Background

The Hong Kong Institute of Certified Public Accountants (the Institute) is a statutory organization responsible for the registration of accountancy professionals in Hong Kong and has six key roles: qualification and registration of accountants, standard setting, member support and development, promote best professional practices, upkeep the image and standing of the accountancy profession, safekeeping of our constitution, governance and organization.

Accounting Standards

Companies whose securities trade in a public market are required to use Hong Kong Financial Reporting Standards (HKFRS, which are converged with IFRS Accounting Standards) with the following exceptions: Certain companies incorporated outside Hong Kong but domiciled in Hong Kong are permitted to use either HKFRS or IFRS Accounting Standards as issued by the IASB. Companies incorporated in the Chinese mainland are permitted to use either HKFRS or China Accounting Standards for Business Enterprises.

Sustainability Disclosure Standards

Following a consultation that was initiated in September 2024, the HKICPA has published HKFRS S1 and HKFRS S2. The standards are fully aligned with IFRS S1 and S2 and have an effective date of 1 August 2025.