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2020 Annual Accounting & Tax Update in Cantonese

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2020 Annual Accounting & Tax Update in Cantonese Webinar: 2020 Annual Accounting & Tax update in Cantonese For financial controllers of Japanese companies in Hong Kong Deloitte Hong Kong 22 October and 28 October, 2020 Agenda Time Topic Speaker Adrian Tan 2:30-2:35pm Opening Remarks Partner Session 1 – Audit • HKFRS 16 Recap • HKFRS 16 Lease Modification Kitman Tong 2:35-3:35pm • HKFRS 16 Practical Issues Senior Manager • Amendment to HKFRS 16 Covid-19-Related Rent Concessions • Accounting for Government Grants (HKAS 20) Session 2 – Tax • Recap on Transfer Pricing Documentation Requirements Flora Zeng 3:35-4:05pm • Form IR1475: Transfer Pricing Documentation – Master File and Local File Director • DIPN 48 (Revised): Introduction to Advance Pricing Arrangement (“APA”) Program 4:05-4:15pm Q&A © 2020. For information, contact Deloitte China. 2 Part 1 Audit © 2020. For information, contact Deloitte China. Presentation title 3 Speaker Kitman Tong Deloitte China Hong Kong Office Audit & Assurance - Technical Senior Manager She has more than 20 years of working experience in serving listed real estate companies, multi- national corporations and their subsidiaries in Hong Kong, China and overseas, with industries involving real estate (property development and investment, infrastructure, hotel operation and construction), trading and consumer business. HKICPA ACCA © 2020. For information, contact Deloitte China. 4 HKFRS Update Kitman Tong October 2020 Agenda - HKFRS update 1. HKFRS 16 Recap 2. HKFRS 16 Lease Modification 3. HKFRS 16 Practical Issues 4. Amendment to HKFRS 16 Covid-19-Related Rent Concessions 5. Accounting for Government Grants (HKAS 20) © 2020. For information, contact Deloitte China. 6 HKFRS 16 Recap © 2020. For information, contact Deloitte China. 7 HKFRS 16 Recap - Overview New lease Most leases Lessor model and brought on- accounting revised balance sheet largely definition of for lessees unchanged a lease Shift in leasing principles HKAS 17 HKFRS 16 Risk and rewards model Control model The finance lease/operating lease distinction HKFRS 16 key under HKAS 17 is no longer relevant under HKFRS change 16 for lessees. Instead, most leases will have to for lessees be recognised as “right-of-use” asset with a related liability, with subsequent accounting similar to the finance lease model under HKAS 17. © 2020. For information, contact Deloitte China. 8 HKFRS 16 Recap - Lessee Accounting (On/Off Balance Sheet) ON OFF HKFRS 16 Lease Service Operating Finance lease Service HKAS 17 lease • Lease: customer controls the use of an identified asset for a period of time Service: the supplier controls the use of any assets used to deliver the service © 2020. For information, contact Deloitte China. 9 HKFRS 16 Recap - Identifying a Lease Contract No Is there an identified asset? Yes Does the customer have the right to obtain No substantially all of the economic benefits from use of the asset throughout the period of use? Yes Customer Does the customer, the supplier or neither party have Supplier the right to direct how and for what purpose the asset is used throughout the period of use? Neither; predetermined Yes Does the customer have the right to operate the asset throughout the period of use, without the supplier having the right to change those operating instructions? No Did the customer design the asset in a way that No predetermines how and for what purpose the asset will be used throughout the period of use? Yes The contract The contract contains a does not contain lease a lease © 2020. For information, contact Deloitte China. 10 HKFRS 16 Recap - Contracts with Multiple Components Lease and non- Multiple lease lease components components if + • The lessee can benefit from use of the underlying asset Contracts either on its own or together • Identify the non-lease with other resources that components and may have are readily available to the account for these multiple lessee, and separately from the components • The underlying asset is lease components. neither highly dependent on, • A practical expedient nor highly interrelated with, is available. the other underlying assets in the contract. + © 2020. For information, contact Deloitte China. 11 HKFRS 16 Recap - Contracts with Multiple Components The accounting for non-lease components is different under HKAS 17 and HKFRS 16. HKAS 17 HKFRS 16 • Similar treatment for operating leases and • Separately account for lease and non- service components. lease components (i.e. services) • Clients may not have focused on • Clients should identify non-lease identifying service components (i.e. non- components unless applying the practical lease components). expedient. Practical expedient: Policy election for lessees not to separate non-lease components from lease components (by class of underlying asset). Account for lease and non-lease components as a single lease component. © 2020. For information, contact Deloitte China. 