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Hong Kong Exchange Commends Reporting Standards,
by Phillip Morton, Investors Offshore.com
Wednesday, June 17, 2009
The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong
Kong Exchanges and Clearing Limited (HKEx), on June 12 published a report summarising
key observations and findings from its review of 100 financial reports released
by listed issuers in 2007 and 2008.
As part of its regulatory role, the Exchange operates a Financial Statements
Review Programme that reviews, on a sample basis, the periodic financial statements
released by listed issuers to monitor issuers' compliance with the disclosure
requirements of the listing rules and accounting standards. Through publishing
the findings from its most recent review, the Exchange aims to promote higher
standards of financial disclosure by listed issuers.
The primary objective of the report is to increase listed issuers' awareness
of the possible pitfalls in the preparation of periodic financial reports so
they can learn from the experience of others and improve the quality of their
reports.
The report covers the Exchange's review of annual, interim and quarterly reports
released by listed issuers between July 2007 and September 2008. During the
review process, the Exchange issued 96 letters to listed issuers that contained
a total of more than 500 enquiries and observations.
The Exchange requested explanations on areas of possible non-compliance. Where
omitted disclosures were regarded as less significant, the Exchange obtained
confirmation from issuers that the omissions would be rectified in future financial
reports.
After consideration of the responses, the Exchange was pleased to note that
except for two cases which were referred to the Financial Reporting Council,
there were no significant breaches of the listing rules or accounting standards
that would render the financial statements false or misleading or warrant additional
investigation or enforcement action.
The results of the review indicate that some disclosures could be improved
and that listed issuers should reassess the adequacy and effectiveness of their
existing financial reporting systems periodically and make changes where necessary
so they can meet all disclosure requirements in their future financial reports.
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