ACCOUNTANTS and mainland authorities have hammered out a framework for financial disclosure by the nine mainland enterprises hoping to win listings in Hongkong. This follows several months of negotiations between the Hongkong Society of Accountants and Chinese authorities. The society's China affairs committee chairman, Mr Aloysius Tse, said yesterday that a working group set up by accountants and the exchange had helped overcome problems caused by differences between Hongkong and China accounting standards. Financial reports by mainland enterprises will be allowed to contain currency translations based on the swap centre rate as well as the official rate. ''Approval of the new practice underlines the Chinese Government's willingness to follow international accounting standards, which better reflect a balance sheet in the eyes of the overseas investors,'' Mr Tse said. The big discrepancy between the official and swap centre rates mean that foreign exchange assets and liabilities could be under-stated in the accounts of the enterprises. Mr Tse said the foreign exchange issue was a key concern for some of the nine enterprises, which had large foreign exchange incomes but little foreign exchange expenditure. ''The situation may arise in which accounts based on the swap centre rate for overseas investors may reveal a profitable operation, while accounts based on the official rate suggesting losses,'' he said. Mr Tse acknowledged that an ideal solution to the problem would be to use only the swap centre rate for currency calculations. But such a practice would have wide implications for China's foreign exchange policy. It was, said Mr Tse, an accounting problem that could not be solved by accountants alone. The plan is that overseas and mainland shareholders should get basically the same information in prospectuses and annual reports - although it may have to be adapted for foreign investors, for instance through extra data on exchange rates, to enable themto assess companies' performances. Financial statements will have to comply with both mainland and Hongkong accounting standards as well as the disclosure requirements of the Hongkong stock exchange. It has also been agreed that accounts must be audited by certified public accountants authorised by the Chinese Government and by members of firms registered with the Hongkong society and with a representative office on the mainland.