Hong Kong companies may use IAS

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02 Apr 2001

Effective 1 April, companies that have a primary listing on the Stock Exchange of Hong Kong (SEHK) are permitted to adopt IAS instead of Hong Kong GAAP.

They will be required to explain any significant differences with Hong Kong GAAP, including a reconciliation of the financial effect. The reconciliation requirement will not apply to companies from mainland China whose "H Shares" are listed on SEHK; they have previously been allowed to use IAS without reconciliation. Overseas-incorporated issuers and applicants that have or will have only a secondary listing on the SEHK are permitted also to follow US GAAP.


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