SMP and SME Resource Centre

SMP and SME Recourse Centre

Welcome to the SMP and SME Resource Centre

This webpage has been specially created by the HKICPA Standard Setting Department to assist members in the SMP and SME sector to access technical publications and knowledge effectively.


What's new


We will keep you up to date with the latest news, guidance and standards. New developments are highlighted below
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifQuality Assurance Annual Report 2013
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifHigh-level summary on the key updates to "A Guide to Quality Control" 2013 edition
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifNew Companies Ordinance (Cap. 622)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifWorkshops on Quality Control (August and Sepember 2013)
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Focus:


Financial reporting and auditing alert
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 1:Financial statement disclosures relating to financial instruments
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Issue 2:Going concern - Assessing an entity's ability to continue as a going concern
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Issue 3:The Audit of Solicitors' Accounts under The Solicitors' Accounts Rules and The Accountant's Report Rules – Client money
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Issue 4: Updates Hong Kong Standards on Auditing for the new International Standards on Auditing
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 5: PN820 The Audit of Licensed Corporations and Associated Entities of Intermediaries
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 6: Educational points on HKAS 1 identified from reviews of published financial statements under the Institute's professional standards monitoring programme
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Issue 7: HKFRS for Private Entities - Statement of Intent

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Issue 8: Report on practice reviews of practices with listed clients
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 9: Educational points identified from reviews of published financial statements – HKAS 16 and HKAS 40
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 10: Operating segments: a management approach
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 11: HK Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 12: Statement of cash flows
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 13: 2010 report on practice reviews of practices with listed clients
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 14: Preparation of accounting records and financial statements for an audit client
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 15: Implementation of revised Code of Ethics for Professional Accountants from SMP's perspective
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 16: Alert on professional scepticism and audit of mainland companies
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 17: Audits of group financial statements
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIssue 18: Documentation requirements for group auditors and practical implications for auditor regulation in Hong Kong
  
Quality Assurance Annual Report
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2013
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2012
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2011
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2010
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif 2009
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2008
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif2007
  
HKICPA Staff Summary of Financial Reporting
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IFRS for SMEs
 
New Companies Ordinance (Cap. 622)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifNew Companies Ordinance Resource Centre
  
HKICPA Code of Ethics for Professional Accountants
Hong Kong Specific:
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifEthics Circular 1 - Guidance for Small and Medium Practitioners on the Code of Ethics for Professional Accountants
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifFinancial and Auditing Alert Issue No. 15: Implementation of revised Code of Ethics for Professional Accountants from SMP's perspective
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifTUE on Revised Code of Ethics (18 Jan 2011)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Financial Reporting and Auditing Alert Issue 14: Preparation of accounting records and financial statements for an audit client
  
International Specific:
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIESBA Staff Questions and Answers: Implementing the Code of Ethics
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif IFAC Presentation material on overview of the Code
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFAC Presentation material for independence
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFAC Presentation material for overview of Independence Requirements
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIESBA Comparisons between the old version and the revised Code
  
HK Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause

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Letter from Financial Reporting Standards Committee on 29 November 2010
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifQ&A (14 December 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative disclosures (12 January 2011)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifFinancial Reporting Update Issue 62 (KPMG)
  
Amendments to HKAS 39 and HKFRS 7 - Reclassification of Financial Assets
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HKICPA Chief Executive's email of 14 October 2008 (Reclassification of Financial Assets)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKICPA Chief Executive's email of 22 October 2008 (Reclassification and not suspension of fair value)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifQ&A (29 October 2008)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifAvoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39
  
HKFRS / IFRS 9 Financial Instruments  
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HKFRS News on IFRS/HKFRS 9 Financial Instruments introduces new requirements for financial assets (PwC)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifFirst Impressions on IFRS 9 Financial Instruments (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifFirst Impressions on Additions to IFRS 9 – Financial Instruments (KPMG)
  
Improving disclosure about financial instruments
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS Practice Issues: Fair Value Hierarchy (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifHKFRS news on IFRS 7 and Impairment (PwC)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif IAS Plus Update - IFRS 7 amended to improve disclosures about financial instruments (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif IFRS Briefing Sheet - Improving disclosure about financial instruments – Amendments to IFRS 7 Financial Instruments: Disclosures (KPMG)
  
A Plus Technical Q&A
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifA column in A Plus dedicated to answering questions regarding Institute standards and technical issues submitted by members
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Exposure draft on Revenue from Contracts with Customers and Leases (October 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Revised Code of Ethics for Professional Accountants (September 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Applicability of HKFRS for Private Entities (August 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Key issues on HKFRS 3 (Revised) Business Combinations (July 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Latest developments of HKFRS for Private Entities (June 2010)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Q&A on HKAS 24 (Revised) Related Party Disclosures and effective date of the clarified ISAs (May 2010)
 
  A Plus useful articles
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifPost-implementation review of IFRS 8 Operating Segments
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifValuation of options for IFRS 2 Share-based Payment
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Avoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Understanding IASB Amendments for IAS 39 and IFRS 7
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Amending fair value rules – Talks with Marvin Cheung and Winnie Cheung
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Briefing notes on fair value accounting
  
