Research Gap and Questions
With the rich history and strong bond with the Great Britain, Hong Kong is generally following the British system in terms of accounting and laws. However, as one of the key international financial cities in the far east, Hong Kong is required to face and tackle a variety of accounting standards. The available literature review mostly appeared either on focusing study on a particular standards or compare between both. This study aims to explore whether rules-based versus principles-based accounting and investigate if Hong Kong is suitable for either one or else suggests to form a global set of rules under the current globalization.
- What is the strength and weakness between GAAP and IFRS?
- Which standards is more suitable for Hong Kong?
- Is there a better alternative?
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