HKU ANNUAL REPORT 2017-18

NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 HKU FOUNDATION ANNUAL REPORT 2017/18 83 82 Regular way purchases and sales of investments are recognised on the trade-date – the date on which the Foundation commits to purchase or sell the financial assets. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the statement of comprehensive income. All other financial assets are initially recognised at fair value plus transaction costs. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Foundation has transferred substantially all the risks and rewards of ownership. Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest method. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets at fair value through profit or loss, and interest and dividend income are presented in the statement of comprehensive income in the period in which they arise. The fair values of quoted investments traded in active market are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Foundation establishes the fair value by using valuation techniques. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Foundation or the counterparty. The Foundation assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. d) Impairment of financial assets – Assets carried at amortised cost A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or a group of financial assets that can be reliably estimated. The criteria that the Foundation uses to determine that there is objective evidence of an impairment loss include: – Significant financial difficulty of the issuer or obligor; – A breach of contract, such as a default or delinquency in interest or principal payments; – The Foundation, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; – It becomes probable that the borrower will enter bankruptcy or other financial reorganisation; – The disappearance of an active market for that financial asset because of financial difficulties; or 常規購買及出售的金融資產在交易日確認－交易日指基金 承諾買賣該資產之日期。對於以公允價值計量但其變動非 計入損益賬的所有金融資產，其投資初始按其公允價值加 交易成本確認。按公平值計入損益賬的財務資產初步按公 平值確認，而交易費用則在綜合收益表支銷。所有其他財 務資產初步按公平值加交易費用確認。當從投資收取現 金流量的權利經已到期或經已轉讓，而基金已將財務資產 擁有權的所有風險和回報實際轉讓時，財務資產即終止確 認。貸款及應收款以及持至到期日投資則用實際利息法按 攤銷成本列賬。 已變現及以按公平值計入損益賬的財務資產因公平值變動 而產生的未變現盈虧和利息及股息收入，均列入產生期間 的綜合收益表內。 有活躍市場報價的投資的公平值根據當時買盤價計算。若 某項財務資產沒有活躍交易市場 ( 非上市證券 ) ，基金利用重 估技術設定公平值。 當有法定可執行權力可抵銷已確認金額，並有意圖按淨額 基準結算或同時變現資產和結算負債時，財務資產與負債 可互相抵銷，並在資產負債表報告其淨額。 法定可執行權利必須不得依賴未來事件而定，而在一般業 務過程中以及倘基金或對手方一旦出現違約、無償債能力 或破產時，這也必須具有約束力。 基金在每個結算日評估是否出現客觀證據證明某項財務資 產或某組財務資產經已減值。 d) 金融資產減值－以攤銷成本列賬的資產 只有當存在客觀證據證明於因為首次確認資產後發生一宗 或多宗事件導致出現減值 ( 「損失事項」 ) ，而該宗 ( 或該等 ) 損 失事項對該項或該組金融資產的估計未來現金流量構成的 影響可以合理估計，有關的金融資產或金融資產組才算出 現減值及產生減值虧損。 基金用於釐定是否存在減值虧損客觀證據的標準如下： － 發行人或欠債人遇上嚴重財政困難； － 違反合約，例如逾期或拖欠償還利息或本金； － 基金基於與借款人的財政困難有關的經濟或法律原因， 向借款人提供一般放款人不會考慮的特惠條件； － 借款人有可能破產或進行其他財務重組； － 因為財政困難而使該財務資產的活躍市場不再存在；或 – Observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including: (1) adverse changes in the payment status of borrowers in the portfolio; (2) national or local economic conditions that correlate with defaults on the assets in the portfolio. The Foundation first assesses whether objective evidence of impairment exists. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the loss is recognised in the statement of comprehensive income. If a held- to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Foundation may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the statement of comprehensive income. e) Provisions Provisions are recognized when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Where a provision is expected to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate, that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. f) Cash and cash equivalents In the statement of cash flows, cash and cash equivalents comprise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. － 可察覺的資料顯示自從初始確認後，某組財務資產的估 計未來現金流量有可計量的減少，雖然該減少尚未能在 該組別的個別財務資產內確定，有關資料包括： (1) 該組別的借款人的還款狀況的不利變動；或 (2) 與該組別資產逾期還款相關連的全國性或地方經濟 狀況。 基金首先評估是否存在減值的客觀證據。 損失金額乃根據資產賬面值與按金融資產原實際利率貼 現而估計未來現金流量 ( 不包括仍未產生的未來信用損 失 ) 的現值兩者的差額計量。資產賬面值予以削減，而 損失金額則在綜合收益表確認。如持有至到期投資有浮 動利率，計量任何減值損失的貼現率為按合同釐定的當 前實際利率。在實際應用中，基金可利用可觀察的市場 價格，按工具的公平價值計量減值。 如在後繼期間，減值虧損的數額減少，而此減少可客觀 地聯繫至減值在確認後才發生的事件 ( 例如債務人的信 用評級有所改善 ) ，則之前已確認的減值虧損可在綜合 收益表轉回。 e) 撥備 當因過往事件須承擔現有法律性或推定性責任，而解除這 些責任時可能需要消耗資源並能確立撥備一筆可靠性估計 金額。當預計準備可獲償付，則將償付金確認為一項獨立 資產，惟只能在償付金可實質確定時確認。 如有多項類似責任，其需要在結算中有資源流出的可能 性，則可根據責任的類別整體考慮。即使在同一責任類別 所包含的任何一個項目相關的資源流出的可能性極低，仍 須確認撥備。 撥備採用稅前預期需償付有關責任的開支的現值計量。該 現值反映當時市場對金錢時間值和有關責任固有風險的評 估。隨時間過去而增加的撥備確認為利息費用。 f) 現金及等同現金 在現金流量表中，現金及等同現金包括庫存現金、銀行通 知存款、原到期日為三個月或以下的銀行存款及其他短期 高流動性投資。