FY 2023

year-end
reminders
Roy Leung
Bayern Chui
April 2024
Agenda
 Accounting requirements first effective 2023
 Impact disclosures of forthcoming amendments
to IAS 1
 Other topical issues

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Looking back: challenges during the year

Financial reporting implications:

Geopolitical risk  Expected credit loss (ECL)
 Impairment
Market volatility  Currency risk disclosures
 Onerous contracts assessment
Business interruption  Income tax
 Leases
Foreign currency fluctuations  Cash & cash equivalent and cash flow
statement

Tax reforms  Disclosure on going concern

 Connectivity with ESG disclosures

Climate change

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01
Accounting
requirements first
effective 2023
Standards/amendments first effective 2023, and other guidance

IFRS 17 Insurance Contracts

Amendments to other IFRS Standards:

• IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Other amendments:
Policies • IAS 1 Classification of Liabilities As
• IAS 8 Definition of Accounting Estimates Current or Non-Current
• IAS 12 Deferred Tax Related to Assets and Liabilities Arising from • IFRS 16 Lease Liability in a Sale and
a Single Transaction Leaseback
• IAS 12 International Tax Reform – Pillar Two Model Rules • IAS 7 and IFRS 7 Supplier Finance
Arrangements
New HKICPA guidance on the accounting implications of the • IAS 21 The Effects of Changes in
abolition of the MPF-LSP offsetting mechanism Foreign Exchange Rates: Lack of
Exchangeability

Dec 2023 Beyond 2023

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IAS 1: Materiality of accounting policy disclosures
Disclose “material” rather than “significant” accounting policy information.

 Aligns with the refined definition of “material” under IAS 1 and IAS 8:

“Accounting policy information is material if, when considered together with

other information included in an entity’s financial statements, it can reasonably
be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements.”

 Clarifies that immaterial accounting policy information need not be disclosed

 Focuses on company-specific information; further discourages boilerplate disclosure

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Additional guidance on materiality of accounting policy disclosures
Step-by-step approach on making materiality judgement about accounting policy disclosures:
Is the transaction, other No
event or condition
material?

Yes
No No accounting policy
Is the related accounting
information needs to be
policy information itself
disclosed
material ?
Examples:
- Change in accounting policy during the period
- Policy chosen from one or more options permitted
Yes - Policy developed in the absence of IFRS guidance
- Significant judgement and assumptions required
- Complex accounting treatment

Determine what Disclose material

accounting policy accounting policy
information to disclose information

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Deferred tax on leases and decommissioning provisions
(Amendments to IAS 12)
What are the The “initial recognition exemption” does not apply
amendments about?

Need to recognize deferred tax asset (related to lease liabilities) and deferred tax
liability (related to right-of-use assets). However, the resulting deferred tax asset and
liability would generally qualify for offset under IAS 12.74

-> Impact disclosures

What is the change? Deferred tax Right-of-use Lease
arising from: Leases xxx Total assets liabilities xxx Total
1 Jan 2022 - xxx 150 (100) 100 xxx 150
Charged/(credited)
to profit or loss (3) xxx 100 20 (23) xxx 100
31 Dec 2022 (3) xxx 250 (80) 77 xxx 250

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International tax reform—Pillar Two model rules
(Amendments to IAS 12)
• Implementation of the Pillar Two model rules published by the OECD in different jurisdictions to ensure
multinational groups pay a minimum level of income tax (15%, groups with consolidated revenue over €750m)
• The IAS 12 amendments introduce:
- a temporary mandatory exception from deferred tax accounting for the Pillar Two income tax arising from
tax laws enacted or substantively enacted
- In periods before effective date of the relevant Pillar Two tax, disclosure requirements about:
• The fact that the exception to recognising and disclosing information about deferred tax related to Pillar
Two income taxes has been applied
• Qualitative and quantitative information about Pillar Two income tax exposure, to the extent such
quantitative and qualitative information is known or reasonably estimable

Additional material:
• Current implementation status by
jurisdictions (click here).

