SMP and SME Resource 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 Financial and Auditing Alert Issue No. 16: Alert on professional scepticism and audit of mainland companies Financial and Auditing Alert Issue No. 15: Implementation of revised Code of Ethics for Professional Accountants from SMP's perspective IFAC guides to quality control, practice management and tips for Cost-effective ISQC 1 application for SMPs Lunch Forum on implementation of Revised Code of Ethics from SMP perspective: - provision of non-assurance services (24 May 2011) Quality assurance annual report 2010 Financial reporting and auditing alert Issue 14: Preparation of accounting records and financial statements for an audit client Request for bank confirmation of information for audit purposes Simplified Chinese translations of the IFRS for SMEs published by IASB HKICPA Standard Setting Department High Level Comparison between HKFRS for Private Entities and SME-FRF & FRS Illustrative Financial Statements for HKFRS for Private Entities (with Hong Kong Companies Ordinance disclosures) HKFRS for Private Entities Information Centre ...More Articles on Financial Crisis     Focus: Financial reporting and auditing alert Issue 1:Financial statement disclosures relating to financial instruments Issue 2:Going concern - Assessing an entity's ability to continue as a going concern Issue 3:The Audit of Solicitors' Accounts under The Solicitors' Accounts Rules and The Accountant's Report Rules – Client money Issue 4: Updates Hong Kong Standards on Auditing for the new International Standards on Auditing Issue 5: PN820 The Audit of Licensed Corporations and Associated Entities of Intermediaries Issue 6: Educational points on HKAS 1 identified from reviews of published financial statements under the Institute's professional standards monitoring programme Issue 7: HKFRS for Private Entities - Statement of Intent Issue 8: Report on practice reviews of practices with listed clients Issue 9: Educational points identified from reviews of published financial statements – HKAS 16 and HKAS 40 Issue 10: Operating segments: a management approach Issue 11: HK Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause Issue 12: Statement of cash flows Issue 13: 2010 report on practice reviews of practices with listed clients Issue 14: Preparation of accounting records and financial statements for an audit client Issue 15: Implementation of revised Code of Ethics for Professional Accountants from SMP's perspective Issue 16: Alert on professional scepticism and audit of mainland companies     Quality Assurance Annual Report 2010   2009 2008 2007     HKICPA Staff Summary of Financial Reporting IFRS for SMEs     HKICPA Code of Ethics for Professional Accountants Hong Kong Specific: TUE on Revised Code of Ethics (18 Jan 2011)   Financial Reporting and Auditing Alert Issue 14: Preparation of accounting records and financial statements for an audit client     International Specific: IESBA Staff Questions and Answers: Implementing the Code of Ethics   IFAC Presentation material on overview of the Code IFAC Presentation material for independence IFAC Presentation material for overview of Independence Requirements IESBA 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 Letter from Financial Reporting Standards Committee on 29 November 2010 Q&A (14 December 2010) Illustrative disclosures (12 January 2011) IFRS/HKFRS News Supplement (PwC) Financial Reporting Update Issue 62 (KPMG)     Amendments to HKAS 39 and HKFRS 7 - Reclassification of Financial Assets HKICPA Chief Executive's email of 14 October 2008 (Reclassification of Financial Assets)   HKICPA Chief Executive's email of 22 October 2008 (Reclassification and not suspension of fair value) Q&A (29 October 2008) Avoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39     HKFRS / IFRS 9 Financial Instruments   HKFRS News on IFRS/HKFRS 9 Financial Instruments introduces new requirements for financial assets (PwC) First Impressions on IFRS 9 Financial Instruments (KPMG) HKFRSs/IFRSs Update on HKFRS 9 Financial Instruments (BDO)  First Impressions on Additions to IFRS 9 – Financial Instruments (KPMG)     Improving disclosure about financial instruments IFRS Practice Issues: Fair Value Hierarchy (KPMG) HKFRS news on IFRS 7 and Impairment (PwC)   IAS Plus Update - IFRS 7 amended to improve disclosures about financial instruments (Deloitte)   IFRS Briefing Sheet - Improving disclosure about financial instruments – Amendments to IFRS 7 Financial Instruments: Disclosures (KPMG)     A Plus Technical Q&A A column in A Plus dedicated to answering questions regarding Institute standards and technical issues submitted by members   Exposure draft on Revenue from Contracts with Customers and Leases (October 2010)   Revised Code of Ethics for Professional Accountants (September 2010)   Applicability of HKFRS for Private Entities (August 2010)   Key issues on HKFRS 3 (Revised) Business Combinations (July 2010)   Latest developments of HKFRS for Private Entities (June 2010)   Q&A on HKAS 24 (Revised) Related Party Disclosures and effective date of the clarified ISAs (May 2010)     A Plus useful articles   Avoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39   Understanding IASB Amendments for IAS 39 and IFRS 7   Amending fair value rules – Talks with Marvin Cheung and Winnie Cheung   Briefing notes on fair value accounting      IFRS / HKFRS model materials Hong Kong Specific:   Illustrative Annual Financial Statements and Interim Financial Report under HKFRSs December 2009 (KPMG) HKFRS Illustrative corporate consolidated financial statements for 2009 (PwC) Illustrative HKFRS financial statement for 2009 (Deloitte) Illustrative HKFRS financial statement for 2010 (Deloitte) Illustrative Annual Financial Statements under HKFRSs 2011 (KPMG)     International Specific: Illustrative financial statements 2011 for preparers with no early application (Deloitte) - word version - pdf version Disclosure checklist 2011 (Deloitte) Disclosure checklist 2011 (Ernst & Young) Illustrative corporate consolidated financial statements for 2011 (PwC) IFRS illustrative financial statements for 2010 (Deloitte) IFRS presentation and disclosure checklist for 2010 (Deloitte) IFRS recognition and measurement requirements checklist for 2010 (Deloitte)  IFRS disclosure checklist 2010 (Ernst & Young)   Illustrative corporate consolidated financial statements 2010 (PwC)   Illustrative financial statements 2010 (KPMG)   Illustrative financial statements 2009 (Amended to illustrate the adoption of IFRS 9) (Deloitte)   IFRS illustrative financial statements for 2009 (Deloitte)   IFRS presentation and disclosure checklist for 2009 (Deloitte)   IFRS recognition and measurement requirements checklist for 2009 (Deloitte)   IFRS illustrative financial statements for 2009 (PwC)       Guides to SME Audits   Guidance on small entity audit documentation (UK-The Auditing Practices Board Limited) 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  A Guide to Quality Control for SMPs (3rd Edition)(IFAC)   A Guide to Quality Control for SMPs (2nd Edition)(IFAC)   A Guide to Practice Management for SMPs (IFAC) Tips for Cost-effective ISQC 1 Application (IFAC)        HKFRS Deloitte Column   Anti-dilutive conversion price adjustment of compound financial instrument (HKAS 32)   Financial guarantees (HKAS 39)   Splitting leases of land and building (HKAS 17)   Determination of reasonably possible range in sensitivity analysis (HKFRS 7)   Deferred taxation on the revaluation of investment property (HKAS 12)   Presentation of the disposal of financial assets (HKAS 39, HKFRS 7)   Day 1 profit and loss on initial recognition of financial instrument (HKAS 39)     HKFRSs / IFRSs Updates (BDO) New and Revised HKFRSs 2010 Year Ends Reporting Latest Developments on the IAS 39 (HKAS 39) Financial Instruments Replacement Project - Hedging, Impairment and Offsetting Additions to HKFRS 9 Financail Instruments - Classification and Measurement of Financia Liabilities, and Decognition of Financial Assets and Financial Liabilities HKAS 12 Amendments Changes to Deferred Tax Accounting for Investment Property at Fair Value HKFRS for Private Entities: Less is more What makes good corporate reporting? What deficiencies are identified in HKFRSs reporting? Update on IAS 39 Replacement Project Phase 2 - Financial Instruments: Impairment      Going Concern   Regulators Eye "Going Concern" Concerns (CFO.com)   Going concern: Don't take it for granted (A Plus, HKICPA)   Staff audit practice alert on audit considerations in respect of going concern in the current economic environment (IAASB)   An unprecedented number of going-concern footnote disclosures and clarification from the auditors will be seen (CFO.com)     Income Tax Financial Reporting Update - Amendments to HKAS 12 - Deferred tax: Recovery of underlying assets (KPMG) Searching for clarity in uncertain tax positions (Ernst & Young) Tax Accounting Update – 2009 year-end ten hot topics (PwC)   HKFRS News – Nine steps to income tax accounting (PwC)      Hong Kong Trade Development Council   HKTDC Hong Kong Trader provides online newsletter regarding the latest business news, market trends and insightful analysis to SMEs and local business/industry groups (free to subscribe)     HKFRS/IFRS Update  IFRSs in your Pocket 2011 (Deloitte) IFRS Update for financial year ending 31 December 2011 (Ernst & Young) Reminder: effective dates of IFRSs (KPMG) A practical guide to new IFRSs for 2011 (PwC) Closing out 2010 (Deloitte) IFRS update for financial years ending 30 June 2010 (Ernst & Young) Effective dates of IFRSs (KPMG) Practical guide to new IFRSs for 2010 (PwC) IFRS pocket guide 2010 (PwC) IFRSs in your Pocket 2010 (Deloitte) A list of new and amended Standards and Interpretations - applicable to December 2010 year-end after A Guide to the New HKFRSs 2010     Corporate Governance Guidance on Board Effectiveness (UK FRS) Internal Control and Risk Management - A Basic Framework Other corporate governance publication     Other Publications Implementation of the Clarified International Standards on Auditing (IAASB) Financial Statements Review Programme Report 2010 (HKEx) HKFRS News on the amendments to related party disclosures and accounting for investment property under constructions (PwC) Practical guide for accounting for investment properties under construction (Deloitte) Auditor's Reports with "Qualified Opinion" and / or Explanatory Paragraph (HKEx)   Technical Q&A on the Seminar on Solicitors' Accounts Rules and Practice Note 840 Reporting Engagements An update for Directors of Listed Companies: Responding to increased country and current risk in financial reports (UK FRC)     Financial Reporting Council e-News August 2011 December 2011     IASB Reference Materials Workplan for IFRSs Investor perspectives IASB Staff Summary on Using judgement to measure the fair value of financial instruments when markets are no longer active (October 2008)     IFAC useful links  Publication and Resources Website International Centre for SMPs     SFC useful links Frequently Asked Questions Enquires Techwatch Members' Handbook Staff Summary of Financial Reporting Standard Accounting and Auditing Bulletins / Circulars Example Reports by Auditors A Guide to Quality Control Audit Practice Manual Financial Crisis Database Technical Update Evening Financial Reporting Forum CPD Learning Centre HKFRS for Private Entities Information Centre HKSA Clarity Centre Useful links:   SME Financial Reporting Framework and Standard       Frequently Asked Questions on the application of the SME-FRF & SME-FRS     General enquiries Comments and suggestions may be sent by e-mail to <commentletters@hkicpa.org.hk>.   Technical enquiries Click here to submit technical enquiries on the application of the Institute's professional pronouncements

i-Net | Useful links | Careers | Contact us

Privacy policy | Terms of use | Personal information | Sitemap | FAQ

Copyright © 2012 Hong Kong Institute of Certified Public Accountants. All rights reserved.