Page 101 - Annual Report

HONG KONG ACADEMY OF MEDICINE
醫
港
院
專
學
學
科
香 香港醫學專科學院
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

23. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022 and which have not been adopted in these financial statements. These developments
include the following which may be relevant to the Group.

Effective for
accounting period
beginning on or after

Amendments to HKAS 1,Presentation of financial statements: 1 January 2023
Classification of liabilities as current or non-current

Amendments to HKAS 1, Non-current liabilities with covenants 1 January 2024

Amendments to HKAS 1,Presentation of financial statements 1 January 2023
and HKFRS Practice Statements 2, Marking materiality
judgements: Disclosure of accounting polices

Amendments to HKAS 8,Accounting policies, changes in 1 January 2023
accounting estimates and errors: Definition of accounting
estimates

Amendments to HKAS 12, Income taxes: Deferred tax related 1 January 2023
to assets and liabilities arising from a single transaction

Amendments to HKFRS 10 and HKAS 28 : Consolidation 1 January 2023
Financial Statements, Investment in Associate and Investment
in Joint Venture- Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture

Amendments to HKFRS 16, Lease Liability in a Sale and 1 January 2024
Lease back

Amendments to HKFRS 17, Insurance contracts 1 January 2023

Amendments to HKFRS 17, Initial application of HKFRS 17 1 January 2023
and HKFRS 9 - Comparative Information

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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香港醫學專科學院 2023 年度報告 99