News

Issue no. 626 (12 January 2017)

Dear members/member practices,

Budget proposals: enhancing the tax regime and keeping Hong Kong wealthy and healthy

The Institute's budget proposals urge the government to implement tax initiatives to sustain Hong Kong's role as a financial and commercial centre, foster an environment that is supportive of entrepreneurs and start-ups, and improve people's livelihoods. The press briefing on 10 Jan., hosted by Taxation Faculty Executive Committee Chair, Anthony Tam, and Budget Proposals Sub-committee Convenor, Curtis Ng, was widely covered by print, online and electronic media. Click here for the press release and proposals.

Budget forum
The Institute will organize a budget commentary forum following the government's budget speech on 22 Feb. Watch for more details coming soon.

Council co-opts a new member

At its meeting on 6 Jan., Council co-opted a new member, Wendy Yung, Director of Practising Governance Ltd. She will hold office until the end of the next AGM. Council wishes to co-opt one more member. Interested members who wish to serve on the Council are welcome to submit nomination by 13 Feb. +

Auditing standards course

The refresher course in February will cover the requirements and updates of HKSAs relating to audit planning and risk assessment, audit evidence, audit issues and completion, and professional ethics and quality control.

ESG reporting

The seminar under the ESG series on 23 Jan. will cover the latest ESG reporting requirements and implementation, practical environmental and social solutions, and IT solution for capturing ESG data.

Embracing digital disruption to finance transformation

Come join the seminar of IT series on 9 Feb. which will talk about the trend for finance transformation and cloud security.

New e-seminars

Two new e-seminars are now available:

Quality assurance forum: practice review – achieving an effective audit


	Joint financial reporting forum organized by HKICPA, HKEX and FRC

Standard Chartered Marathon updates

With your support, the Institute returns as one of the “Most Supportive Group Award” winners. At the race on 12 Feb., we will provide two booths at the Causeway Bay Sports Ground for onsite support, including runner's pack storage, hot food and physiotherapy. Our sincere thanks for your continued support.

Join the marathon briefing on 3 Feb. and if you gave us the office address, keep an eye out for your runner's pack to be delivered by courier between 6-10 Feb.

Fourth mini bridge tournament winners

The final match of the 2016 mini bridge tournament concluded on 7 Jan. Congratulations to Francis Hui and Samuel Mui for clinching the championship. Francis also won the year-end Bridge Interest Group Trophy. Click to see results and photos.

Golf day at Phoenix Hill Golf Club

Come join the outbound golf day at Phoenix Hill Golf Club in Dongguan on 18 Feb. to play with fellow golf enthusiasts.

Snooker training courses

Sign up for the beginner or intermediate snooker training courses starting on 5 Feb. to learn more about this British cue sport.


Reminders
	Don't miss the dance dinner on 20 Jan. at "百樂會" in Tsim Sha Tsui.


	Join the bridge training course starting on 24 Jan. to learn the card play techniques for declarer.

New auditor's report

The new auditor's report has become effective for periods ending on or after 15 Dec. 2016. The IAASB has released implementation support including a Q&A and virtual training workshop. The Institute has also provided numerous technical resources relevant to the new requirements.

HKFRS standards effective for 31 Dec. 2016 reporting periods

Entities may refer to this list for HKFRS standards that are applicable to reporting periods ended 31 Dec. 2016 onwards. The list also covers HKFRS standards that have been issued but are not yet effective.

Likely effects of the new major standards on financial statements

The IOSCO, of which the SFC is a member, has published a statement outlining implementation, disclosure and audit matters relating to the new IFRSs on revenue, financial instruments, and leases. It calls for companies to disclose the likely effects of these new standards as they are expected to significantly affect financial statements of many listed companies.

Discount offers
	Premiere Performance of Hong Kong – 20% discount on concert tickets for The 8th Hong Kong International Chamber Music Festival showing from 19-25 Jan.


	Telford International – up to 40% discount on selected red, white and sparkling wines for CNY promotion until 28 Feb.


	Happy Books – additional 15% discount on children books (not applicable to book collections) until 31 Dec. 2017.


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