Financial Report 2019

Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 17 GENERAL The University of Hong Kong is incorporated under the University of Hong Kong Ordinance (Chap. 1053, Laws of Hong Kong) and is Hong Kong’s oldest tertiary education institution. 1. PRINCIPAL ACCOUNTING POLICIES The principal accounting policies applied in the preparation of the consolidated financial statements of the University and its subsidiaries (together, the “Group”) are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of Preparation The consolidated financial statements of the Group have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants ( “HK I CPA” ) and comp l y w i t h t he S t a t emen t o f Recommended Practice (“SORP”) for the University Grants Committee (“UGC”)–Funded Institutions in Hong Kong published and effective in September 2015 by the UGC. The consolidated financial statements have been p r epa r ed on a go i ng conce r n bas i s and unde r the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss (“FVPL”), which are carried at fair value. The preparation of consolidated financial statements i n con f o rmi t y w i t h HKFRS r equ i r e s t he u s e o f certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 35. (i) The adoption of new, revised and amendments to existing standards and interpretations The Group has adopted the following new, revised and amendmen t s t o ex i s t i ng s t anda rds and interpretations which are relevant to the Group’s operations and are mandatory for the financial year ended 30 June 2019: HKICPA’s Annual Improvements to HKFRSs 2014-2016 Cycle, HKAS 28 (Amendments) Measuring an Associate or Joint Venture at Fair Value 香港會計師公會公佈對財務報 告準則 2014-2016 週期年度 改進，香港會計準則第 28 號 （修訂）以公允價值計量聯營 或合營企業 簡介 香港大學是在香港大學條例（香港法例第一零 五三章）下成立，而亦是在香港擁有最長久歷 史的高等教育學府。 1. 主要會計政策 除另有說明外，主要會計政策在所列報的 所有年度內貫徹應用。本大學與其附屬公 司（「本機構」）於編制合併財務報表時所採 用之主要會計政策載列如下： (a) 編制基準 本機構的合併財務報表乃依據香港 會計師公會（「 HKICPA 」）頒佈之香港 財務報告準則（「 HKFRS 」），與及採 納由大學教育資助委員會（「教資會」 或「 UGC 」）於二零一五年九月發出並 已生效之教資會資助院校的建議準 則（「 SORP 」）所編制。 本合併財務報表乃按照持續經營為 基準和歷史成本法編制，並對透過 損益列賬財務資產之公平值重估作 出修訂。 編制符合香港財務報告準則的合併 財務報表需要使用若干關鍵會計估 算。這亦需要管理層在應用本機 構會計政策的過程中行使其判斷。 涉及高度的判斷或高度複雜性的範 疇，或涉及對合併財務報表屬重大 假設和估算的範疇，詳見附註 35 。 (i) 採納新訂╱已修改財務報告準 則及詮釋 在二零一九年六月三十日年 度，本機構採納下列與其業務 相關之新訂╱已修改財務報告 準則及詮釋： Notes to the Consolidated Financial Statements 合併財務報表附註 2019 Financial Report 二零一九財務報告 18 HKFRS 9 Financial Instruments 香港財務報告準則第 9 號金融 工具 HKFRS 15 and HKFRS 15 (Amendments) Revenue from Contracts with Customers (“HKFRS 15”) 香港財務報告準則第 15 號及 香港財務報告準則第 15 號 （修訂）基於客戶合同的收入 確認（「香港財務報告準則第 15 號」） HK(IFRIC) – Int 22 Foreign Currency Transactions and Advance Consideration 香港（國際財務報告解釋委員 會）－解釋公告第 22 號外幣 交易和預付╱預收對價 The adoption of the new, revised and amendments to existing standards and interpretation has no significant impact on the Group’s results and financial position or any substantial changes in Group’s accounting policies, except for HKFRS 9 and HKFRS 15 with the impact of the adoption being disclosed in note 1(b). (ii) New, revised and amendments to existing standards and interpretations that are not yet effective The Group has not early applied the following new, revised and amendments to existing standards and interpretation that have been issued but are not yet effective. Effective for accounting periods beginning on or after HKAS 19 (Amendments) Plan amendment, curtailment or settlement 1 January 2019 HKAS 28 (Amendments) Long-term interests in associates and joint ventures 1 January 2019 HKFRS 9 (Amendments) Prepayment Features with Negative Compensation 1 January 2019 HKFRS 16 Leases 1 January 2019 1. 主要會計政策－續 (a) 編制基準－續 (i) 採納新訂╱已修改財務報告準 則及詮釋－續 除採納香港財務報告準則第 9 號 及第 15 號之影響已披露於附註 1(b) ，本機構採納此等新訂╱已 修改財務報告準則及詮釋並無 對機構之業績及財務狀況構成 任何重大影響，亦無導致機構 之會計政策出現任何重大變動。 (ii) 尚未生效的新訂╱已修改財務 報告準則及詮釋 本機構並未提前採納以下與本 機構有關的新訂╱已修改財務 報告準則及詮釋： 於下列日期 或以後之會 計年度生效 香港會計準則第 19 號（修訂）計 劃修改、削減 或結算 二零一九年 一月一日 香港會計準則第 28 號（修訂）於 聯營和合營企 業的長期權益 二零一九年 一月一日 香港財務報告準 則第 9 號（修訂） 反向賠償的提 前還款特徵 二零一九年 一月一日 香港財務報告準 則第 16 號租賃 二零一九年 一月一日 1. PRINCIPAL ACCOUNTING POLICIES – Cont’d (a) Basis of Preparation – Cont’d (i) The adoption of new, revised and amendments to existing standards and interpretations – Cont’d