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  • International/ Hong Kong Financial Reporting Standards

    www.pwchk.com

    Illustrative condensed consolidated interim financial informationFor the six months ended 30 June 2015

  • Manual of accounting IFRS 2015 Global guide to IFRS providing comprehensive practical guidance on how to prepare financial statements in accordance with IFRS. Includes hundreds of worked examples and guidance on financial instruments. The Manual is a three-volume set comprising:

    IFRS 2015 volume 1 & 2

    Illustrative IFRS consolidated financial statements for 2014 year ends

    Language: English

    In depth - New IFRSs for 2015 This publication outlines the new IFRS standards and interpretations that come into effect for 2015 year ends. Language: English

    Illustrative IFRS/HKFRS consolidated financial statements For the year ended 31 Dec 2014 The 2014 version of the illustrative IFRS/HKFRS consolidated financial statements is for a fictional manufacturing, wholesale and retail group. The illustrative example is prepared in accordance with the requirements as set out in:-

    The predecessor Hong Kong Companies Ordinance (Cap. 32);

    The Listing Rules issued by the Stock Exchange of Hong Kong Limited;

    IFRSs issued by the International Accounting Standards Board; and

    HKFRSs issued by the Hong Kong Institute of Certified Public Accountants.

    Language: English

    Practical guides to IFRS Practical guides to IFRS provide updates on the guidance in recently released discussion papers, exposure drafts and final standards from the IASB. Language: English and Simplified Chinese

    IFRS/HKFRS News Monthly newsletter highlighting the latest update in the International/Hong Kong Financial Reporting Standards. Language: English

    IFRS/HKFRS News (Chinese) Monthly newsletter highlighting the latest update in the International/Hong Kong Financial Reporting Standards. Language: Simplified Chinese

    Please visit www.pwccn.com/home/eng/latestacctupdates.html for more publications.

    PwCs Accounting Technical Publications

  • IFRS Manual of Accounting (English with Chinese translation) IFRS Manual of Accounting is a comprehensive practical guide to IFRS and provides straightforward explanations on how to prepare financial statements in accordance with IFRS, with hundreds of practical examples. IFRS Manual of Accounting with Chinese translation has been released in different volumes. The following volumes have been published by China Financial & Economic Publishing House. Depending on the topic, each release may be a chapter or a combination of a number of chapters from the manual.

    MoA Volume 14: Consolidated financial statements and joint arrangements This volume covers Chapter 24 Consolidated financial statements and Chapter 28 Joint arrangements of the English version and their translation.

    MoA Volume 15: Employee benefits This volume covers Chapter 11 Employee benefits of the English version and its translation.

    MoA Volume 16: Insurance contracts and Fair value This volume covers Chapter 8 Insurance contracts and Chapter 34 Fair value of the English version and their translation.

    The below volumes (English with Chinese translation) are also available:

    IFRS Manual of Accounting - Volume 1: Revenue and construction contracts

    IFRS Manual of Accounting - Volume 2: Accounting principles and applicability of IFRS; Presentation of financial statements; Accounting policies, accounting estimates and errors

    IFRS Manual of Accounting - Volume 3: Taxation

    IFRS Manual of Accounting - Volume 4: Share-based payment

    IFRS Manual of Accounting - Volume 5: Business combinations

    IFRS Manual of Accounting - Volume 6: Intangible assets and inventories

    IFRS Manual of Accounting - Volume 7: Property, plant and equipment, investment property and lease accounting

    IFRS Manual of Accounting - Volume 8: Impairment of assets

    IFRS Manual of Accounting - Volume 9: Consolidated and separate financial statements and equity accounting

    IFRS Manual of Accounting - Volume 10: Disposals of subsidiaries, business and non-current assets

    IFRS Manual of Accounting - Volume 11: Foreign currencies IFRS Manual of Accounting - Volume 12: Earnings per share

    IFRS Manual of Accounting - Volume 13: Service concession arrangements

    IFRS Manual of Accounting - Financial Instruments (English with Chinese translation) Volume 1

    IFRS Manual of Accounting - Financial Instruments (English with Chinese translation) Volume 2

    IFRS Manual of Accounting - Financial Instruments (English with Chinese translation) Volume 3

    Please visit www.pwccn.com/home/eng/ifrs_accounting_manual.html for details.

