A02-Financial Reporting Overview Eng Final
Topic A02: Financial Reporting for Different Forms of Business OwnershipTopic Overview p. 1Topic OverviewTopicLevelDurationBAFS Elective Part - Accounting Module – Financial AccountingA02: Financial Reporting for Different Forms of Business OwnershipS5 / S62 lessons (40 minutes per lesson)Learning Objectives:1.2.3.To reinforce students’ understanding of the differences in establishing businessentities using sole proprietorship, partnership and limited company;To understand how financial statements are formatted to serve the different typesof business entities; andTo describe the Hong Kong accounting regulatory framework.Overview of Contents:Lesson 1Lesson 2Profit Distribution and Appropriation AccountCapital or Owner’s Equity and Regulatory Framework of AccountingPrior Knowledge:Students should have basic understanding of the “Forms of business ownership” and“The preparation of financial statements” studied in other parts modules.Resources: Topic Overview, Teaching Plan and Answers to Student WorksheetPowerPoint PresentationStudent WorksheetSuggested Activities: Group DiscussionPractical ExercisePresentationBAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipTopic Overview p. 2Lesson 1ThemeDurationProfit Distribution and Appropriation Account40 minutesExpected Learning Outcomes:Upon completion of this lesson, students will be able to:1.2.Understand how net profit is distributed to company owners under different typesof business structures: sole trader, partnership and limited company; andUnderstand the function of the Appropriation Account in distributing net profits.Teaching Sequence and Time Allocation:ActivitiesReferenceTimeAllocationPart I: Introduction Teacher begins lesson by asking students to think aboutsetting up a business to sell mobile phones and2 minutesaccessories.Part II: Contents Differences in business structures of: solePPT#1-4 3 minutesproprietorship, partnership, and limited company. Thispart has been covered in other modules, teachers remainflexible to adapt to students’ prior knowledge levels. Teacher asks students to explain the three differentPPT#5-7 5 minutesbusiness ownership forms and discuss the three uniqueaspects. Activity 1 - Group discussion Students are required to discuss and give answersStudentto Activity 1. Teacher invites a volunteer to show Worksheetthe answer to the class.p.1 Teacher shows solutions to the class. Teacher asks students to determine the key factors to bePPT#83 minutesconsidered when selecting a business ownershipstructure. Activity 2 - Matching Students are required to provide answers toPPT#9-10 7 minutesActivity #2. Teacher invites a volunteer toexplain the answer to the class.Student Teacher presents solutions to the class.Worksheetp.2 Activity 3 - Case Study Students are provided with three sets of financial PPT#11-15 18 minutesstatements for sole proprietorship, partnership andBAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business Ownershipa limited company for a mobile phone andaccessories company in student worksheet p.3-7. Teacher tells students to determine the differencesin profit distribution under the three forms ofbusiness ownership. Students can refer to the three income statements(Trading and Profit and Loss and Appropriationaccounts) to complete the table in studentworksheet p.7. Teacher invites a volunteer to present answers toclass. Teacher presents solutions to the class. Teacher asks students to vote for the form ofbusiness ownership that suits Ming to expand hisbusiness.Part III: Conclusion Teacher concludes the lesson by reviewing the keypoints learned in this lesson.Topic Overview p. 3StudentWorksheetpp.3-7PPT#162 minutesPreparation for the next lesson:1.Students are asked to finish studying the three Balance Sheets (student worksheetp.8-10) to discuss during the next lesson.BAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipThemeDurationTopic Overview p. 4Lesson 2Capital or Owner’s Equity and Regulatory Framework of Accounting40 minutesExpected Learning Outcomes:Upon completion of this lesson, students will be able to:1.2.3.Determine how capital balances of the company are treated in different types ofbusiness ownerships: Sole Proprietorship, Partnership, Limited Company.Explain the differences of the capital or owner’s equity in the Balance Sheet ofeach business ownership.Describe the regulatory Hong Kong regulatory framework.Special requirement:As students are required to surf the Internet for information in Activity 5, teachers aresuggested to conduct lessons in a room with appropriate equipment or in the computerroom.Teaching Sequence and Time Allocation:ActivitiesReferenceTimeAllocationPart I: Introduction Teacher begins lesson by reviewing