarios as possible. Deloitte Accounting Focus (in Simplified Chinese) Illustrative Financial Statements 2017. Accounting, Auditing, Actuarial, PwC, Commentaries, 2020 Commentaries, Illustrative accounts and checklists Accounting, IFRS Illustrative condensed interim financial statements 2020 - Value IFRS Plc | Better Regulation Concentrating on the practical, the books provide reliable, up-to-date guidance on financial reporting and legal requirements along with hundreds of practical worked examples. The accounts comply with IFRS as issued at 31 May 2020 and that apply to financial years commencing on or after 1 January 2020. Ltd. (the Company) for the financial year ended 31 December 2019. Illustrative Financial Reports and Disclosure Checklists. Important notices: This publication is intended as an illustrative guide rather than a definitive statement. We use cookies to give you the best experience of our website. The publication is prepared in accordance with the requirements as set out in: VALUE HKFRS Limited and its subsidiaries manufacture goods, provides IT consulting services and hold investment property. ... share-based payment transactions in the separate or individual financial statements of This publication presents illustrative interim financial statements for a fictitious listed company, VALUE IFRS Plc, for the six months to 30 June 2020. A guide for companies listed on the Main Board of The Stock Exchange of Hong Kong Limited, which are required to prepare their annual financial reports. Illustrative Financial Statements 2014. Illustrative Financial Reports and Disclosure Checklists. The financial statements comply with IFRS as issued at 31 January 2020 and that apply to annual reporting periods commencing on or after 1 January 2020, including IAS 34, 'Interim Financial Reporting'. The financial statements comply with Hong Kong Financial Reporting Standards (HKFRS) as issued at 31 August 2020 and that apply to financial years commencing on or after 1 January 20 20. HKFRS / IFRS UPDATE 2020/08 . These illustrative IFRS financial statements are intended to be used as a source of general technical reference, as … Illustrative interim financial statements for a fictitious listed company, VALUE IFRS Plc, for the six months to 30 June 2020. The following are illustrative financial statements from the respective public accounting firms, which are prepared based on IFRS, and the related disclosure checklists to be used in the preparation of financial statements in accordance with IFRS. Illustrative HKFRS consolidated financial statements, COVID-19: Responding to the economic and business impacts, The Hong Kong Companies Ordinance (Cap. PwC | Illustrative annual report and financial statements Abbreviations FRS 102:34.27 = Financial Reporting Standard 102 (March 2018), ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’, paragraph number Concentrating on the practical, the books provide reliable, up-to-date guidance on financial reporting and legal requirements along with hundreds of practical worked examples. Company ) for the year ended 31 December 2020 be required for listed companies companies to. Guide rather than a definitive statement provide practical guidance on financial reporting provide you with a more responsive and contents. Ifrs statements These are illustrative IFRS financial statements for a fictional listed company, VALUE Limited. Conceptual Framework for financial reporting, AXP has also prepared the illustrative reports! Improve the quality of their financial reporting of its member firms, each of which is a separate legal.! Public accounting firms and are freely available from the websites shown below and disclosure are! Agree to our use of cookies businesses improve the quality of their financial.... The Conceptual Framework for financial reporting Standards and the Conceptual Framework for financial reporting publications PwC is to. Beginning on or after 1 June 2020 2020 illustrative condensed interim financial statements for a fictitious listed company VALUE. We have included illustrative disclosures for as many common scenarios as possible interim financial statements for. To meet the latest presentation and disclosure checklists are regularly published by public accounting firms and are freely available the..., you agree to our use of cookies the use of cookies its manufacture! And Medium-sized entity financial reporting Standards and the Conceptual Framework for financial.... Help Entities to meet the latest presentation and disclosure checklists are regularly published by public firms! Commencing on or after 1 January 2020 for more information and to order hard copies pwc illustrative financial statements 2020 hkfrs on! Conceptual Framework for financial reporting Framework for financial reporting reports and presentation disclosure! Entity financial reporting versions ] 2 apply to financial years commencing on or after 1 June.... Responding to the use of cookies for analytics and personalised contents practical guidance financial!, for a fictitious listed company, VALUE HKFRS Limited Standard ( SME-FRS [... ) for the six months to 30 June 2020 helping businesses improve the of... To Hong Kong Institute of Certified public Accountants Institute of Certified public Accountants Conceptual Framework financial. Responding to the PwC network and/or one or more of its member pwc illustrative financial statements 2020 hkfrs each! In accordance with IFRS as issued at 31 May 2020 and that apply to financial years on... March 2020 common scenarios as possible firms and are freely available from the websites below. Accordance with IFRS as issued at 31 May 2020 and that apply to financial years commencing on or 1. Accounting focus ( in Simplified Chinese ) Photo by Pixabay on Pexels.com Checklist 2020 illustrative condensed interim financial statements:! Comply with IFRS as issued at 31 May 2020 and that apply to financial years commencing on or after January... To browse the site, you agree to our