Page 106 - Annual Report

HONG KONG ACADEMY OF MEDICINE HONG KONG ACADEMY OF MEDICINE
香 香港醫學專科學院 香 香港醫學專科學院
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024

23. POSSIBLE IMPACT OF NEW AND AMENDMENTS TO HKFRSs ISSUED BUT NOT YET 23. POSSIBLE IMPACT OF NEW AND AMENDMENTS TO HKFRSs ISSUED BUT NOT YET
EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2024 EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

Up to the date of approval for issue of these consolidated financial statements, the HKICPA has HKFRS 18 Presentation and Disclosure in Financial Statements and consequential
issued a number of new and amendments to HKFRS which are not yet effective for the year ended 31 amendments to other HKFRSs (Continued)
December 2024 and which have not been adopted in these consolidated financial statements, as
follows: (b) It requires an entity to disclose management-defined performance measures (“MPM”) and
reconciliations between MPM and subtotals listed in HKFRS 18 or totals or subtotals required by
Amendments to HKAS 21 Lack of Exchangeability 1 HKFRSs.
Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of
Financial Instruments 2 (c) It sets out requirements to help an entity determine whether information about items should be
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity 2 in the primary financial statements or in the notes and provides principles for determining the
Annual Improvements to HKFRS Amendments to HKFRS 1, HKFRS 7, HKFRS 9, level of detail needed for the information.
Accounting Standards 2024 HKFRS 10 and HKAS 7 2
HKFRS 18 and consequential amendments Presentation and Disclosure in Financial Statements HKFRS 18 also set out classification requirements for foreign exchange differences, the gain or loss
3
to other HKFRSs on the net monetary position, and gains and losses on derivatives and designated hedging
HKFRS 19 Subsidiaries without Public Accountability: instruments.
Disclosures
3
Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor In addition, some paragraphs in HKAS 1 have been moved to HKAS 8 Basis of Preparation of
and its Associate or Joint Venture Financial Statements and HKFRS 7. Minor amendments to HKAS 7 Statement of Cash Flows and
4
HKAS 33 Earnings per Share are also made.
1 Effective for annual periods beginning on or after 1 January 2025
2 Effective for annual periods beginning on or after 1 January 2026 HKFRS 18 and consequential amendments to other HKFRSs are effective for annual reporting
3 Effective for annual periods beginning on or after 1 January 2027 periods beginning on or after 1 January 2027, with early application permitted. The application of the
4 Effective for annual periods beginning on or after a date to be determined new standard is expected to affect the presentation of the consolidated statement of profit or loss and
disclosures in the future consolidated financial statements. The Academy is in the process of
The Academy is in the process of making an assessment of what the impact of these developments assessing the detailed impact on the consolidated financial statements.
is expected to be in the period of initial application. Except as described below, the council members
anticipate that the application of the new and amendments or interpretations will have no material
impact on the results and the financial position of the Academy.

HKFRS 18 Presentation and Disclosure in Financial Statements and consequential
amendments to other HKFRSs

HKFRS 18 replaces HKAS 1 Presentation of Financial Statements (“HKAS 1”). It carries forward
many requirements from HKAS 1 unchanged. HKFRS 18 brings major changes to the statement of
profit or loss and notes to the financial statements as follows:

(a) HKFRS 18 requires an entity:

(i) to classify income and expenses into operating, investing and financing categories in the
statement of profit or loss, plus income taxes and discontinued operations;

(ii) to present two new defined subtotals, namely, operating profit or loss and profit or loss
before financing and income taxes.

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104 HKAM Annual Report 2025