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Accounting Services
Accounting Services
   Book-keeping services on a monthly, quarterly, or annual basis by using appropriate accounting software;
   Preparing annual and periodic account and financial reports; 
   Analyzing the financial reports and giving advice; 
   Establishing and modifying accounting system. 
 
In 1983, at that time the Portuguese Macao Government in accordance with the accounting Kimisada design content, developed a set of implementation in Macao, Kimisada accounting design(公定會計設計), and approved by Decree-Law No. 34/83/M published.
Obviously, as the changing economy, the content of Kimisada accounting design can not meet the accounting requirement of current business and investment environment. Also, this standard exists a big difference in comparison with worldwide accounting standard. Therefore, it is essential to revolute the Kimisada accounting design.
 
For the purpose of discussed above, Committee for the Registry of Auditors and Accountants prepared a proposal of revising the accounting standard and audit standard. After seeking advice and exercising extensive consultation, the Committee completed Macau accounting standards. In December 2005, the government formulated and adopted the Macau accounting standards.
 
The new published accounting standards major include following three parts: Financial Reporting Standards, General Financial Reporting Standards and Financial Statement.
 
Financial Reporting Standards adopt 16 items of International Financial Reporting Standards.
Considering the small and medium sized enterprises in Macau, General Financial Reporting Standards is a simplified accounting standards based on International Financial Reporting Standards.
Financial statements include Balance sheet and Income Statement.
 
Applicable entities of Accounting Standards:
To compile and report the financial statements, the following entities are forced to adopt Financial Reporting Standards in Macau:
     The grantee entities chartered by the government of Macau SAR.
     Insurance Agency
     The institutions regulated by Financial system and Legal system(《金融體系法律制度》
     Offshore institutions, no different norms of these companies, even commence in October 18 Decree-Law No. 58/99/M of business
     Public Limited company
     Limited partnership company
 
According to Macau SAR policy, while compiling or reporting the financial statement, exclude the entities shown above force to adopt Financial Reporting Standards, other entities should adopt General Financial Reporting Standards or Financial Reporting Standards in each operation calendar year. Also, in each operation calendar year should adopt the same standard.
 
According to taxation policy, companies should employ accountant with competence to compile the financial statements
Regulamento do Imposto Complementar de Rendimentos and Regulamento do Imposto Profissional require taxpayers employ accountant with competence to compile the financial statements. Furthermore, this accountant should adopt Accounting Standard while compile the financial statements. 
 
Kimisada Accounting Design abolishment
After enforcement of Macau Accounting Standard, the original Kimisada Accounting Design would be abolished. Any related administration regulations utilizing Kimisada Accounting Design before would turn to this Accounting Standards, which approved by this administrative regulation.
 
Effective Date
In the year of 2006 is the transition period for the Accounting Standards. Any related entities can use Kimisada Accounting Design or adopt Accounting Standards. However, commence with 2007, any related entities were forced to adopt Regulation No.25/2005, Accounting Standards.
 
Financial Reporting Standards is the International Financial Reporting Standards utilizing in the area of Macau SAR. International Financial Reporting Standards is a set of accounting standard adopted by worldwide. International Financial Reporting Standards (IFRS) and International Accounting standards (IAS) are called International Financial Reporting Standards. On December 31 2005, effective International Financial Reporting Standards included 6 items of IFRS and 31 items of IAS.
 
Nowadays, Macau not fully adopts International Financial Reporting Standards. Attachment 2 of Regulation No.25/2005 approved Financial Reporting Standards including Framework of Financial Statement, one item of IFRS and 15 items of IAS.
 
Administration regulation approved to adopt 16 items of International Financial Reporting Standards in first period. Following are the items of Financial Reporting Standards:
 
Framework of the Presentation of Financial Statements
     IFRS1: First-time Adoption of IFRS
     IAS 1: Presentation of Financial Statements
     IAS 2: Inventories
     IAS 7: Cash Flow Statements
     IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
     IAS 10: Events After the Balance Sheet Date
     IAS 11: Construction Contracts
     IAS 12: Income Taxes
     IAS 16: Property, Plant and Equipment
     IAS 17: Leases
     IAS 18: Revenue
     IAS 21: The Effects of Changes in Foreign Exchange Rates
     IAS 23: Borrowing Costs
     IAS 36: Impairment of Assets 
     IAS 37: Provisions, contingent Liabilities and Contingent Assets
     IAS 38: Intangible Assets
 
General Financial Reporting Standards is based on the blueprint of International Financial Reporting Standards 2004 version. Actually, it is the simplified version of International Financial Reporting Standards, as the requirements of disclosure and presentation are much lower. General Financial Reporting Standards including two parts: First part is the framework. Second part is concepts and principles.
 
Following are the items of General Financial Reporting Standards:
  1.    Presentation of financial statement
  2.    Accounting Policies, Changes in Accounting Estimates and Errors
  3.    Property, Plant and Equipment
  4.    Leases
  5.    Intangible Assets
  6.    Inventories
  7.    Accounting for Government Grants and Disclosure of Government Assistance
  8.    Provisions, Contingent Liabilities and Contingent Assets
  9.    Revenue
  10.    Construction Contracts
  11.    Borrowing Cost
  12.    Income Tax
  13.    The Effects of Changes in Foreign Exchange Rates
  14.    Events After the Balance Sheet Date
  15.    Related Party Disclosures