    PwCs Accounting Technical Publications

    http://www.pwccn.com/home/eng/ifrs_accounting_manual.html

  • Introduction to IAS/HKAS 34, 'Interim financial reporting'

    Objective and scope

    Although there is no requirement under IFRS/HKFRS for entities to publish interim financial reports, a number of territories around the world either require or recommend their publication, often stipulating that they should be prepared in accordance with IFRS/HKFRS. IAS/HKAS 34, 'Interim financial reporting', applies where an entity publishes an interim financial report in accordance with IFRS/HKFRS. It encourages publicly traded entities to prepare interim reports at least as of the end of the first half of their financial year [IAS/HKAS 34 para 1(a)].

    The objective of IAS/HKAS 34 is to set out the minimum content that an interim financial report should contain and the principles that should be used in recognising and measuring the transactions and balances included in that report.

    IAS/HKAS 34 recommends that interim financial reports are published within 60 days of the period end, although local legislative requirements may mandate a different timescale1 [IAS/HKAS 34 para 1(b)].

    Content

    Entities may either prepare full IFRS/HKFRS financial statements (as published in their annual report), or condensed financial statements under IAS/HKAS 34. Condensed reporting is the more common approach.

    IAS/HKAS 34 requires the interim financial report to contain, as a minimum:

    A statement of financial position (balance sheet) as at the end of the current interim period and as at the end of the immediately preceding financial year.

    A statement of profit or loss and other comprehensive income for the current interim period and cumulatively for the current financial year to date (for example, the second quarter and the half year to date), with comparative statements for the comparable interim periods of the immediately preceding financial year, presented as either:

    A single statement; or A separate statement of profit or loss and a statement presenting comprehensive income. A statement of changes in equity for the year to date, with a comparative statement for the comparable year-to-date period

    of the immediately preceding financial year. A statement of cash flows for the year to date, with a comparative statement for the comparable year-to-date period of the

    immediately preceding financial year. Selected explanatory notes. Basic and diluted earnings per share for the interim period reported, presented in the statement that presents the

    components of profit or loss for an interim period (only if the entity is required to present earnings per share in accordance with IAS/HKAS 33).

    [IAS/HKAS 34 paras 8, 11]

    The condensed primary statements should contain, as a minimum, the main headings and sub-totals that were included in the entity's most recent full financial statements. Additional line items or notes should be included if their omission would make the condensed interim financial report misleading [IAS/HKAS 34 para 10]. PwC observation: IAS/HKAS 34 does not require the presentation in the condensed primary statements of all the line items that are required by IAS/HKAS 1, Presentation of financial statements, to be included in the primary statements in the annual financial statements; however, it is common, and considered best practice, to include them. In some countries, the extent to which line items may be aggregated in condensed interim financial statements may also be governed by local regulators or market requirements.

    IAS/HKAS 34 requires additional line items or notes to be included if their omission would make the condensed interim financial report misleading [IAS/HKAS 34 para 10]. An entity may incur costs on an annual basis that are not significant enough in the context of the annual financial statements to require separate disclosure. However, such costs might be incurred unevenly during the year and require separate presentation in the condensed statement of profit or loss, thus leading to a difference in presentation between the interim financial report and the annual comparative financial statements.

    1 According to MB Listing Rule 13.49(6) and 13.48(1), a MB issuer must publish its interim results announcement not later than two months after the end of that period

    of six months and must send out either (i) its interim report, or (ii) its summary interim report not later than three months after the end of that period of six months.

    According to GEM Listing Rule 18.53 and 18.78, a GEM issuer must publish its interim results announcement and send out either (i) its interim report, or (ii) its summary interim report not later than 45 days after the end of such period.

  • IAS/HKAS 34 requires comparative information to be given for all primary statements. A comparative stat

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