The Financial Services & the Treasury Bureau today launched a consultation on the qualifying criteria for private companies to prepare simplified financial and directors' reports under the Companies Bill.
One of the proposals in the bill is to allow private companies and holding companies of groups of private companies meeting certain size criteria to be automatically qualified for the preparation of simplified financial and directors' reports.
In response to the request of the Bills Committee, the bureau is now seeking public views on whether further flexibility should be incorporated into the bill to allow larger private companies or groups of private companies exceeding the size criteria to adopt simplified reporting with their members' approval.
After considering the views received, the bureau will revert to the committee on how the provisions in the bill should be handled. It will seek to have the bill enacted within the current Legislative Council term.
Views should be
emailed by January 16. Click
here for details.
