To maintain transparency, accountability, and efficiency of financial information, International Financial Reporting Standards (“IFRS”) has been adopted as the benchmark for global accounting standards and has been adopted in most corners of the world. 

IFRS brings consistent interpretation and application of accounting rules in order to transcend borders and present financial information that is comprehensible and usable for international use.

Organizations and business enterprises should ensure that financial reporting are consistent with the most current and updated IFRS rules to provide different stakeholders a true and fair picture of historical financial information.

Monitoring compliance with IFRS should not solely be relegated to the auditors and it is essential that management and financial reporting staff are equipped with sufficient accounting and technical knowledge for proper financial reporting.

As professional accountants, PKF can provide organizations with technical consultations and training for the latest IFRS updates and developments which are outside the normal scope of financial audits:

Accounting Update (2017 – 02): IFRS 17 Insurance Contracts

Accounting Update (2018 – 03): IFRS 9 Financial Instruments

For any support and assistance on HKFRS/IFRS, please email marketing@pkf-hk.com

To read more: HKFRS 15 New Standard– Impact on traditional business entities

If you want to subscribe to receive the latest PKF Hong Kong newsletters and insights, please click here.