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HKICPA guidance on long service payment accounting

The practical expedient under HK/IAS 19.93(b) is no longer applicable

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02
Impact disclosures
of forthcoming
amendments to IAS 1
Changes to current/non-current classification of liabilities
effective 2024
Key point 1 Liabilities that can be settled in an entity’s own shares:
previously non-current convertible instruments may become current

Key point 2 An entity’s right to defer settlement for at least 12 months after the
reporting period must have substance and exist at the end of the
reporting period

For liabilities arising from loan arrangements, covenants with which an

entity must comply after the end of the reporting period do not affect the
classification

New disclosure requirements for the above non-current liabilities that are
subject to covenants

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Convertible instruments with liability-classified conversion
option
Liabilities that can be settled in an entity’s own
shares at any time (e.g. convertible instruments)

Conversion option Conversion option

is an equity instrument is not an equity instrument
under IAS 32 under IAS 32

Timing of share settlement does Timing of share settlement affects

not affect the classification of the the classification of the host
host liability liability
Current liabilities, e.g.
foreign currency
convertible bonds –
Change in practice!
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 Loanloans
Term arrangements
subject tosubject to covenants
covenant tests –Scenario 1
• A five-year term loan was drawn down at 1 October 2023, with a due date of 30
September 2028.
Fact
pattern • Annual covenant test is based on information at 30 September, and if breached, renders
the loan repayable on demand. The covenant is a debt/equity ratio of 2 or above.
• The entity complied with the covenant on 30 September 2024.
• The entity’s annual reporting date is 31 December.

At 31 December 2024, how should the term loan be classified as current or non-current?

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 Same analysis for subjective
Loanloans
Term arrangements
subject tosubject to covenants
covenant tests –Scenario 1 covenant clauses and check all
fine prints in the document for any
repayable-on-demand clause

• A five-year term loan was drawn down at 1 October 2023, with a due date of 30
September 2028.
Fact
pattern • Annual covenant test is based on information at 30 September, and if breached, renders
the loan repayable on demand. The covenant is a debt/equity ratio of 2 or above.
• The entity complied with the covenant on 30 September 2024.
See also HKICPA’s
• The entity’s annual reporting date is 31 December.
Interpretation 5 and
educational material
It is classified as non-current as at 31 December 2024
A change in practice is not expected
• The entity complied with the covenant that was assessed before the reporting date (on 30
September 2024). [IAS 1.72B(a)]
• The future covenant to comply with on 30 September 2025 will be assessed after the reporting
date, and is irrelevant for classification of the term loan at 31 December 2024. [IAS 1.72B(b)]

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 LoanRevolving
Poll: arrangements subject to
loan facilities covenants
subject –Scenario 1
to covenants
based on balance sheet ratios
• Five-year facility, available until 30 September 2028.
• Drawn down in full as a one-year loan on 1 October 2023, was rolled over on 1 October 2024,
Fact with an intent to roll over again on 1 October 2025.
pattern
• Ability to roll over the loan is conditional on compliance with an annual covenant test that is
based on information at 30 September.
• Covenant is a debt/equity ratio of 2 or above.
• The entity complied with the covenant at 30 September 2024.
• The entity’s annual reporting date is 31 December.

Poll: At 31 December 2024, how should the loan facilities be classified?

A. Current
B. Non-current

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Revolving loan facilities subject to covenants based on balance
sheet ratios
Answer: Non-current under this particular fact pattern, where the covenant test relates
to the balance sheet ratio of the entity at a specified date, e.g. debt-to-equity ratio, which
can be objectively assessed without forecast and judgement.

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03
Other
topical issues
Relevance of inputs used in ECL assessment Probability of default (PD)
- Listed debt issued by the borrower?
- Incremental borrowing rate?
Find a relevant benchmark:
- Size, industry, location, credit rating
of the benchmark issuer?
- Tenor of PD and stage assessment
for ECL

Loss Given Default (LGD)

Have you considered:
- Type and size of business?
- Geographical location?
- Timeliness of data?

Forward-looking adjustment
Have you obtained understanding from client:
Extract of AFRC 2022 Annual Inspection Report - Are there any macroeconomic factors
that correlate with credit risk of the
customers?
ECL on Intercompany balances - What is the correlation between those
- Ultimate parent’s PD: relevant? factors and loss rates?
Why? Integral financial guarantee?
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IAS 36 impairment –reminders

Ensure that the assumptions For VIU calculation, we Disclosures continued

used by the client are expect approach 2* is still to be the regulatory
supportable by market commonly used for this focus
evidence year-end If your client has a material
Given the increased uncertainty We observe that most companies impairment (or impairment
and market volatility at present, are still treating lease payments as reversal) and/or material
critically challenge the key operating cash outflows for the intangible assets, we
assumptions, including but not purposes of preparing cash flow observe that regulators (e.g.
limited to projected revenues. projection, certain adjustments are HKEX) have been asking
needed to determine VIU under this for additional disclosures.
approach.

