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- 17 -- 10 -2 %u91cd%u5927%u6703%u8a08%u653f%u7b56(%u7e8c) 2 MATERIAL ACCOUNTING POLICIES (Continued)(r) %u5df2%u4f5c%u51fa%u7684%u8ca1%u52d9%u64d4%u4fdd%u548c%u64a5%u5099%u53ca%u6216%u6709%u8ca0%u50b5 (r) Financial guarantees issued, provisions and contingent liabilities(i) %u5df2%u4f5c%u51fa%u7684%u8ca1%u52d9%u64d4%u4fdd (i) Financial guarantees issued%u8ca1%u52d9%u64d4%u4fdd%u662f%u898f%u5b9a%u767c%u51fa%u4eba%u5728%u6307%u5b9a%u50b5%u52d9%u4eba%u672a%u6709%u6839%u64da%u50b5%u52d9%u7968%u64da%u689d%u6b3e%u65bc%u9650%u671f%u524d%u9084%u6b3e%u6642%uff0c%u9808%u5411%u6301%u6709%u4eba%u652f%u4ed8%u6307%u5b9a%u4e4b%u6b3e%u9805%u4ee5%u88dc%u511f%u5176%u8667%u640d%u7684%u5408%u7d04%u3002%u623f%u59d4%u6703%u5c31%u51fa%u552e%u8cc7%u52a9%u51fa%u552e%u55ae%u4f4d%u53ca%u9280%u884c%u548c%u5176%u4ed6%u8a8d%u53ef%u8ca1%u52d9%u6a5f%u69cb%u63d0%u4f9b%u7684%u6309%u63ed%u8cb8%u6b3e%u6240%u4f5c%u51fa%u7684%u6309%u63ed%u9084%u6b3e%u4fdd%u8b49%uff0c%u5c6c%u8ca1%u52d9%u64d4%u4fdd%u7684%u4e00%u7a2e%u3002%u7531%u65bc%u6309%u63ed%u9084%u6b3e%u4fdd%u8b49%u662f%u4ee5%u96f6%u4ee3%u50f9%u4f5c%u51fa%u53ca%u5176%u516c%u5e73%u503c%u7121%u6cd5%u53ef%u9760%u5730%u8a08%u91cf%uff0c%u6545%u6c92%u6709%u78ba%u8a8d%u905e%u5ef6%u6536%u5165%u3002%u5c31%u6309%u63ed%u9084%u6b3e%u4fdd%u8b49%u958b%u652f%u4f5c%u51fa%u7684%u64a5%u5099%uff0c%u662f%u5728%u8a72%u4fdd%u8b49%u7684%u6301%u6709%u4eba%u53ef%u80fd%u6839%u64da%u8a72%u4fdd%u8b49%u5411%u623f%u59d4%u6703%u63d0%u51fa%u8981%u6c42%u88dc%u511f%uff0c%u800c%u6240%u6d89%u6b3e%u984d%u80fd%u53ef%u9760%u5730%u4f30%u8a08%u6642%uff0c%u4e88%u4ee5%u78ba%u8a8d%u3002%u81f3%u65bc%u6c92%u6709%u4f5c%u51fa%u64a5%u5099%u7684%u4fdd%u8b49%uff0c%u623f%u59d4%u6703%u7684%u73fe%u5b58%u8cac%u4efb%u6703%u4ee5%u6216%u6709%u8ca0%u50b5%u62ab%u9732%u3002%u8a72%u7b49%u6309%u63ed%u9084%u6b3e%u4fdd%u8b49%u7684%u6e1b%u503c%u6703%u5982%u9644%u8a3b 2(l)%u6240%u8ff0%u8a18%u5e33%u3002Financial guarantees are contracts that require the issuer to make specified payments to reimburse the holder for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. The mortgage default guarantees issued by the Authority in connection with the sale of subsidised sale flats and in respect of mortgage loans made by banks and other authorised financial institutions are a form of financial guarantees.No deferred income is recognised as the mortgage default guarantees are issued at nil consideration and their fair valuecannot be reliably measured.Provisions for mortgage default guarantee payments are recognised if and when it becomes probable that the holder of a guarantee will call upon the Authority under the guarantee and a reliable estimate can be made of the amount. For guarantees without such provisions recognised, the Authority%u2019s present obligations under the guarantees are disclosed as contingent liabilities. Impairment for these mortgage default guarantees is accounted for as described in Note 2(l).