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06 Jul 2009
Hong Kong's biggest companies' profits plunged despite a surge in revenue last year, and a Deloitte report is pointing the finger at mark-to-market accounting rules.
The study found that impairment losses of Hong Kong's top 100 listed companies by market capitalisation more than doubled to HK$646bn, which triggered a slide in aggregate net profit of 23% to $143bn in the year to 31 December 2008.
Over the same period, total revenue of these same companies increased by 17% to HK$9,678bn, the Financial Times reported.
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Good books are important.
It's good that Deloitte is making these problems apparent. They're all about good business practices, seriously. They even go into the local level with their IFRS programs to make sure compliance is met with any business. Example, Calgary: http://www.ifrscalgary.com
Posted by: genkav, 06 Jul 2009 | 00:00