What Are The Business Record Keeping Rules In Hong Kong?
Reading Time: 4 minutesWhen running a business in Hong Kong, you’ll most likely be swarmed with various accounting matters, such as the record keeping rules Hong Kong adheres to, and it can be quite difficult to keep track of everything. For instance, every business needs to have an effective means of recording transactions without affecting other daily activities.
Without proper record keeping, it will be impossible to tell how well or badly a business is doing. Also, you risk falling on the wrong side of the law when your business documentation is unsatisfactory.
If you’re new to the business world, you’ll need to learn how to handle your business records. That’s why we’re here to help. This piece will focus on record keeping rules Hong Kong.
A Brief Guide To Understanding Hong Kong’s Accounting Standards
Reading Time: 4 minutesHong Kong Accounting Standards are the guidelines that control how financial transactions are handled in the nation.
Accounting standards also refer to a series of guidelines that outline basic underlying concepts, clarify stipulations, and require minimal degrees of visibility to regulate how funds are to be treated.
In essence, accounting standards offer an “accurate and unbiased” summary of a firm’s monetary statements and other financial reporting.
For specific eligible SMEs, the Hong Kong Institute of Certified Public Accountants (HKICPA) has also released a Financial Reporting Standard (SME-FRS). For Hong Kong businesses that are not accountable to the general public, the HKICPA has approved the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) from April 30, 2010.
Read through our brief guide to get a clue about how the Hong Kong accounting system works.