IFRS / HKFRS model materials
Hong Kong Specific:
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative IFRS/HKFRS Consolidated Financial Statements 2013 (PwC)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative annual financial statements under HKFRS 2013 (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative annual financial statements under HKFRS 2013 for authorized institutions 2013 (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifHKFRS – Illustrative Financial Statements 2013
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative IFRS/HKFRS Consolidated Financial Statements 2012 (PwC)
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Illustrative annual financial statements under HKFRS 2012 (KPMG)

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative financial statements under HKFRS for authorized institutions 2012 (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Illustrative Annual Financial Statements and Interim Financial Report under HKFRSs December 2009 (KPMG)
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HKFRS Illustrative corporate consolidated financial statements for 2009 (PwC)

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Illustrative HKFRS financial statement for 2010 (Deloitte)

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative Annual Financial Statements under HKFRSs 2011 (KPMG)
  

International Specific:
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifInternational GAAP illustrative financial statements 2013 (EY)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifInternational GAAP disclosure checklist 2013 (EY)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifInternational GAAP illustrative financial statements 2012 (EY)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifInternational GAAP disclosure checklist 2012 (EY)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS model financial statements 2012 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS illustrative financial statements 2012 (KPMG)
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Illustrative financial statements 2011 for preparers with no early application (Deloitte)

- word version

- pdf version

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifDisclosure checklist 2011 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifDisclosure checklist 2011 (EY)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS illustrative financial statements for 2010 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS presentation and disclosure checklist for 2010 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS recognition and measurement requirements checklist for 2010 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIllustrative financial statements 2010 (KPMG)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Illustrative financial statements 2009 (Amended to illustrate the adoption of IFRS 9) (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS illustrative financial statements for 2009 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS presentation and disclosure checklist for 2009 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif IFRS recognition and measurement requirements checklist for 2009 (Deloitte)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifIFRS illustrative financial statements for 2009 (PwC)
  
Guides to SME Audits
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Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (IFAC), 2011

  
Guides to quality control and practice management for SMPs 
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifA Guide to Quality Control for SMPs (3rd Edition)(IFAC)
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A Guide to Practice Management for SMPs (IFAC)

file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifTips for Cost-effective ISQC 1 Application (IFAC) 
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifGood Practice Checklist for Small Business (IFAC)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifVideos on Business Advisory (IFAC)
  
HKFRS Deloitte Column
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Anti-dilutive conversion price adjustment of compound financial instrument (HKAS 32)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Financial guarantees (HKAS 39)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Splitting leases of land and building (HKAS 17)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Determination of reasonably possible range in sensitivity analysis (HKFRS 7)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Deferred taxation on the revaluation of investment property (HKAS 12)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Presentation of the disposal of financial assets (HKAS 39, HKFRS 7)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Day 1 profit and loss on initial recognition of financial instrument (HKAS 39)
  
Update on HKFRSs (BDO)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifHKFRSs/IFRSs Updates
 
Accounting Newsletter (Mazars)  
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Beyond the GAAP
  
Technical newsletter (RSM Nelson Wheeler)
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (August 2013) - Amendments to HKAS 36
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (July 2013) - HK (IFRIC) Interpretation 21 "Levies"
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (April 2013) - Share-based Payments - Cancellation and Modification Issues
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (March 2013) -  Effective Dates of New and Revised HKFRSs
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (February 2013) - Amendments in Relation to Investment Entities
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (January 2013) - Amendmends to HKAS 32 and HKFRS 7
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (December 2012) - Amendments to HKFRS 1 Relating to Government Loans
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (November 2012) - Annual Improvements 2009-2011 Cycle
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (October 2012) - Disclosure of Interests in Other Entities
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (September 2012) - HK (IFRIC) Interpretation 20 “Stripping Costs in the Production Phase of a Surface Mine”
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (August 2012) - Amendments to HKFRS 7 - Transfers of Financial Assets
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update  (June 2012) - Fair Value Measurement
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (May 2012) - New Standard on Consolidation
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (April 2012)  - Joint Arrangements and Associates
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (March 2012) - Amendments to HKAS 1 - Presentation of Items of Other Comprehensive Income
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (February 2012)  - HKFRS 9 "Financial Instruments": Financial Assets
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif HKFRS Update (January 2012)  - Amendments to HKAS 12 - Deferred Tax: Recovery of Underlying Assets
  
Technical publication by Zhonghui Anda CPA Limited 
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif  Technical publication by Zhonghui Anda CPA Limited
  
SFC useful links
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Frequently Asked Questions
file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gifEnquires
  



Useful links:

 SME Financial Reporting Framework and Standard
  
General enquiries

Comments and suggestions may be sent by e-mail to <commentletters@hkicpa.org.hk>.
 
Technical enquiries

 Click here to submit technical enquiries
  
 Frequently Asked Questions on the application of the Institute's professional pronouncements