Veritas gives a lot of insights on corporate risks such as tax risk, operation risk, financial risk etc…….which greatly improves our risk management. Greatly recommend to other SME bosses!
Veritas helps me a lot on those tedious compliance stuff, so that I can focus on company operations and boost business performance.
Financial Reporting
Depending on the jurisdiction, financial statements may need to be presented in the local language and follow local accounting standards. While formats like IFRS and HKFRS are widely used, they can still create technical difficulties for finance teams at headquarters. Our firm provides solutions on financial reporting which caters on statutory reporting and non-statutory reporting for internal reporting or external business purpose. With our financial reporting solution, you can focus on business development, enhancing company growth with sustainability.
Common challenges in financial reporting
Regulatory Compliance
Keeping up with constantly changing local and international accounting standards and regulations can be demanding.
Complex Transactions
Accounting for complex transactions, such as mergers, acquisitions, or foreign currency transactions, can complicate financial reporting.
Resource Constraints
Limited staff or expertise in financial reporting can hinder a company’s ability to produce high-quality reports.
Stakeholder Expectations
Balancing the needs and expectations of diverse stakeholders, including management, investors, and regulators, can be challenging.
Our Solutions
Statutory Financial Reporting
- Preparation of annual financial statements in accordance with relevant accounting framework, including but not limited to Hong Kong Financial Reporting Standards (HKFRS)/ International Financial Reporting Standards (IFRS)
- Comply with Companies Ordinance and other statutory requirements
- Preparation of Directors’ Reports
Special Purpose Reporting
- Group consolidation
- Conversion and Reconciliation from local GAAP to HKFRS/ IFRS
- Special purpose financial statements
- Reporting to local authorities with specified format
- Multi-language translation to English/ Chinese
Typical Reporting Cycles
Under Hong Kong Companies Ordinance, every company must prepare audited financial statements annually.
Depending on management’s requirement, quarterly financial statements are required for strategic decision making purpose.
Listed companies are required to issue interim financial statements in the end of interim reporting period, with condensed financial information.
Ad-hoc reporting is required mainly for merger & acquisition (M&A) transaction and valuation purposes.