News

Issue no. 487 (21 March 2014)

Dear members/member practices,

Highlights

Audit regulation reform member consultation results

Click here to see the Chief Executive update on audit regulation reform member consultation results. It summarizes the extensive consultation exercise we did among members during the consultation period, areas of concern from members and the next steps for reform.

International meetings on standard setting

Institute President Clement Chan, as Chair of Asian-Oceanian Standard-Setters Group, participated in the IASB Accounting Standards Advisory Forum in early March. He was also involved in other high level international meetings, including International Forum of Accounting Standard Setters meeting, interim AOSSG meeting and IFRS Regional Policy Forum. Click to see the AOSSG alert for details.

IFAC Council meeting

Click photo to enlarge

Institute Chief Executive Raphael Ding attended the IFAC Council meeting in New York recently. The Constitution and Bylaws were passed by an overwhelming margin and the discussions and external speakers were interesting and productive, according to IFAC President Warren Allen.


	Professional development and events

Cocktail reception in Beijing

If you are working in or will travel to Beijing on 31 March, join our cocktail reception in Westin Beijing Financial Street where Institute's President and leadership team will meet with fellow members. Submit your registration to our Beijing office by 28 March.

Roles and operation of the board

Based on the Institute's new corporate governance disclosure guide, the PAIB forum on 3 April will focus on the roles and operation of companies' board of directors, and how to provide more meaningful disclosure in annual reports.


Fraud and corruption – What company executives should know
The seminar on 26 March will focus on the U.K. Bribery Act, reasonable steps to prevent bribery and minimize the risk of investigation and prosecution, and the effect of self reporting. +

Analyzing financial statements

The workshops will cover financial characteristics of different industries, ratio analysis for assessing financial risk, and top 10 financial ratios commonly used by analysts. English session will be on 26 April and Cantonese session on 31 May. +

China heritage and cultural class in Guangzhou

To help young members learn more about China's political and economic affairs, a two-day class will be held on 26-27 April in Sun Yat-sen University, Guangzhou. +


Reminder
	What are the challenges of tax audits in Hong Kong? The webinar on 28 March will talk about these, and procedures and practical consideration in a tax audit. +


		Come learn more about audit considerations in relation to brokers-dealers and auditor's responsibilities under the Securities and Futures Ordinance at the workshop on 26 March. +

IFRS Foundation conference in Singapore

The IFRS Foundation conference: Singapore will take place on 29-30 May, where IASB Chairman and members will update you on its active projects and future plans. Panel discussions on IFRS disclosures and financial instruments will also be held during the conference.

Corporate social responsibility conference

Members get special rates for the corporate social responsibility conference organized by the Chinese University of Hong Kong on 26 May by using the code "HKICPA". +

Badminton fun night

Come play with our team at the badminton fun night on 11 April at Smithfield Sports Centre. An experienced coach will provide you basic training.


Reminder
	Last chance to enrol in the advanced short game on 20 April with Lokky Lee.


	Deadline to enrol in the badminton technique training course in April is 26 March.

Media interview on new Companies Ordinance

Click here to listen to Commercial Radio's programme (人生交叉盤) on 13 March, where Institute Chief Executive talked about the new Companies Ordinance from the perspective of CPAs and its effect on listed companies and SMEs. For more resources in relation to the new ordinance, including those from the Companies Registry, please visit our dedicated web page.

Reminder: HKSAR constitutional development forum

Come to the free forum on 8 April to learn more about the Consultation Document on the Methods for Selecting the Chief Executive in 2017 and for Forming the Legislative Council in 2016, and share your views. Speakers are Secretary for Constitutional and Mainland Affairs cum Constitutional Development Task Force member, and Secretary for Financial Services and the Treasury. +


	Tech updates

Latest IFRS developments

PwC has published a newsletter to discuss the latest developments on IFRS. +

Practical guides on IFRS

EY and PwC have published guides on the following IFRS topics:


	Hedge accounting under IFRS 9


	Combined and carve out financial statements

	Disclosure requirements in IFRS 12

Q&As on HKFRS application

Deloitte has published three Q&As to discuss the following financial reporting issues:


	Accounting for contingent consideration arising from the acquisition of an associate or a joint venture


	Investment in an associate or a joint venture that is classified as held for sale

	Transactions with associates or joint ventures

Lifestyle

"Meet the professionals" party for young members

Join the networking party on 11 April to meet young members of other professions including architects, landscape architects, barristers, solicitors, doctors, dentists, engineers, planners, surveyors and chartered secretaries.


Golf events
	Don't miss the golf day on 26 April at Clearwater Bay Golf & Country Club.


	Enhance your golf skills with Billy Ma at the golf lesson on "driving and woods" on 3 May.

Table tennis league

The table tennis league will take place on 4 May at South China Athletic Association. You may sign up for beginner, intermediate or advance divisions.


Quick links:
A Plus		At-a-glance calendar
Technical resources		Visit our website
SMP and SME resource centre		Change personal information
CPD learning resource centre		Email us
Hong Kong CPA Practice Directory		See past e-circulars
HKICPA Source

For general enquiry regarding content of this circular, please call 2287-7228.

If you require any technical assistance on this transmission, please contact IT support team at 2287-7800 or itsupport@hkicpa.org.hk.

The Institute intends to use the personal data of your name, email address and correspondence address to inform you of CPD activities, members' benefits, goods, services, facilities and events organized or provided by the Institute or other organizations. For member and registered student you may opt out from receiving such materials at any time by clicking here. For non-member you may opt out from receiving such materials at any time by sending an email to the Institute at privacyofficer@hkicpa.org.hk or a letter to the Institute's privacy officer.
Disclaimer Some sections contain information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute. This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views expressed in this email are those of the author and do not necessarily represent those of the Institute. The recipient should check this email and all attachments for the presence of virus. The Institute will not accept liability for any damage caused by any viruses transmitted with this email.