Issue no. 49
(14 April 2005)		 www.hkicpa.org.hk change login id / password
    Dear Members/Member Practices,
In this issue
Nominations for By-elections

Secretariat Streamlines Structure

Beware False Advertising of Audit Services
Comments on IAASB EDs Invited
IFRIC Draft Interpretation on Reassessment of Embedded Derivatives
Last Chance to Register for CFO Forum
Auditing Update Conference and CPD Programmes
Workshops on PRC Taxation (Reminder)
PRC CPA Uniform Exam Open for Enrolment
Nominations for By-elections
he Election Committee Subsector By-elections are now open for nominations. There are two vacancies for the Accountancy Subsector, which has received
five nominations as of 13 April. It requires five registered voters from the accountancy sector to nominate a candidate who should also be a registered voter of the accountancy sector. The candidates will be elected on 1 May and will join the 800-member Election Committee, which elects Hong Kong's Chief Executive in July. Nominations will close on 15 April. Please go to www.elections.gov.hk for more details.
Secretariat Streamlines Structure

he Secretariat of the Hong Kong Institute of CPAs has gone through a series of organisational changes in recent months,
with the aim of streamlining its operations and improving member services.

The changes were announced by the Institute today and please click here to see the press release. This link also shows you the new organisational chart, which you can use to update your contacts at the Institute.

The re-organisation has created a few promotions and at the same time, several executive vacancies; please click here to see the job opportunities.

Beware False Advertising of Audit Services
ur members have recently pointed out several instances of false advertising by firms claiming they can provide audit and other services at a discount rate
when they are not qualified practising CPAs.

Under section 42 of the Professional Accountants Ordinance, a person commits a criminal offence if he or she, not being a member of the Hong Kong Institute of CPAs holding a practising certificate issued by the Institute, advertises or represents himself or herself as qualified to practise as a certified public accountant (practising).

Please send to the attention of the Chief Executive and Registrar, Ms. Winnie Cheung, any false advertising of this nature that you may encounter. The Institute intends to take tough action and will, with the help of members in collecting examples, report cases to the Commissioner of Police and the Consumer Council for action.

Comments on IAASB EDs Invited
he Institute has issued an Invitation to Comment on IAASB EDs of Proposed ISA 600 (Revised) "The Audit of Group Financial Statements" and Proposed ISA
260 (Revised) "The Auditor's Communication With Those Charged With Governance."

Please click here to see the details of the EDs. Comments are requested by 30 June 2005.

IFRIC Draft Interpretation on Reassessment of Embedded Derivatives
he International Financial Reporting Interpretations Committee (IFRIC) has released for public comment a Draft Interpretation: D15 Reassessment of
Embedded Derivatives. The Institute has issued an Invitation to Comment on this IFRIC Draft Interpretation with comments requested by 17 May 2005.

This Draft Interpretation proposes to address the issue of when an entity or a first time adopter of International Financial Reporting Standards should assess whether any embedded derivatives contained in a contract are required to be separated from the host contract and accounted for as derivatives under IAS 39 Financial Instruments: Recognition and Measurement.

Please click here for details.

Last Chance to Register for CFO Forum

his is your last chance to register for the CFO Forum on 19 April featuring Bill Connell, Chairman of the IFAC PAIB
Committee. Mr. Connell's topic, "Enterprise Governance and the Strategic Scorecard," is suitable for CEOs, CFOs, directors, financial controllers and managers. Please click here to see the details and enrol.
Auditing Update Conference and CPD Programmes
he Auditing Update Conference, scheduled for Saturday, 23 April, will help you better prepare for a complete new set of Auditing Standards, including:
New Audit Risk Standards (HKSAs 315, 330 and 500)
Revised Fraud Consideration Standard (HKSA 240)
New and Revised Quality Control Standards for Auditors (HKSQC 1 and HKSA 220)
Right now, 410 seats are booked (out of 500). Click here to see more details.

Upcoming CPD programmes:
Accounting Update Conference (7 May 2005)
Taxation Update Conference (28 May 2005)
Practice Note 820 – The audit of Licensed Corporations and Associated Entities of Intermediaries
Please click here to see the details and register.
Workshops on PRC Taxation (Reminder)
his popular 12-hour programme will be held every Saturday between 30 April and 21 May. Professors and lecturers from Hong Kong Polytechnic University will
give an overview of the Mainland tax issues. Please click here for details.
PRC CPA Uniform Exam Open for Enrolment
he 2005 PRC CPA Uniform Examination will be held on 16-18 this September. You can now enrol via the Institute and obtain the details from its website,
fax hotline (2528-9000) or service counter at Lippo Centre. Candidates enroling through the Institute can sit the exam at the Hong Kong centre, which has been established since 1999 for non-Mainland candidates. The deadline for enrolment is 30 April.
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  Telephone no. E-mail address
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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

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