Page 122 - Urban Renewal Authority 2023-24 Annual Report

NOTES TO THE FINANCIAL STATEMENTS

(expressed in Hong Kong Dollars)

2. Material accounting policies (Continued)

(b) Relevant standards effective in the current year
The Group has applied the following amendments to HKFRSs issued by the HKICPA to these financial
statements for the current accounting period:

HKFRS 17, Insurance contracts

Amendments to HKAS 8, Accounting policies, changes in accounting estimates and errors: Definition
of accounting estimates

Amendments to HKAS 1, Presentation of financial statements and HKFRS Practice Statement 2,
Making materiality judgements: Disclosure of accounting policies

Amendments to HKAS 12, Income taxes: Deferred tax related to assets and liabilities arising from a
single transaction

Amendments to HKAS 12, Income taxes: International tax reform — Pillar Two model rules

None of these developments have had a material effect on how the Group’s results and financial
position for the current or prior periods have been prepared or presented. The Group has not applied
any new standard or interpretation that is not yet effective for the current accounting period.

In July 2023, the HKICPA published “Accounting implications of the abolition of the MPF-LSP
offsetting mechanism in Hong Kong” that provides accounting guidance relating to the abolition of
offsetting mechanism effective from 1 May 2025. The abolition of the offsetting mechanism and the
above guidance did not have a material impact on the Group’s results and financial position.

(c) Possible impact of amendments, new standards and interpretations issued but not yet effective
for the year ended 31 March 2024
Up to the date of issue of these consolidated financial statements, the HKICPA has issued a number
of new or amended standards, which are not yet effective for the year ended 31 March 2024 and
which have not been adopted in these consolidated financial statements. These include the following
which may be relevant to the Group.

Effective for accounting periods
beginning on or after

Amendments to HKAS 1, Presentation of financial 1 January 2024
statements: Classification of liabilities as current or
non-current
Amendments to HKAS 1, Presentation of financial 1 January 2024
statements: Non-current liabilities with covenants
Amendments to HKFRS 16, Leases: Lease liability in a 1 January 2024
sale and leaseback

120