top of page
  • Writer's pictureThomas Tsang

Dormant company not require for audit

A company remain dormant since incorporation and throughout the period is not require to be audited whether it is PIE or not.


And a small company is exempted from audit if it is a private company (not a PIE) and satisfies the criteria as small company, the two out of three conditions.

1) Revenue <10m

2) Total assets <10m

3) employees <50


6 views0 comments

Recent Posts

See All

Impairment test under US GAAP

Under US GAAP, the carrying amount of the assets is compared to the undiscounted future cash flow of the assets generated. If the amount of undiscounted cash flow is highr than carrying amount, no im

Discount on enterprise value

When apply discount on lack of marketability (DLOM) and lack of control (DLOC) on enterprise value (EV), it is a multiple of EV x (1-DLOM) x (1-DLOC). But apply the discount on Equity value would lowe

Equity instrument

In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost represents the best estimate when recent information not avail

bottom of page