Page 231 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

香港房屋協會 2020/21 年度年報
229
AUDITED FINANCIAL STATEMENTS 已審核財務報表 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註
22. Provisions (continued)
The followings are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period.
(a) Revitalisation work
Provision is made for revitalisation works of committed social projects. Related payments are expected to be incurred within the next three financial years.
Management estimates the amount of revitalisation works based on the latest available budgets of the construction contracts with reference to the overall performance of each construction contract. Construction costs which mainly comprise subcontracting charges and costs of materials are estimated by the management on the basis of quotations from time to time provided by the major contractors/suppliers/vendors involved and the experience of the management. In cases where the actual future costs are different from the expected, an adjustment to the carrying amount of the provision may arise.
(b) Provision for financial guarantee
In relation to the sales of properties, the Housing Society has requested a number of mortgage banks to grant the purchasers mortgage loans up to above 70 per cent of the price of the properties. Provision for claims in the event of default was therefore made to indemnify the banks for losses arising from the request. The guarantee period is 20 to 25 years.
The financial guarantee contracts are measured at the higher of the ECL allowance and the amount initially recognised less the cumulative amount of income recognised. The ECL allowance is measured by estimating the cash shortfalls, which are based on the expected payments to reimburse the holders (i.e. the banks) for a credit loss that it incurs less any amounts that the Housing Society expects to receive from the debtor. The amount initially recognised represented the fair value at initial recognition of the financial guarantees.
22. 準備(續) 下文詳述有關未來的主要假設及於報告
期末其他估計不確定因素之主要來源。
(a) 活化工程
活化工程成本準備是為已承擔社 會項目中的活化工程作出準備。 大部分的支出預計會於其後的三 個財政年度內發生。
管理層根據有關建築合約之最新 預算，並參考每項建築合約之整 體表現，估計活化工程之金額。 估計建築成本(主要包括分包合約 費用及材料成本)由管理層以所涉 及主要承建商╱供應商╱賣方不 時提供之報價及管理層之經驗為 基準而制訂。如將來實際成本與 估計有偏差，其可能引致準備的 賬面價值有調整。
(b) 財務保證準備
房屋協會曾要求銀行為其出售物 業的買家批出樓價七成以上之按 揭，此安排令房屋協會須提撥準 備以償還銀行因壞賬而須承擔 的損失。此承擔期限為二十至 二十五年。
按照預期信貸虧損撥備及初步確 認之數額減累計確認收入(以較高 者為準)，計量財務保證合約。 預期信貸虧損撥備通過現金短缺 估計，而現金短缺基於房屋協會 預期支付持有人(如銀行)因信用 損失而產生的款項與房屋協會預 期從債務人收取的款項之差額計 算。初始確認的金額代表初始確 認財務保證合約的公允價值。