Questions and Answers on financial reporting issues relating to the transition from the predecessor Companies Ordinance (Cap. 32) to the new Companies Ordinance (Cap. 622) ("new CO")
These Questions and Answers ("Q&As") have been developed by the HKICPA's Companies Ordinance Application Issues (Financial Reporting) Working Group (Working Group) and are endorsed by the HKICPA's Financial Reporting Standards Committee (FRSC). These Q&As will be updated from time to time to provide guidance on emerging financial reporting related application issues specific to the transition from the predecessor Hong Kong Companies Ordinance (Cap. 32) to the new Hong Kong Companies Ordinance (Cap.622).
These Q&As deal with transitional matters and are therefore only expected to have relevance in a financial year which crosses over 3 March 2014 or in the first financial reporting year beginning on or after 3 March 2014. A separate series of Q&As has been developed by the Working Group to cover other financial reporting related application issues relating to requirements of the new Hong Kong Companies Ordinance (Cap.622). These other Q&As are expected to have continuing relevance beyond the end of the first financial reporting year beginning on or after 3 March 2014.
These Q&As are non-mandatory in nature and intended for general guidance only. Users of these Q&As should consider taking their own legal advice if in doubt as to their obligations under the Hong Kong Companies Ordinance.
The HKICPA, the FRSC and the Working Group do not accept responsibility or liability, and disclaim all responsibility and liability, in respect of the Q&As and any consequences that may arise from any person acting or refraining from action as a result of any materials in the Q&As.
All references to Parts, Divisions, Sub-divisions, Schedules and Sections in the questions and answers are to the new CO, unless otherwise indicated.
Links to Q&As
- Part A – Disclosure in annual reports for financial years ended before 3 March 2014 (e.g. financial year ended on 31 December 2013 or 31 January 2014 or 28 February 2014)
- Part B – Disclosures in annual reports for financial years ended on or after 3 March 2014 but before 3 March 2015 (e.g. financial year ended on 31 March 2014, year ending on 30 June 2014 or 31 December 2014)
- Part C – Disclosures in annual reports for financial years beginning on or after 3 March 2014 (e.g. financial year ending on 31 March 2015, 30 June 2015 or 31 December 2015)
Last revision date: 30 September 2014