Francesco, a partner based in hong kong, is the deloitte global ifrs insurance leader hes ha over 22 years of insurance accounting and business experience with a deep knowledge of some of the key european and asian insurance markets and products. 3 introduction: hong kong position • nearly 100 countries or places currently require or permit the use of, or have a policy of convergence with ifrssconvergence with, ifrss. Applicable accounting standards issued or specified by the hong kong institute of certified public accountants (“hkicpa”) (sections 380(4), 380(8) and the companies (accounting standards (prescribed body)) regulation, cap 622c. The hong kong institute of certified public accountants (hkicpa) has approved hkfrs 17: insurance contracts, which will come into effect on january 01, 2021 hkfrs 17 is hong kong’s equivalent. Hong kong accounting standard 1 (revised) “presentation of financial statements” (relevant to ate paper 1 – financial accounting & paper 7 – advanced accounting.
Hong kong withholding tax hong kong follows a territorial system of taxation tax is levied only on profits arising in or derived from carrying on a trade, business or profession in hong kong introduction to accounting standards in hong kong learn why hong kong companies must maintain proper books of accounts and satisfy statutory audit. Hong kong financial reporting standards model financial statements and hkfrs = hong kong financial reporting standard 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. Hong kong listed limited is an existing preparer of financial statements in accordance with hkfrss and it is a corporate hkas hong kong accounting standard issued by the hkicpa hkas 1x paragraph x of hong kong accounting standard 1.
The accounting regulatory department of the ministry of finance of china is responsible for the setting of accounting standards for business enterprises, among other things, ie it is the official standard-setting body in the people’s republic of china. Standard chartered bank (hong kong) limited (the “bank”) is a bank incorporated and domiciled in hong kong and has its registered office at 32/f, 4 – 4a des voeux road central, hong kong principal activities. 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. 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. Have a hong kong company setup but still confused about what exactly the ongoing fees that are required to keep it going today’s guide is for you we are digging into the nitty gritty of what you need to do to keep your hong kong limited company in good standing if you do not yet have a hong.
The hong kong accounting standards, or hkas for short, formerly hkssap, is a set of accounting standards issued by the hong kong institute of certified public accountants. The hong kong accounting standards, or hkas for short, formerly hkssap, is a set of accounting standards issued by the hong kong institute of certified public accountants details [ edit ] hkas 1 presentation of financial statements. New hong kong accounting standards : impact on interim financial disclosure on 12 april 2005, the hkma circulated a guidance note on the regulatory reporting implications of the implementation of the new hong kong accounting standards (hkas) by locally incorporated ais the guidance note also applied to regulatory reporting by overseas.
Accounting standards of hong kong 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. Deloitte touche tohmatsu hong kong may 2003 accounting for income taxes 5 the recognition threshold for deferred tax assets is lower under the revised standard the hong kong society of accountants (hksa) has followed its policy of convergence with international financial reporting standards (ifrs. 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 hkas = hong kong accounting standard issued by the hkicpa . As hong kong listed limited has a 31 december year end, these financial statements disclose the effects of changes in accounting policies as a result of the revised hong kong financial reporting standards (“hkfrss”) which are first effective. 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.
Academiaedu is a platform for academics to share research papers. • section 1 – accounting, companies ordinance and regulatory updates in hong kong and • section 2 – a set of illustrative annual financial statements for the year ended 31 december 2013 issued by a hong kong listed company, hong kong gaap limited. 1 the accounting standards issued by the hkicpa include the hong kong financial reporting standards (“hkfrss”), the hong kong financial reporting standard for private entities (“hkfrs for pe”) and the small and medium-sized entities financial reporting standard (“sme-frs”. The hong kong institute of certified public accountants (hkicpa) has approved hkfrs 17: insurance contracts, the equivalent of ifrs 17 issued by the international accounting standards board (iasb.
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. Accounting standards for small business enterprises (assbes) the ministry of finance (mof) released asbes in 2006 and brought them into effect in january 2007 it is widely viewed by the international community that asbes are now substantially converged with ifrs, with only some minor discrepancies in wording. Accounting standards affecting hong kong areas to be covered in this seminar: ifrs 9 – financial instruments (implementation challenges for corporates) ifrs 15 – revenue from contracts with customers (a pplication issues) ifrs 16 – leases (a pplication issues. Charities accounting standard charities accounting standard (cas) was issued by the singapore accounting standards council on 24 june 2011 and applies to financial periods beginning on or after 1 july 2011.
Research we are an accounting research firm focused on asia and regulated by hong kong’s securities and futures commission our primary goal is to use financial statements to judge whether a company is over-or-understating its profits through the exploitation of accounting standards.