Issue no.18
(4 November 2004)
      Dear Members / Member Practices,
In this issue
PlayStreet ∞ 2004
TechWatch Issue 28
Changes to HKICPA's Mandatory CPD Scheme
CPD Programmes- Nov & Dec
CPD - eLearning Programmes
Discount Offer
For Your Information
PLAYSTREET 2004

Let's have great fun at PlayStreet ∞ 2004

The Chater Road Pedestrian Precinct will be turned into a colourful and fun-filled playground for cross-generation play activities on Sunday, 12 December this year when the Hong Kong Institute of CPAs and the Playright Children's Play Association (Playright) co-organise the PlayStreet ∞ 2004.

PlayStreet ∞ 2004 is a large scale charitable event open to members and affiliates of the Institute and Playright as well as the public. With the theme "Transmitted Play Ideas Across Generations", the event aims to promote the value and importance of play across generations to foster family relations and enrich the family lives of Hong Kong people. The event promises to be a jovial carnival with lots of creative play ideas, game booths, live performances and entertainment for the enjoyment of the whole family.

Please join this exciting and meaningful programme and support us with your donations or corporate sponsorships to raise fund for the HKICPA Charitable Fund and Playright. Please click the following links for details:

- Event brochure
- Sponsorship package
- Letter to members and students
- Letter to member practices


TECHWATCH

TechWatch Issue 28

The latest issue of TechWatch features Members' Handbook Update 7 issuing 10 new and revised Professional Pronouncements, new TUE programme, 3-month free trial of ICAEW Faculties, a number of important auditing exposure drafts, Consultation Conclusions on the Regulation of Sponsors and Independent Financial Advisers, Bankruptcy (Amendment) Bill 2004, submission on the Estate Duty Review consultation document, 2005 annual meeting with the CIR, Companies (Amendment) Ordinance 2004, Companies (Amendment) Bill 2004, IFAC's publications on controlling computers in business, and much more.


TECHNICAL UPDATE EVENING

Technical Update Evening (TUE) Programme

The latest TUE programme features a number of important new auditing standards and topical subjects.

An Introduction to the Companies (Amendment) Ordinance 2004 (9 November 2004)
Don't underestimate the risk of a privacy breach (23 November 2004)
New Hong Kong Auditing, Assurance and Related Services Standards (30 November 2004)
New Quality Control Standards for Auditors (7 December 2004) (re-run)
Revised Fraud Consideration and Audit Planning Standards for Auditors (14 December 2004) (re-run)

Seats are limited. To secure your seats, please register early by completing the registration form and returning it to the HKICPA


PROFESSIONAL PRONOUNCEMENTS

Handbook Update 7

Update 7 releases a host of new and revised Professional Pronouncements:

Preface to Hong Kong Financial Reporting Standards (Revised)

HKAS 11 Construction Contracts

HKAS 34 Interim Financial Reporting
Interpretation 22 The Appropriate Policies for Infrastructure Facilities
Interpretation 23 The Appropriate Policies for Hotel Properties
HKSQC 1 on Quality Control for Firms
Hong Kong Framework for Assurance Engagements
HKSA 220 on Quality Control for Audits of Historical Financial Information
HKSA 240 on The Auditor's Responsibility to Consider Fraud
HKSAE 3000 on Assurance Engagements

Members who have subscribed to the Hard Copy Update Subscription will receive copies of the Updates by post.

Members who choose to keep a hard copy of the new Members' Handbook, but have not subscribed to the Hard Copy Update Subscription, are requested to download the Updates from the above link. To subscribe to the Hard Copy Updates, please complete the subscription order form.

