As at 31 December 2023

Comparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023FrameworkTitleIASBequivalentDifferences inTransitionalProvisionsDifferences inEffective DatesOther Textual DifferencesCONCEPTUALFRAMEWORKConceptual Framework for FinancialReportingIASBConceptualFramework forFinancialReportingN/AN/AMinor textual differences – nopractical effect.Comparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKFRS No. TitleIFRS No. Differences inTransitionalProvisionsDifferences in Effective Dates Other TextualDifferencesHKFRS 1First-time Adoption of Hong KongFinancial Reporting StandardsIFRS 1NoNo, except para 39a specifies thatparas B2 to B6 and D18 of HKFRS 1(IFRS 1) are effective for accountingperiods (AP) beginning on or after 1January 2005 (1 January 2004).Minor textualdifferences – nopractical effect.HKFRS 2Share-based PaymentIFRS 2NoNoNoHKFRS 3Business CombinationsIFRS 3NoNoNoHKFRS 4Insurance ContractsIFRS 4NoNoNoHKFRS 5Non-current Assets Held for Sale andDiscontinued OperationsIFRS 5NoNoNoHKFRS 6Exploration for and Evaluation ofMineral ResourcesIFRS 6NoNoNoHKFRS 7Financial Instruments: DisclosuresIFRS 7NoNoNoHKFRS 8Operating SegmentsIFRS 8NoNoNoHKFRS 9Financial InstrumentsIFRS 9NoNoNoHKFRS 10Consolidated Financial StatementsIFRS 10NoNoNoHKFRS 11Joint ArrangementsIFRS 11NoNoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKFRS No. TitleIFRS No. Differences inTransitionalProvisionsDifferences in Effective Dates Other TextualDifferencesHKFRS 12Disclosure of Interests in Other EntitiesIFRS 12NoNoNoHKFRS 13Fair Value MeasurementIFRS 13NoNoNoHKFRS 14Regulatory Deferral AccountsIFRS 14NoNoNoHKFRS 15Revenue from Contracts withCustomersIFRS 15NoNoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKFRS No. TitleIFRS No. Differences inTransitionalProvisionsDifferences in Effective Dates Other TextualDifferencesHKFRS 16LeasesIFRS 16NoNo, except for the effective datesrelating to amendments on Covid-19-Related Rent Concessions:

1.para C1A specifies that paras46A, 46B, 60A, C20A and C20Bof HKFRS 16 (IFRS 16) areadded in June 2020 (May 2020),and effective for AP beginning onor after 1 June 2020. Earlierapplication is permitted, includingin financial statements notauthorized for use at 4 June 2020(28 May 2020).

2.Para C1C specifies that para 46Bis amended, paras C20BA-C20BC of HKFRS 16 (IFRS 16)

are added in April 2021 (March2021), and effective for APbeginning on or after 1 April 2021.Earlier application is permitted,including in financial statementsnot authorized for use at 9 April2021 (31 March 2021).NoHKFRS 17Insurance ContractsIFRS 17NoNoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 1Presentation of FinancialStatementsIAS 1NoNoMinor textualdifferences –explanation of legalrequirements whichdo not give rise todifferences.HKAS 2InventoriesIAS 2NoNo*NoHKAS 7Statement of Cash FlowsIAS 7NoHKAS 7 (IAS 7) iseffective for APbeginning on or after1 January 2005 (1January 1994).NoHKAS 8Accounting Policies, Changes inAccounting Estimates andErrorsIAS 8NoNo*Minor textualdifferences – nopractical effect.HKAS 10Events after the Reporting Period IAS 10NoNo*Minor textualdifferences –explanation of legalrequirements whichdo not give rise todifferences.Comparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 12Income TaxesIAS 12NoHKAS 12* (IAS 12)

is effective for APbeginning on or after1 January 2005 (1January 1998 withcertain amendmentseffective for APbeginning on or after1 January 2001).The amendments toHKAS 12 (IAS 12)

pertaining to thetemporary exceptionto account fordeferred taxesrelated to Pillar Twoincome taxes areimmediatelyeffective upon theissue of theamendments on 21July 2023 (23 May2023). Refer to para98M(a).The explanatoryguidance andillustrative examplesset out in the boxeswithin the body ofHKAS 12 containmaterial that isexpanded on that inIAS 12 andconsidered to bemore user-friendly.Comparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 16Property, Plant and EquipmentIAS 16HKAS 16 has the following additionaltransition provisions.

1.Para 80AA exempting certain entitiesthat carried their PPE at revaluedamounts before 30 September 1995and have not revalued since that datefrom making regular revaluation.

