Recent Issues

New Changes in Profits Tax Returns BIR51 - Starting from year of assessment 1999/2000, small corporations which have gross income not exceeding HK$500,000 are exempted from filing their annual audited accounts with supporting documents to the Inland Revenue Department However, those companies are still required to complete their annual audit in accordance with the requirements of the Companies Ordinance and to facilitate the completion of the BIR51.

The Mandatory Provident Fund - By December 2000, all employers, employees and self employed persons are compulsory to complete their registrations with the MPFA and to commence with the MFP contributions. This marks a milestone for the Hong Kong workforce to establish a system of formal retirement protection.

New SSAP - New and revised SSAPs released by the Hong Kong Society of Accountants in Year 2001.  

2.101 Presentation of financial statements 8/01
2.102 Net profit or loss for the period, fundamental errors and changes in accounting policies 1/01
2.109 Events after the balance sheet date 1/01
2.110 Accounting for investments in associates 5/01
2.117 Property, plant and equipment 4/01
2.118 Revenue 5/01
2.121 Accounting for interests in joint ventures 5/01
2.125 Interim financial reporting 10/01
2.126 Segment reporting 8/01
2.127 Accounting for group reconstructions 6/01
2.128 Provisions, contingent liabilities & contingent assets 1/01
2.129 Intangible assets 1/01
2.130 Business combinations 6/01
2.131 Impairment of assets 1/01
2.132 Consolicated financial statements and accounting for investments in subsidiaries 1/01
2.133 Discontinuing operations 10/01