Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 522

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 522
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 instruments                                        |
| 447 | 33 | Contingent liabilities, contractual commitments and guarantees                              |
| 448 | 34 | Finance lease receivables                                                                   |
| 448 | 35 | Legal proceedings and regulatory matters                                                    |
| 451 | 36 | Related party transactions                                                                  |
| 452 | 37 | Events after the balance sheet date                                                         |
| 452 | 38 | HSBC Holdings’ subsidiaries, joint ventures and associates                                  |
| 460 | 39 | Non-statutory accounts                                                                      |

| 1 | Basis of preparation and material accounting policies |

1.1 Basis of preparation (a) Compliance with International Financial Reporting Standards The consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings comply with UK-adopted international accounting standards and with the requirements of the Companies Act 2006, and have also applied international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These financial statements are also prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IFRS Accounting Standards’), including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS Accounting Standards for the periods presented. There were no unendorsed standards effective for the year ended 31 December 2024 affecting these consolidated and separate financial statements. IFRS Accounting Standards adopted during the year ended 31 December 2024 There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies have been applied consistently. (b ) Differences between IFRS Accounting Standards and Hong Kong Financial Reporting Standards There are no significant differences between IFRS Accounting Standards and Hong Kong Financial Reporting Standards in terms of their application to HSBC, and consequently there would be no significant differences had the financial statements been prepared in accordance with Hong Kong Financial Reporting Standards. The ‘Notes on the financial statements’, taken together with the ‘Report of the Directors’, include the aggregate of all disclosures necessary to satisfy IFRS Accounting Standards and Hong Kong Financial Reporting Standards. (c ) Future accounting developments Minor amendments to IFRS Accounting Standards The International Accounting Standards Board (‘IASB’) has published a number of minor amendments to IFRS Accounting Standards that are effective from 1 January 2025. HSBC expects they will have an insignificant effect, when adopted, on the consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings.