Financial news
Written by: Zhang Weilun
2020-02-04 20:41
Last updated: 2020-02-04 20:42The pneumonia epidemic in Wuhan is raging, the Chinese New Year holidays are extended in the Mainland, and even some cities have restricted residents' travel, which has impacted business activities. As a result, auditors were unable to perform audits in the Mainland, and it was difficult for listed companies to catch up with the deadlines of publishing performance. Today, the Hong Kong Stock Exchange (0388) and the Securities and Futures Commission issued guidelines on issues related to the release of performance by listed companies. If a listed issuer believes that, based on the restrictions of the new coronavirus infection, it will not be able to comply with the "Hong Kong Stock Exchange Limited" Under the Securities Listing Rules, listed issuers should contact the Stock Exchange as soon as possible to discuss the situation.
The Hong Kong Institute of Certified Public Accountants responded to the guidelines, noting that the Association has been concerned about the outbreak. Business accountants, audit practitioners and accounting firms have submitted preliminary results announcements (or audited financial statements) before the deadline set by Hong Kong listed companies for financial statements and listing rules. Reporting). Around the Lunar Holiday, the Association maintained communication with members, listened to the opinions of the industry, and worked closely with the Stock Exchange and the Securities and Futures Commission to reflect the current difficulties faced by the industry in order to find feasible mitigation methods.
Continued consultations with regulatory authorities
The Association welcomes the consideration by the Securities and Futures Commission and the Stock Exchange of the impact of the new coronavirus on accounting practitioners, and notes the joint statement, encouraging listed companies to fail to submit the agreement in accordance with the requirements of the listing agreement in accordance with the requirements of the listing rules. The preliminary results announcement based on the financial statements can be contacted and discussed with the Stock Exchange as soon as possible, and related arrangements can be made. During the discussion, the Association has raised different opinions, including allowing listed companies to delay the submission of preliminary performance announcements and financial reports under specific circumstances, but the statement did not mention the details and dates of specific extensions.
The Association reiterated that companies and accounting firms have implemented new coronavirus prevention measures, including home work, cancellation of employees' exits, and on-site audits in the Mainland. Arrangements have been made for business accountants and members of various accounting firms in the company. A certain degree of impact, and expressed concern, among which the impact on listed company accountants and their auditors is particularly serious.
Regarding the actual operation of the schemes announced by the Securities and Futures Commission and the Stock Exchange, and their impact on listed companies and even auditors, the Association will continue to discuss with the industry, and continue to liaise closely with the regulators and make a response.
Accounting Professional Development Fund disappointed with guidance
As for the Accounting Professional Development Fund, it said that it was disappointed with the guidelines of the Stock Exchange and the Securities and Futures Commission. The content of the guidelines is not only conservative, but also inadequate, and it also contains uncertainty, which makes listed companies easily shift their responsibilities to the audit committee and auditors. During this period of national anti-epidemic, the burden on accountants and auditors has been further increased, and the directors of the audit committee have also sacrificed for guidance.
The so-called "people are the most valuable, the society is the second, and the king is the least." The fund sincerely hopes that the Stock Exchange and the Securities and Futures Commission can be "people-oriented." In this severe and difficult period, show empathy and follow the Mainland to extend all relevant declarations directly. deadline.
Preliminary stock performance analysis allowed by the Stock Exchange indicates that listed companies need to be extremely careful to avoid large digital discrepancies
[Wuhan Pneumonia] Hong Kong Stock Exchange and Securities Regulatory Commission Guidelines: Evaluate listed companies' requirements for delayed performance one by one
Hong Kong Institute of Certified Public Accountants