The Hong Kong Master GAAP Guide is a comprehensive, practical and up-to-date commentary on the Hong Kong Financial Reporting Standards. It is an essential tool for accountants and professionals who are required to prepare the accounts of a business entity. This book also serves as a useful reference for auditors when analysing the financial statements of corporations.


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The Hong Kong Master GAAP Guide is divided into the following sections:
• Financial Reporting in Hong Kong;
• HK Interpretations (“HK-Int”);
• Hong Kong Financial Reporting Standards (“HKFRS”);
• HK(IFRIC) Interpretations (“HK(IFRIC)-Int”);
• Hong Kong Accounting Standards (“HKAS”); and
• Hong Kong (SIC) Interpretations (“HK(SIC)-Int”).
The Financial Reporting in Hong Kong gives an overview of the overall regulatory framework under which all companies operate. The HKFRS, HKAS and Interpretations form the subject matter of this Guide. Each accounting standard and interpretation is covered under a separate chapter and illustrated with worked examples.


Financial Reporting in Hong Kong
Chapter 1 Introduction
Chapter 2 Hong Kong Institute of Certified Public Accountants

HK Interpretations
Chapter 3 HK-Int 4 "Leases - Determination of the Length of Lease Term in respect of Hong Kong Land Leases"
Chapter 4 HK-Int 5 "Presentation of Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause"

Chapter 5 HKFRS 1 "First-Time Adoption of Hong Kong Financial Reporting Standards"
Chapter 6 HKFRS 2 "Share-based Payment"
Chapter 7 HKFRS 3 "Business Combinations"
Chapter 8 HKFRS 4 "Insurance Contracts"
Chapter 9 HKFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"
Chapter 10 HKFRS 6 "Exploration for and Evaluation of Mineral Resources"
Chapter 11 HKFRS 7 "Financial Instruments: Disclosures"
Chapter 12 HKFRS 8 "Operating Segments"
Chapter 13 HKFRS 9 "Financial Instruments"
Chapter 14 HKFRS 10 "Consolidated Financial Statements"
Chapter 15 HKFRS 11 "Joint Arrangements"
Chapter 16 HKFRS 12 "Disclosure of Interests in Other Entities"
Chapter 17 HKFRS 13 "Fair Value Measurement"
Chapter 18 HKFRS 14 "Regulatory Deferral Accounts"
Chapter 19 HKFRS 15 "Revenue from Contracts with Customers"
Chapter 20 HKFRS 16 "Leases"
Chapter 21 HKFRS 17 "Insurance Contracts"

HK(IFRIC) Interpretations
Chapter 22 HK(IFRIC)-Int 1 "Changes in Existing Decommissioning, Restoration and Similar Liabilities"
Chapter 23 HK(IFRIC)-Int 2 "Members’ Shares in Co-operative Entities and Similar Instruments"
Chapter 24 HK(IFRIC)-Int 5 "Rights to Interests arising from, Restoration and Environmental Rehabilitation Funds"
Chapter 25 HK(IFRIC)-Int 6 "Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment"
Chapter 26 HK(IFRIC)-Int 7 "Applying the Restatement Approach under HKAS 29 Financial Reporting in Hyperinflationary Economies"
Chapter 27 HK(IFRIC)- Int 10 "Interim Financial Reporting and Impairment"
Chapter 28 HK(IFRIC)- Int 12 "Service Concession Arrangements"
Chapter 29 HK(IFRIC)- Int 14 "HKAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction"
Chapter 30 HK(IFRIC) – Int 16 "Hedges of a Net Investment in a Foreign Operation"
Chapter 31 HK(IFRIC) – Int 17 "Distribution of Non-cash Assets to Owners"
Chapter 32 HK(IFRIC) – Int 19 "Extinguishing Financial Liabilities with Equity Instruments"
Chapter 33 HK(IFRIC) – Int 20 "Stripping Costs in the Production Phase of a Surface Mine"
Chapter 34 HK(IFRIC) – Int 21 "Levies"
Chapter 35 HK(IFRIC) – Int 22 "Foreign Currency Transactions and Advance Consideration"

Chapter 36 HKAS 1 "Presentation of Financial Statements"
Chapter 37 HKAS 2 "Inventories"
Chapter 38 HKAS 7 "Statement of Cash Flows"
Chapter 39 HKAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors"
Chapter 40 HKAS 10 "Events After the Reporting Period"
Chapter 41 HKAS 12 "Income Taxes"
Chapter 42 HKAS 16 "Property, Plant and Equipment"
Chapter 43 HKAS 19 (2011) "Employee Benefits"
Chapter 44 HKAS 20 "Accounting for Government Grants and Disclosure of Government Assistance"
Chapter 45 HKAS 21 "The Effects of Changes in Foreign Exchange Rates"
Chapter 46 HKAS 23 "Borrowing Costs"
Chapter 47 HKAS 24 "Related Party Disclosures"
Chapter 48 HKAS 26 "Accounting and Reporting by Retirement Benefit Plans"
Chapter 49 HKAS 27 (2011) "Separate Financial Statements"
Chapter 50 HKAS 28 (2011) "Investments in Associates and Joint Ventures"
Chapter 51 HKAS 29 "Financial Reporting in Hyperinflationary Economies"
Chapter 52 HKAS 32 "Financial Instruments: Presentation"
Chapter 53 HKAS 33 "Earnings Per Share"
Chapter 54 HKAS 34 "Interim Financial Reporting"
Chapter 55 HKAS 36 "Impairment of Assets"
Chapter 56 HKAS 37 "Provisions, Contingent Liabilities and Contingent Assets"
Chapter 57 HKAS 38 "Intangible Assets"
Chapter 58 HKAS 40 "Investment Property"
Chapter 59 HKAS 41 "Agriculture"

HK(SIC) Interpretations
Chapter 60 HK(SIC)-Int 10 "Government Assistance – No Specific Relation to Operating Activities"
Chapter 61 HK(SIC)-Int 25 "Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders"
Chapter 62 HK(SIC)-Int 29 "Service Concession Arrangements: Disclosures"
Chapter 63 HK(SIC)-Int 32 "Intangible Assets – Web Site Costs" 


Patrick P. H. Ng, Lecturer

Patrick P. H. Ng (M. Phil., BA (Hons), FCPA, FCCA, HON. H.K.A.T.) is a Lecturer of the Department of Business Administration at the Hong Kong Institute of Vocational Education (Chai Wan). He received a Bachelor of Arts Degree with First Class Honours from the University of Essex and a Master of Philosophy from the University of Cambridge. He is a Fellow of the Hong Kong Institute of Certified Public Accountants (HKICPA) and a Fellow of the Association of Chartered Certified Accountants (ACCA), as well as an Honorary Hong Kong Accounting Technician. 

Ng Eng Juan, Professor

Associate Professor Ng Eng Juan graduated with B Ec (first class honours) from University Malaya and MBA from University of Southern California. He is a fellow of the Institute of Certified Public Accountants of Singapore (ICPAS), the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA). He has also passed the uniform examinations of the American Institute of Certified Public Accountants (AICPA). 

Chris Lau, Professional writer

Dr Chris Lau (BA (HONS.), MPACC, PHD, CICPA, FCPA, FCA, FCCA, CFA, ACS, ACIS) possesses a rich industrial experience in auditing, IFRS financial reporting, PRC GAAP financial reporting and professional training. He is now working on one of the Big Four accounting firms. Dr Lau is also a professional writer in the filed of accounting. He has co-authored “Advanced Accounting” and has published many technical articles on financial reporting in professional journals.