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This sample's reporting date is 2 August 2015, you may seek latest standards' relevant requirements.

[Link for the list co.'s report as sample]

Points found on the sample report:

  • Previous year's financial statements may not require to be re-issued, only restated the comparative figures in current period's financial statements. [Link for previous year's report];
  •  All figures restated is highlighted with "Restated";
  • Statement of financial position retrospectively restated 2 spot time: last period end date and last period beginning date;
  • While income statement only restated for the instant preceding period (in the sample case, the restatement had effect for 3 preceding years' income statement, but only should the restatement effect on income statement of the instant preceding year);
  • In statement of changes in equity, show the reconciliation for figures before restatement and after restatement (reconciliation and restatement, both need to be considered)
  • In notes to financial statements, in SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, clearly state the (i)(a), (i)(b) & (ii) reasons of the restatements (began at page 107 of the financial statements);
  • In the same note, provide detailed reconciliation with insulated effect of each reason that caused the restatements;
  • Care about the tax effect of the restatement;
  • For note that for balance sheet accounts with restatement, also show 3 spot times' figures.
  • Qualified opinion was caused by the restatement;
  • Qualified opinion still in next year's report subsequent to the report with retrospectively restatement. [Link for next year's report];

  • 3 year after the year with retrospectively restatement, the company gained clean report. [Link for after-3-years' financial statements]

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1 Answer

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[Link for another sample]

Relevant standards:

Hong Kong Accounting Standard 1 (Revised) - Presentation of

Financial Statements

40A An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required in paragraph 38A if:

(a) it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or reclassifies items in its financial statements; and

(b) the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period.

40B In the circumstances described in paragraph 40A, an entity shall present three statements of financial position as at:

(a) the end of the current period;

(b) the end of the preceding period; and

(c) the beginning of the preceding period.


38A An entity shall present, as a minimum, two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity, and related notes.

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