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Company Accounting

If you have any troubles with accounting or financial issues, we can help you to solve all the financial problems. Tannet can assist you to solve them, such as auditing, accounting issues, and managing financial affairs.  

Definition of accounting and financial accounting  
What is accounting? People around the world consider it quite important. Whether you are going to invest in McDonalds's stock, buy new equipment, forecast future sales or expenditures, you almost always use accounting information. Why? The answer is because accounting provides information for decision-making in the business world.
Financial accounting(or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financil statement  available for public consumption. Stockholders,suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

Basic accounting concepts
One of the basic principles in accounting is “The Measuring Unit principle:
The unit of measure in accounting shall be the base money unit of the most relevant currency. This principle also assumes the unit of measure is stable; that is, changes in its general purchasing power are not considered sufficiently important to require adjustments to the basic financial statements.”
The stable measuring unit assumption is not applied during hyperinflation. IFRS requires entities to implement capital maintenance in units of constant purchasing power in terms of IAS 29 Financial Reporting in Hyper inf inflationary Economies.
Financial accountants produce financial statements based on the accounting standards in a given jurisdiction. These standards may be the Generally Accepted Accounting Principles (GAAP) of a respective country, which are typically issued by a national standard setter, or International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB).
Financial accounting serves the following purposes:
producing general purpose financial statements
producing information used by the management of a business entity for decision making, planning and performance evaluation
producing financial statements for meeting regulatory requirements.

If you have further queries for Hong Kong business follow up services, such as Hong Kong company annual return, Hong Kong bookkeeping and tax filing services, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s, or or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to  


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