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In serious cases, persistent non-compliance can lead to legal proceedings by the Companies Registry. Listed companies face additional consequences, including potential trading suspension or regulatory action by the AFRC or SFC. Non-compliant financial statements can also damage relationships with banks, investors, and auditors.",[],{"_key":2754,"_type":856,"children":2755,"markDefs":2760,"style":1378},"k783",[2756],{"_key":2757,"_type":860,"marks":2758,"text":2759},"k782",[1014],"Which HKFRS standard covers revenue recognition?",[],{"_key":2762,"_type":856,"children":2763,"markDefs":2768,"style":885},"k786",[2764],{"_key":2765,"_type":860,"marks":2766,"text":2767},"k785",[],"Revenue recognition in Hong Kong is governed by HKFRS 15 — Revenue from Contracts with Customers, effective since 1 January 2018. It requires companies to apply a five-step model to determine when and how much revenue to recognise. 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