Financial Report 2020

17 The University of Hong Kong 香港大學 Notes to the Consolidated Financial Statements 合併財務報表附註 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 (“HKICPA”) and comply with the Statement of 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 prepared on a going concern basis and under 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 in conformity with HKFRS requires the use of 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 36. (i) The adoption of new, revised and amendments to existing standards and interpretations The Group has adopted the following new, revised and amendments to existing standards and interpretations which are relevant to the Group’s operations and are mandatory for the financial year ended 30 June 2020: 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 36 。 (i) 採納新訂╱已修改財務報告準 則及詮釋 在二零二零年六月三十日年 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 2020 Financial Report 二零二零財務報告 18 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 香港財務報告準則第 16 號租賃 香港財務報告準則第 16 號 租賃（修訂） 2019 冠狀病毒 病疫情的相關租金支援 香港會計準則第 19 號（修訂） 計劃修改、削減或結算 香港會計準則第 28 號（修訂） 於聯營和合營企業的長期 權益 香港財務報告準則第 9 號（修訂） 反向賠償的提前還款特徵 香港會計師公會公佈對財務 報告準則 2015–2017 週期 年度改進 除採納香港財務報告準則第 16 號及第 16 號之修訂之影響 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 年內並無已頒佈但尚未生效， 且預期於首次應用後會對本機 構之財務狀況及╱或財務表現 有重大影響之其他準則。 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 HKFRS 16 Leases HKFRS 16 (Amendment) HKFRS 16 Covid-19-Related Rent Concessions HKAS 19 (Amendments) Plan Amendment, Curtailment or Settlement HKAS 28 (Amendments) Long-term Interests in Associates and Joint Ventures HKFRS 9 (Amendments) Prepayment Features with Negative Compensation HKICPA’s Annual Improvements to HKFRSs 2015–2017 cycle 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 16 and HKFRS 16 (Amendment) 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 There are no standards that have been issued but are not yet effective and upon their initial application that would be expected to have a material impact on the financial position and/or financial performance of the Group.