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搜寻于 The interaction between HKFRS 16 Leases and the Hong Kong Insurance (General Business) (Valuation) Rules

The interaction between HKFRS 16 Leases and the Hong Kong Insurance (General Business) (Valuation) Rules

The Questions and Answers (Q&As) below were developed by the Financial Reporting Standards Committee ("FRSC") of the Hong Kong Institute of Certified Public Accountants (the HKICPA) and are for general reference only. The HKICPA, FRSC and their staff do not accept any responsibility or liability in respect of the Q&As and any consequences that may arise from any person acting or refraining from action as a result of any materials in the Q&As. Members of the HKICPA and other users of these Q&As should also read the original text of HKFRS 16 Leases, as found in the HKICPA Members’ Handbook for further reference and seek professional advice where necessary when applying the references contained in these Q&As.

The HKICPA's Standard Setting Department welcomes your comments and feedback on this paper, which should be sent to commentletters@hkicpa.org.hk.

The purpose of this frequently asked questions (FAQ) is to highlight the treatment of leased premises for general business insurers under HKFRS 16 Leases and the Insurance (General Business) (Valuation) Rules.

On 29 October 2020, the Insurance Authority issued a circular on Applying the provisions of Insurance (General Business) (Valuation) Rules in the valuation of right of use asset and related lease liability (the “circular”). The intention of that circular is to provide general guidance on the application of Insurance (General Business) (Valuation) Rules (Cap.41G) (the “Valuation Rules”) with respect to the determination of the value of a right-of-use (“ROU”) asset of leased premises and related lease liability, as set out in HKFRS 16 Leases.

The staff of the HKICPA have prepared this Q&A to notify members of the circular and explain its relation to Hong Kong Financial Reporting Standards. Members of the HKICPA and other users of this guidance should also read the original text of HKFRS 16 Leases, as found in the HKICPA Members’ Handbook, and the circular.

 

 

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