What accounting standards are used in Hong Kong?
What accounting standards are used in Hong Kong?
Since January 2005, Hong Kong has adopted a Financial Reporting Standards (FRS) framework that has been modelled on International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).
Does Hong Kong use IFRS or GAAP?
Hong Kong has adopted a Financial Reporting Standards framework (FRS) modeled on the International Financial Reporting Standards framework (IFRS) which was released by the International Accounting Standards Board (IASB).
Is IFRS applicable in Hong Kong?
Yes, foreign companies whose securities are publicly traded in Hong Kong are permitted to report under IFRS Standards.
Does Hong Kong use GAAP?
There are both mandatory and advisory sources of generally accepted accounting principles (GAAP) in Hong Kong. Mandatory sources are the following: Companies Ordinance. Legal requirements include maintenance of accounting records, content of financial statements, and audits of companies incorporated in Hong Kong.
What accounting standards are used in China?
Businesses operating in China are required to follow the Chinese Accounting Standards (CAS), also known as the Chinese Generally Accepted Accounting Principles. The CAS framework is based on two standards: Accounting Standards for Business Enterprises (ASBEs) Accounting Standards for Small Business Enterprises (ASSBEs)
What accounting standards does China use?
Does China use GAAP or IFRS?
Most FIEs established in China generally adopt ASBEs for their annual financial reports, the structure of which are similar to the Generally Accepted Accounting Principles of the United States (US GAAP) and International Financial Reporting Standards (IFRS).
Is IFRS used in China?
China’s national standards are substantially converged with IFRS Standards, and China has committed to adopt IFRS Standards for reporting by at least some domestic companies although there is no timetable for completion of the process.
What are major differences between IFRS and Chinese GAAP?
The most notable difference between Chinese GAAP and IFRS is that in line with the Chinese Accounting Standards companies can only use the historical cost method to valuate fixed- and intangible assets, whereas IFRS allows the use of both the historical cost method and the possibility of re-evaluating the asset(s).
