As part of phase 1 to replace HKAS 39, the HKICPA issued the chapters of HKFRS 9 that relate to the classification and measurement of financial assets in November 2009 (HKFRS 9 (2009)). A year later, phase 1 was completed by the issuance of the requirements that relate to the classification and measurement of financial liabilities (HKFRS 9 (2010)).
On 29 November 2010, the HKICPA issued HK Interpretation 5 "Presentation of Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause" ("HK-Int 5") to provide guidance on the classification by the borrower of a term loan containing a repayment on demand clause in the statement of financial position and the classification of the contractual cash flows relating to such a term loan in the disclosure of contractual maturity analysis.
On 15 July 2010, the Accounting and Corporate Regulatory Authority ("ARCA") and Singapore Exchange Limited ("SGX") (the regulators of the public accountancy profession and publicly listed companies in Singapore) jointly issued the "Guidance to Audit Committees on Evaluation of Quality of Work Performed by External Auditors" (the "Guidance").
The International Accounting Standards Board (IASB) issued on 28 January 2010 a minor amendment to IFRS 1 "First-time Adoption of International Financial Reporting Standards".
As preparers are busy preparing their annual financial statements, it is important for them to be aware of all the applicable new accounting and reporting requirements that started to take effect for annual period beginning 1 January 2009. Please refer to tables here summarizing the new and amended standards and interpretations.
