Hong Kong Institute of CPAs Issues Proposed
Reporting Framework for SMEs

The Hong Kong Institute of CPAs has issued for consultation an Exposure Draft of proposed small and medium-sized entity financial reporting framework and financial reporting standard for Hong Kong.

This is the last round of consultation on the proposal and the deadline for comments is 30 April 2005.

The Exposure Draft can be found online at:
http://www.hkicpa.org.hk/professionaltechnical/accounting/exposuredraft/smefrf-frs.pdf.

Comments can be faxed to 852-2865-6776 or emailed to commentletters@hkicpa.org.hk.

The Institute expects that with the consultation completed by end of April 2005, the final financial reporting framework and standard for small and medium-size entities will be introduced by end of June 2005, with the effective date of financial reporting periods beginning on or after 1 January 2005.

Budget Commentary 2005-06

The Financial Secretary, Mr. Henry Tang, will deliver the 2005-06 budget speech at the Legislative Council on Wednesday, 16 March 2005.

The Hong Kong Institute of CPAs will host a seminar for members that evening and speakers will share their views on how the budget will affect financial and tax planning. Details are as follows:

Enroll now to secure a seat. For details of the budget, please go to the government website at www.budget.gov.hk/2005/eng/speech. For details of the Institute's 2005-06 budget proposals, please click here.

The Hong Kong Coalition of Professional Services Hosts CEPA Forum

Please click here for registration and details.

TechWatch

Handbook Update 11

Update 11 releases a host of new and revised Professional Pronouncements:

	HKFRS 6 Exploration for and Evaluation of Mineral Resources
	HKFRS- Int 2 Members' Shares in Co-operative Entities and Similar Instruments
	HKFRS- Int 3 Emission Rights
	HKFRS-Int 4 Determining whether an Arrangement contains a Lease
	HKFRS- Int 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
	Amendment to HKAS 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures
	Amendment to HKAS 39 Financial Instruments: Recognition and Measurement - Transition and Initial Recognition of Financial Assets and Financial Liabilities
	Amendment to HKAS- Int 12 Scope of HKAS- Int 12 Consolidation – Special Purpose Entities
	Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services , and consequential amendment to SAS 010 The Scope and Authority of Auditing Pronouncements

Members who have subscribed to the Hard Copy Update Subscription will receive the Update 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 Update from the above link. To subscribe to the Hard Copy Updates, please complete the subscription order form.

Come Support the Hong Kong Institute of CPAs' Sports Teams!

Come cheer for your teams in the following events, which will be held during the coming weekends:

Sports Interest Groups

The Institute is running five Sports Interest Groups ("SIGs") on basketball, bridge, dragon boat racing, water sports, football and golf. Through regular gatherings and participation in competitions, SIGs members not only improve their sports skills but also build team spirit and friendship with their fellow members.

Come join the SIGs. To enroll, please download the form here. For more details, please check out the Insitute's website.

Benefits & Discount Offers

Holiday and travel packages:

	London Promotion – Fly roundtrip to London for just HK$3,800 and up
	Angeles City, Philippines - 3 Days, 2 Night Package just HK$1,399 per person (twin sharing)
	Southeast Asia Super Offer - 2 or 3 Night Package just HK$1,388 and up
	Mediterranean Fly / Cruise Package - HK$12,900
and more...