HSBC 2004 Annual Report Download - page 236

HSBC HOLDINGS PLC
Statement of Directors’ Responsibilities in Relation to Financial Statements
234
The following statement, which should be read in conjunction with the Auditors’ statement of their responsibilities
set out in their report on pages 235 and 236, is made with a view to distinguishing for shareholders the respective
responsibilities of the Directors and of the Auditors in relation to the financial statements.
The Directors are required by the Companies Act 1985 to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of HSBC Holdings plc together with its subsidiary undertakings
as at the end of the financial year and of the profit or loss for the financial year. They are also required to present
additional information for US shareholders. Accordingly, these financial statements are framed to meet both UK and
US requirements to give a consistent view to all shareholders. The Directors are required to prepare these financial
statements on the going concern basis unless it is not appropriate. Since the Directors are satisfied that HSBC has the
resources to continue in business for the foreseeable future, the financial statements continue to be prepared on the
going concern basis. The Directors consider that in preparing the financial statements on pages 237 to 356, HSBC
Holdings has used appropriate accounting policies, consistently applied, save as disclosed in the ‘Notes on the
Financial Statements’ , and supported by reasonable and prudent judgements and estimates, and that all accounting
standards which they consider to be applicable have been followed.
The Directors have responsibility for ensuring that HSBC Holdings keeps accounting records which disclose
with reasonable accuracy at any time the financial position of HSBC Holdings and which enable them to ensure that
the financial statements comply with the Companies Act 1985.
The Directors have general responsibility for taking such steps as are reasonably open to them to safeguard the
assets of HSBC and to prevent and detect fraud and other irregularities.
On behalf of the Board 28 February 2005
R G Barber, Secretary