QA on part 9
Questions and Answers relating to consolidated and company level financial statements prepared under Part 9 of the the new Companies Ordinance (Cap. 622)
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 on the Hong Kong Companies Ordinance (Cap.622).
These Q&As have been developed by the Working Group to cover a range of issues in relation to the preparation of consolidated and company-level financial statements that may arise as companies adopt the requirements of Part 9 for the first time i.e. in financial statements for financial years beginning on or after 3 March 2014 (such as for the year ended 31 December 2015). The intention is to provide certainty on the application of the requirements of the Hong Kong Companies Ordinance and their interaction with certain requirements of HKFRSs.
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
- Topic 1 - Application of section 379: which companies should prepare company level financial statements and which companies should prepare consolidated financial statements
- Topic 2 - Contents of consolidated financial statements
- Topic 3 - Subsidiary undertakings that are not controlled by the reporting entity under HKFRS 10
- Topic 4 - De facto subsidiaries
- Topic 5 - Investment entities
Last revision date: 25 January 2016