1 July 1997: a new beginning for Hong Kong retirement benefits?

Article Abstract:

Hong Kong plans to implement a new retirement system after the scheduled handover of the British colony to China on July 1, 1997. Hong Kong plans to develop the Mandatory Provident Fund system (MPF), which will allow private sector investments under the government supervision. The MPF system will require every employer in Hong Kong to establish a retirement fund complying with with MPF provisions. The system will require a 5% defined contribution from both employees and employers' salaries and will allow employees to enjoy the benefits until retirement after 60.

Retirement Benefits, Employment, Hong Kong

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FAS 87 and FAS 88 for foreign plans - a retrospective on corporate compliance

Article Abstract:

The impact of the US Financial Accounting Standards Board's policy statement numbers 87 and 88 on companies' financial reporting procedures is discussed. Of specific concern is the effect on pension accounting of firms with foreign benefit plans. FAS 87 establishes guidelines for calculating annual pension expense and financial statement disclosures while FAS 88 sets special accounting treatment for extraordinary events such as plant closures and annuity purchases.

Laws, regulations and rules, Accounting, Financial statements, Corporation reports, Company reports, Financial Accounting Standards Board

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