Accounting Standards of Chinese Mainland and HKSAR Maintain Continuous Convergence in 2022
In September 2022, after full communication and coordination between Ministry of Finance and the Hong Kong Institute of Certified Public Accountants, Hong Kong recognized that the Accounting Standards for Businesses Enterprises.
In September 2022, after full communication and coordination betweenMinistry of Finance and the Hong Kong Institute of Certified Public Accountants, Hong Kong recognized that theAccountingStandards forBusinessesEnterprises, revised and issued by the Chinese mainland in the past year, including Interpretation No.15 andtheGuidance onAccounting ForAsset Management Products,are converged with the Hong Kong Financial Reporting Standards, whichadoptthe International Financial Reporting Standards. Since themutual recognition ofaccountingstandardsbetween the mainland and Hong Kong in 2007, the two sides have kept timely exchanges in their progress in accounting standardssettingand international convergence every year to maintain the continuous convergence of accounting standards.
Thecontinuous convergence of the accounting standards of the two sides is conducive to reducing the cost offinancialstatement preparation for companiesfinancing in each other’s capital markets. Itcreates a good accounting environment for mainland enterprises’ "go global" strategies, thesmoothoperation of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, and the interconnectivity of the bond marketsin theChinesemainland and Hong Kong,andpromotes the common development of the capital marketslocated in bothsides.
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