Hong Kong Financial Reporting Standards UpdateSection I. New and amended Standards issued that are applicable to accounting periods beginning on orafter 1 January 2023Standards affectedNew standard and amendments relate toMembers' HandbookHKAS 1 and HKFRS PracticeStatement 2Disclosure of Accounting Policies (amendments)
Update No. 259HKAS 8Definition of Accounting Estimates (amendments)
Update No. 259HKAS 12Deferred tax related to assets and liabilitiesarising from a single transaction (amendments)
Update No. 262Amendments to HKAS 12International Tax Reform— Pillar Two ModelRules (amendments)*Update No. 297HKFRS 17Insurance Contracts (new standard)
Update No. 211HKFRS 17Amendments to HKFRS 17Update No. 247HKFRS 17Initial Application of HKFRS 17 and HKFRS 9—Comparative InformationUpdate No. 271* Entities are required to apply the temporary exception to account for deferred taxes related to Pillar Two income taxesimmediately upon the issuance of the Amendments on 21 July 2023 and to provide the new disclosures as set out in theAmendments for annual reporting periods beginning on or after 1 January 2023.Section II. Amended Standards and Interpretations issued that are not yet effective, but may be adoptedearlyStandards affectedAmendments relate toMembers'HandbookEffective dateHKAS 1Classification of Liabilities asCurrent or Non-current(amendments)#Update No. 243and Update No.Accounting periods beginningon or after 1 January 2024HKAS 1Non-current Liabilities withCovenants (amendments)#Update No. 283Accounting periods beginningon or after 1 January 2024HKFRS 16Lease Liability in a Sale andLeaseback (amendments)
Update No. 281Accounting periods beginningon or after 1 January 2024HK Int 5 (Revised)
Hong Kong Interpretation 5(Revised) Presentation ofFinancial Statements –Classification by the Borrower of aTerm Loan that Contains aRepayment on Demand Clause(HK Int 5 (Revised))
Update No. 248and Update No.HK Int 5 (Revised) hasincorporated the references toAmendments to HKAS 1Classification of Liabilities asCurrent or Non-current andAmendments to HKAS 1 Non-current Liabilities withCovenants. Both amendmentsare to be applied as apackage and are effective forannual reporting periodsbeginning on or after 1January 2024.Amendments to HKAS 7and HKFRS 7Supplier Finance Arrangements(amendments)
Update No. 297Accounting periods beginningon or after 1 January 2024Amendments to HKFRS 10and HKAS 28Sale or Contribution of Assetsbetween an Investor and itsAssociate or Joint Venture(amendments)
Update No. 159A date to be determined by theIASB# Both amendments are to be applied as a package.Published on 25 July 2023