| Date
| Context
| Summary of development
| Action
|
|---|
| 7.3.05
| FA
| The Panel discussed with the Administration on the legislative proposals to establish the Financial Reporting Council (FRC). [Paper]
[Background brief]
|
|
| 6.5.05
| FA
| The Panel discussed with the Administration on the outcome of the public consultation on the legislative proposals to establish the FRC and related matters. [Paper]
[Follow-up paper]
|
|
| 29.6.05
| BC
| Government introduced FRC Bill to the Legislative Council and a Bills Committee was formed to scrutinize the Bill. The Purpose of the Bill was (i) to establish a FRC to investigate irregularities committed by auditors or reporting accountants of listed entities in auditing accounts and in preparing financial reports for prospectuses or other listing documents, and to enquire into non-compliance with legal, accounting or regulatory requirements in the financial reports of such entities; (ii) to establish an Audit Investigation Board and a Financial Reporting Review Committee to carry out such investigations and enquiries respectively.
[Hansard "page 137"]
[LegCo Brief]
[Bills Committee report]
|
|
| 12.7.06
| COU
| The FRC Bill was passed.
[Hansard "page 276"]
|
|
| 28.2.07
| COU
| The Companies (Revision of Accounts and Reports) Regulation was tabled for negative vetting. The Regulation is made under section 359A(3) of the Companies Ordinance (CO), which was enacted under the Financial Reporting Council Ordinance (Cap.588) (FRCO). The Regulation provides for the application of CO in relation to the empowerment of the directors of Hong Kong companies (private or non-private) and oversea companies (or "non-Hong Kong companies" in the future) to revise accounts (and consequentially the relevant summary financial report and directors' report) where it appears to the directors that the original accounts did not comply with the CO.
[LegCo Brief]
[Legal Service Division report]
Except the part concerning non-Hong Kong companies which will become effective when the relevant part of the Companies (Amendment) Ordinance 2004 comes into operation, the Regulation shall come into operation on 20 April 2007.
|
|
| 5.7.07
| FA
| The Panel discussed with the Administration/FRC on the establishment of FRC and the progress of the preparatory work for the full operation of FRC with effect from 16 July 2007. [Paper]
|
|
| 8.4.08
| FA
| The Panel discussed with the Administration/FRC on the work progress of FRC since it began full operation on 16 July 2007. [Paper]
[Background brief]
|
|
| 6.4.09
| FA
| The Panel discussed with the Administration/FRC on the work progress of FRC since it began full operation on 16 July 2007. [Paper]
[Background brief]
|
|
