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Hong Kong GAAP now virtually aligned with IFRSs

  • Hong Kong Image

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.