Checklist
HKFRS for Private Entities or full HKFRS: what your Hong Kong company needs to know
Smaller Hong Kong companies often qualify to use the simplified HKFRS for Private Entities, while others must apply full HKFRS. Every active company still needs an annual audit by a practising Hong Kong CPA. This checklist helps you get your books ready for that audit.
HKFRS for Private Entities or full HKFRS: what your Hong Kong company needs to know
Smaller Hong Kong companies often qualify to use the simplified HKFRS for Private Entities, while others must apply full HKFRS. Every active company still needs an annual audit by a practising Hong Kong CPA. This checklist helps you get your books ready for that audit.
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- Does your company qualify to use HKFRS for Private Entities rather than full HKFRS?
- Have you appointed a practising Hong Kong CPA to audit the coming year end?
- Are intercompany balances with group companies reconciled ahead of the audit?
- Do you have supporting documents ready for significant or unusual transactions during the year?
- Is your bookkeeping up to date for the full financial year, not just the most recent quarter?
- Does a parent company outside Hong Kong require your accounts on a full HKFRS basis for consolidation?
- Have you disclosed related-party transactions the way your chosen framework requires?
- Are your revenue recognition and lease accounting policies documented for your auditor to review?
- Would growth or a change in ownership move your company out of eligibility for the simplified framework?
- Has your company secretary confirmed there is no VAT or GST filing requirement to track, since none applies in Hong Kong?
Where to go next
- PricingPublished Hong Kong dollar bookkeeping plans, from a single small company to firms preparing for their annual statutory audit.
- Books, reconciled every weekBookkeepingMonthly bookkeeping in QuickBooks Online, Xero or the platform you already run: every transaction sorted into categories, every bank and card account reconciled, and a clean set of reports each month.
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.