T K Lo & Co

Hong Kong CPA Firm

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Dividend Declaration Restriction under Qualified Audit Report

If a company's audited financial statements have been unfortunately qualified, the company cannot pay or declare dividend before getting a written assurace report under the new Hong Kong Companies Ordinance (Cap. 622).


New or Revised HKFRS (up to April 2016)

Effective for Periods Beginning on or after 1 July 2014

·              Annual improvements to HKFRS 2010-2012 cycle

·              Annual improvements to HKFRS 2011-2013 cycle

The two improvements cycles clarified certain interpretations and disclosure requirements of various standards and extended the related party disclosures to cover key management personnel services.

Effective for Periods Beginning on or after 1 January 2016

·             HKFRS 10, 12 & HKAS 28 (Amendments): Clarifiations the accounting for investment entities.

·              HKFRS 11 (Amendments): Accounting for acquisitions of interests in joint operations

·              HKAS 1 (Amendments): Clarification and encouragement to apply professional judgement in determining what information to disclose

·              HKAS 16 & 38 (Amendments): Clarification of acceptable methods of depreciation and amortisation

·              HKAS 16 & 41 (Amendments): Agriculture-Bearer plants

·              HKAS 27 (2011) (Amendments): Use equity method to account for investments in separate financial statements

·              Annual improvements to HKFRS 2012-2014 cycle


Effective for Periods Beginning on or after 1 January 2018

·              HKFRS 9 (2014): Financial Instruments

·              HKFRS 15: Revenue from Contracts with Customers