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HKFRS 16 definition

HKFRS 16. Hong Kong Financial Reporting Standard 16 “Leases” which include standards and interpretations promulgated by the Hong Kong Institute of Certified Public Accountants;
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HKFRS 16 the Hong Kong Financial Reporting Standard 16 issued by the Hong Kong Institute of Certified Public Accountants, which sets out the principles for the recognition, measurement, presentation and disclosure of leases “HK$” Hong Kong dollars, the lawful currency of Hong Kong
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HKFRS 16. Hong Kong Financial Reporting Standard 16 “Leases”, effective on 1 January 2019
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Examples of HKFRS 16 in a sentence

  • HKFRS 16 defines a lease on the basis of whether a customer controls the use of an identified asset for a period of time, which may be determined by a defined amount of use.

  • HKFRS 16 superseded HKAS 17 Leases (“HKAS 17”), and the related interpretations.

  • For contracts entered into or modified on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under HKFRS 16 at inception or modification date.

  • HKFRS 16 eliminates the requirement for a lessee to classify leases as either operating leases or finance leases, as was previously required by HKAS 17.

  • Accordingly, contracts that were previously assessed as leases under HKAS 17 continue to be accounted for as leases under HKFRS 16 and contracts previously assessed as non-lease service arrangements continue to be accounted for as executory contracts.

  • Lessor accounting under HKFRS 16 is substantially unchanged from HKAS 17.

  • For contracts entered into or modified on or after 1 January 2019, the Group applies the definition of a lease in accordance with the requirements set out in HKFRS 16 in assessing whether a contract contains a lease.

  • As a lessee The Group has applied HKFRS 16 retrospectively with the cumulative effect recognised at the date of initial application, 1 January 2019.

  • HKFRS 16 brings significant changes in accounting treatment for lease accounting, primarily for accounting for lessees.

  • HKFRS 16 also introduces additional qualitative and quantitative disclosure requirements which aim to enable users of the financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity.


More Definitions of HKFRS 16

HKFRS 16. Hong Kong Financial Reporting Standard 16
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HKFRS 16. Hong Kong Financial Reporting Standard 16 “HKS” HKS International Limited, a company incorporated in the British Virgin Islands with limited liability
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HKFRS 16. Hong Kong Financial Reporting Standard 16 “Independent Third Party(ies)” person(s) who is (are) to the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, third party(ies) independent of the Company and connected persons of the Company “Lease Agreement” the lease agreement dated 30 September 2020 entered into between Partytime Xxxx Xxxxxxx and Xxxx Xxxxx Town in relation to the Premises
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HKFRS 16. The Hong Kong Financial Reporting Standard 16 “Leases” issued by the Hong Kong Institute of Certified Public Accountants “Incorporated Owners” the incorporated owners of the building of which the 42F Property and the 49F Property form part from time to time
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Related to HKFRS 16

  • HKFRS Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants

  • IASB means the International Accounting Standards Board;

  • PRC GAAP means the generally accepted accounting principles in the PRC.

  • UK GAAP means generally accepted accounting principles in the United Kingdom.

  • IFRS means the International Financial Reporting Standards as issued by the International Accounting Standards Board.

  • SEBI Regulations means the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 together with the circulars issued thereunder, including any statutory modification(s) or re-enactment(s) thereof for the time being in force.

  • SEBI ICDR Regulations means Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended;

  • the 1997 Regulations means the Zebra, Pelican and Puffin Pedestrian Crossing Regulations 1997.

  • Brazilian GAAP means, collectively, the accounting principles prescribed by Brazilian Corporate Law, the rules and regulations issued by applicable regulators, including the CVM, as well as the technical releases issued by the Brazilian Institute of Accountants (Instituto Brasileiro de Contadores), in each case as in effect from time to time.

  • the 2002 Regulations means the Traffic Signs Regulations and General Directions 2002;

  • SEBI LODR Regulations means the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.

  • Financial Regulations means regulations made under section 21 of the Act;

  • HKFE means the Hong Kong Futures Exchange Limited.

  • EU means the European Union.

  • EEA Regulations means the Immigration (European Economic Area) Regulations 2006.

  • CFTC Regulations means the rules and regulations promulgated by the CFTC, as amended.

  • the 2000 Regulations means the Water Supply (Water Quality) Regulations 2000(b); "the 2001 Regulations" means the Water Supply (Water Quality) Regulations 2001(c);

  • U.S. GAAP means United States generally accepted accounting principles.

  • EU GDPR means the General Data Protection Regulation ((EU) 2016/679), as it has effect in EU law.

  • Central Bank UCITS Regulations means the Central Bank (Supervision and Enforcement)

  • SEBI Listing Regulations means the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

  • HKEx means Hong Kong Exchanges and Clearing Limited or its successors.

  • Central Bank Regulations means the Central Bank (Supervision and Enforcement) Act 2013

  • ROC means the Republic of China.

  • Basel III Regulation means, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements: (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation 575/2013 on prudential requirements for credit institutions and investment firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR.

  • the 2007 Regulations means the Civil Enforcement of Parking Contraventions (England) General Regulations 2007;

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