Hong Kong Housing Society Annual Report 2014
114
Notes to the Financial Statements
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3 Significant accounting policies
(continued)
(f) Leasehold land and buildings
When a lease includes both land and building elements, the
Housing Society assesses the classification of each element as a
finance or an operating lease separately based on the assessment
as to whether substantially all the risks and rewards incidental to
ownership of each element have been transferred to the Housing
Society, unless it is clear that both elements are operating leases,
in which case the entire lease is classified as an operating lease.
Specifically, the minimum lease payments (including any
lump-sum upfront payments) are allocated between the land and
the building elements in proportion to the relative fair values of the
leasehold interests in the land element and building element of the
lease at the inception of the lease.
(g) Properties under development for sale
Properties under development for sale in the ordinary course of
business are stated at the lower of cost and net realisable value.
The cost of properties under development for sale comprises
specifically identified cost, including the acquisition cost of land,
aggregate cost of development, materials and supplies, wages and
other direct expenses capitalised, and an appropriate proportion of
overheads and borrowing costs capitalised. Net realisable value
represents the estimated selling price, based on prevailing market
conditions, less estimated costs of completion and costs to be
incurred in selling the property.
(h) Housing inventories
Housing inventories represent completed properties held for sale
and are stated at the lower of cost and net realisable value.
3
主要會計政策
（續）
(f)
批租土地及樓宇
當一份租約同時包含土地及樓宇兩
項元素，房屋協會需要評估各項元
素擁有權之絕大部分風險與回報是
否已轉移至房屋協會，並據此將每
項元素分類為經營租約或融資租
約，除非清晰顯示兩項元素均屬經
營租約，則整項租約分類為經營租
約。尤其是，最低租金付款（包括
任何一次性預付款）須根據有關批
租中土地及樓宇所佔租賃權益於租
期開始時之相關公平價值按比例分
配予土地及樓宇。
(g)
作出售用途的發展中物業
待建成後用作出售用途的發展中物
業乃以成本值及套現淨值的較低者
入賬。
發展中物業的成本包括可明確識別
之成本，包括土地收購成本、累計
發展、物料及供應品成本、工資和
已資本化之其他直接費用、及按合
理基準分配的經營費用和已資本化
之借貸成本。可變現淨值為估計售
價（根據當時市場情況）減去完成
交易之估計成本及於銷售物業時所
需產生之估計成本。
(h)
樓宇存貨
樓宇存貨乃持作出售的物業，以成
本值及可套現淨值的較低者入賬。
