HKAS 8 and HKAS 10 - Accounting policies, estimates and errors - Workshop 2018

This workshop will introduce the participants detailed overview of HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and HKAS 10 Events after the Reporting Period.

This workshop will review issues relating to the nature of and accounting for changes in accounting policies, accounting estimates and corrections of prior period errors. It will also review issues relating to the recognition and measurement of adjusting and non-adjusting events and the relevant disclosure requirement.

Key topics covered:

Accounting Policies, Changes in Accounting Estimates and Errors (HKAS 8)

  • Accounting policy and accounting estimate
  • Selection and application of accounting policies
  • Changes in accounting policies
  • Changes in accounting estimates
  • Prior period errors
  • Impracticability in respect of retrospective application and retrospective restatement

Events after the Reporting Period (HKAS 10)

  • What are events after the reporting period
  • Recognition and measurement of adjusting events
  • Recognition and measurement of non-adjusting events
  • Specific treatment for dividends declared
  • Going concern issue
  • Disclosure


Trainer profile:

Kamsuo Wong, MA LLM MBA FCPA(Aust.)

With three Master’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.

Learning objectives

  • Identify the difference between accounting policies and accounting estimates
  • Understand the criteria for selecting and applying accounting policies
  • Understand the nature of and accounting for changes in accounting policies
  • Understand the nature of and accounting for changes in accounting estimates
  • Understand the nature of and accounting for changes in correction of prior period errors
  • Understand the meaning of events after the reporting period
  • Understand the recognition and measurement of adjusting and non-adjusting events
  • Understand the specific treatment for dividends declared after the reporting period
  • Understand the issue of going concern as an event after the reporting period
  • Understand the disclosure requirement for adjusting and non-adjusting events
  • Understand the disclosure requirement for the date of authorisation for issue

Audience

This workshop is suitable for accountants, finance professionals and anyone who wants to gain knowledge in HKAS 8 and HKAS 10.

3 hours

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