China

New Hong Kong Companies Ordinance (Cap. 622) 

Hong Kong Companies Ordinance

 

On 3 March 2014, the new Hong Kong Companies Ordinance (Cap. 622) came into effect.


This date marked the beginning of an extended period of transition for many companies. This topic page has been designed to assist you in this period of transition and beyond, by providing a single convenient location where you can directly access key publications already available to you on the new Hong Kong Companies Ordinance (Cap. 622).


In addition to the materials provided on this page, we also have a wide selection of other resources available on the new Companies Ordinance developed to assist our audit teams and clients. These include a series of Information Sheets covering topics such as the business review exemptions; the consolidation exemptions and the new requirement for Hong Kong incorporated companies to comply with the accounting standards specified by the HKICPA, and a number of disclosure checklists to help ensure that the minimum disclosure requirements of the new Companies Ordinance are met. If you would like to find out more about the materials available or you would like to obtain copies of any of these materials, please contact your usual KPMG contact.


Briefing Notes:

briefing notes

These briefing notes highlight the areas of change and key requirements of the new Hong Kong Companies Ordinance (Cap. 622) from a financial reporting perspective. By including discussion of practical issues and worked examples, and by providing an easy way to find relevant sections and regulations in the new Companies Ordinance, the briefing notes aim to assist you in the transition periods and beyond.

A practical guide to the business review:

a practical guide to the business review

A practical guide to the business review

This practical guide is intended for companies listed on the Hong Kong Stock Exchange and any other companies who are interested in using this opportunity to improve the way they communicate with stakeholders about their operations. The guide introduces the new requirements in the law and includes tips and examples for each of the topics required to be covered by Schedule 5. It also discusses how a business review can both embrace the HKICPA’s “Accounting Bulletin 5” guidance and meet the Listing Rule requirements and recommendations relating to the management discussion and analysis (MD&A).

Financial Reporting Updates:

Financial Reporting Update Issue No. 73 (issued November 2013)

“Commencement date of new Hong K­ong Companies Ordinance: 3 March 2014”

This newsletter highlights the key changes introduced by the new Companies Ordinance and provides guidance on how to transition on 3 March 2014. It also includes links to our briefing notes 1-4 and discusses other useful materials available at the time of writing.

Financial Reporting Update Issue No. 77 (PDF 205KB)  (issued in August 2014)

“New guidance released on how to prepare and present a business review under the new Companies Ordinance – who does it apply to and what does it say?”

This newsletter focuses on the question of which companies are required to prepare a business review and how to gain exemption. It also introduces Accounting Bulletin 5 (AB 5), Guidance for the preparation and presentation of a business review under the Hong Kong Companies Ordinance (Cap. 622), which was issued by the HKICPA in August 2014, and highlights some aspects that listed companies should be aware of. The newsletter provides direct links to our briefing note 2, which was updated in August 2014 following the finalisation of AB 5. Additional links to briefing note 4, as well as the HKICPA’s AB 5 are also provided.

Financial Reporting Update Issue No. 80 (PDF 881KB) (issued in May 2015)

“Gaining exemption from the requirement to prepare a business review under the new Companies Ordinance – December year ends need to act now”

This newsletter focuses on the question of how companies can claim exemption from the requirement to present a business review in the directors’ report. It also includes some important points to note for those companies wishing to gain exemption by passing a special resolution. The newsletter also provides a direct link to KPMG’s related Information Sheet “Claiming exemption from the requirement to prepare a business review”, which can be downloaded directly from www.kpmg.com/cn/companies-ordinance-business-review-exemptions (PDF 540KB) . Additional links to briefing notes 2 and 4 are also provided in this newsletter.

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