the points coveredPPT#17 2 minutesduring the last lesson.Part II: Contents Activity 4 - Case Study Following the previous case study, Ming nowPPT#18-22 25 minutesasked about the differences shown in the BalanceSheet (student worksheet p.8-10) for soleproprietorship, partnership and limited company.Student Students are asked to compare the capital /Worksheetowner’s equity in the balance sheets of solepp.8-11proprietorship, partnership and a limited companyby completing the table in student worksheet p11. Students are asked to explain differentpresentations shown in each type of businessownership. Teacher invites volunteers to present the answer toclass. Teacher then presents the solution to class.BAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipTopic Overview p. 5 Activity 5 - Quiz Ming is interested in accounting and wanted toknow more. Students are now requested to helpMing answer the questions in student worksheetp.12. Teacher should note that all questions are relatedto the accounting regulatory framework Students are required works in groups andcomplete the quiz within 5 minutes. Students are allowed to surf the Internet forinformation. Teacher checks the answers with students.Part III: Conclusion Teacher concludes the lesson by reviewing the keypoints learned.PPT#23-2810 minutesStudentWorksheetp.12PPT#293 minutesBAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipAnswer to Activity 2:Topic Overview p. 6MatchingLimited liabilityUnlimited liabilitySoleProprietorshipDoes not have to share the profitsInvolves more documentation and expensiveSimpler and easier to set upPools resources, knowledge and skillsPartnershipMore sources to obtain financeEasier to make business decisionsPossible conflicts between co-ownersSeparate ownership and managementLimitedCompanyPersonally responsible for all lossesProvides all the capital to start the businessA separate legal entityNeeds to disclose company informationBAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipTopic Overview p. 7Answer for Activity 3: Case StudySoleProprietorshipNumber ofowners entitledfor profit sharingFinancialStatementshowing profitdistributionItem(s) forprofitdistribution toownersAccountingentries made forprofitdistributionWay to withdrawprofit earnedPartnershipLimitedCompanies12-20Private: 2-50Public: more than 2Profit and t Interest on CapitalDividend paidaccording to numberof share heldNet Profit Salary to Partners Share of ProfitNon-cash itemscredited to capitalNon-cash itemscredited to capitalCash DrawingsCash Drawings Cash Dividend Retained Profitcarried forwardCash dividendBAFS Learning and Teaching ExampleAs at April 2009
Topic A02: Financial Reporting for Different Forms of Business OwnershipAnswer for Activity 4:Balance SheetForm of CapitalSoleProprietorshipIn terms of moneyTopic Overview p. 8Case StudyPartnershipIn terms ofmoneyLimitedCompaniesIn terms of shares Ordinary Shares PreferenceSharesChange of CapitalCapital(Opening)Capitalincreased byCapitaldecreased byCapital (Closing)Opening CapitalOpening Capital Interest onNet ProfitCapital Salary Share of ProfitOpening Capital Retained profitafter dividend ReservesDrawingsDrawingsInterest onDrawingsNone(Dividend has beendeducted inretained profitbalance)Closing CapitalClosing CapitalClosing CapitalEquityBAFS Learning and Teaching ExampleAs at April 2009
BAFS Elective PartAccounting Module –Financial AccountingLesson OneTopic A02:Financial Reporting for DifferentForms of Business OwnershipProfit Distribution andAppropriation AccountTechnology Education SectionCurriculum Development InstituteEducation Bureau, HKSARGApril 2009Topic A02Financial ReportingIntroduction2BAFS Elective PartLearning and Teaching ExampleLesson 1This session aims at pointing out the know-how and know-why inpreparing the financial statements so as to serve the various nature ofsole proprietorship, partnership, and limited company.Students are able to determine how net profit is distributed in differentbusiness ownership types and understand the function of anappropriation account in the distribution of net profits.Students will be required to explain the relationship between thebusiness types and practices in preparing financial statements. Focuswill be put on the comparison of (i) how profit is distributed and (ii) howcapital or owners’ equity is presented in: sole proprietorships,partnerships and limited companies. The regulatory framework ofaccounting will also be covered.DurationTwo 40-minute lessonsContentsLesson 1 - Profit Distribution and Appropriation AccountLesson 2 - Capital or Owner’s Equity and Regulatory Framework ofAccounting12
Forms of Business OwnershipTell us zDo you know the different businessownership structures available to setup your business?Topic A02Financial Reporting3zzBAFS Elective PartLearning and Teaching ExampleSole proprietorshipPartnershipLimited CompanyTopic A02Financial Reporting4BAFS Elective PartLearning and Teaching ExampleFor limited companies, explain to students that they only meet therequirements for setting up a private limited company as they just start thebusiness. They do not meet the requirements for setting up a publicly-limitedcompany or a listed company.For publicly-listed companies, you must meet certain requirements set by theHKEX, for example: Financial requirements: at least HK 50 million in the last three financialyears (with profits of at least HK 20 million recorded in the most recentyear, and aggregate profits of at least HK 30 million recorded in the twoyears before that). Market capitalisation: at least HK 200 million at the time of listing.For more information, teacher may ask students to visit the website:http://www.hkex.com.hkTeacher leads students to think and explain to the class the threedifferent business ownership structures. Please refer to Slide #4 foranswers.Teacher may ask the following questions:(1) Do you want to start the business by yourself? If so, whichbusiness ownership structure will you choose?(2) If you want to find a partner, which business ownership structurewill you use?(3) If you are concerned about the business liabilities, what is thepreferred business ownership structure?Definitions:Sole proprietorship: A business conducted by one person. Owner receives allprofit but also assumes all business risks and fully liable for all the debtsincurred by the business. No separate legal identity.Partnership: Two or more people join together to form a business. Apartnership can have up to a maximum of 20 partners. Every partner is jointlyliable for the firm’s debts. A partnership does not have a separate legal identity.Limited Company: Share capital is divided into a number of shares. Sharesare held by the investors who are the company shareholders. If the companymakes profits, dividends will be distributed to the shareholders in accordancewith their respective shareholdings. If the company suffers a loss, theshareholders will, at the most, lose all their investment in the shares of thecompany. In other words, their liabilities are limited to the value of the shares.A company has a separate legal identity.34
Activity 1: Group discussionDo you know the differencesamong sole proprietorship,partnership and limited company interms of:zzzDiscuss and present answers toActivity 1 in student worksheet p. 1.Owner liabilities,Management of the business,andProfit distribution?Topic A02Financial Reporting5BAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingTeacher explains the differences and uniqueness among the three formsof business ownership.6BAFS Elective PartLearning and Teaching ExampleTeacher asks students to form small groups of 4 or 5 to discuss thedifferences between the three business ownership forms in terms ofowner liabilities, management of business, and profit distribution.Students are asked to record answers on Student Worksheet p. 1. Invitegroup leaders to present the answers to the class.Students have 5 minutes to complete this activity.56
Answer to Activity 1SoleProprietorshipPartnershipLimited CompanyLiabilities of theownerUnlimitedUnlimitedLimitedManagement ofbusinessBy ownerBy partnersBy directorsDistribution ofprofitsAll to the soleownerShared bypartnersaccording toprofit and losssharing ratioDistribute toshareholders byway of dividendsTopic A02Financial Reporting7What are the factors you shouldconsider when choosing theownership form to establish yourbusiness?BAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingTeacher summarises the main points offered by group leaders andshows the answers to the class.8BAFS Elective PartLearning and Teaching ExampleTeacher leads students to think about the factors consider whenchoosing the ownership form to establish a business. For example:- Limited or unlimited liabilityRemarks:- Ownership and management of business- Share of profits1. Liabilities of the owner: For partnerships, liabilities are unlimitedexcept for limited partner(s). For limited company, liabilities arelimited to the amount invested.- Sources of fund- Simple or difficult to set up- Separate legal entity2. Management of business: For limited companies, shareholdersvote for directors to manage the business on their behalf.- Disclosure of company information3. Distribution of profits: For partnerships, profits are shared by thepartners after charging interest on drawings, allowing interest oncapital and salaries, if any. For limited company, some of theprofits can be transferred to a reserve account for general orspecific purpose, some may be distributed as dividends, and theremaining profit can be retained for future business use.In order to strengthen students’ understanding of the different forms ofbusiness ownership, students are required to complete Activity 2 Matching in Students Worksheet p.2.Students have 5 minutes to complete the activity.78
Activity 2: Matching (cont’d):Activity 2: rcessourcestotoobtainobtainfinancefinanceTopic A02Financial companyinformationinformationBAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingTeacher shows the answer of activity 2: matching.10BAFS Elective PartLearning and Teaching ExampleTeacher presents the answers.For more details for setting up business in Hong Kong, ask students tovisit the website below:http://sme.hktdc.com/sme listing.aspx?src List setup&w sid 194&w pid 896&w nid 11511&w cid 19&w idt 1900-01-01910
Activity 3: Case StudyAdditional informationMing has set up a small business,Smart Phone Company selling mobilephones and accessories for a year.Now he wants to expand .Sources of fundInterest chargeManagementLiabilityTopic A02Financial Reporting11BAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingFrom a friend, Lee: Maximum 120,000From parents: Maximum 100,0005% per annumNeed somebody who is trustworthyand reliable to helpConcerned about the obligation inthe liabilities of the business12BAFS Elective PartLearning and Teaching ExampleTeacher provides more information about expanding the business.Ming’s parents can help him to expand the business by lending him amaximum of 100,000. His best friend, Lee, has 120,000, isinterested in the business. Both of them will charge Ming 5% interestper annum on the amount borrowed. Ming wants to find somebody whois trustworthy and reliable to join him in the business. Ming is alsoconcerned about the potential liability in the operation of the business.Teacher goes through Ming’s case with students. Ming has set up asmall business, which is a sole proprietorship, and now he wants toexpand the business. Further information is given in the following slides.Remarks:1. Ming could simply borrow 120,000 from Lee and pay him 5%interest per annum. Then, Lee becomes a creditor of the business.2. Ming could invite Lee to be the co-owner of the business. In thatcase, Lee brings in 120,000 to the business and his expertise, e.g.his marketing or purchasing skills, to help Ming expand thebusiness. Lee then becomes one of the owners / partners. Hedoes not work for the salary but shares the profits with Ming.3. Ming and Lee could consider forming a limited company. Theyboth become the shareholders. If the company makes a profit,they receive dividends according to the percentage of ownership.1112
Activity 3 – Case StudyDetermine the differences between apartnership and a limited companyMing and Lee are consideringforming a partnership or a limitedcompany. They want to know theprofit distribution criteria for eachform.SoleProprietorshipNumber of owners entitled toprofit sharing1Financial Statement showingdistribution of net profitProfit and LossAccountItem(s) for profit distributionNet ProfitAccounting entries made forprofit distributionNon-cash itemcredited to capitalMethods to withdraw profitearnedTopic A02Financial Reporting13BAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingIncome statements of different types of business ownership are providedin Student Worksheet p.4-6. Students are required to group discuss andexplain the differences between a partnership and a limited company.PartnershipLimitedCompanyCash Drawings14BAFS Elective PartLearning and Teaching ExampleTeacher asks students to write answers on Student Worksheet p.7.Answers are given in the next slide.Students have 15 minutes to complete the activity.1314
Differences between a partnershipand a limited companyNumber of ownersentitled for profitsharingFinancial Statementshowing profitdistributionItem(s) for profitdistribution toownersAccounting entriesmade for profitdistributionWay to withdrawprofit earnedTopic A02Financial ReportingSole ProprietorshipPartnershipLimited Company12-20Private: 2-50Public: more than 2Profit and tzInterestof Capitalto PartnerszShare of ProfitNet ProfitzSalaryNon-cash itemcredited to capitalNon-cash itemscredited to capitalCash DrawingsCash Drawings15Which form of businessownership do you suggest Minguse if he wants to expand hisbusiness?Dividend paidaccording tonumber of shareheldzCashDividendProfitcarried forwardzRetainedCash dividendBAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingTeacher covers through the summary with students. Teacher can applydiscrepancy to further discuss by using the questions below.16BAFS Elective PartLearning and Teaching ExampleTeacher asks students to vote for the business ownership form thatMing should use to expand his business. If time allows, teacher can askstudents’ reasons for their choice.