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Hong Kong intends to adopt revised IAS 32 and 39 in full

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24 Dec 2003

The Financial Accounting Standards Committee of the Hong Kong Society of Accountants (HKSA) has announced that it intends to seek approval of the HKSA's Council to adopt the IASB's newly revised standards on financial instruments – IAS 32 and IAS 39 – in full as Hong Kong Statements of Standard Accounting Practice (SSAPs).

The HKSA's goal is to have the final SSAPs approved in January. They had previously been exposed for comment in Hong Kong. The HKSA Press Release (PDF 117k) said: "These two accounting standards provide comprehensive guidance on the accounting for financial instruments. The need for such guidance is crucial. Financial instruments are a large part of the assets and liabilities of virtually every company, in particular financial institutions. They also play a central role in the efficient operation of financial markets". Accounting standard-setters in Australia, Canada, Germany, New Zealand, and United Kingdom have all issued press releases commending the IASB for its new standards, as has the US Securities and Exchange Commission and the Australia Securities and Investments Commission.

 

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