Page 102 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香 港 醫 學 專 科 學 院
香港醫學專科學院
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS ISSUED
BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023
and which have not been adopted in these financial statements. These developments include the
following which may be relevant to the Group.

Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and
related amendments to Hong Kong Interpretation 5 and
1
Non-current Liabilities with Covenants
Amendments to HKAS 7 and Supplier Finance Arrangements
1
HKFRS 7
1
Amendments to HKFRS 16 Lease Liability in a Sale and Leaseback
2
Amendments to HKAS 21 Lack of Exchangeability
Amendments to HKFRS 10 and Sale or Contribution of Assets between an Investor and its
3
HKAS 28 Associate or Joint Venture

1 Effective for annual periods beginning on or after 1 January 2024
2 Effective for annual periods beginning on or after 1 January 2025
3 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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100 HKAM Annual Report 2024