HK SME-FRS MACAU GFRS |
 UFASS USC Foresight Account Standards Systemsfor SMEs of Hong Kong and MacauSolution for Financial Reporting Standards |
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Universal Supplies Co. UFASS |
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UFASS by Universal Supplies Co . Universal Supplies Co. is a Hong Kong establishment by Mr. Fuk-hing, Tong Corporate Member of HKITF (Elected as Council Member 2001 to 2004) Corporate Member of America Hong Kong Electronic Association Major business includes Software Development, e-Business Research, consultation etc. UFASS Since 2006, we have started our development for the UFASS, Universal Foresight Accounting Standards Systems. Originally the project is to meet the latest FINANCIAL REPORTING STANDARDS for SMEs, ITC Guidelines and security issue that most corporations are concerned today. Besides, we designed the Accounting Module basing on practical experience so that Accountants of SMEs can meet the latest requirements with little effort. Then we found that CEOs had the responsibilities for any accounting fraud. So we spent two months more to check the WHITE COLLAR CRIME. There are many reference: IFAC (International Federation of Accountants) -- The major part is the International Financial Reporting Standards for SME. Final version may be announced in late 2007. The ITC Guidelines have detailed analysis of IT applications offering professional advice. HKICPA (Hong Kong Institute of Certified Public Accountants-- HKICIPA has issued the SME-FRS for Hong Kong and has become effective since end of 2005. Finance Services Bureau of Macau SAR -- General Financial Reporting Standards has been announced in Nov 2006 and all Financial Reports of SMEs for 2007 must follow this standard. It is certain that all financial reporting will be based on the International Standards in the future. But for the time being, we have to work with regional standards. Therefore, our UFASS will have different versions for HK and Macau. 2006 ACFE Report to the Nation on Occupational Fraud & Abuse -- ACFE publishes report every two years. This is the latest one. If you read this and the previous reports, 2004, 2002 etc., then you can find that this type of fraud existed till 2006 and possibly with us for the coming years. Contact etc. Email:uscimage@netvigator.com Post: G.P.O. BOX 4846, HK Address: Room 203, Siu Yee Bldg., 590-596, Queen's Road West, H.K. |