SME framework vs full standards: choosing the review lens
Why the reporting framework on your cover page changes how we read the notes.
Hong Kong private companies may report under the SME Financial Reporting Framework and Financial Reporting Standard, or under full Hong Kong Financial Reporting Standards. Our review lens follows the framework stated on the face of the accounts.
SME packs
We emphasise simplified note expectations, directors’ report alignment, and arithmetic consistency. We still flag where a company appears to have stepped outside the SME eligibility criteria — that is a management and advisor decision, but it affects filing risk.
Full standards packs
Fair-value hierarchies, financial instrument notes, and more extensive related-party detail receive deeper reading. Comparative presentation issues also matter more when the standards require restatements.
Tell us early
State the framework in your enquiry. A pack labelled SME that contains full-standards-style notes is workable, but we will ask which authority you intend to follow before we log comments against the wrong checklist.
Request a scoped Statutory Reporting Review with the framework named in the message.