NEWS RELEASE
September 27, 1999
The Stock Exchange of Hong Kong today (Monday) published Reference for Disclosures in Annual Reports to provide listed issuers with a source of reference for preparing annual reports.
The publication follows a review of listing rules and disclosure requirements of major overseas stock exchanges, and the annual reports of some local and overseas listed companies in key industry sectors in Hong Kong. The review aimed to identify annual report disclosures which are specific to each industry and are helpful to investors' decision making.
"This publication will serve as a useful reference for listed issuers who intend to improve the quality and usefulness of information provided in their annual accounts. Issuers can refer to it when preparing their annual reports," said Lawrence Fok, Senior Executive Director of Regulatory Affairs Group.
The disclosure of information in the annual reports of companies listed on the Exchange is governed by three main sources: the Listing Rules, the Hong Kong Companies Ordinance, and the Statements of Standard Accounting Practice (SSAPs) issued by the Hong Kong Society of Accountants (or the International Accounting Standards issued by the International Accounting Standards Committee).
These disclosure requirements are general in nature in order to permit flexibility for dealing with different circumstances and industries. For these reasons, issuers may find it difficult to determine what information should be included in annual reports to satisfy the specific needs of the shareholders and other investors.
The Exchange emphasises that the contents set out in this publication are not mandatory requirements of the Listing Rules but merely provide examples of financial disclosures already contained in existing annual reports. Each issuer should make its own assessment of the extent of additional disclosures in its annual report which are appropriate to its particular circumstances to supplement those disclosures required by the Listing Rules, law and accounting standards.
Copies of the publication Reference for Disclosures in Annual Reports will be sent to issuers and the media in due course. The publication can also be viewed on the Exchange's website, http://www.sehk.com.hk.
Corporate Communications Department
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