(ii) %u5176%u4ed6%u64a5%u5099%u53ca%u6216%u6709%u8ca0%u50b5 (ii) Other provisions and contingent liabilities%u5728%u4ee5%u4e0b%u60c5%u6cc1%u4e0b%uff0c%u5176%u4ed6%u8ca0%u50b5(%u5305%u62ec%u7dad%u4fee%u548c%u5c0f%u578b%u6539%u5584%u5de5%u7a0b)%u7684%u64a5%u5099%u6703%u4e88%u4ee5%u78ba%u8a8d%uff1a%u623f%u59d4%u6703%u5c0d%u5df2%u767c%u751f%u7684%u4e8b%u4ef6%u9808%u627f%u64d4%u73fe%u5b58%u8cac%u4efb%uff1b%u5728%u5c65%u884c%u8a72%u8cac%u4efb%u6642%u9810%u671f%u6703%u5f15%u81f4%u7d93%u6fdf%u5229%u76ca%u5916%u6d41%uff1b%u4ee5%u53ca%u6709%u95dc%u8cac%u4efb%u6240%u6d89%u6b3e%u984d%u80fd%u53ef%u9760%u5730%u4f30%u8a08%u3002%u5982%u6240%u6d89%u6b3e%u984d%u6709%u91cd%u5927%u6642%u503c%uff0c%u64a5%u5099%u4fbf%u6703%u4ee5%u5c65%u884c%u8a72%u8cac%u4efb%u7684%u9810%u8a08%u958b%u652f%u73fe%u503c%u5217%u51fa%u3002%u64a5%u5099%u6b3e%u984d%u6703%u5728%u6bcf%u500b%u5831%u544a%u65e5%u671f%u91cd%u4f30%u4e26%u4f5c%u51fa%u8abf%u6574%uff0c%u4ee5%u53cd%u6620%u7576%u6642%u6700%u6e96%u78ba%u7684%u4f30%u503c%u3002%u5018%u4e0d%u5927%u53ef%u80fd%u51fa%u73fe%u7d93%u6fdf%u5229%u76ca%u5916%u6d41%uff0c%u6216%u6240%u6d89%u6b3e%u984d%u4e0d%u80fd%u53ef%u9760%u5730%u4f30%u8a08%uff0c%u73fe%u5b58%u8cac%u4efb%u6703%u4ee5%u6216%u6709%u8ca0%u50b5%u62ab%u9732(%u9664%u975e%u5f15%u81f4%u7d93%u6fdf%u5229%u76ca%u5916%u6d41%u7684%u53ef%u80fd%u6027%u6975%u5fae)%u3002%u81f3%u65bc%u8981%u8996%u4e4e%u65e5%u5f8c%u662f%u5426%u6709%u67d0%u5b97%u6216%u591a%u5b97%u4e8b%u4ef6%u767c%u751f%u624d%u80fd%u78ba%u5b9a%u5b58%u5728%u8207%u5426%u7684%u6f5b%u5728%u8cac%u4efb%uff0c%u4ea6%u6703%u4ee5%u6216%u6709%u8ca0%u50b5%u62ab%u9732(%u9664%u975e%u5f15%u81f4%u7d93%u6fdf%u5229%u76ca%u5916%u6d41%u7684%u53ef%u80fd%u6027%u6975%u5fae)%u3002Provisions are recognised for other liabilities (including maintenance and minor improvements) when the Authority has a present obligation as a result of a past event, when it is probable that an outflow of economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. Where the time value of money is material, the provision is stated at the present value of the expenditure expected to settle the obligation. