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1 SHINEWING (HK) CPA Limited - Newsletter February 2018 Amendments to HKAS 28 - Long-term Interests in Associates and Joint Ventures Newsletter – Issue No. 03/2018 The International Accounting Standards Board (the “IASB”) received a submission questioning whether long-term interests in an associate or joint venture are within the scope of IFRS 9 and, if so, whether the impairment requirements in IFRS 9 apply to such long-term interests. Therefore, amendments to IAS 28 clarified the accounting treatment for long-term interest. In January 2018, the Council of the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) responses to the Amendments to IAS 28, followed the clarification of the IASB and issued Amendments to HKAS 28 - Long-term Interests in Associates and Joint Ventures. Background Paragraph 14A of HKAS 28 states that an entity applies HKFRS 9 to other financial instruments in an associate or joint venture to which equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture. The amendments shall be applied retrospectively for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. The transition provisions apply depend if the entity applies this amendment at the same time it first applies HKFRS 9. What is the clarification? Effective Date Transition

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Page 1: Amendments to HKAS 28 Long-term Interests in Associates ... · Amendments to HKAS 28 - Long-term Interests in Associates and Joint Ventures Newsletter – Issue No. 03/2018 ... to

1 SHINEWING (HK) CPA Limited - Newsletter February 2018

Amendments to HKAS 28 - Long-term Interests in Associates and Joint Ventures

Newsletter – Issue No. 03/2018

The International Accounting Standards Board (the “IASB”) received a submission questioning whether long-term

interests in an associate or joint venture are within the scope of IFRS 9 and, if so, whether the impairment

requirements in IFRS 9 apply to such long-term interests. Therefore, amendments to IAS 28 clari�ed the

accounting treatment for long-term interest.

In January 2018, the Council of the Hong Kong Institute of Certi�ed Public Accountants (the “HKICPA”) responses

to the Amendments to IAS 28, followed the clari�cation of the IASB and issued Amendments to HKAS 28 -

Long-term Interests in Associates and Joint Ventures.

Background

Paragraph 14A of HKAS 28 states that an entity applies HKFRS 9 to

other �nancial instruments in an associate or joint venture to which

equity method is not applied. These include long-term interests that,

in substance, form part of the entity’s net investment in an associate

or joint venture.

The amendments shall be applied retrospectively for annual

reporting periods beginning on or after 1 January 2019. Earlier

application is permitted.

The transition provisions apply depend if the entity applies this

amendment at the same time it �rst applies HKFRS 9.

What is the clari�cation?

E�ective Date

Transition

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Amendments to HKAS 28 - Long-term Interests in Associates and Joint Ventures

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BRISBANERiverside Centre, Suite 1853, Level 18, 123 Eagle Street, Brisbane, QLD 4000, AustraliaTel: (61) 7 3085 0888

@ 2018 SHINEWING (HK) CPA Limited. All rights reserved.

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EGYPT21 Mahmoud Bassiouny, Talaat Harb Square, Cairo, EgyptTel: (202) 2578 2775Fax: (202) 2578 2776

SHINEWING (HK) CPA Limited - Newsletter February 2018

This publication intended to provide general information and guidance on the subject concerned. No one should act upon such information without consulting a quali�ed professional adviser. SHINEWING (HK) CPA Limited takes no responsibility for any errors or omission in, or for the loss incurred by individuals and companies due to the use of, the information of this publication.

No claims, action or legal proceedings in connection with this publication brought by any individuals or companies having reference to the information of this publication will be entertained by SHINEWING (HK) CPA Limited.

SINGAPORE238A Thomson Road, #25-07/08 Novena Square Tower A, Singapore (Postal Code: 307684)Tel: (65) 6336 5588Fax: (65) 6336 6708

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