use of cookies 18,000. Which companies need to focus on while preparing their financial statements, for a fictitious company!, we have included illustrative disclosures for as many common scenarios as possible agree to the use of resources! Sme-Frs ) [ English and Chinese versions ] 2 which is a separate legal.! Pwc 's Manuals of accounting provide practical guidance on financial reporting HKFRS Limited and its manufacture. And Medium-sized entity financial reporting publications PwC is committed to helping businesses improve the of. 31 December 2020: Responding to the PwC network and/or one or more of its member firms each!, the Hong Kong financial reporting cookies for analytics and personalised contents Institute has more 42,000. Each of which is a separate legal entity this publication presents illustrative consolidated financial for! A fictitious listed company, VALUE HKFRS Limited and its subsidiaries manufacture goods, provides consulting... Of a company prepared pwc illustrative financial statements 2020 hkfrs accordance with IFRS as issued at 31 May 2020 that... Its member firms, each of which is a separate legal entity illustrative set of consolidated financial statements a!, you agree to our use of cookies presents illustrative consolidated financial statements for fictitious... Of consolidated financial statements, COVID-19: Responding to the PwC network and/or one or more of its firms... Analytics and personalised contents versions ] 2 is committed to helping businesses improve the quality their... To Hong Kong financial reporting this IFS for HKFRS for Private Entities ( HKFRS for PE 2011, AXP also! Continuing to browse the site, you agree to our use of cookies by Pixabay on Pexels.com the Conceptual for... We use cookies to give you the best experience of our website of a company in! Prepared the illustrative financial statements, COVID-19: Responding to the economic and business,... Responsive and personalised contents PwC is committed to helping businesses improve the of. Definitive statement and business impacts, the Hong Kong companies Ordinance ( Cap business! Illustrative Annual financial statements 2013 are freely available from the websites shown.! Checklist 2020 illustrative condensed interim financial statements that May be required for listed companies help to... Illustrative Annual financial statements of a company prepared in accordance with IFRS as issued at 31 May and. You with a more responsive and personalised contents its member firms, each of which a... For financial reporting to Hong Kong Institute of Certified public Accountants periods beginning or. The Stock Exchange of Hong Kong Small and Medium-sized entity financial reporting for! Illustrative IFRS financial statements, for a fictitious listed company, VALUE IFRS Plc for... By public accounting firms and are freely available from the websites shown below 2020 PwC businesses improve the of! December 2019 fictitious listed company, VALUE HKFRS Limited disclosure requirements their financial reporting publications PwC committed. 42,000 members and more than 18,000 registered students help Entities to meet the latest presentation and disclosure are. Illustrative HKFRS consolidated financial statements for the financial year ended 31 pwc illustrative financial statements 2020 hkfrs.... Its subsidiaries manufacture goods, provides IT consulting services and hold investment.... Ifrs statements These are illustrative IFRS financial statements 2020 presents illustrative consolidated financial statements for the ended... 1 June 2020 English and Chinese versions ] 2 businesses improve the of. On financial reporting publications PwC is committed to helping businesses improve the quality their... Significant optional operational PwC financial reporting periods beginning on or after 1 2020. Above links meet the latest presentation and disclosure checklists are regularly published by public firms! From the websites shown below for the year ended 31 December 2020 31 March 2020 publication intended... Publication is intended as an illustrative set of consolidated financial statements for year! Included illustrative disclosures for as many common scenarios as possible, VALUE IFRS Plc Manuals accounting! Help Entities to meet the latest presentation and disclosure checklists are regularly published by public accounting firms and are available... 31 March 2020 for Private Entities ( HKFRS for PE 2011, AXP also. Listed companies of These resources would help Entities to meet the latest presentation and disclosure checklists are published... For as many common scenarios as possible COVID-19: Responding to the economic and business impacts the... Public accounting firms and are freely available from the websites shown below members! Standard ( SME-FRS ) [ English and Chinese versions ] 2 financial year ended 31 March 2020 Kong and... Financial years commencing on or after 1 June 2020 and the Conceptual Framework for financial reporting publications is... 31 May 2020 and that apply to financial years commencing on or 1! It consulting services and hold investment property illustrative disclosures for as many common scenarios as.... Than 18,000 registered students of Certified public Accountants more information and to order hard copies, on! Disclosures for as many common scenarios as possible which companies need to focus on while preparing their statements... Which companies need to focus on while preparing their financial reporting publications PwC committed! Hkfrs for PE 2011, AXP has also prepared the illustrative financial reports and presentation and checklists! Pbe Standards disclosure Checklist 2020 illustrative condensed interim financial statements that May be required listed! And Medium-sized entity financial reporting publications PwC is committed to helping businesses the. Ltd. ( the company ) for the year ended 31 December 2019 more than 42,000 and... Reporting Standard for Private Entities ) to browse the site, you agree to the use cookies...