Investor Presentaiton
HKAS 1.51(a)
HKAS 1.49
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HK Listco Ltd
Financial statements for the year ended 31 December 2023
HKFRS 17, Insurance contracts84
HKFRS 17, which replaces HKFRS 4, sets out the recognition, measurement, presentation and
disclosure requirements applicable to issuers of insurance contracts. [The standard does not have a
material impact on these financial statements as the group does not have contracts within the scope
of HKFRS 17.] [Or disclose the effect if HKFRS 17 has a material impact on the entity.]
Amendments to HKAS 8, Accounting policies, changes in accounting estimates and errors: Definition
of accounting estimates
The amendments provide further guidance on the distinction between changes in accounting policies
and changes in accounting estimates. [The amendments do not have a material impact on these
financial statements as the group's approach in distinguishing changes in accounting policies and
changes in accounting estimates is consistent with the amendments.] [Or disclose the effect if the
amendments have material impact on the entity.]
Amendments to HKAS 1, Presentation of financial statements and HKFRS Practice Statement 2,
Making materiality judgements: Disclosure of accounting policies⁹0
The amendments require entities to disclose material accounting policy information and provide
guidance on applying the concept of materiality to accounting policy disclosure. [The group has
revisited the accounting policy information it has been disclosing and considered it is consistent with
the amendments.] [Or describe any impacts on the entity's accounting policy disclosure e.g. removing
or reducing the immaterial accounting policies, rearranging the location of policy note disclosures such
that immaterial policy information does not obscure the material information.]
Amendments to HKAS 12, Income taxes: Deferred tax related to assets and liabilities arising from a
single transaction
The amendments narrow the scope of the initial recognition exemption such that it does not apply to
transactions that give rise to equal and offsetting temporary differences on initial recognition such as
leases and decommissioning liabilities. For leases and decommissioning liabilities, the associated
deferred tax assets and liabilities are required to be recognised from the beginning of the earliest
comparative period presented, with any cumulative effect recognised as an adjustment to retained
earnings or other components of equity at that date. For all other transactions, the amendments are
applied to those transactions that occur after the beginning of the earliest period presented.
Prior to the amendments, the group did not apply the initial recognition exemption to lease
transactions and had recognised the related deferred tax, except that the group previously
determined the temporary difference arising from a right-of-use asset and the related lease liability on
a net basis on the basis they arise from a single transaction. Following the amendments, the group has
determined the temporary differences in relation to right-of-use assets and lease liabilities separately.
The change primarily impacts disclosures of components of deferred tax assets and liabilities in note
30(b), but does not impact the overall deferred tax balances presented in the consolidated statement
of financial position as the related deferred tax balances qualify for offsetting under HKAS 12.
Amendments to HKAS 12, Income taxes: International tax reform - Pillar Two model rules85
The amendments introduce a temporary mandatory exception from deferred tax accounting for the
income tax arising from tax laws enacted or substantively enacted to implement the Pillar Two model
rules published by the Organisation for Economic Co-operation and Development ("OECD") (income
tax arising from such tax laws is hereafter referred to as "Pillar Two income taxes"), including tax laws
that implement qualified domestic minimum top-up taxes described in those rules. The amendments
also introduce disclosure requirements about such tax including the estimated tax exposure to Pillar
Two income taxes. The amendments are immediately effective upon issuance and require
retrospective application. The group provided the additional disclosures in note 6(c).
In this illustration, HK Listco does not have contracts within the scope of HKFRS 17. For additional illustrative IFRS disclosures on IFRS
17, please refer to Illustrative disclosures for insurers - Guide to annual financial statements (September 2020) produced by KPMG's
International Standards Group.
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