Investor Presentaiton
HKAS 1.51(a)
HKAS 1.49
HK Listco Ltd
Financial statements for the year ended 31 December 2023
HKAS 1.41
Sch 4, Part 1,
Section 3
HKAS 1.138(c)
HKAS 24.13
[39
40
COMPARATIVE FIGURES 294
•
As a result of the application of [• •] certain comparative figures have been adjusted to conform to
current year's presentation and to provide comparative amounts in respect of items disclosed for the
first time in 2023. Further details of the changes in accounting policies are disclosed in note 1(c).]
IMMEDIATE AND ULTIMATE CONTROLLING PARTY 295, 296
At 31 December 2023, the directors consider the immediate parent and ultimate controlling party of
the group to be HK (Holding) Co. Ltd, which is incorporated in Hong Kong. This entity does not produce
financial statements available for public use.
HKAS 1.41
294
HKAS 24.13
24.16
Sch 4, Part 1,
Section 3
295
296
When the presentation or classification of items in the financial statements is amended, paragraph 41 of HKAS 1 requires the
comparative amounts to be reclassified unless it is impracticable to do so. It also requires the disclosure of the reason for and a
description of the nature of material reclassifications as well as the amount of each item or class of items that is reclassified. Note also
that where the reclassification has a material effect on the information in the statement of financial position at the beginning of the
preceding period (i.e. here: 1 January 2022), this would trigger the requirement to present an opening statement of financial position as
per footnote 62. It is not necessary to make a negative statement if no comparatives have been adjusted.
HKAS 24 requires disclosure of both the immediate parent of the reporting entity and, if different, the ultimate controlling party. The
ultimate controlling party may be a body corporate, or could be an unincorporated entity or an individual. If neither the immediate
parent nor the ultimate controlling party produces financial statements available for public use, HKAS 24 requires the name of the next
most senior parent that does so to be disclosed. The standard does not require a negative statement to be given if there are no such
entities. However, users may find such a statement informative.
Part 1 of Schedule 4 to the CO requires disclosure of the name of the "ultimate parent undertaking", i.e., the most senior parent of the
reporting entity. This entity could be a body corporate, a partnership or an unincorporated association carrying on a trade or business,
whether for profit or not, in accordance with the definition of "undertaking" in Schedule 1 to the CO. If the ultimate parent undertaking
is a body corporate, then the country of its incorporation should be disclosed, whereas if it is not a body corporate, then the address of
its principal place of business should be disclosed.
Although the disclosure requirements under Part 1 of Schedule 4 to the CO and paragraph 13 of HKAS 24 (see previous note) are similar,
it should be noted that where the ultimate parent undertaking is controlled by an individual, additional disclosure will be required to
meet both the requirements of the CO (in respect of disclosure of the "ultimate parent undertaking") and HKAS 24 (in respect of
disclosure of the "ultimate controlling party").
195
© 2023KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"),
a private English company limited by guarantee. All rights reserved.View entire presentation