List of Amended Standards issued that are applicable to December 2021 year-end

Hong Kong Financial Reporting Standards UpdateSection I. Amended Standards issued that are applicable to December 2021 year-endStandards affectedNew standard and amendments relate toMembers' HandbookHKAS 39, HKFRS 4, HKFRS7, HKFRS 9 and HKFRS 16Interest Rate Benchmark Reform – Phase 2(amendments)

Update No. 249HKFRS 16Covid-19-Related Rent Concessions(amendments) *Update No. 239* Effective for accounting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financialstatements – interim or annual – not authorised for issue at 4 June 2020.Section II. New and amended Standards, Interpretations and Accounting Guideline issued that are notyet effective, but may be adopted earlyStandards affectedNew standard and amendmentsrelate toMembers'HandbookEffective dateAnnual ImprovementsProjectAnnual Improvements to HKFRSs2018-2020 (amendments)

Update No. 240Accounting periods beginningon or after 1 January 2022HKFRS 3, HKAS 16 andHKAS 37Narrow-scope amendments(amendments)

Update No. 240Accounting periods beginningon or after 1 January 2022HKFRS 16Covid-19-Related Rent Concessionsbeyond 2021 (amendments)

Update No. 258Accounting periods beginningon or after 1 April 2021. Earlierapplication is permitted,including in financial statements– interim or annual – notauthorised for issue at 9 AprilAG 5 (revised)

Revised Accounting Guideline 5Merger Accounting for CommonControl CombinationsUpdate No. 252Common control combinationsthat occur on or after thebeginning of the first annualreporting period beginning on orafter 1 January 2022HKAS 1Classification of Liabilities asCurrent or Non-current(amendments)#Update No. 243Accounting periods beginningon or after 1 January 2023HKFRS 17Insurance Contracts (new standard)

Update No. 211Accounting periods beginningon or after 1 January 2023HKFRS 17Amendments to HKFRS 17Update No. 247Accounting periods beginningon or after 1 January 2023HK Int 5 (2020)

Hong Kong Interpretation 5 (2020)

Presentation of FinancialStatements – Classification by theBorrower of a Term Loan thatContains a Repayment on DemandClause (HK Int 5 (2020))

Update No. 248HK Int 5 (2020) was revised asa consequence of theAmendments to HKAS 1(Update No. 243) and shouldonly be applied when an entityapplies the Amendments toHKAS 1. See Amendments toHKAS 1 (Update No. 243) foreffective date and related note.HKAS 1 and HKFRSPractice Statement 2Disclosure of Accounting Policies(amendments)

Update No. 259Accounting periods beginningon or after 1 January 2023HKAS 8Definition of Accounting Estimates(amendments)

Update No. 259Accounting periods beginningon or after 1 January 2023HKAS 12Deferred tax related to assets andliabilities arising from a singletransaction (amendments)

Update No. 262Accounting periods beginningon or after 1 January 2023HKFRS 10 and HKAS 28 Sale or Contribution of Assetsbetween an Investor and itsAssociate or Joint Venture(amendments)

Update No. 159A date to be determined by theIASB# In June 2021, the IASB decided to propose further amendments to IAS 1 (which was subsequently issued in November 2021with a comment deadline of 21 March 2022) and to defer the effective date of this amendments to no earlier than 1 January

2024.Published on 16 December 2021