Update No. 271 relates to the publication of Initial Application of HKFRS 17 and HKFRS 9 — Comparative Information (Amendment to HKFRS 17). The Amendment to HKFRS 17 is a transition option relating to comparative information about financial assets presented on initial application of HKFRS 17 Insurance Contracts, and is aimed at improving the usefulness of comparative information for users of financial statements. HKFRS 17, together with the amendment, is effective for annual reporting periods beginning on or after 1 January 2023.
The update also includes the withdrawal of HKFRS for Private Entities (Revised September 2015) as it was superseded by HKFRS for Private Entities (Revised May 2017) which has been effective for annual reporting periods beginning on or after 1 January 2017.
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