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Gary Leung garyleung.hk

ACCA Paper P2 (HKG) Corporate Reporting- Presentation of Financial Statements -HKAS 1 31 August 2012. Gary Leung www.garyleung.hk. Contents. Introduction Amendments Formats. Introduction. In June 2011, the HKICPA published amendments to HKAS 1 Presentation of Financial Statements.

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Gary Leung garyleung.hk

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  1. ACCA Paper P2 (HKG) Corporate Reporting-Presentation of Financial Statements -HKAS 1 31 August 2012 Gary Leung www.garyleung.hk ACCA P2- Dec 2012

  2. Contents • Introduction • Amendments • Formats ACCA P2- Dec 2012

  3. Introduction • In June 2011, the HKICPA published amendments to HKAS 1 Presentation of Financial Statements. • Improve and align disclosure of OCI under HKFRSs and US GAAP ACCA P2- Dec 2012

  4. Statement of profit or loss and OCI • All items of income and expense recognised in a period must be presented either: • in a single statement ; or • in two statements: • a statement displaying components of profit or loss (separate income statement); and • a second statement beginning with profit or loss and displaying components of other comprehensive income. ACCA P2- Dec 2012

  5. Formats ACCA P2- Dec 2012

  6. Other Comprehensive Income • Present Other Comprehensive Income (OCI) into two groups:- • Not reclassified subsequently to profit and loss • Reclassified when specific conditions met. • Change title of “statement of comprehensive income” to “statement of profit or loss and OCI” but allowed to use other title. ACCA P2- Dec 2012

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