Accounting Services in Hong Kong
We offer flexible monthly and yearly book keeping service to our clients. Monthly service fee start from HK$1,000. We may provide you an Excel Data Input template which can mitigate your burden in Accounting Work.
Record Keeping for your business
Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.
Such records shall be retained for a period of not less than 7 years. Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of $100,000.
A Guide to Keeping Business Records issued by IRD. keeping business records by using a computer is acceptable. However, the original source documents such as cheque butts, invoices, bank deposit slips and bank statements must still be kept to substantiate the income and expenditure of a taxpayer. Where the source document is in the electronic form when it is created, it is already an electronic record. It needs not be transformed into paper form.
Accounting standard used in preparation of financial statements
Stipulated by the law, all Hong Kong limited companies need to prepare a financial statements annually according to the Hong Kong Financial Reporting Standards, the term "Hong Kong Financial Reporting Standards" includes all HKFRS, Hong Kong Accounting Standards (HKAS), and Interpretations issued by the Hong Kong Institute of Certified Public Accountants
Domestic public companies must use US GAAP. IFRS Standards are required or permitted for listings by foreign companies. Currently, more than 500 foreign SEC registrants, with a worldwide market capitalisation of US$7 trillion, use IFRS Standards in their US filings
IFRS Standards are one of four permitted financial reporting frameworks. The others are Japanese GAAP, Japan’s Modified International Standards (JMIS), and US GAAP IFRS Standards are one of four permitted financial reporting frameworks. The others are Japanese GAAP, Japan’s Modified International Standards (JMIS), and US GAAP.
The application of UK-adopted international accounting standards is required in the consolidated financial statements of UK companies whose securities are admitted to trading on a UK regulated market. UK-adopted international accounting standards are IFRS Standards as issued by the Board with some limited modifications.
Chinese accounting standards are the accounting rules used in mainland 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.
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