2.Para 80AB allowing those not-for-profitentities that previously took advantageof the exemption under SSAP 17 todeem the carrying amount of an item ofPPE immediately before applyingHKAS 16 on its effective date (orearlier) as the cost of that item.No*NoHKAS 19Employee BenefitsIAS 19 NoNoNoHKAS 20Accounting for GovernmentGrants and Disclosure ofGovernment AssistanceIAS 20IAS 20 has an additional transitionalprovision (para 40) allowing an entityadopting IAS 20 for the first time to applythe accounting provisions of IAS 20 only togrants or portions of grants becomingreceivable or repayable after the effectivedate of IAS 20.HKAS 20* (IAS 20)

is effective for APbeginning on or after1 January 2005 (1January 1984).NoHKAS 21The Effects of Changes in ForeignExchange RatesIAS 21NoNo*NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 23Borrowing CostsIAS 23NoNoNoHKAS 24Related Party DisclosuresIAS 24NoNoNoHKAS 26Accounting and Reporting byRetirement Benefit PlansIAS 26NoHKAS 26 (IAS 26) iseffective for APbeginning on or after1 January 2005 (1January 1988).HKAS 26 has anappendix givingguidance onpreparing financialstatements of MPFschemes and ORSOschemes inaccordance with thestandard.HKAS 27Separate Financial StatementsIAS 27NoNoNoHKAS 28Investments in Associates andJoint VenturesIAS 28NoNoNoHKAS 29Financial Reporting inHyperinflationary EconomiesIAS 29NoHKAS 29 (IAS 29) iseffective for APbeginning on or after1 January 2005 (1January 1990).NoHKAS 32Financial Instruments:

PresentationIAS 32HKAS 32 has an additional transitionalprovision (para 97) allowing an entity not topresent comparative information if suchinformation is not available.NoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 33Earnings per ShareIAS 33NoNo*NoHKAS 34Interim Financial ReportingIAS 34NoHKAS 34* (IAS 34)

is effective for APbeginning on or after1 January 2005 (1January 1999).NoHKAS 36Impairment of AssetsIAS 36HKAS 36 (IAS 36) para 139 specifies thatan entity shall apply HKAS 36 (IAS 36)

(a) to goodwill and intangible assetsacquired in business combinations forwhich the agreement date is on orafter 1 January 2005 (31 March 2004);

and(b) to all other assets prospectively fromthe beginning of the first annual periodbeginning on or after 1 January 2005(31 March 2004).HKAS 36 (IAS 36) iseffective for APbeginning on or after1 January 2005 (31March 2004).NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 37Provisions, Contingent Liabilitiesand Contingent AssetsIAS 37IAS 37 has an additional transitionalprovision (para 93) allowing an entity not toadjust opening balance of retainedearnings for the earliest period presentedand to restate comparative information forthe period in which IAS 37 is first adopted.HKAS 37* (IAS 37)

is effective for APbeginning on or after1 January 2005 (1July 1999).HKAS 37 containsadditional HongKong examples 3A,12 and 13 in Part Cof theaccompanyingimplementationguidance. Nocomparableexamples areincluded in theimplementationguidance on IAS 37– no practical effect.HKAS 38Intangible AssetsIAS 38HKAS 38 (IAS 38) para 130 specifies thatan entity shall apply HKAS 38 (IAS 38):

(a)

to the accounting for intangibleassets acquired in businesscombinations for which theagreement date is on or after 1January 2005 (31 March 2004); and(b)

to the accounting for all otherintangible assets prospectively fromthe beginning of the first annualperiod beginning on or after 1January 2005 (31 March 2004).HKAS 38 (IAS 38) iseffective for APbeginning on or after1 January 2005 (31March 2004).NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 39Financial Instruments:

Recognition and MeasurementIAS 39HKAS 39 does not permit retrospectiveapplication except in certain limitedcircumstances whereas IAS 39 generallyrequires retrospective application.Accordingly, the transitional provisions inHKAS 39 are different from those in IAS

39.For details, please refer to theStandards.NoNoHKAS 40Investment PropertyIAS 40HKAS 40 has the following additionaltransitional provisions:

HKAS 40 para 80A on fair value modelPara 80A of HKAS 40 requires an entitythat has previously applied SSAP 13

(2000)for non-leasehold investmentproperties and chooses to use the fairvalue model to reflect the effect of applyingHKAS 40 on its effective date (or earlier)

as an adjustment to the opening balanceof retained earnings for the period in whichHKAS 40 is first applied.Para 80A also encourages the entity toadjust the comparative information if theentity has previously disclosed publicly fairvalue of those properties but requires theentity to disclose the fact if otherwise.No*NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HKAS No. TitleIAS No. Differences in TransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHKAS 40 paras 83A and 83B on costmodelParas 83A and 83B of HKAS 40 allow anentity to take the carrying amount of theinvestment property under SSAP 13

