Hong Kong follows Hong Kong Financial Reporting Standards which incorporate the International Accounting Standards with the necessary additions to observe the local legislative requirements and fiscal rules.

 

Under the Hong Kong Small and Medium-Sized Entity Financial Reporting Standard ("SME-FRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), a small private group* and / or an individual company* meeting 2 of the 3 conditions below for the applicable financial year can adopt a simplified SME-FRS in preparing its financial statements:

 

• total annual revenue (income) at or below HK$100 million 

• total assets at or below HK$100 million at the end of the reporting period 

• 100 or less employees

 

 *banking, money lending, stock broking, investment funds / advisory and insurance business not permitted to adopt SME-FRS.

 

(Larger private group and / or individual companies can adopt the SME-FRS with members’ approval if 

• total annual revenue (income) at or below HK$200 million 

• total assets at or below HK$200 million at the end of the reporting period 

• 100 or less employees

Companies limited by guarantees can adopt the SME-FRS if its revenue is HK$25 million or less)

 

Our business services specialists can provide accounting services and liaison with an independent auditor on the annual statutory audit, so that you can concentrate on making your business better.

 

We would discuss our scope of services based on the need of each client. Our services range from annual financial accounting, monthly accounting / payment processing services, to payroll services and other administrative support such as work visa application. 

 

Our highly qualified staff is experienced in working through the enterprise reporting systems of multi-nationals. Our decades of management experience and accounting knowledge helps our start-ups clients and entrepreneurs to have a pain free take off