Question 5 : In accordance with HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, discuss the procedures in selecting, applying and changing the accounting policies for the listed companies in Hong Kong.

Question 6: In accordance with HKAS 10 Events after the Reporting Period, what is the core principle? What are adjusting events and non-adjusting events? Discuss with examples.

Question 7 : In accordance with HKAS 23 Borrowing Costs, what is the core principle? What are the accounting treatments of borrowing costs eligible for capitalisation? What are the criteria to start measuring for capitalisation?

Question 8 : In accordance with HKAS 38 Intangible Assets, discuss the criteria for development costs to qualify for recognition as intangible assets.

Question 9 : Most preparers and users of financial statements recognize that there is a need for a formal conceptual framework in financial reporting. Therefore, there is a formal conceptual framework for accounting, accounting practice and accounting standards are based on this framework can benefit different stakeholders.

REQUIRED:

Discuss the purposes of the IASB/HKICPA Conceptual Framework for Financial Reporting 2018.