FINANCIAL REPORTING STANDARDS COMMITTEE
TERMS OF REFERENCE
1. To adopt, in accordance with the due process approved by Council, new and revised Financial Reporting Standards, Interpretations and financial reporting guidance, taking into consideration the need for the accounting standards applicable under the full reporting regime of the Hong Kong Companies Ordinance to achieve convergence, as far as practicable, with International Financial Reporting Standards.
2. To develop and issue, in accordance with the due process approved by Council, new and revised Financial Reporting Standards, Interpretations and financial reporting guidance for non-public companies eligible to take advantage of the reporting exemptions granted in the Hong Kong Companies Ordinance.
3. To develop and issue Technical Bulletins and Discussion Papers to provide information and/or guidance to members or to stimulate debate on important financial reporting issues, including application issues on financial reporting arising from the Hong Kong Companies Ordinance.
4. To be the main Committee responsible for gathering and communicating information relating to financial reporting between the stakeholders in Hong Kong and the International Accounting Standards Board (IASB), Asian-Oceanian Standard-Setters Group and National Standard Setters Group.
5. To develop and prepare comments on the IASB and other consultative documents relating to financial reporting, including responding to requests for comments or information on financial reporting matters from IASB Staff and/or other standard setting or regulatory bodies.
6. To identify issues that might require interpretations and other emerging divergent practices in financial reporting and consider the appropriate action to take to maintain the integrity of financial reporting in Hong Kong, which may include requesting the International Financial Reporting Interpretations Committee or the IASB to address the issues and/or, when needed, developing local interpretations or guidance.
7. To utilize the expertise and knowledge of the committee to identify current and developing issues that may be suitable topics for CPD and educational events and/or research and other thought leadership projects. The committee will advise the Executive Committee of potential topics for selection and prioritization of work to be undertaken.
22 May 2014