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New Companies Ordinance in Hong Kong — How does the new CO affect accountants in preparing financial statements?

Published on: 24 Jun 2014

The new Companies Ordinance in Hong Kong (Cap. 622) became effective on 3 March 2014 and supersedes the old Companies Ordinance (Cap. 32) that has been in place for more than five decades.

This publication from Deloitte (Hong Kong) gives a high-level illustration of areas of the new Companies Ordinance (CO) that may have accounting implications, for example:

  • How the abolition of the par value of share under the new CO should be reflected in the financial statements and the related accounting implications
  • How the new CO streamlines the disclosures in annual financial statements.

The publication also includes a number of frequently asked questions relating to the preparation of financial statements.

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