* Under approach 2, lease payments are included in operating cash flows, and certain adjustments are needed to
determine the VIU, see section B1.3.2 in the internal publication: Impairment testing after IFRS 16 (April 2023).

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HKEX’s recommended disclosures related to impairments
Material asset impairments
• Details of the value of the inputs together with the bases and assumptions
• Reason for any significant changes in the value of the inputs and assumptions
• Valuation method and reasons for using that method
• Explanation of any subsequent changes to valuation method
Material intangible assets
• Additional quantitative data of key assumptions, comparative information in previous year and any significant
changes
• Negative statement on reasonably possible changes in key assumptions would not cause an impairment loss
• Recoverable amount of the CGU and headroom available
• Whether the impairment assessment is assisted by an independent professional valuer
• Details of further development of the CGU or segment
Reference material:
• Review of Issuers’ Annual Reports (2022)
(Paragraphs 28 and 80)

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 NRV test of real estate inventories
Inventories are measured at lower of

Net realizable value

Cost
AND = estimated selling price – estimated costs of
completion – costs necessary to make the sale

Unit of account for NRV test

- Item-by-item basis; or
- Grouping similar items
Project basis
×
Allocate common costs (e.g. land cost) Estimate selling price
 Relative cost basis  Excessively long holding period may indicate the list price
o Size of units could be a proxy of relative cost is not “realisable”
 Relative selling price basis  Consider the timeframe of the estimated sale and hence
 “Residual” approach (if a component is identified as a by- discounting
product)

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Future inflows to be included in onerous contract assessment
Contracts which are
Expected future
Expected renewals required to be
sales under a
of an existing combined under
framework
contract paragraph 17 of
agreement
IFRS 15
  
Expected future inflows Expected future inflows
for goods or services for goods or services
which are covered by related to or are
terms in existing contract dependent on the goods
but conditional on or services in the
events within the existing contract
entity's control
Conditional on the outcome
of a competitive tender
=> outside entity’s control

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Foreign-sourced income exemption (“FSIE”) regime in Hong
Kong
Under FSIE regime, subject to certain exceptions, following incomes that are sourced offshore are/will be no longer exempt
from Hong Kong Profits Tax when received by an entity that carries out a trade, profession or business in the Hong Kong SAR,
if that entity is within a multinational group.

Existing scope Revised scope

Effective date: 1 January 2023 Expected effective date: 1 January 2024*

 Interest  Interest
 Dividend  Dividend
 Disposal gain from the sale of equity interests in an entity  Disposal gain from the sale of equity interests in an entity
 Intellectual property income (e.g. licence fee)  Disposal gain from the sale of any property as defined in
Interpretation and General Clauses Ordinance (Cap 1) Deferred
tax
(including real estate property and intellectual property)
Current Deferred  Intellectual property income (e.g. licence fee)
tax tax
* The Amendment Bill on the revised scope is currently subject to
the scrutiny and approval by the Legislative Council and is
expected to be passed by the end of the year.

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Rent concession: different accounting by lessor & lessee
IFRIC agenda decision
Forgiveness of (operating) lease payments ONLY: (September 2022)

Operating lease lessor: The only Lessee: Two possible approaches

approach

IFRS 9 and IFRS 16 Approach 1: IFRS 9 and IFRS 16 Approach 2: IFRS 16 (only)

(a) Apply impairment and (a) Apply derecognition

derecognition requirements in IFRS requirements in IFRS 9 to Apply modification
9 to recognised operating lease lease payments that have accounting under IFRS 16,
receivables (P&L); and been forgiven (P&L); and i.e. generally recognized as
an adjustment to right-of-use
(b) Apply modification accounting (b) Apply modification accounting asset (B/S).
under IFRS 16 to unrecognized under IFRS 16 to remaining
future lease payments, i.e. lease payments, using a
generally recognized ratably during revised discount rate (B/S).
remaining lease term. Include (i) lease payments that are
currently due and payable and (ii)
future lease payments

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A reminder about indexed lease payments
Lessee: Top 10 pitfalls

Do not forecast the future amount of an index or a rate, but remeasure the lease
liability only when a change in the cash flow occurs – i.e. when the adjustment to the lease
payments takes effect.

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Poll: Withdrawable fixed deposits -cash or cash equivalents?
Fact pattern:
• Entity A placed a time deposit of CU2 million to the bank with a maturity period of one year.
• Entity A is allowed to withdraw the deposit once during the one-year term, and in such case, the
interest earned at the time deposit rate of 4.5% p.a. for the withdrawal amount (in full or partially)
will be forfeited.
• Despite the withdrawal, Entity A is still entitled to the interest at a prevailing demand deposit rate
of 1% p.a. for the withdrawal amount up to the withdrawal date.
• It is not expected that Entity A needs to early withdrawn the time deposits for meeting its short-
term cash commitment.

