What are the general requirements for Hong Kong company financial statements?

The general requirements are –

• A company’s directors must prepare for each financial year financial statements
  
• If the company is a holding company at the end of the financial year, consolidated financial statements must be prepared instead unless the company is a partially owned subsidiary where no member requests for the preparation of consolidated financial statements or all members agree in writing that consolidated financial statements will not be prepared
  
• If the company is a partially owned subsidiary where no member requests for the preparation of consolidated financial statements or all members agree in writing that consolidated financial statements will not be prepared, company level financial statements must be prepared
  
• If the company is a wholly owned subsidiary, either company level financial statements or consolidated financial statements must be prepared.
  
• Subject to permitted exclusions, the consolidated financial statements must include all the subsidiary undertakings of the company
  
• Unless the company falls within the reporting exemption, the financial statements must give a true and fair view of the financial position and financial performance of the company.
  
• The financial statements must comply with –
  • the accounting disclosure requirement
  • applicable accounting standards issued or specified by the Hong Kong Institute of Certified Public Accountants
    
• The notes to financial statements must contain the information prescribed by the Companies (Disclosure of Information about Benefits of Directors) Regulation
  
• The financial statements must be audited

The above requirements do not apply to a company that is dormant.