Accounting Service
Hong Kong registered companies under Hong Kong Inland Revenue Ordinance and Companies Ordinance are required to maintain a proper books of accounts which give a "true and fair view" of the company's financial position.
All companies are required to prepare annual financial statements including a Profit and loss statement, Balance sheet, Cash flow statement and Statement of changes in equity. The financial statements prepared by a company should follow the accounting standards in Hong Kong, which is also known as “Hong Kong Financial Reporting Standards” (HKFRS).
The company is required to maintain accounting records for at least 7 years since the end of financial year and carry out audit on its annual financial statements, except for dormant company.
Failure to comply with the record-keeping requirements under the Hong Kong Inland Revenue Ordinance will be guilty of an offence and subject to a up to HK$100,000 fine.
Companies can subcontract its accounting and book-keeping duties in order to minimize its operation costs and maximize the time to explore more revenue opportunities.
What we can do
We provide all aspects of work and consultancy relating to financial and accounting requirements, including bookkeeping; preparation of budgets, management accounts and financial statements; operation of client bank accounts, including acting as signatories; preparation of accounting manuals; payroll services and MPF administration services.
About HKFRS HKFRS
"Hong Kong Financial Reporting Standards" includes all HKFRS, Hong Kong Accounting Standards (HKAS), and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (HKFRS-int and HKAS-int).
HKFRS set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. HKFRS are based on The Framework for the Preparation and Presentation of Financial Statements, which addresses the concepts underlying the information presented in general purpose financial statements.
HKFRSs are fully converged with International Financial Reporting Standards (IFRSs).
