Get

HK$2000 OFF

when you

 when you register your company with Sleek

and subscribe to our accounting plans.

register your company with Sleek and subscribe to our accounting plans.

Resources

Hong Kong Accounting Jargons Cheat Sheet

7 minute read


Overwhelmed by accounting jargon and the countless acronyms? We’re here to give you a quick cheat sheet on common terms used by accountants when they talk about tax, audit and compliance, and what it means in plain English!

AGM – Annual General Meeting

A meeting of all the shareholders and directors. This is a requirement of every Hong Kong company, unless it has passed a resolution dispensing with them.

Each company must submit their financial statements as part of their AGM. Here are some general guidelines that apply to these meetings:

Annual return

The annual return is submitted to IRD and acts as a record of activity for the company in the past year.  It must contain the following information:

Audited financial statements

This is a mandatory requirement for all companies in Hong Kong

  • Balance sheet
  • Income statement
  • All financial statements
  • All sales and purchase invoices
  • All expenditure receipts
  • All bank statements
  • All contracts
  • All relevant accounting documents

Bookkeeping

The maintenance and record keeping of the financial day to day of a business. The role is to ensure that individual financial exchanges and transactions are kept correct and updated.

Companies Registry

The Hong Kong government department under the Financial Services and the Treasury Bureau. It is responsible for registrate local and foreign companies.

Fiscal Year

A fiscal year is a period of time that a company uses in preparing financial statements. The fiscal year can coincide with the calendar year; however, it can also be different. Fiscal-year start and end dates are normally determined by the company and may depend on how long it will take to close out the books for the year and prepare all financial statements for tax submittals.

FRS – Financial Reporting Standards

A unified financial reporting standard that applies to all financial statements of entities in Hong Kong and rest of the worlds (besides EU)

HKAS – Hong Kong Accounting Standard

Hong Kong Accounting Standards are a framework of rules governing how financial transactions are handled in the country.

HKICPA – Hong Kong Institute of Certified Public Accountants

Hong Kong Institute of Certified Public Accountants is the only licensed entity in Hong Kong responsible for registering and certifying accountants.

IASB – International Accounting Standards Board

An independent accounting standard-setting sector of the IFRS Foundation, founded on April 1st, 2001.

We built a calculator to estimate your Audit fee. Try it now!

IFRS – International Financial Reporting Standards

International accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.

IRD – Inland Revenue Department

This is the Hong Kong government department responsible for the tax and duties of companies and individuals

SFC – Securities and Futures Commission

The Hong Kong government department under the Financial Services and the Treasury Bureau. It is responsible for registering local and foreign companies.

More questions?

Contact us at any time for your accounting or auditing questions in Hong Kong!

Ready to grow your business?
Our expert team is here to help you. Explore our accounting services or contact our team to get personalised advice today.

Start a business in less than 3 hours with us. Talk to our experts today.

Subscribe to our newsletter

Our jam-packed newsletter covers monthly compliance updates, upcoming events and exclusive offers

Other articles that might interest you

Related content

Contact us

We’d love to help. Share your contact details and we’ll call you back

We are here to help you!

In the beginning, the whole matter may seem complex to you. If that is the case, we are here to help. Take a look at our incorporation services or contact our team to find out more information

Start a business in less than 3 hours with us. Talk to our experts today.

WhatsApp Us

Get HK$2000 off on
your first Sleek
service purchase!

Offer valid when you register your company with Sleek and subscribe to our accounting OR audit and tax plans. T&Cs apply. Privacy policy.

Terms and Conditions of the Promotion:

Before participating in this promotion, you must carefully read and agree to abide by the following terms and conditions.

  1. Eligible Users: To enjoy this offer, customers must purchase Incorporation package with registered address and audit and tax/accounting services at the same time. Valid customers will receive a fee waiver of HKD 2,000.
  2. Promotion Period: This promotion is valid from Jun 19-Jul 2, 2023. Sleek reserves the right to end this promotion at any time without prior notice to customers.
  3. Fees and Payment: Customers must pay the service fees according to Sleek’s standard payment terms. The HKD 2,000 waiver will be applied as a discount on the customer’s invoice.
  4. Governing Law and Jurisdiction: These terms and conditions shall be governed and construed in accordance with the laws of Hong Kong. Any dispute arising out of or in connection with these terms and conditions shall be subject to the exclusive jurisdiction of the courts of Hong Kong.
  5. Confidentiality: Sleek shall treat all information provided by the customer as confidential and shall not disclose such information to any third party, except as required by law or with the customer’s consent.
  6. Limitation of Liability: To the extent permitted by law, Sleek shall not be liable for any direct, indirect, or consequential loss or damage arising out of this promotion.
  7. Disclaimer: To the extent permitted by law, Sleek shall not be responsible for any loss or damage arising from the customer’s use of this promotion. Sleek does not guarantee the accuracy, completeness, reliability, timeliness, suitability, or availability of the website and its content. Sleek reserves the right to change the website and its content at any time without prior notice to customers.
  8. Cancellation of Orders: If customers wish to cancel an order, they must contact Sleek’s customer service department within 24 hours of submitting the order. Orders cannot be cancelled if they have already been processed
  9. Links to Third-Party Websites: Sleek’s website may contain links to third-party websites that are not under Sleek’s control. Sleek is not responsible for the content, privacy policies, or practices of third-party websites and does not endorse or recommend them. Customers should carefully read the terms and conditions and privacy policies of any third-party website before using it.
  10. Accuracy of Registration Information: Customers warrant that all registration information provided is accurate, complete, and up-to-date. If a customer’s registration information changes, the customer should update their account information promptly. Sleek shall not be liable for any loss or damage arising from the customer’s provision of inaccurate or incomplete registration information.
whatsapp icon

Chat with us on WhatsApp from your mobile

hk_whatsapp_qr_2
30 day moneyback guarantee

30 Days Money Back Guarantee

Our refund policy:

We care about you – within 30 days from your purchase, if you’re unhappy with our services, we’ll refund our fee. Email or call us, and we’ll process the refund within five working days.

What it doesn’t cover:

We will not be able to refund Government fees once the application has been submitted, nor any third-party processing fees.

When it applies:

We cannot guarantee any specific legal outcomes when you use our services. For instance, a company registration might be filed correctly but still get rejected by the Company Registry for reasons beyond our control. We can only refund our fees for issues we are directly responsible for. In the case that you purchase a service and later change your mind, we can’t issue a refund.

Our customer support team is at your disposal for any questions or issue you may face.

Need help?

Our sales team is available from Mon - Fri 9am to 7pm (Hong Kong Time)

Let's get in touch

Book a time with our experts to guide you in finding the best solution.