Construction Industry Council - Annual Report 2024

CONSTRUCTION INDUSTRY COUNCIL 206 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 1. GENERAL The Construction Industry Council (the “Council”) was established as a statutory body on 1 February 2007 in Hong Kong under the Construction Industry Council Ordinance. The Council acts as an industry coordinating body. Its principal functions are to forge consensus on long-term strategic issues, convey the industry’s needs and aspirations to Government, as well as provide a communication channel for Government to solicit advice on all construction-related matters. In order to propagate improvements across the entire industry, the Council is empowered to formulate codes of conduct, administer registration and rating schemes, steer forward research and manpower development, facilitate adoption of construction standards, promote good practices and compile performance indicators. The address of the registered office of the Council is located at 38/F., COS Centre, 56 Tsun Yip Street, Kwun Tong, Kowloon, Hong Kong. The Group’s consolidated financial statements are presented in Hong Kong dollar, which is the same as the functional currency of the Council and its subsidiaries. 2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS Amendments to HKFRS Accounting Standards that are mandatorily effective for the current year In the current year, the Group has applied the following amendments to HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time, which are mandatorily effective for the Group’s annual period beginning on 1 January 2024 for the preparation of the consolidated financial statements: Amendments to HKFRS 16 Lease Liability in a Sale and Leaseback Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020) Amendments to HKAS 1 Non-current Liabilities with Covenants Amendments to HKAS 7 and HKFRS 7 Supplier Finance Arrangements The application of the amendments to HKFRS Accounting Standards in the current year has had no material impact on the Group’s consolidated financial positions and performance for the current and prior years and/or on the disclosures in these consolidated financial statements.