ENG-2011 — Page 135

Financial and Monetary Affairs | 99

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver (OR)'s Office ensures that service in personal and corporate insolvencies is of high quality on a par with international standards.

When acting as the trustee or liquidator, the OR or a private sector insolvency practitioner investigates the affairs of the bankrupt or the wound-up company, realises assets and distributes dividends to creditors. The OR also prosecutes insolvency related offences under the Bankruptcy Ordinance and the CO, applies for disqualification orders against unfit company directors of wound-up companies, and monitors the conduct of outside liquidators and trustees, and the liquidation monies.

Statistics on Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements (IVAs) and Winding-up Orders

Bankruptcy Orders

Interim Orders in IVAS

Winding-up Orders

2009

16 157

2010

2011

3 017

573

9163

1 017

7 981

840

438

333

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 (CPAs); setting and maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and qualifying examinations.

Statistics on CPAs, CPA firms and corporate practices in Hong Kong (year-end)

Number of CPA, including CPA (Practising)

2009

29 107

2010

2011

Number of CPA (Practising)

3 749

Number of firms of CPA (Practising)

1 198

30 817

3 784

1217

32 636

3 851

1 214

Number of corporate practices

291

336

365

The Hong Kong Financial Reporting Standards, 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 the 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 $7.80 to US$1. This clear policy aim is achieved through the linked exchange rate system introduced in 1983.

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