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HONG KONG, March 26, 2024 /PRNewswire/ -- Valtech Valuation, a premier provider of actuarial and valuation services, today announced the enhancement of its services for managing Long Service Payment (LSP) obligations in line with Hong Kong Accounting Standard 19 (HKAS 19) Employee Benefits. A significant advancement in Valtech Valuation's service offering is the certification of its core actuarial valuation program by a qualified actuary (fellow). This certification underscores our commitment to precision and reliability in the calculation of LSP obligations, ensuring our methodologies meet the highest standards of actuarial science.
This announcement is especially timely for many organisations seeking for support in LSP valuation in Hong Kong, following the Hong Kong Institute of Certified Public Accountants (HKICPA)'s recent issuance of comprehensive guidance on the accounting for the impact arising from the abolition of the Mandatory Provident Fund (MPF)-LSP offsetting mechanism.
The company's extensive experience includes successful engagements with local and multinational corporations in sectors such as publication, production, telecommunication, legal services, healthcare, apparel, building materials, and electronics trading including one company employing around 10,000 staff in Hong Kong. This experience, combined with its certified actuarial valuation program, equips the company to offer unparalleled expertise in navigating the complexities introduced by the abolition of the MPF-LSP offsetting mechanism.
"The certification of our actuarial valuation program and our ISO 9001 certified services represent our dedication to excellence and accuracy in valuation services," said Max Tsang, Director, at Valtech Valuation. "As the regulatory environment evolves, our expanded offerings ensure that our clients are well-prepared to meet these changes with confidence and compliance."
In addition to specializing in LSP obligation quantification for clients with substantial employee bases, Valtech Valuation is proud to offer a comprehensive suite of valuation services. Valtech's portfolio also encompasses business valuation advisory, expected credit loss valuation, property valuation, mining valuation, and valuation for other assets, all underpinned by an ISO 9001 certified quality management system. This breadth of services positions Valtech Valuation uniquely as a full-service provider capable of meeting the diverse valuation needs of businesses across various sectors.
Valtech Valuation remains dedicated to providing state-of-the-art valuation services, helping businesses of all sizes to manage their LSP obligations accurately and efficiently, alongside a wide range of other valuation needs.
For more information about Valtech Valuation and our services, please visit https://valtech-valuation.com or contact us by email at admin@valtech.hk
About Valtech Valuation
Valtech Valuation stands at the forefront of valuation and actuarial services, specializing in a comprehensive range of services that include navigating the complexities of employee benefit obligations under HKAS 19. The company's commitment to quality and precision is evidenced by the certification of our core actuarial program and our ISO 9001 certified quality management system, making it the partner of choice for businesses and organisations seeking reliable valuation services.
Media Contact:
Email: admin@valtech.hk
Phone: +852-23889262