(1) Why is an Appropriation Account is needed?No appropriation account is required for sole proprietorship as all theprofits belong to the sole trader. In partnership, appropriation accountshows how profits are distributed to partners. According to thePartnership Agreement, if any, the partnership may charge interest ondrawings, deduct interest on capital and salaries before profits areshared by partners. In limited company, the appropriation accountshows how the profits are to be used. Limited company is a separatelegal entity, therefore it needs to pay tax based on profits made.Directors may decide to transfer some of the profits to reserve accountfor general or specific purpose.End of Lesson 1.(2) Why “Salary to Partners” is shown in the Appropriation Accountwhereas “Directors’ Remuneration” is shown in the income statement?Directors’ remuneration is found only in a limited company. Directorsare appointed by shareholders to manage the day-to-day business ontheir behalf.(3) Why is Retained Profit not carried down in sole proprietorship andpartnership?All profits will be distributed to the sole proprietor and partners, so therewill be no retained profit. However, under the limited companystructure, any profit that has not been appropriated will be carriedforward to next year.1516
Preparation of FinancialStatementsLesson TwoAfter reviewing the Balance Sheets fordifferent business ownership types,Ming, the owner of Smart PhoneCompany does not understand whythere are differences in the owner’sequity.Capital or Owner’s Equity andRegulatory Framework of AccountingTopic A02Financial Reporting17BAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingLesson 218BAFS Elective PartLearning and Teaching ExampleTeacher starts the lesson by asking students to read the case. Thebalance sheet of different business ownership types are provided inStudent Worksheet p.8-10. By studying the balance sheet, students arerequired to discuss within their groups the reasons for the differences inthe owner’s equity.Students are able to tell how capital balances are treated in differenttypes of business ownership and explain the difference of capital orowner’s equity in the Balance Sheet of those types of business ownership.Also, students are capable in describing the Hong Kong regulatoryframework of accounting.1718
Activity 4 – Case StudyTrace the change of capital inSole Proprietorship and PartnershipSoleProprietorshipForm ofCapitalIn terms of moneyCapital(Opening)Opening CapitalCapitalincreased byNet osing CapitalPartnershipActivity 4 – Case StudyTrace the change of capital inSole Proprietorship and PartnershipLimited CompanySole ProprietorshipForm of CapitalChange of CapitalTopic A02Financial ReportingOpening CapitalIn terms of moneyPartnershipIn terms of moneyChanges in CapitalOpening Capital EquityCapital (Opening) Opening CapitalOpening CapitalzInterestClosing Capital19Net ProfitzSalaryCapitaldecreased byDrawingsDrawingsInterest on DrawingsCapital (Closing) Closing CapitalBAFS Elective PartLearning and Teaching ExampleTopic A02Financial ReportingTeacher asks students to write down the answer on Student Worksheetp.11. Answer is given in the next few slides.on Capitalto PartnerzShare of ProfitCapitalincreased byCan be recordedin CurrentAccounts ofPartnersClosing Capital20BAFS Elective PartLearning and Teaching Example1. In sole proprietorship, net profit increases capital and owner drawingsdecreases capital.2. In partnership, the same concept applies to partners’ capital.However, if there is a partnership agreement, then interest on thedrawings may be charged, interest on capital and salaries will becredited to partners’ current account before profits is shared betweenMing and Lee.3. A separate current account for Ming and Lee may be opened.Interest on capital, salaries to partners and profits are credited to thecurrent account, drawings and interest on the owner drawings aredebited. By doing this, the capital account for each partner remainsat the amount they put into the business. A credit balance of thecurrent account represents undrawn profits and a debit balancerepresents drawings in excess of the profits entitled.1920
