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The Government today (February 16) gazetted the Companies (Revision of Accounts and Reports) Regulation which will be tabled before the Legislative Council on February 28.
The regulation sets out the implementation details for companies to revise accounts to prevent reliance being placed on any issued accounts which may not comply with the statutory requirements.
"The regulation will enable company members and the investing public to be informed of accurate business and financial situation of the company concerned, thereby promoting market transparency and upgrading corporate governance," a government spokesman said.
Subject to negative vetting by the Legislative Council, the Regulation (except the part concerning non-Hong Kong companies) shall come into operation on April 20. The part on non-Hong Kong companies shall become effective when the relevant part of the Companies (Amendment) Ordinance 2004 comes into operation.
More information about the regulation is available at the website of the Financial Services and the Treasury Bureau: http://www.fstb.gov.hk/fsb/ppr/legco/c_legco.htm
Ends/Friday, February 16, 2007
Issued at HKT 14:31
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