The workshop will introduce the participants detailed overview of HKAS 2 Inventories and HKAS 40 Investment Property. The program will be based on the current financial reporting standards applicable in Hong Kong and will focus on the practical application to measure inventories and to specify the accounting for investment properties, and the presentation and disclosure for these two items.
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Key topics covered:
Inventories (HKAS 2)
- Fundamental principle of HKAS 2
- Measurement of inventories
- Procedure to ascertain cost
- Cost for work-in-progress
- Disclosure
Investment Property (HKAS 40)
- Objective and scope of HKAS 40
- Initial recognition and measurement
- Subsequent measurement
- Cost model
- Fair value model
- The interaction between HKAS 2 Inventories, HKAS 16 Property, Plant and Equipment and HKAS 40 Investment Property
- Accounting for derecognition
- Disclosure
Trainer profile:
Kamsuo Wong, MA LLM MBA FCPA (Aust.)
With three Masterandrsquo;s degrees under his belt, Kamsuo Wong, a candidate for a Doctorate degree of Education, is highly regarded as a multi-faceted academic backed by over fifteen years of extensive professional experience in accounting. He is a professional accountant in Hong Kong, United Kingdom and Australia and the member of Hong Kong Institute of Certified Public Accountants (CPA), Chartered Institute of Public Finance and Accountancy (CPFA), and CPA Australia (FCPA). He is also the Expert Council Advisor of International Financial Management Association. He is currently the Assistant Professor of Centennial College (an independent College established by University of Hong Kong), Adjunct Lecturer at a number of universities and tertiary education institutions.
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