(2000)as the deemed cost on the datethat HKAS 40 is first applied. Anyadjustments, including the reclassificationof any amount previously held inrevaluation reserve, are to be made to theopening balance of retained earnings.Depreciation on deemed cost commencesfrom the opening balance sheet date.HKAS 41AgricultureIAS 41NoHKAS 41* (IAS 41)

is effective for APbeginning on or after1 January 2005 (1January 2003).NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HK(IFRIC)-Int No.TitleIFRIC No.Differences inTransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHK(IFRIC)-Int 1Changes in Existing Decommissioning,Restoration and Similar LiabilitiesIFRIC 1NoNoMinor textualdifferences – nopractical effect.HK(IFRIC)-Int 2Members’ Shares in Co-operative Entitiesand Similar InstrumentsIFRIC 2NoNoNoHK(IFRIC)-Int 5Rights to Interests arising fromDecommissioning, Restoration andEnvironmental Rehabilitation FundsIFRIC 5NoNoNoHK(IFRIC)-Int 6Liabilities arising from Participating in aSpecific Market – Waste Electrical andElectronic EquipmentIFRIC 6NoNoNoHK(IFRIC)-Int 7Applying the Restatement Approach underHKAS 29 Financial Reporting inHyperinflationary EconomiesIFRIC 7NoNoNoHK(IFRIC)-Int 10Interim Financial Reporting and ImpairmentIFRIC 10NoNoNoHK(IFRIC)-Int 12Service Concession ArrangementsIFRIC 12NoNoNoHK(IFRIC)-Int 14HKAS 19 – The Limit on a Defined BenefitAsset, Minimum Funding Requirementsand their InteractionIFRIC 14NoNoNoHK(IFRIC)-Int 16Hedges of a Net Investment in a ForeignOperationIFRIC 16NoNoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HK(IFRIC)-Int No.TitleIFRIC No.Differences inTransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHK(IFRIC)-Int 17Distributions of Non-cash Assets to OwnersIFRIC 17NoNoNoHK(IFRIC)-Int 19Extinguishing Financial Liabilities withEquity InstrumentsIFRIC 19NoNoNoHK(IFRIC)-Int 20Stripping Costs in the Production Phase of aSurface MineIFRIC 20NoNoNoHK(IFRIC)-Int 21LeviesIFRIC 21NoNoNoHK(IFRIC)-Int 22Foreign Currency Transactions andAdvance ConsiderationIFRIC 22NoNoNoHK(IFRIC)-Int 23Uncertainty over Income Tax TreatmentsIFRIC 23NoNoNoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HK(SIC)-Int No. TitleSIC No. Differences inTransitionalProvisionsDifferences in Effective DatesOther TextualDifferencesHK(SIC)-Int 10Government Assistance – NoSpecific Relation to OperatingActivitiesSIC-10NoHKAS-Int 10* (SIC 10) is effective forAP beginning on or after 1 January2005 (1 August 1998).NoHK(SIC)-Int 25Income Taxes – Changes in theTax Status of an Entity or itsShareholdersSIC-25NoHKAS-Int 25* (SIC 25) is effective forAP beginning on or after 1 January2005 (on 15 July 2000).NoHK(SIC)-Int 29Service Concession Arrangements:

DisclosuresSIC-29NoHKAS-Int 29* (SIC 29) is effective forAP beginning on or after 1 January2005 (on 31 December 2001).NoHK(SIC)-Int 32Intangible Assets – Web Site Costs SIC-32NoHKAS-Int 32* (SIC 32) is effective forAP beginning on or after 1 January2005 (on 25 March 2002).NoHKFRSPracticeStatementTitleIFRS PracticeStatementDifferences inTransitionalProvisionsDifferences in Effective Dates Other TextualDifferencesHKFRS PracticeStatement 2Making Materiality JudgementsIFRS PracticeStatement 2NoAn entity that chooses to apply theguidance in HKFRS PracticeStatement 2 (IFRS PracticeStatement 2) is permitted to apply itto financial statements preparedfrom 22 March 2021 (14 September2017).NoComparison between Hong Kong Financial Reporting Standards and International Financial ReportingStandards as at 31 December 2023HK-Int No.TitleInternational -Int No.Differences inTransitionalProvisionsDifferences inEffective DatesOther TextualDifferencesHK-Int 5Presentation of Financial Statements –Classification by the Borrower of a Term Loanthat Contains a Repayment on Demand ClauseNo equivalentinterpretationunder IFRS.N/AN/AN/AHK-Int 5(Revised)

Presentation of Financial Statements –Classification by the Borrower of a Term Loanthat Contains a Repayment on Demand ClauseNo equivalentinterpretationunder IFRS.N/AN/AN/ANotes* These Hong Kong pronouncements might have additional wording or paragraph(s) specifying that:

(i)

if an entity decides to early adopt a Standard, the entity is not required to apply all the Standards effective for the same date for that period;

(ii)

if an entity decides to early adopt a Standard, the entity is required to apply the relevant Interpretation for that period;

(iii)

early adoption is encouraged; or(iv)

the previous version of the Standard is withdrawn.SIC-7 Introduction of the Euro is not adopted in Hong Kong.The paragraph numbers in HKFRSs generally correspond to the paragraph numbers in IFRSs.