Outstanding Exposure Drafts

The Institute invites comments on the following Exposure Drafts:

Invitation to Comment on IFAC Exposure Draft on Proposed Revised Code of Ethics for Professional Accountants
Exposure Draft of Insolvency Guidance Notes
Invitation to Comment on IAASB ED on Clarity and Structure of ISAs
Exposure Draft of Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services
Invitation to Comment on IAASB ED on ISA 230 (Revised) "Audit Documentation"

CONTINUING PROFESSIONAL DEVELOPMENT

Changes to HKICPA's Mandatory CPD Scheme

The Statement 1.500 "Continuing Professional Development" was revised in September 2004 to reflect the consequential changes required as a result of the passage of the Professional Accountants (Amendment) Ordinance (PAO) 2004. Under the revised Statement, compliance with CPD requirements is now made one of the conditions for membership renewal under Section 28(2)(c) and 30(8)(a) and (b) of the PAO. The reporting period for CPD compliance has now been changed to the period covering 1 December of each year to 30 November of the following year. The requirements in the newly revised Statement 1.500 are applicable to members' compliance with the CPD requirements for the reporting periods beginning on or after 1 December 2003. Therefore, the first reporting period under this revised Statement should be from 1 December 2003 to 30 November 2004.

For a copy of the revised Statement, please go to the HKICPA's website at http://www.hkicpa.org.hk/ebook/HKSA_Members_Handbook_Master/updates/update006.pdf. The FAQs on CPD requirements can also be found at http://www.hkicpa.org.hk/faq/member/cpd/cpd.php.


Continuing Professional Development (CPD) Programmes – November & December 2004

A one-day workshop, organized jointly with Deloitte Touche Tohmatsu, will be held on on 4 December 2004 on "Recently Revised and New Hong Kong Accounting Standards and Comparison with US GAAP". Interested members, please register now to secure a seat.


Continuing Professional Development (CPD) e-Learning Programmes (e-Seminar & e-Manager)

Are you too busy with your work to squeeze time for training? If this is the case, the HKICPA e-Learning programmes, comprising e-Seminar and e-Manager, are options for you. It allows you to learn at your convenience, update your management and generic skills as well as technical knowledge, anywhere any time through the internet. Subscribe now and enjoy the convenience brought to you by e-Learning.


BENEFITS & DISCOUNT OFFERS

The Stylistics HAPPY X'MAS Show

The Wolfman Jack Entertainment (HK) presents the everlasting Stylistics Happy X'mas Show in Hong Kong on Saturday, 11 December 2004, 8:00 p.m. Hall 3, HKCEC.
HKICPA members enjoy 10% off ticket prices.
Download order form.


The Harlem Globetrotters are Back!

Amazing basketball players who are good enough to compete with the very best of the NBA.
HKICPA members enjoy 20% off ticket prices. Please quote “HKSA1104" to enjoy this discount offered.
Tickets are NOW available.


Holiday and travel packages:

Mandarin Oriental - Kuala Lumpur 3 Days 2 Nights Hotel Package just HK$2,999 plus 3rd night absolutely free.
Paris Christmas Promotion 6 Days / 3 Nights HK$4,888

London Christmas Promotion 6 Days / 3 Nights HK$4,880 (twin sharing)

and more...

Toast to your new CPA brand with a premium wine selection

Clos du Marquis, 1999
Clos du Marquis, 2000

Chateau d' Armailhac, 2000
Download order form

FOR YOUR INFORMATION

For Your Information

For Your Information is a channel to provide news or activities of other organisations which may be of interest to our members. In this issue, we have:

(1) World SME Expo (中小企國際市場推廣日)
(2) Mental Health Seminar for Women (「開懷每一天」婦女心理健康服務計劃專業人員講座)
(3) Seminar: "Belgium, the best-kept secret in Europe, Fiscal benefits of the new taxation treaty between Belgium and Hong Kong"
(4) 2004 ACFE Hong Kong Fraud Conference

If you require any technical assistance on this transmission, please do not hesitate to contact any of the following staff:

  Telephone no. E-mail address
Mr. Tomas Chan 2287 7041 tomaschan@hkicpa.org.hk
Ms. Vian Tai 2287 7224 vian@hkicpa.org.hk
Mr. Kelvin Chiu 2287 7096 kelvin@hkicpa.org.hk


The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer.