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Hong Kong Exchange Chairman urges IFRSs globally

  • Hong Kong Image

24 Jun 2005

In his (PDF 14k) Charles Lee, chairman of Hong Kong Exchanges and Clearing Ltd., gave a strong endorsement to the global use of International Financial Reporting Standards.

He noted that 36% of the turnover of the Hong Kong exchange is generated by international investors who are best served by a uniform global accounting language. An excerpt from Mr. Lee's comments:

Hong Kong has been a firm supporter of a universal accounting regime, and has participated fully in the work of the IASB. Hong Kong financial reporting standards issued by the Hong Kong Institute of Certified Public Accountants have been fully converged with the International Accounting Standards now known as International Financial Reporting Standards since 1 January 2005. This convergence in many instances requires a change in the accounting policy of listed companies, and has led in some cases to unexpected results....

The financial results of Hong Kong listed companies and the accounting language they use must be easily understood by investors and analysts around the globe, as well as those based in Hong Kong. A uniform accounting platform allows for the comparison of companies and their results in different jurisdictions and leads to greater confidence in the quality and value of our stocks.

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