Activity 4 – Case StudyTrace the change of capital inSole Proprietorship and Limited CompanySoleProprietorshipForm ofCapitalIn terms ofmoneySummary of differences in Capital Equity ofSole Proprietorship, Partnership and LimitedCompanySole ProprietorshipLimited CompanyIn terms of shares-Ordinary Shares-Preference SharesForm ofCapitalIn terms ofmoneyCapitalincreased byOpening CapitalIn terms of moneyLimited CompanyIn terms of shares-Ordinary Shares-Preference SharesChanges in CapitalChanges in Opening Capital EquityOpening CapitalOpening Capital EquityzInterestzRetained profit afterdividendzReserveson CapitalNet ProfitzReservesprofit after dividend(including amountreserved to proposed dividend)Capitalincreased byNet ProfitCapitaldecreasedbyDrawingsNone(Dividend for the year has beendeducted from retained profit balance)CapitaldecreasedbyDrawingsDrawingsInterest on DrawingsNone(Dividend has beendeducted in retainedprofit balance)Capital(Closing)Closing CapitalClosing Capital EquityCapital(Closing)Topic A02Closing CapitalClosing CapitalClosing Capital EquityTopic A02Financial ReportingzRetainedOpening Capital21BAFS Elective PartLearning and Teaching ExampleFinancial ReportingzSalaryzShareof Profit22BAFS Elective PartLearning and Teaching Example1. In limited company, capital is stated by number of shares at nominalvalue. The company can issue ordinary shares and preferenceshares.Teacher shows the comparison of how profit is distributed and howowners’ equity is presented among sole proprietorships, partnershipsand a limited company.2. Out of the profits made, the company may transfer some of them to areserve account; and pay cash dividends to shareholders as a returnon their investment. The retained profits and reserves will increasethe owners’ equity.Again, draw students’ attention to the points stated in slides #20 and #21.2122
Regulatory FrameworkActivity 5: QuizAfter reviewing the differences of profitappropriation and owner’s equity indifferent business ownerships, Ming wasso interested in accounting that hewanted to know more about theregulatory framework.zTopic A02Financial Reporting23zBAFS Elective PartLearning and Teaching ExampleMing prepared a list ofquestions about theregulatory framework ofaccounting.Can you answer hisquestions?Topic A02Financial ReportingTeacher tells students that Ming is now familiar with the differentfinancial statements and business ownership forms. After reviewing thedifferences, he became interested in accounting and wanted to learnmore. Students are required to answers Ming’s questions.24BAFS Elective PartLearning and Teaching ExampleStudents are required to help Ming answer his queries about theregulatory framework of accounting in Hong Kong. Teacher distributesStudent Worksheet p.12 to the class and asks students to write theanswers. Answers can be found in slides #25 to #28.2324
Activity 5: Suggested AnswerActivity 5: Suggested Answer1. The accounting practices used in HongKong are known as Generally AcceptedAccounting Practices (GAAP)2. Can you list some ordinancespromulgated by the Hong KongGovernment to legislate the publicsection? The Companies Ordinance, theInland Revenue Ordinance3. The principal private sector regulatorybody in Hong Kong is Hong KongInstitute of Certified Public Accountants(HKICPA).4. Principles includeTopic A02Financial ReportingTopic A02Financial Reporting25zzzBAFS Elective PartLearning and Teaching ExampleListed companies must send the current annual report and accounts to theirshareholders to enable them to assess the directors’ performance andstewardship of the company’s assets and management of the company’saffairs.PrefaceFrameworkHKFRSs26BAFS Elective PartLearning and Teaching ExampleThe Preface explains the scope, authority and timing of application ofHKFRSs. It also sets out the relationship between HKFRSs andInternational Financial Reporting Standards (IFRSs).The published accounts of listed companies are prepared in accordance withthe Hong Kong Generally Accepted Accounting Principles (HKGAAP).The framework serves as the foundation of the HKFRSs. It sets out thegeneral concepts that underlie the preparation and presentation offinancial statements for external users.Sources of Regulations on Hong Kong GAAP:1.Companies Ordinance2.Inland Revenue OrdinanceThe HKFRSs apply to the general purpose financial statements andother financial reports of all profit-oriented entities.3.Hong Kong Financial Reporting Standards4.The exchange Listing RulesFor up-to-date information, please visit the following websites:1. Companies Ordinance (Chapter 32)http://www.legislation.gov.hk/eng/home.htm2. Inland Revenue Ordinance (Chapter 112)http://www.legislation.gov.hk/eng/home.htm3. Hong Kong Financial Reporting Standardshttp://www.hkicpa.org.hk/4. The Exchange Listing Ruleshttp://www.hkex.com.hk/index.htm2526
Activity 5: Suggested AnswerActivity 5: Suggested Answer5. The HKFRSs comprises of6.
Profit and Loss account Appropriation account Appropriation account Item(s) for profit distribution to owners Net Profit Interest on Capital according to number Salary to Partners Share of Profit Dividend paid . partnership can have up to a maximum of 20 partners. Every partner is jointly
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