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Purpose
of financial statements and why do they need to be prepared? Companies
Ordinance (CO), Listing Rules requirements, HKFRS, HKAS
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SME-FRS
Framework for SME. Difference between preparing accounts for SMEs under the HKFRS v. SME-FRS regimes
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Components
of financial statements – what are these and how are they prepared?
o
Statement of Financial position
o
Income statement
o
Assets, liabilities and shareholders equity
o
Recognition criteria, debits and credits
o
Cash flow statements and components
o
Key HKAS pertaining to individual financial statements