List of new and amended Standards, Interpretations and Framework issued that are applicable to December 2020 year-end

Hong Kong Financial Reporting Standards UpdateSection I. New and amended Standards, Interpretations and Framework issued that are applicable toDecember 2020 year-endStandards affectedNew standard and amendments relate toMembers' HandbookHKFRS 3Definition of a Business (amendments)

Update No. 224HKAS 1 and HKAS 8Definition of Material (amendments)

Update No. 225HKAS 39, HKFRS 7 andHKFRS 9Hedge accounting (amendments)

Update No. 234Conceptual Framework forFinancial Reporting 2018Revised Conceptual Framework for FinancialReportingUpdate No. 218Section II. New and amended Standards, Interpretations and Accounting Guidelines issued that areeffective subsequent to December 2020 year-end, but may be adopted earlyStandards affectedNew standard and amendmentsrelate toMembers'HandbookEffective dateHKAS 39, HKFRS 4,HKFRS 7, HKFRS 9 andHKFRS 16Interest Rate Benchmark Reform –Phase 2 (amendments)

Update No. 249Accounting periods beginningon or after 1 January 2021Annual ImprovementsProjectAnnual Improvements to HKFRSs2018-2020 (amendments)

Update No. 240Accounting periods beginningon or after 1 January 2022HKFRS 3, HKAS 16 andHKAS 37Narrow-scope amendments(amendments)

Update No. 240Accounting periods beginningon or after 1 January 2022HKFRS 16Covid-19-Related Rent Concessions(amendments)

Update No. 239Accounting periods beginningon or after 1 June 2020. Earlierapplication is permitted,including in financial statements– interim or annual – notauthorised for issue at 4 JuneAG 5 (revised)

Revised Accounting Guideline 5Merger Accounting for CommonControl CombinationsUpdate No. 252Common control combinationsthat occur on or after thebeginning of the first annualreporting period beginning on orafter 1 January 2022HKAS 1Classification of Liabilities asCurrent or Non-current(amendments)

Update No. 243Accounting periods beginningon or after 1 January 2023HKFRS 17Insurance Contracts (new standard)

Update No. 211Accounting periods beginningon or after 1 January 2023HKFRS 17Amendments to HKFRS 17Update No. 247Accounting periods beginningon or after 1 January 2023HK Int 5 (2020)

Hong Kong Interpretation 5 (2020)

Presentation of FinancialStatements – Classification by theBorrower of a Term Loan thatContains a Repayment on DemandClause (HK Int 5 (2020))

Update No. 248HK Int 5 (2020) was revised asa consequence of theAmendments to HKAS 1 andshould only be applied when anentity applies the Amendmentsto HKAS 1. The Amendments toHKAS 1 are effective for annualperiods beginning on or after 1January 2023, and earlyapplication is permitted.HKFRS 10 and HKAS 28 Sale or Contribution of Assetsbetween an Investor and itsAssociate or Joint Venture(amendments)

Update No. 159A date to be determined by theIASBPublished on 17 February 2021