Issue no. 57
(26 May 2005)		 www.hkicpa.org.hk change login id / password
    Dear Members/Member Practices,
In this issue
New Magazine to Debut Next Month

Survey on HKFRS Implementation

Inland Revenue Ordinance

Report on Review of Financial Statements
Improving Audit Resignation Letters
May issue of Hong Kong Accountant
Contract Bridge Tournament
Reminder
For Your Information
New Magazine to Debut Next Month
A
new magazine for members and registered students of the Hong Kong Institute of CPAs will make its debut next month. Called A Plus, the magazine will take
a brighter, fresher approach to the Institute's news and professional developments. This new magazine is meant to embody the Institute's brand promise and demonstrate how Hong Kong's CPAs are "the success ingredient." Look out for your copy in mid-June.
Survey on HKFRS Implementation
I
FRS and HKFRS fully converged on 1 January 2005. As your professional body, it is important for us to find out what you
think about these changes, their effects and what implementation measures your organisation has made. We are working with the Institute of Chartered Accountants in England & Wales (ICAEW) on a survey and next week, you'll receive a short, online questionnaire. Please take a few minutes to respond.
The results of the survey will be announced at the Institute's Financial Reporting Standards Inaugural Forum on 9 June 2005. To learn more about the Forum please click here.
Inland Revenue Ordinance
P
lease note that at its meeting on 11 May 2005, the Legislative Council passed a motion with no legislative effect in relation to the Inland Revenue Ordinance.
The wording of the motion was as follows:
"That, in order to further strengthen and expand Hong Kong's edge as an ideal place for investment in the international arena, this Council urges the Government to, under the principle of maintaining a simple tax regime with low tax rates, examine the specific issues relating to Hong Kong's taxation system and the implementation of the Inland Revenue Ordinance, with a view to enhancing Hong Kong's competitiveness and its attractiveness to international investors."
This is consistent with the view expressed by the Institute in its budget submissions and elsewhere that certain specific issues of tax policy and administration need to be addressed. To see these, please click here. Your comments on these issues are welcome at hkicpa@hkicpa.org.hk.
Institute Issues Report on Review of Financial Statements
T
he Professional Standards Monitoring Committee (PSMC) issued its operation report on last year's review of 152 sets of
financial statements of companies listed on The Stock Exchange of Hong Kong Limited. Please click here to read the full report and the press release. The PSMC conducted its review from a regulatory perspective this year, which is in line with the Institute's goal of keeping Hong Kong's accounting profession among the most respected in the world.
Ethics Statement Issued to Improve Audit Resignation Letters
T
he Institute has issued Professional Ethics Statement 1.207A – Change of Auditors of a Listed Issuer of The Stock Exchange of Hong Kong as final
statement after a one-month consultation. This Statement is effective for all Resignations or Terminations, which take place on or after 1 June 2005 . Please click here for details.
May Issue of The Hong Kong Accountant is Out

S
tudying gender issues, the May issue of The Hong Kong Accountant points out the growing representation and power of
women in the accounting profession. Experts indicate that women will soon be equally represented with men at the partnership level. Please click here to see the stories and an interview with the Institute's Chief Executive & Registrar, Winnie Cheung, on her own experience in scaling the heights.
Join the Contract Bridge Tournament
M
embers and registered students are invited to participate in the Institute's Team-of-Four Contract Bridge Tournament scheduled for 25 June. Please click here
to enrol before 15 June 2005.
Reminder
This is your last chance to enrol for the following events:

Technical Update Evenings (TUE) 503: New Audit Risk Standards Introduce Risk-Based Audit Approach on 30 May. Click here for more.
New Regulations on Foreign Invested Commercial Enterprises under CEPA and Current Investment Facilitation Policy on Mainland Private Enterprises to Hong Kong organised by the Institute and TDC on 7 June. Click here for more.
Workshops on PRC Accounting, Auditing, Taxation, Capital Markets and Corporate Governance, Saturdays from 18 June to 30 July. Click here for more.
For Your Information
Through the TDC, the Shandong Provincial Government is organising the 2005 (HK) Shandong Cooperation Projects Promotion Conference & Business Matching on 6 June. Please click here for more details.
The Advisory Services Group of the Corruption Prevention Department, ICAC, is providing free corruption prevention services to private organisations to strengthen their control systems against corruption and malpractice. Please click here for more details.
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. Andrew Wong 2287 7245 andrew@hkicpa.org.hk
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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