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Search Under Financial reporting issues

Financial reporting issues

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 Institute's Companies Ordinance Application Issues (Financial Reporting) Working Group (Working Group) and are endorsed by the Institute'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 Institute, 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.

Last revision date: 30 September 2014

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