Page 92 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
港
學
專
科
香
院
醫
學
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

23. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2021

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
2021 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
3
Amendments
Amendments to HKFRS 3 Reference to the Conceptual Framework
2
Amendments to HKFRS 10 Sale or Contribution of Assets between an
and HKAS 28 Investor and its Associate or Joint Venture
4
Amendments to HKAS 1 Classification of Liabilities as Current or
Non-current and related amendments to Hong
Kong Interpretation 5 (2020)
3
Amendments to HKAS 1 and Disclosure of Accounting Policies
3
HKFRS Practice Statement 2
Amendments to HKAS 8 Definition of Accounting Estimates
3
Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
3
Amendments to HKAS 16 Property, Plant and Equipment - Proceeds
before Intended Use
2
Amendments to HKAS 37 Onerous Contracts - Cost of Fulfilling a
Contract
2
Amendments to HKFRSs Annual Improvements to HKFRSs 2018-2021
2

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

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.

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90 HKAM Annual Report 2022