In 2022, the accounting standards for enterprises in mainland China and Hong Kong remained continued to converge

In September 2022, the Ministry of Finance and the Hong Kong Accounting Standard Formulated Agency Hong Kong Accountant Association fully communicated and coordinated to recognize that in the past year, the corporate accounting standards formulated and issued in mainland China explained to No. 15, asset management products related accounting processing regulations, etc.The Hong Kong Financial Report Guidelines of Financial Reports are converged.Since the equivalent recognition of corporate accounting standards in Mainland China and Hong Kong in 2007, the two parties have timely interoperable accounting standard construction and international convergence progress to maintain the continuous convergence of the accounting standards of the two places.

The continuous convergence of accounting standards for the two places is conducive to reducing the cost of reporting the company's capital market financing, the smooth operation of "going global", Shanghai -Hong Kong Stock Connect, and Shenzhen -Hong Kong Stock Connect for mainland my country, and the interconnection of the bond markets between the two places. Create a good accounting environment and promote the common development of the capital markets between the two places.

(Source: Department of Accounting of the Ministry of Finance)

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