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The Government today (March 29) announced a three-month public consultation on the proposals to improve the accounting and auditing provisions of the Companies Ordinance.
This consultation is the first of a series of topical consultations in the course of the Companies Ordinance rewrite.
The rewrite exercise, which began in mid-2006, aims to modernise the company law and enhance Hong Kong's competitiveness and attractiveness as an international business and financial centre.
"The proposals aim to save compliance and business costs incurred by companies, improve the disclosure and transparency of company information, and enhance compliance with the relevant accounting and auditing requirements," a government spokesman said.
"They were put forward by a working group comprising representatives of the Hong Kong Institute of Certified Public Accountants and relevant government departments. Advice from the Standing Committee on Company Law Reform was also incorporated.
"Through the public consultation exercise, the Government would like to seek comments from the stakeholders and general public before taking a final view on the proposals. If adopted, the proposals will be incorporated into a draft new Companies Bill to be issued in the form of a White Bill for public consultation in mid-2009," the spokesman said.
The Government is also reviewing other provisions in the Companies Ordinance for inclusion in the White Bill. The new Companies Bill is expected to be introduced into the Legislative Council in the third quarter of 2010.
Topical consultations on other issues, such as share capital, distribution of profits and assets, and company charges, are planned to be launched in early 2008.
The consultation document on the accounting and auditing proposals can be downloaded from http://www.fstb.gov.hk/fsb. All comments and submissions should be sent by mail to the Companies Bill Team, Financial Services and the Treasury Bureau, 15/F, Queensway Government Offices, 66 Queensway, Hong Kong, by fax to (852) 2869 4195 or by email to co_rewrite@fstb.gov.hk on or before June 29, 2007.
The key proposals are summarised at the attachment.
Ends/Thursday, March 29, 2007
Issued at HKT 16:35
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