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the present obligation is disclosed as a contingent liability, unless the probability of the outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.(s) %u95dc%u9023%u4eba%u58eb (s) Related parties%u623f%u59d4%u6703%u80fd%u76f4%u63a5%u6216%u9593%u63a5%u63a7%u5236%uff0c%u6216%u623f%u59d4%u6703%u53ef%u5c0d%u5176%u8ca1%u52d9%u548c%u904b%u4f5c%u6c7a%u5b9a%u884c%u4f7f%u91cd%u5927%u5f71%u97ff%u529b(%u53cd%u4e4b%u4ea6%u7136)%u7684%u53e6%u4e00%u65b9%u4eba%u58eb%uff0c%u53c8%u6216%u8207%u623f%u59d4%u6703%u5099%u53d7%u540c%u4e00%u65b9%u6240%u63a7%u5236%u7684%u53e6%u4e00%u65b9%u4eba%u58eb%uff0c%u5c07%u88ab%u8996%u70ba%u623f%u59d4%u6703%u7684%u95dc%u9023%u4eba%u58eb%u3002A party is considered to be related to the Authority if the Authority has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Authority and the party are subject to common control.(t) %u8ab2%u7a05 (t) Taxation%u6839%u64da%u300a%u623f%u5c4b%u689d%u4f8b%u300b%u7b2c 34(1)%u689d%uff0c%u70ba%u65bd%u884c%u8a72%u689d%u4f8b%uff0c%u623f%u59d4%u6703%u7372%u8c41%u514d%uff0c%u7121%u9808%u53d7%u300a%u7a05%u52d9%u689d%u4f8b%u300b(%u7b2c 112 %u7ae0)%u898f%u9650%u3002According to Section 34(1) of the Housing Ordinance, the Authority shall, for the purpose of this Ordinance, be exempt from the Inland Revenue Ordinance (Cap. 112).3 %u61c9%u7528%u623f%u59d4%u6703%u6703%u8a08%u653f%u7b56%u6642%u7684%u95dc%u9375%u6703%u8a08%u5224%u65b7 3 CRITICAL ACCOUNTING JUDGEMENT IN APPLYING THE AUTHORITY%u2019S ACCOUNTING POLICIES%u51fa%u79df%u7269%u696d Rental premises%u7ba1%u7406%u5c64%u8a8d%u70ba%uff0c%u623f%u59d4%u6703%u65e8%u5728%u4ee5%u51fa%u79df%u7269%u696d%u63d0%u4f9b%u516c%u5171%u623f%u5c4b%u8cc7%u52a9%uff0c%u800c%u975e%u70ba%u8cfa%u53d6%u79df%u91d1%uff0c%u56e0%u6b64%uff0c%u51fa%u79df%u7269%u696d%u662f%u8a18%u5165%u300c%u7269%u696d%u3001%u6a5f%u5668%u53ca%u8a2d%u5099%u300d%u7684%u9805%u76ee%uff0c%u800c%u975e%u8a18%u5165%u300c%u6295%u8cc7%u7269%u696d%u300d%u7684%u9805%u76ee%u3002%u57fa%u65bc%u540c%u4e00%u7406%u7531%uff0c%u7ba1%u7406%u5c64%u4ea6%u8a8d%u70ba%uff0c%u6839%u64da%u51fa%u79df%u7269%u696d%u7684%u53ef%u6536%u56de%u6b3e%u984d%u78ba%u8a8d%u6709%u95dc%u7269%u696d%u7684%u4efb%u4f55%u6e1b%u503c%u640d%u5931%uff0c%u4e26%u4e0d%u6070%u7576%u3002In management%u2019s view, the Authority uses rental premises for providing subsidised public housing rather than earning rentals. As a result, they are accounted for as items of property, plant and equipment instead of investment properties. For the same reason, management considers that it is inappropriate to recognise any impairment loss of rental premises based on their recoverable amount.- 17 -