NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2001
1. GENERAL
The Society was established as a branch of the Royal Asiatic Society of Great Britain and Ireland.
The objects of the Society are the education of the general public by the development and dissemination of knowledge of Asia, particularly Hong Kong and its region.
On 18 September 2001 the Society achieved recognition as a charitable institution of a public character within the meaning of the Inland Revenue Ordinance.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, as modified for the revaluation of investments in securities.
The financial statements have been prepared in accordance with accounting principles generally accepted in Hong Kong. The principal accounting policies adopted are as follows:
Income recognition
Annual subscription income is accounted for as it is received, except that amounts received from new members joining after 31 October in any year are carried forward into the following year.
Income relating to life memberships is taken into account in five equal instalments, commencing with the year in which it is received.
Equipment
Equipment is stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2001
1. GENERAL
The Society was established as a branch of the Royal Asiatic Society of Great Britain and Ireland.
The objects of the Society are the education of the general public by the development and dissemination of knowledge of Asia, particularly Hong Kong and its region.
On 18 September 2001 the Society achieved recognition as a charitable institution of a public character within the meaning of the Inland Revenue Ordinance.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, as modified for the revaluation of investments in securities.
The financial statements have been prepared in accordance with accounting principles generally accepted in Hong Kong. The principal accounting policies adopted are as follows:
Income recognition
Annual subscription income is accounted for as it is received, except that amounts received from new members joining after 31 October in any year are carried forward into the following year.
Income relating to life memberships is taken into account in five equal instalments, commencing with the year in which it is received.
Equipment
Equipment is stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use.
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