accounting: September 2006

accounting

We have Financial Reporting Standards, regional and international. We have to face competition for every trade and financial reports and ratios are vital for CEOs of SMEs to manager their business. Accountants have to deal with standards, e.g. SME-FRS (HK), GFRS (Macau), data protection etc. They need the right tool to perform efficiently. All are the basic for my project, UFASS (USC Foresight Accounting Standards Systems).

About Me

Name: F. H. Tong

Location: Hong Kong, Hong Kong

I have been working as an accountant for over twenty years. Major reason to start working with software is during my accounting experience, there were no suitable software to meet my needs. Starting with custom software developing, now I am developing product style custom system like UFASS to meet the latest standards and requirement of SME in Hong Kong and Macau.

Tuesday, September 12, 2006

International FRS for SME draft

The IASB has published the draft for International FRS for SME. You can get it from "Latest draft of ED on SME Project now available". It is a pdf format.

As I have said, the International FRS for SME would have some additional items and a different arrangement from the SME-FRS of HKICPA.

This information is great since I need not wait until Nov 2006 to get what they would do. My accounting system project is now at the final stage. With this draft, it is easy for me to prepare what my clients would face in the coming future.

Every accountant knows that the Financial Reports are the final part of fiscal year accounting. If one cannot handle the journal from the beginning, then it will take a great effort, if not painful, to adjust according to the requirements.

If we take the solution for such change as a partnership job, then software developer must prepare the suitable tool and accountant must base on the professional skill to master the journal entries basing on the new requirements.

That is my point for the coming accounting system and I have the confidence that my clients would find it easy to face the new FRS now and in the future.