Hong Kong Companies Ordinance Briefing Notes 

These briefing notes highlight the areas of change and key requirements of the new Hong Kong Companies Ordinance (Cap. 622) (“new CO”) 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 CO, the briefing notes aim to assist companies in the transition period and beyond.


To introduce these briefing notes, KPMG issued Financial Reporting Update Issue 73 - Commencement date of new Hong Kong Companies Ordinance: 3 March 2014 in November 2013. This newsletter highlights the key changes introduced by the new CO 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.


In addition to Financial Reporting Update Issue 73, KPMG also issued the following Financial Reporting Updates relating to the new CO:



Financial Reporting Update Issue 77 - 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 (issued in August 2014).



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 80 – Gaining exemption from the requirement to prepare a business review under the new Companies Ordinance – December year ends need to act now  (issued in May 2015).


  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 Additional links to briefing notes 2 and 4 are also provided in this newsletter.

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