12 HKFRS 16 Recap - Recognition and Measurement (Lessee) A single measurement model All leases with a term greater than 12 months are recognized “on balance sheet”. Balance sheet $ Property, plant and equipment 44,521 Lease assets 18,757 Represents the lessee’s right to use the underlying Other 26,703 leased asset. Total non-current assets 89,981 Total current assets 38,086 Total assets 128,067 Borrowings 22,533 Lease liabilities 21,233 Other liabilities 57,264 Represents the lessee’s obligation to make lease Total liabilities 101,030 payments. Equity 27,037 Total liabilities and equity 128,067 © 2020. For information, contact Deloitte China. 13 HKFRS 16 Recap - Recognition and Measurement (Lessee) Lease Liability and Right-of-use Asset Present value of Present value Finance lease expected payments of lease liability = + at the end of the rentals lease Right-of-use Initial lease Initial direct Prepaid lease asset = liability + cost + payment Present value of Lease estimated incentives - + dismantling / received restoration costs © 2020. For information, contact Deloitte China. 14 HKFRS 16 Recap - Recognition and Measurement (Lessee) Recognition exemptions Short-term Low-value lease asset • < 12 months; • Lease by lease, • By class of asset; absolute basis; • No purchase • Assessed low value option; T as if “new” • Reassess on any USD5,000; e change to the • Not highly Leasex lease term. dependent or exemptionst interrelated with other assets or sub-leasing. ACC’G TREATMENT REPORTING ENTITY Lease payments recognized as • Save time and effort; an expense on: • Increase operating costs, • A straight-line basis over the reduce finance costs and lease term; or reduce EBITDA. • Another systematic basis. © 2020. For information, contact Deloitte China. 15 HKFRS 16 Recap - Recognition and Measurement (Lessee) Lease term The lease term is determined at the lease commencement date based on the non-cancellable term of the lease, together with both of the following: • The periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and DEFINITION • The periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. Consider the relevant facts and circumstances such as: • Contractual terms and conditions for the optional periods vs. market rates, • Significant leasehold improvements undertaken, • Costs related to the termination of the lease, • The importance of the underlying asset to the lessee’s operations, and • Conditions associated with exercising the option. Assessment of ‘reasonably certain’ is judgmental. JUDGEMENT © 2020. For information, contact Deloitte China. 16 HKFRS 16 Recap - Recognition and Measurement (Lessee) Renewal and termination options © 2020. For information, contact Deloitte China. 17 HKFRS 16 Recap - Recognition and Measurement (Lessee) Lease term – Other consideration Lease term begins at the Rent-free period commencement date, including the rent-free period. When to revise the When there is a change in the non- lease term? cancellable period of the lease. When a significant event or changes in When to reassess circumstances occurs that is: ‘reasonably • Within the control of the lessee, and certainty’? • Affects previous assessment of reasonably certainty. © 2020. For information, contact Deloitte China. 18 HKFRS 16 Recap - Recognition and Measurement (Lessee) Components of lease payments DEFINITION Fixed payments Variable lease less lease payments incentives depending on a receivable rate or index Lease payments Payments of Amounts termination payable under penalties residual value (if reasonably certain) guarantees Exercise price of an option to extend the lease term (if reasonably certain) © 2020. For information, contact Deloitte China. 19 HKFRS 16 Recap - Recognition and Measurement (Lessee) Security deposits paid to lessor On or before the date of commencement of a lease, a lessee may be required to pay to the lessor a security deposit: • that is held as a collateral by the lessor throughout the term of the lease; • that is refundable in full to the lessee at the end of the lease term except when there is a breach of any provisions in the lease contract; and • that bears no interest throughout the term of the lease. Security deposit is On initial recognition, Security deposit is a initially measured at difference between financial asset and is fair value and nominal value and fair not part of lease subsequently measured value is added to right- payments at amortised cost of-use asset © 2020. For information, contact Deloitte China. 20 HKFRS 16 Recap - Recognition and Measurement (Lessee) Determining the discount rate DEFINITION The rate of interest that causes the PV of The interest (a) the lease payments; and rate implicit (b) the unguaranteed residual value to equal the sum in the lease of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor. Use the lessee’s incremental borrowing rate. If the implicit interest rate The rate of interest that a lessee cannot be determined… would have to pay to borrow over a similar term, and with a similar Can WACC / security, the funds necessary to existing bank obtain an asset of a similar value borrowings rate to the right-of-use asset in a be used? similar economic environment.
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