According to the provisions of the Inland Revenue Ordinance ("IRO"):
- Accounting records shall be retained for at least seven years;
- Without reasonable excuse, if the company fails to comply with the provisions of the Inland Revenue Ordinance, there will be a maximum fine of $ 100,000;
- IRO lists proper record requirement including revenue and payment vouchers, bank statements, invoices, receipts; records of assets and liabilities; at the year end date of the business, such as inventory records held etc.
At present, many companies would outsource accounting work to the accounting firm. The company would not only save the cost and time on hiring a full-time accounting staff, but they can also obtain a professional, efficient and high quality of service.




