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 39 1. PRINCIPAL ACCOUNTING POLICIES – Cont’d (m) Financial Assets – Cont’d (iii) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the University, its subsidiaries or the counterparty. (iv) Impairment of financial assets The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Evidence of impairment may include indications t h a t t h e d e b t o r s o r a g r o u p o f d e b t o r s i s experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation, and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. From 1 July 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For accounts receivable, the Group applies the simplified approach permitted by HKFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 1. 主要會計政策－續 (m) 財務資產－續 (iii) 抵銷財務工具 當有法定可執行權力可抵銷已 確認金額，並有意圖按淨額基 準結算或同時變現資產和結算 負債時，財務資產與負債可互 相抵銷，並在財務狀況表報告 其淨額。法定可執行權利必須 不得依賴未來事件而定，而在 一般業務過程中以及倘大學， 其子公司或對手方一旦出現違 約、無償債能力或破產時，這 也必須具有約束力。 (iv) 財務資產減值 本機構於各報告期間結算日評 估是否客觀證據證明財務資產 或財務資產組別出現減值。財 務資產或財務資產組別僅於存 在客觀證據證明因首次確認資 產後發生一宗或多宗事件導致 出現減值（「損失事項」），而該 宗（或該等）損失事項對財務資 產或財務資產組別的估計未來 現金流量所構成影響可以合理 估計時，有關財務資產或財務 資產組別方被視為減值及出現 減值虧損。 減值證據包括有顯示借款人或 借款人組別遭遇嚴重財政困 難、逾期或拖欠償還利息或本 金；借款人有可能破產或進行 其他財務重組；及有可察覺的 資料顯示估計未來現金流有可 計量的減少，如與逾期還款相 關連的還款情況改變或經濟狀 況。 自二零一八年七月一日起，本 機構按前瞻基準評估與其按攤 銷成本列賬的債務工具相關之 預期信貸虧損。所應用之減值 方法視乎信貸風險是否出現大 幅增加而定。 就應收賬項，本機構應用香港 財務報告準則第 9 號允許使用之 簡化方法，並於初始確認時確 認應收貸款整個存續期的預期 信貸虧損。 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 40 1. PRINCIPAL ACCOUNTING POLICIES – Cont’d (m) Financial Assets – Cont’d (iv) Impairment of financial assets – Cont’d Impa i rment on f i nanc i a l asse t s measured a t amortised cost other than accounts receivable i s me a s u r ed a s e i t h e r 12 -mon t h e xpe c t ed credit losses or lifetime expected credit losses, depending on whether there has been a significant increase in credit risk since initial recognition. If a significant increase in credit risk of a receivable has occurred since initial recognition, then impairment is measured as lifetime expected credit loss. When there is a significant increase in credit risk or the receivables are not settled in accordance with the terms stipulated in the agreements, management considers these receivables as underperforming or non-performing and impairment is measured as lifetime expected credit loss. When management considers that there is no reasonable expectation of recovery, the financial assets measured at amortised cost will be written off. Until 30 June 2018, for loan and receivables category, the amount of the loss was measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset was reduced and the amount of the loss was recognised in the consolidated statement of comprehensive income. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the consolidated statement of comprehensive income. (n) Inventories Inventories comprise books held by the Hong Kong University Press and HKU SPACE for resale. They are stated at the lower of cost and net realizable value. Cost is calculated using the weighted average costing method. 1. 主要會計政策－續 (m) 財務資產－續 (iv) 財務資產減值－續 按攤銷成本計量之財務資產（不 包括應收賬項）減值按十二個月 預期信貸虧損或全期預期信貸 虧損計量，視乎初次確認後信 貸風險是否大幅增加而定。倘 自初次確認後應收款的信貸風 險大幅增加，則按全期預期信 貸虧損計量減值。 倘信貸風險大幅增加或應收款 未根據協議所載條款結付，則 管理層認為該等應收款表現不 理想或無表現及按全期預期信 貸虧損計量減值。 倘管理層認為並無預期合理收 回款項的可能，則按攤銷成本 計量之財務資產將撇銷。 截至二零一八年六月三十日， 在貸款及應收賬項中，損失金 額乃根據資產賬面值與按金融 資產原實際利率貼現而估計未 來現金流量（不包括仍未產生的 未來信用損失）的現值兩者的 差額計量。資產賬面值予以削 減，而損失金額則在綜合收益 表中確認。 如在後繼期間，減值虧損的數 額減少，而此減少可客觀地聯 繫至減值在確認後才發生的 事件（如借款人的信貸評級好 轉），則之前已確認的減值虧損 可在綜合收益表中轉回。 (n) 存貨 存貨包括指由香港大學出版社及香 港大學專業進修學院持有以供轉售 之書籍。該等存貨乃按成本與可變 現淨值兩者中之較低者列賬，成本 乃採用加權平均法計算。