Page 89 - Annual Report

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

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

q) Translation of foreign currencies (Continued)

Non-monetary assets and liabilities measured in terms of historical cost in a foreign
currency are translated using the foreign exchange rates ruling at the transaction dates.
Non-monetary assets and liabilities denominated in foreign currencies stated at fair
value are translated using the foreign exchange rates ruling at the dates the fair value
was measured.

The functional and presentation currency of the Academy is Hong Kong dollars.

r) Government grants

A government grant is recognised in the statement of financial position initially as
deferred income when there is reasonable assurance that it will be received and that the
Group will comply with the conditions attached to it. Grants that compensate the Group
for expenses incurred are recognised as other operating income on a systematic basis
in the same periods in which the expenses are incurred. Grants that compensate the
Group for the acquisition of an asset are presented by deducting them from the
acquisition cost of the related asset.

4. CHANGES IN ACCOUNTING POLICIES

The Academy has applied the Amendments to References to the Conceptual Framework in
HKFRS Standards and the following amendments to HKFRSs issued by the HKICPA to these
financial statements for the first time, which are mandatory effective for the annual period
beginning on or after 1 January 2022 for the preparation of the consolidated financial
statements:

Amendments to HKFRS 3 Reference to the Conceptual Framework
Amendments to HKAS 16 Property, plant and equipment: proceeds before
intended use
Amendments to HKAS 37 Onerous contracts – Cost of fulfilling a contract
Annual improvements to Amendments to HKFRS 1, HKFRS 9, Illustrative
HKFRSs 2018-2020 Examples accompanying HKFRS 16, and
HKAS 41

The application of amendments to HKFRSs in the current accounting period has had no
material effect on the amounts reported and/or disclosures set out in these consolidated
financial statements.

22

香港醫學專科學院 2023 年度報告 87