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In this newsletter, we look at the following topic:
HKFRS 7 Financial Instruments: Disclosures - Frequently asked questions (Part I)
The Hong Kong Institute of Certified Public Accountants published HKFRS 7 in September 2005. It applies to all companies and provides the market with more information about an entity's financial assets and liabilities, and their associated risks. The HKFRS 7 disclosures, especially those related to risk will require considerable resources to develop and draft. Management should therefore begin to consider the issues prior to the standard's effective date of 1 January 2007. This month newsletter addresses the commonly-asked questions that have arisen to date from the application of this standard:
- Scope;
- Classes of financial instruments;
- Fair value disclosures;
- Defaults and breaches;
- Hedge accounting disclosures;
- Risk disclosures;
- Credit risk;
- Liquidity risk - maturity analysis;
- Market risk - sensitivity analysis; and
- Interim reporting.
Get Your Copy Here
Read more by downloading our HKFRS News - Nov 2006 (pdf file, 471KB) for your reference.
Note: HKFRS has converged with IFRS effective from 1 January 2005. Contents contained in this newsletter are relevant to both HKFRS preparers and IFRS preparers. Other Issues of HKFRS News
Accounting and Listing Rules Updates. |
