Background

Professional Committee of Accountants of Macao (CPC) is the sole regulatory body of the accounting profession in Macao. Powers vested in the CPC include the issue of CPA license, the setting of Code of Ethics for CPAs, accounting and auditing standards, the supervision of CPA practice and the initiation of disciplinary proceedings on CPAs who violate the law or standards.

Accounting Standards

Macao operates a two-tier accounting standards system: the General Financial Reporting Standards; and the Financial Reporting Standards. The Financial Reporting Standards are applicable to certain entities such as financial institutions, concessionaries, listed companies, companies with certain sales and total employees, etc. Companies which do not fall into these categories and are required to have proper accounting records can choose to apply the General Financial Reporting Standards or the Financial Reporting Standards.

The Financial Reporting Standards consist of the 2021 IFRS Accounting Standards. The General Financial Reporting Standards comprises 15 simplified cost-based accounting standards which can be easily applied by SMEs.