Financial Report 2021

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 p r i nc i pa l accoun t i ng po l i c i es app l i ed i n t he 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 Accoun t an t s ( “HKICPA” ) and comp l y wi t h t he 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 managemen t to exe r c i se i t s j udgemen t i n t he 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 amendments to existing standards T h e G r o u p h a s a d o p t e d t h e f o l l o w i n g amendments to existing standards which are relevant to the Group’s operations and are mandatory for the financial year ended 30 June 2021: 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。 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) 採納已修改財務報告準則 在二零二一年六月三十日年度，本 機構採納下列與其業務相關之已修 改財務報告準則： Notes to the Consolidated Financial Statements 合併財務報表附註 2021 Financial Report 二零二一財務報告 18 1. PRINCIPAL ACCOUNTING POLICIES – Cont’d (a) Basis of Preparation – Cont’d (i) The adoption of amendments to existing standards – Cont’d HKAS 1 and HKAS 8 (Amendments) Definition of Material HKFRS 3 (Amendments) Definition of a Business Conceptual Framework for Financial Reporting 2018 Revised Conceptual Framework for Financial Reporting HKAS 39, HKFRS 7 and HKFRS 9 (Amendments) Interest Rate Benchmark Reform – Phase 1 The adoption of the amendments to existing standards has no significant impact on the Group’s results and financial position or any substantial changes in Group’s accounting policies. (ii) New standard, amendments and improvement 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. 主要會計政策－續 (a) 編制基準－續 (i) 採納已修改財務報告準則－續 香港會計準則 第 1 號（修訂）及 香港會計準則 第 8 號（修訂） 重大的定義 香港財務報告準則 第 3 號（修訂） 業務的定義 財務報告之觀念 架構 2018 修改財務報告 之觀念架構 香港會計準則 第 39 號（修訂）及 香港財務報告準則 第 7 號（修訂）及 香港財務報告準則 第 9 號（修訂） 基準利率 改革－ 第一階段 本機構採納此等已修改財務報告準 則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。