Deloitte recently published "Financial Reporting in Hong Kong". This book of over 2,000 pages provides more than just an outline of current accounting standards. It provides clear and practical guidance on the application of those standards in context of the regulatory and economic environment of Hong Kong.
Hong Kong is a major international financial services centre and a key player in China's continued economic growth. The Hong Kong Financial Reporting framework has made an important contribution to this by providing a solid, internationally recognised financial reporting environment, which has further been enhanced with its convergence with International Financial Reporting Standards.
The harmonisation with International Financial Reporting Standards in 2005 represented a major challenge for preparers with a "big bang" adoption of standards resulting in significant changes in accounting policy and disclosure requirements. Stephen Taylor, Partner of Deloitte China and one of the principal authors says that "Our experience during this period of change has enabled us to add our own insights on the application of the principles of Hong Accounting Financial Reporting Standards."
In addition, Taylor adds "Our interpretation guidance is drawn not only from our experience in Hong Kong and China but is supplemented with the vast experience of our Deloitte IFRS specialists from around the globe."
For professionals engaged in preparing, analysing and interpreting financial information prepared in accordance with the Hong Kong Financial Reporting framework, the book provides invaluable assistance by providing extensive illustrative examples; explaining clearly the requirements of Hong Kong Financial Reporting Standards; offering in-depth interpretation and commentary where accounting standards are silent, ambiguous or unclear; and focusing on the practical issues faced by reporting entities. In addition, this publication includes guidance in relation to the Companies Ordinance relevant to financial reporting; the disclosure requirements for entities listed on either the Main Board or GEM Board; the Corporate Governance Framework in Hong Kong; and a high-level comparison between Hong Kong Financial Reporting Standards and both the original PRC GAAP and the new Chinese Accounting Standards. -- Deloitte
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