HKSI Institute AR2023

HKSI Institute Annual Report 2023 78 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) (Expressed in Hong Kong dollars unless otherwise indicated) 24 POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 MARCH 2023 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended 31 March 2023 and which have been adopted in these financial statements. These include the following which may be relevant to the Group. Effective for accounting periods beginning on or after Amendments to HKAS 1, Presentation of financial statements: Classification of Liabilities as Current or Non-current 1 January 2023 Amendments to HKAS 1, Presentation of financial statements and HKFRS Practice Statement 2, Making materiality judgements: Disclosure of accounting policies 1 January 2023 Amendments to HKAS 8, Accounting policies, changes in accounting estimates and errors: Definition of accounting estimates 1 January 2023 The Group is in the process of making an assessment of what the impact of these amendments and new standards is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have significant impact on the Group’s financial statements.