Page 91 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

24. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2020

Up to the date of issue of these financial statements, the HKICPA has issued a number of
amendments and a new standard which are not yet effective for the year ended 31 December
2020 and which have not been adopted in these financial statements. These developments
include the following which may be relevant to the Group.

HKFRS 17 Insurance Contracts and the related
1
Amendments
2
Amendments to HKFRS 3 Reference to the Conceptual Framework
4
Amendments to HKFRS 9, HKAS 39, Interest Rate Benchmark Reform - Phase 2
HKFRS 7, HKFRS 4 and HKFRS 16
Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
3
Amendments to HKAS 1 Classification of Liabilities as Current or
Non-current and related amendments to Hong
1
Kong Interpretation 5 (2020)
Amendments to HKAS 16 Property, Plant and Equipment - Proceeds
2
before Intended Use
Amendments to HKAS 37 Onerous Contracts - Cost of Fulfilling a
2
Contract
Amendments to HKFRSs Annual Improvements to HKFRSs 2018-2020
2

1 Effective for annual periods beginning on or after 1 January 2023
2 Effective for annual periods beginning on or after 1 January 2022
3 Effective for annual periods beginning on or after a date to be determined
4 Effective for annual periods beginning on or after 1 January 2021

The Academy is in the process of making an assessment of what the impact of these
developments is expected to be in the period of initial application. 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.

35

香港醫學專科學院 2021 年度報告 89