Annual Report 2019

134 Sunny Optical Technology (Group) Company Limited • ANNUAL REPORT 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 截至二零一九年十二月三十一日止年度 Notes to the Consolidated Financial Statements 綜合財務報表附註 3. SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) and by the Hong Kong Companies Ordinance. The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies set out below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2 Share-based Payment , leasing transactions that are accounted for in accordance with HKFRS 16 (since 1 January 2019) or HKAS 17 (before application of HKFRS 16), and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 Inventories or value in use in HKAS 36 Impairment of Assets . A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. 3. 重要會計政策 綜合財務報表乃根據香港會計師公會頒佈 之香港財務報告準則編製。此外，綜合財 務報表載有香港聯合交易所有限公司證券 上市規則（「上市規則」）及香港公司條例規 定之適用披露資料。 綜合財務報表乃按歷史成本基準編製，惟 下文會計政策所解釋在各報告期末按公允 值計量的若干金融工具除外。 歷史成本一般按交換商品及服務之代價之 公允值計算。 公允值為市場參與者於計量日期在有序交 易中出售資產所收取的價格或轉讓負債所 支付的價格，不論該價格是否可直接觀察 到或採用其他估值技巧估計。於估計資產 或負債的公允值時，倘市場參與者可能考 慮資產或負債的特色，則本集團將於計量 日期為資產或負債定價時考慮有關特色。 於綜合財務報表內計量及╱或披露的公允 值按此基準釐定，惟香港財務報告準則第 2 號 以股份為基礎之付款 範圍內之以股份支 付的交易、根據香港財務報告準則第 16 號 （自二零一九年一月一日起）或根據香港會 計準則第 17 號（於應用香港財務報告準則 第 16 號之前）列作租賃交易以及與公允值 相似但並非公允值之計量（如香港會計準則 第 2 號 存貨 之可變現淨值或香港會計準則第 36 號 資產減值 之使用價值）除外。 非金融資產之公允值計量及市場參與者透 過以最佳方式最大限度地使用資產或將其 出售予另一名將以最佳方式最大限度地使 用資產的市場參與者而產生經濟利益的能 力。