HK consults on acceptance of Mainland accounting
21 Sep 2009
Hong Kong Exchanges and Clearing Limited (HKEx) has published a Consultation Paper regarding a proposed framework to accept the use of Mainland accounting and auditing standards, and Mainland audit firms endorsed by the Ministry of Finance and the China Securities Regulatory Commission, by Mainland incorporated companies listed in Hong Kong for the purposes of the Listing Rules.
If the proposed framework is implemented, the Mainland would operate a parallel scheme as a reciprocal arrangement. The Mainland scheme would be applicable to Mainland listings of companies incorporated or registered in Hong Kong that prepare financial statements using HKFRSs or IFRSs, and audited by Hong Kong audit firms using Hong Kong Standards on Auditing or International Standards on Auditing. The consultation paper proposes that the related rule changes become effective 1 January 2010 and will apply to annual accounting periods beginning on or after 1 January 2010. Responses to the consultation paper are requested by 23 October 2009.
Click for the Consultation Paper (PDF 389k).
