Financial reporting standards as explained in the preface to hong kong financial reporting standards, the term hong kong financial reporting standards includes all hkfrs, hong kong accounting standards (hkas), and interpretations issued by the hong kong institute of certified public accountants. As per hong kong company law, every company formed in hong kong, must file a tax return (it's also called profits tax return in hong kong) along with its audited accounts on an annual basis with the inland revenue department of hong kong (ird. Accounting regulatory department, ministry of finance, people's republic of china note added by ifrs foundation: as special administrative regions of the people's republic of china, both hong kong and macao adopt their own financial reporting standards. Hong kong financial reporting standards - illustrative annual financial statements 2013 these financial statements illustrate the presentation and disclosure requirements of hkfrss for the year ended 31 december 2013 issued by a hong kong listed company.
Hkfrs 17 ensures that hong kong's insurance industry remains at the forefront of global accounting best practices and that hong kong maintains its position as a world leading financial centre. Hong kong auditors are expected to be under greater scrutiny, as newly proposed legislation may see the financial reporting council (frc) gaining more power to penalize firms violating corporate governance frc is an independent statutory body set up by the hong kong government in december 2006, as. Hong kong accounting standard 1 (revised) presentation of financial statements (relevant to ate paper 1 - financial accounting & paper 7 - advanced accounting.
As one of two special administrative regions of china (the other being macao), hong kong has its own legal system, including its own legal framework for developing accounting standards. Hong kong adopted its latest version of the financial reporting standards (hkfrs) in january 2005 they comprise of the hong kong accounting standards (hkas), its interpretations and the hong kong financial reporting standards. Hong kong is a major financial centre in the asia pacific region financial instruments are widely used by companies in hong kong to achieve investment, trading or hedging objectives. Guidemehongkong is the leading hong kong-focused business information portal that provides a host of resources for entrepreneurs and corporates who are looking to set up a business in or relocate to hong kong.
Hong kong accounting standard 1 presentation of financial statements (hkas 1) is set out in paragraphs 1-140 and appendix a all the paragraphs have equal authority. Reporting standards (ifrss) on 1 january 2005, changes to hong kong accounting standards have continued and several new standards, amendments and interpretations have been issued this section provides. Standard-setters from hong kong and japan take up bilateral meetings 07 mar 2018 representatives of the hong kong institute of certified public accountants (hkicpa) and of the accounting standards board of japan (asbj) met on 5 and 6 march 2018 in hong kong to discuss higher quality accounting standards by collaboration. Hong kong financial reporting standards (hkfrs) include the following pronouncements issued by the hong kong institute of certified public accountants all financial reporting standards and accounting standards.
Review on impact of the new hong kong accounting standards on authorized institutions' capital base and regulatory reporting as you may already be aware, the hkma has conducted an internal review to consider the implications of the new hong kong accounting standards (hkas) on ais' capital base and regulatory reporting. Similarities and differences a comparison of international financial reporting standards (ifrs) and local gaap for investment funds territories covered: australia, canada, hong kong, india, japan and singapore. In1 hong kong accounting standard 16 property, plant and equipment (hkas 16) should be applied for annual periods beginning on or after 1 january 2005 earlier application is.
Accounting standards affecting hong kong areas to be covered in this seminar: ifrs 9 - financial instruments (implementation challenges for corporates. Accountancy in hong kong is regulated by the hkicpa under the professional accountants ordinance (chapter 50, laws of hong kong) the auditing industry for limited companies is regulated under the companies ordinance (chapter 32, laws of hong kong), and other ordinances such as the securities and futures ordinance, the listing rules, etc. Hkas 27 (december 2004march 2008) hong kong accounting standard 27 consolidated and separate financial statements this hkas 27 is applicable for annual periods beginning on or after 1 january 2005 but before 1 july 2009.
Requirements of hong kong financial reporting standards (hkfrs) issued by the hong kong institute of certified public accountants (hkicpa) and the hong kong companies ordinance have been met and to. Standards prescribed by the hong kong society of accountants method of accounting refer to the hong kong society of accountants ssap 24 for detailed guidance.