about accouting

1. There is no hard rule on the Financialand Accounting requirements of a sole proprietor or a partnership firm providedthese requirements are of generally accepted and recognized financial andaccounting principles on recognition, measurement and the disclosures of thetransactions.

2. The financial statements of a Hong Kong limited company requires apractising CPA to carry out an audit. The auditor has to ensure that thefinancial statements as presented by the directors are prepared and give a true and fair presentation ofthese financial statements in accordance with the Hong Kong Financial ReportingStandards issued by the HKICPA and the Companies Ordinance. In Hong Kong, theaccounting standards are in line with the International Standards. There aremore disclosures requirements and compilation of listing requirements, other regulating Ordinances etc. for alisted company.