Hong Kong GAAP now virtually aligned with IFRSs
10 Sep 2004
Hong Kong Financial Reporting Standards are developed by the Financial Accounting Standards Committee of the Hong Kong Institute of CPAs.
They take effect following approval of the Institute's Council. The Council has mandated that the FASC develop standards to achieve 100% convergence with IFRSs. Except for effective date and transition, the standards are now word-for-word identical.