Investor Presentaiton
Appendix B
New and amended HKFRSS
This appendix lists the new Standards, amendments to, and Interpretations of, HKFRSS in issue as at 31 August 2023 which were not yet
effective for the periods beginning on or after 1 January 2022 and therefore may need to be considered for the first time in the
preparation of the 2023 financial statements. The appendix contains two tables:
•
•
Table B1 lists those new standards and amendments to HKFRSS which are required to be adopted in annual accounting periods
beginning on or after 1 January 2023 or are immediately effective upon issuance.
Table B2 lists other amendments to HKFRSS which are available for early adoption in that period, but are not yet mandatory.
The appendix includes a brief overview of these new and amended HKFRSS, focusing particularly on those which are likely to be of
interest or concern. All of these new and amended HKFRSS are as a direct consequence of amendments and revisions to IFRS
Accounting Standards made by the IASB and adopted by the HKICPA word-for-word and with the same effective dates. More
information on these developments can be obtained from your usual KPMG contact.
*All of the effective dates given below refer to the start of an annual accounting period, unless otherwise noted.
Effective
date*
1 January
2023
Table B1:
Amendments to HKFRSS first effective for annual periods beginning 1 January 2023, or are immediately effective
upon issuance
HKFRS 17, Insurance contracts
Amendments to HKFRS 17, Insurance
contracts (issued in October 2020)
Amendment to HKFRS 17, Insurance
contracts (issued in February 2022)
"Initial application of HKFRS 17 and
HKFRS 9 - Comparative information"
HKFRS 17, which replaces HKFRS 4, sets out the recognition, measurement,
presentation and disclosure requirements applicable to issuers of insurance
contracts.
In October 2020, the HKICPA issued amendments to HKFRS 17 ("2020 HKFRS
17 amendments") to defer the effective date of HKFRS 17 to annual
reporting periods beginning on or after 1 January 2023 and introduce other
changes to:
simplify some of the requirements;
make financial performance easier to explain; and
ease transition by providing additional transition reliefs.
Entities are required to apply the 2020 HKFRS 17 amendments when it
applies HKFRS 17.
An amendment to the previous insurance contracts standard, HKFRS 4, has
also been issued by the HKICPA to extend the temporary exemption that
permits the insurer to apply HKAS 39 rather than HKFRS 9 to annual periods
before 1 January 2023.
In February 2022, the HKICPA issued another amendment to HKFRS 17
("2022 HKFRS 17 amendment") to introduce a transition option relating to
comparative information about financial assets presented on initial
application of HKFRS 17. The 2022 HKFRS 17 amendment is aimed at helping
entities to avoid temporary accounting mismatches between financial assets
and insurance contract liabilities, and therefore improve the usefulness of
comparative information for users of financial statements. Entities are
required to apply the 2022 HKFRS 17 amendment on initial application of
HKFRS 17.
HKFRS 17 is generally required to be applied retrospectively unless this is
impracticable, in which case entities may apply the modified retrospective
approach or the fair value approach on transition.
B1
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