A regulation empowering companies to revise accounts will be tabled at the Legislative Council on February 28.

Companies (Revision of Accounts & Reports) Regulation, gazetted today, sets out the implementation details for companies to revise accounts to prevent reliance being placed on any issued accounts which may not comply with statutory requirements.

Subject to negative vetting by lawmakers, the regulation (except the part concerning non-Hong Kong companies) will come into operation on April 20.

The part on non-Hong Kong companies will become effective when the relevant part of the Companies (Amendment) Ordinance 2004 comes into operation.

The Financial Services & the Treasury Bureau said the regulation will enable company members and investors to be informed of a company's accurate business and financial situation, promoting market transparency and upgrading corporate governance.

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