Poll: Can a bank deposit with a maturity of more than 3 months be classified as “cash &
cash equivalent”?

A. Yes
B. No
C. It depends

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Withdrawable fixed deposits: cash or cash equivalents?
Two steps approach:

• Does the deposit have the same level of liquidity as cash?

Is it demand deposit? (i.e. can it be withdrawn at any time and without penalty)

No Yes
The deposit is cash.

Is the deposit:
Is it cash equivalent?
• held for the purpose of meeting short-term
cash commitments rather than for investment purpose?
• Short-term and highly liquid investment that is readily convertible into an
No amount of cash known at the time of the initial
investment?
• subject to an insignificant risk of changes in value?
The deposit is All answers need to be “yes”
not cash and The deposit is
cash cash equivalent.
equivalent.
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Is the deposit a “cash or cash equivalent”?
Judgement is required when considering the relevance of an early
redemption feature in the context of the definition of “cash equivalent”

Significance of Purpose of holding

the instruments
the penalty
• Is the penalty limited to • Does the entity have
the entity being any concrete early
required to forego the withdrawal for meeting
incremental higher short-term cash
interest? commitments?
• Is the penalty • Why did the entity place
significant compared to the deposits in the first
the amount of the place?
deposit or in isolation ? • Would the penalty have
• Would the penalty lead a substantive effect on
to significant risk of the entity’s decision to
change in value? withdraw or not?

Higher the penalty, the more it calls into question whether holding the bank deposit
is really for cash management purposes rather than for investment purposes
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Going concern: disclosure requirement in IAS 1
…entity situation deteriorating….
1 2 3 4
No significant doubts Significant doubts Significant doubts Intends to liquidate or
about going concern about going concern about going concern to cease trading, or
but mitigation actions but mitigation actions no realistic alternative
judged sufficient to judged sufficient to but to do so
Scenario make going concern make going concern
appropriate appropriate
Entity determines no Material uncertainties
material uncertainties about going concern
remain

Alternative basis
Basis of Going Concern
preparation (not going concern)

Basis of preparation Close-call scenario Disclose material Disclose the fact, the
Disclosure as usual ; no specific uncertainties basis of preparation
Significant judgements used and reason
disclosures Emphasis of matter
applied for conclusion

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Subsequent review period for going concern assumption
In assessing whether the going concern assumption is appropriate, management takes into account all available
information about the future, which is at least, but is not limited to, twelve months from the end of the
reporting period. [IAS1.26]

An entity shall not prepare its financial statements on a going concern basis if management determines after
the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no
realistic alternative but to do so. [IAS10.14]

A robust assessment : It is encouraged to reflect the effect of events occurring after the end of the reporting
period up to the date that the financial statements are authorised for issue. (i.e. consider a period of 12 months
from the date of authorisation of the financial statements)

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Disclosing material uncertainty about going concern
Events or Conditions That May Cast Significant Doubt on the Entity's Ability to
Continue as a Going Concern (ISA 570.10)

When significant judgment is involved in reaching the conclusion that

there are no material uncertainties (“close-call” scenario), similar
information to that in respect of material uncertainties shall be disclosed:

• details of events or conditions that may cast significant doubt on the

entity's ability to continue as a going concern and management's
evaluation of their significance in relation to the going concern
assessment;
• management's plans to mitigate the effect of these events or conditions;
• significant judgements made by management in their going concern
assessment, including their determination of whether there are material
uncertainties;

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Considerations in preparing the financial statements under
non-going concern basis
Intends to liquidate
or to cease trading,
or no realistic No general dispensation from IFRSs even if an entity is not expected to continue as a
alternative but to do going concern
so
Other considerations:
Alternative basis • Always appropriate to consider the need to recognize impairment losses in case of (expected)
(not going concern) cessation of business
• Reflect the transactions and other events occurred as at reporting date, hence shall not
recognize provisions for future losses (e.g. the estimated winding-up costs) or liabilities with no
Disclose the fact, the present legal or constructive obligations
basis of preparation • Non-current assets should be reclassified as current assets ONLY if 'held for sale' criteria met
used (e.g. liquidation
• Non-current liabilities should be reclassified as current liabilities ONLY if IAS1 criteria met (e.g.
basis) and reason
due to be settled within 12 months after the reporting period)

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