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HKAS 16 - Property, Plant and Equipment (PPE)

HKAS 16 Property, Plant and Equipment (PPE) governs the accounting treatment for tangible assets used in production, supply, rental, or administration for more than one period.

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HKAS 12 - Income Taxes

Deferred tax liabilities are recognized for all taxable temporary differences with limited exceptions. Deferred tax assets require probable future taxable profit.

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HKAS 10 - Events after the reporting period

Events after the reporting period are those occurring between the period end and the date financial statements are authorized for issue.

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Policy vs. Estimate Distinction: Accounting policies determine recognition, measurement basis, and presentation . Accounting estimates arise from measurement uncertainty . When difficult to distinguish, treat as change in estimate.

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HKAS 2 - Inventories

Inventories are measured at the lower of cost and net realizable value (NRV) . This ensures assets are not overstated.

Cost is the historical amount spent; NRV is the estimated future benefit. The lower figure prevails.

Assumptions: HKAS 2 permits FIFO and weighted average. LIFO is prohibited.

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Corporate Governance:
There is no single definition. The Cadbury Report (1992) defined it as "the system by which companies are directed and controlled." The OECD defines it as involving "a set of relationships between a company’s management, its board, its shareholders, and other stakeholders... which provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined."

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Under Hong Kong Financial Reporting Standards (HKFRS), depreciation expense is governed primarily by HKAS 16 – Property, Plant and Equipment, which aligns closely with International Accounting Standards. Depreciation represents the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset (or its revalued amount) less its residual value.

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學習如同韻律體操: 優雅、專注、練習，帶來成長！

Learning is like rhythmic gymnastics: grace, focus, and practice bring growth!