FULL endorsement of globally recognised accounting standards will allow Hong Kong companies listed overseas to prepare a single financial statement in the future.
The Hong Kong Society of Accountants says it has successfully implemented 18 of the 32 internationally acceptable accounting rules endorsed by the International Accounting Standards Committee (IASC).
Society financial accounting standards chairman Paul Phenix said local companies having plans to list and raise money in overseas countries would only be required to prepare one set of financial reports after complying with International Accounting Standards.
Hong Kong firms have had to rewrite their reports based on national standards endorsed by the particular country involved.
Mr Phenix said it might be two years before the remaining 14 sets could also be incorporated by local companies.
He said a month's time should be enough for simple accounting standards to be absorbed by local companies, but more complex requirements might need two months to adapt.