Study on impact of converging to IFRSs in Hong Kong
May 15, 2008
The Hong Kong Institute of Certified Public Accountants has published Consultancy on the Impact of HKFRS Convergence Project: A Review of the Hang Seng Index Constituent Stocks.
The Hang Seng Index (HSI) is an index currently reflecting 43 leading stocks listed on the Stock Exchange of Hong Kong. Hong Kong Financial Reporting Standards (HKFRSs) were fully converged with IFRSs effective 1 January 2005. The HKICPA commissioned this research to assess the impact on HSI constituent companies of adopting the converged HKFRSs in 2005 and to identify the resulting changes in operating performance and financial position. The study also identified specific standards that contributed the most to those changes. The study focussed on the 32 HSI companies that adopted HKFRSs in 2005 (others had elected earlier adoption). The study is copyright HKICPA, and we are grateful to them for giving us permission to post it on IAS Plus. Click to Download the HKICPA Study (PDF 1,472k). Selected findings:
|Impact on profit: