The Financial Accounting Standards Committee of the Hong Kong Society of Accountants (HKSA) has announced that it intends to seek approval of the HKSA's Council to adopt the International Accounting Standard Board's (IASB) newly revised standards on financial instruments - IAS 32 and IAS 39 - in full as Hong Kong Statements of Standard Accounting Practice (SSAPs). The HKSA intends to release a preliminary final version of the SSAPs in January 2004. The IASs have previously been exposed for comment in Hong Kong.

The HKSA's press release stated that, "These two accounting standards provide comprehensive guidance on the accounting for financial instruments. The need for such guidance is crucial. Financial instruments are a large part of the assets and liabilities of virtually every company, in particular financial institutions. They also play a central role in the efficient operation of capital markets".