Comment letters - HKFRS for Private Entities
Comment letters received on proposed HKFRS for Private Entities from 20 January 2010 (the date of HKICPA Statement of Intent) to 31 March 2010 (the end of the commentary period)
| Letter | Organisation / Submitter | Date Received |
|---|---|---|
| CL1: | Mr. Simon Tsao | 23 February 2010 |
| CL2: | Mr. Edward Yeung | 23 March 2010 |
| CL3: | Baker Tilly | 30 March 2010 |
Note
The above comment letters were considered by the Institute's Financial Reporting Standards Committee at its 13 April 2010 meeting.
Other information
Since the release of the Statement of Intent in January 2010, the Institute has launched the following initiatives to reach out to its members and the public on the Institute's intent and the practical implication of introducing the Standard, HKFRS for Private Entities, as a reporting option:
- 2 financial reporting lunch forums were held in February 2010 to explain the Institute's intent and proposals to members and the public
- 6 HKFRS for Private Entities Overview Sessions were held in March and April 2010 to provide members and the public with an overview on the key differences between the HKFRS for Private Entities and the full HKFRS
- Webcasts on the above forum and session have been produced for public access free-of-charge (Please click here to view the webcasts)
- HKFRS for Private Entities Information Centre website was created to provide a one-stop access to resources in relation to the standard (Please click here to assess the HKFRS for Private Entities Information Centre)
- A Goldies Forum was organised at the Hong Kong Club in March 2010
It was noted that queries were raised by participants at the above events in relation to the type of entities that are eligible to use the standard. Accordingly, the Standard Setting Department has issued guidance in the form of Q&A on the applicability of the standard with reference to the different types of private entities that do not have public accountability.
The Institute's Financial Reporting Standards Committee at its 13 April 2010 meeting considered that there is general support noted for the introduction of HKFRS for Private Entities in Hong Kong as a reporting option and no adverse comments were noted. Click here to view the minutes of the FRSC meeting held on 13 April 2010.
