90 Financial and Monetary Affairs
Chart 10
Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements and Winding-up Orders made
Number of orders
18 000
16 157
16 000
14 000-
12 000 11 063
10 779
10 000
8 000
6 000
4 000
3 017
1 883
1 721
2.000
455
468
573
0
2007
2008
2009
Year
Bankruptcy Orders
Interim Orders in Individual Voluntary Arrangements
Winding-up Orders
Professional Accountancy
The Hong Kong Institute of Certified Public Accountants (HKICPA) is established under the Professional Accountants Ordinance to perform a wide range of functions, such as registering certified public accountants (CPA); setting and maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and qualifying examinations.
Numbers of CPAs, CPA firms and corporate practices in Hong Kong:
No. of CPA, including CPA (Practising)
No. of CPA (Practising)
No. of firms of CPA (Practising)
No. of corporate practices
2007
2008
2009
26 848
27 884
29 107
3 624
1 172
3 679
1 176
3 749
1 198
227
254
291
The Hong Kong Financial Reporting Standards (HKFRS), issued by the HKICPA, have converged with the International Financial Reporting Standards (IFRS). This convergence is beneficial to Hong Kong because international investors and financial analysts are well acquainted with IFRS.
Monetary Policy
The monetary policy objective of Hong Kong is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign exchange market against the US dollar, at around
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