Important Notice

Disclosure of the Impact of Adopting
New Hong Kong Financial Reporting Standards ( new HKFRSs )

The Financial Reporting Standards Committee (FRSC) and Auditing and Assurance Standards Committee (AASC) of the Hong Kong Institute of CPAs - with the endorsement of the HKICPA Council - are recommending that preparers of financial statements disclose in their financial statements the impact of new HKFRSs effective for accounting periods beginning on or after 1 January 2005.

The FRSC and AASC have developed recommended wording for companies to include in their financial statements, so that readers of those statements understand the ramifications of these new HKFRSs.

Please click here to read the Circular setting out the recommended wording from the FRSC and AASC.

The Hong Kong Accountant

In January 2005 issue of The Hong Kong Accountant ...

President's Message An expanded and stronger Council New president sets out his agenda The past three presidents of the Institute have come from the Big Four accounting firms. The presidents for 2005, Edward Chow, is a professional accountant in business but the different in approach will be in emphasis only
Cover Story 1: Better safe than sorry Risk management systems do not necessarily come cheap but lacking them can lead to disaster Cover Story 2: Mapping out a risk management strategy Risk recognition is the first step toward an effective risk management strategy Feature: Working papers – who would have them? Working papers are the lifeblood of the professional man. They enable him to record and recall what he has done and why. They belong to the professional man since they were prepared for his own benefit and not as agent for his client. Were it not for the professional duty to maintain confidentiality of a client's affairs, he would be free to show them to anyone Technical Briefing Accounting for the depreciation of hotel properties Legal Update New features of the draft PRC Bankruptcy Law and new opportunities for Hong Kong accountants (part two)

Inland Revenue Board of Review Invites
Nominations of New Members

The Inland Revenue Board of Review has recently invited nominations from the HKICPA for membership of the Board.

An HKICPA circular, which contains more details about the Board of Review and the application requirements, has previously been issued to all member firms. Interested parties are invited to forward any nominations by 30 January 2005, together with the proposed nominee's completed curriculum vitae and the name and contact details of the firm for which the nominee is working, to John Tang, Assistant Director (Business Members & Specialist Practices).

Mainland & International Affairs

Professionals Exchange Tour to Foshan (佛山巿專業交流團) (4-5 March 2005) - Reminder

The Hong Kong Coalition of Professional Services (HKCPS) will organise an exchange tour to Foshan on 4-5 March 2005 (Friday-Saturday). The programme is aimed at helping Hong Kong professionals develop networks with their Mainland counterparts and facilitate cross-disciplinary collaboration.

You are encouraged to participate in the trip. Details of the exchange tour are as follows:-

The leaflet of the programme and enrolment form are obtainable at the following website:-
http://www.hktrainingonline.com/eng/training/coursedetail/10023911.pdf.

The leaflet of the programme and enrolment form are also available at the Institute's counter.

If you have any queries on this matter, please contact Ms. Fung or Ms. Chan (tel.: 2788 6153) of the Hong Kong Productivity Council, the implementing agent, direct.

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