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2014-11-03
Application Issues of HKFRS 13 "Fair Value Measurement" on Investment Properties

Event Details:

Speaker : Mr Poon Tsun Wah Gary, Vice-chairman, Executive Committee, Accounting Development Foundation

Date : 3 November 2014 (Monday)

Time : 7:00pm - 9:00pm (Registration starts at 6:30pm)

Venue : Room 101 Auditorium, The Boys' and Girls' Clubs Association of Hong Kong, No.3 Lockhart Road, Wanchai, Hong Kong

Language : Cantonese (no simultaneous translation)

CPD Credit : 2 hours

Fee : HK$100-

About the Seminar:

It is quite common for reporting groups or entities to hold investment properties whether or not they are carried at fair value in the statement of financial position. The new HKFRS 13 "Fair Value Measurement" not only imposes disclosure requirements on financial instruments but also on non-financial instruments including investment properties. It is important for management, financial statement preparers, auditors and property valuers to have a good understanding of how the standard can be applied effectively and efficiently.

The seminar aims to cover the following areas:

1. Recap of disclosure requirements on investment properties carried at i) cost less depreciation and impairment loss and ii) fair value

2. Key application issues including common misperceptions on the following:

i. Categorisation of valuations into levels of the fair value hierarchy

ii. Description of the valuation techniques and inputs used

iii. Highest and best use of properties

iv. Significant unobservable inputs

v. Quantitative information about significant unobservable inputs in Level 3 fair value measurements

vi. Sensitivity to changes in significant unobservable inputs in Level 3 fair value measurements

vii. Interrelationships between significant unobservable inputs in Level 3 fair value measurements

3. Illustrative examples of financial statement note disclosures

4. Relationship and expectation management among management, accountants and valuers

5. Key additional information expected from valuers

About the Speaker:

Mr Poon is the Principal of Poon & Co. He specializes in providing assurance services for clients in the financial, real estate and non-profit making sectors.

Mr Poon is a practising member of the Hong Kong Institute of Certified Public Accountants ("HKICPA"), Certified Tax Advisor and Chartered Financial Analyst. He has been involved in a number of HKICPA committees including his role as Deputy Convenor of Small and Medium Practitioners Leadership Panel since 2012 and a past Council Member in 2011 and 2012. Since 2010, he has been a member of Financial Reporting Council Review Panel of Financial Reporting Council.


CPD Hours:

Completed CPD hours will be granted to attendees who have attended a full session of seminar. For those who have not attended full session, the number of CPD hours will be discounted accordingly. For the exact recognition of the CPD hours, please check with the respective Institute or Association.

Bad Weather Arrangement:

This event may be cancelled or re-scheduled when typhoon no.8 or black rainstorm warning is hoisted. Please refer to our website www.ADF.hk for the arrangement.

Organizer:

Accounting Development Foundation Limited (ADF)

CPD Requirements: Our seminars can fulfil CPD requirements. As professional bodies would not formally endorse the seminars we provide, it does not mean that the events we organize do not meet the CPD purpose. Registrants should note that you are responsible for determining whether our seminars or any event satisfy your CPD requirements i.e. that the training you receive are of appropriate standard and relevance to your maintaining and enhancing the technical knowledge and professional expertise. If necessary, please check with your respective professional body before registering our seminars. ADF does not warrant that the attendance of our seminars or events would automatically be recognized by the respective professional bodies as fulfilling your CPD requirements.

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