Your fortnightly technical updates newsletter (27 May 2020)

Your fortnightly technical updates newsletter (27 May 2020)

Standard setting

IASB webinar and Institute roundtable discussion on Exposure Draft General Presentation and Disclosures

IASB webinar

On 10 June, staff of the International Accounting Standards Board (IASB) hold the second in a series of live webinars on Exposure Draft ED/2019/7 General Presentation and Disclosures (ED) to explain the detailed proposals for subtotals and categories in the statement of profit and loss. Members can submit their comments on the ED by 21 August.

Institute roundtable discussion

Don’t miss the Institute’s roundtable discussion on 23 June on the IASB’s proposals and have a say in the way financial information should be reported in the future.

IASB webinar on Discussion Paper Business Combinations – Disclosures, Goodwill and Impairment

On 5 June, the IASB staff will hold the first in a series of live webinars on Discussion Paper DP/2020/1 Business Combinations – Disclosures, Goodwill and Impairment to provide an overview of the paper, which sets out possible improvements to the information reported about acquisitions and accounting for goodwill. Members can submit their comments on the paper by 14 November.

May IASB Update

The May IASB Update, highlighting the tentative decisions reached by the IASB, is now available.

Invitations to comment

The Institute is seeking comments on the following International Auditing and Assurance Standards Board (IAASB) projects:

IAASB Public Consultation: Proposed Guidance Extended External Reporting (EER) Assurance by 1 June.
IAASB Exposure Draft: ISA 600 (Revised) Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs by 14 August.

IAASB's webinar

Join the webinar organized by the IAASB on 11 June to gain insights on the background and key proposed revisions to the recently released Exposure Draft Proposed ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs

IAASB’s guidance for auditors during the COVID-19 pandemic

As part of the IAASB’s ongoing response to COVID-19, guidance related to subsequent events and auditor reporting have been issued, More information and helpful links can be found on the IAASB’s COVID-19 webpage.

IAASB’s revised work plan

To account for COVID-19’s impact on the IAASB's work, the IAASB has reconsidered the timelines for its projects and revised its work plan for 2020-2021.

Advocacy and practice development

The Institute issued a submission on 11 May, in response to the consultation proposals by Hong Kong Exchanges and Clearing on corporate weighted voting right beneficiaries.

Announcements by the Inland Revenue Department

Members may wish to be aware of the following matters:

Annual meeting with the Inland Revenue Department

The annual meeting between representatives of the Institute's Taxation Faculty Executive Committee and the Inland Revenue Department (IRD) took place on 15 May. At the meeting the IRD confirmed the extended due dates for lodging profits tax returns for the year of assessment 2019-20. These are:

Accounting date code	Extended due date	Further extended due date if opting for e-filing
"N" code	30 June 2020	14 July 2020
"D" code	17 August 2020	31 August 2020
"M" code	16 November 2020	30 November 2020
"M" code - current year loss cases	1 February 2021	No further extension

Updated requirements relating to AGMs, etc.

From 8 May the requirements in relation to the exemption for annual general meetings and other meetings under the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation (Cap.599G) have changed.

Anti-money laundering notices

The updated list of terrorists and terrorist associates designated by the United Nations Security Council (UNSC) was gazetted on 22 May pursuant to the United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575). See the related UNSC press release.

For the current lists of terrorists, terrorist associates and relevant persons/ entities under UN sanctions, members should refer regularly to the Institute's dedicated webpage. Other useful documents and guidance can also be found on the same page.

Useful resources

Publications from other organizations:

Six Ways for SMPs To Evolve and Thrive in the Covid-19 Environment from the International Federation of Accountants Small and Medium Practices Committee
Six steps for flexible post-crisis planning in uncertain times from ACCA
The future is not what it used to be: Thoughts on the shape of the next normal from McKinsey & Company
Pandemic places accounting, auditing rules in flux from Journal of Accountancy

Access the Institute's comprehensive resource centres:

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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.

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