Issue no. 75
(25 Aug 2005)
    Dear Members/Member Practices,
In this issue
New Standard for SMEs
Survey on Accounting Profession
Insolvency Training
Annual Dinner
Institute Football Team
For Your Information
New Standard Caters for SMEs
Click to enlarge
fter five years of effort, this month the Institute issued the Financial Reporting Framework
and Standard for SMEs.The new Standard relieves SMEs from some complex financial reporting burdens while at the same time keeping enough information to satisfy users. Please see Update 17 to update your Members' Handbook. To coincide with the new Standard, the Institute is starting consultation on a related Exposure Draft of Proposed Auditing Practice Note 900.
The Institute announced the new Standard on 22 August at a press briefing hosted by Institute vice president and chairman of GAAP for Small Businesses Working Group Paul M.P. Chan, working group deputy chairman P.M. Kam, and executive director Stephen Chan. Please click here to see more.

Institute Survey Draws Support
early 20 percent of our members who were asked to help responded to the Institute's email survey on issues facing
the profession in Hong Kong. We are now analysing the data from this phenomenal response and will release the findings early next month.
Thanks to all those who contributed their valuable opinions and congratulations to the lucky draw winners.

CPA Day is Yours
ne year ago on 8 September, the Hong Kong Society of Accountants became the Hong Kong Institute of CPAs. To
mark the anniversary next month, we will run ads in English and Chinese media to feature CPA as the success ingredient in Hong Kong. You can play your part in this campaign by wearing your CPA pin all month, but especially on 8 September - CPA Day!
If you need to replace your pin, please call our service counter at 2287 7228 or write to us at

Insolvency Training is Here
ant to learn more about insolvency administration and related legal issues? Enrol now for the Institute's Introductory Insolvency Training Course scheduled
for this October, and gain 20 structured CPD hours.

Taste for a Dramatically Different Annual Dinner
he Institute's annual dinner will come earlier this year, on 14 October (Friday). Held in the brand
new Four Seasons Hotel, it promises to be an exhilaratingly exciting event where all members come together for food, wine, fun and fellowship. Mark your diary now and watch for the coming e-circulars about how to reserve your place.

Institute Football Team to Take Challenge
ome support the Institute's football team this Sunday at the All Professionals Super Cup,
which is the first of its kind amongst the ten professional bodies and hosted by the Hong Kong Coalition of Professional Services.
Enquiries: Yvonne Chew (2287 7057) or Florence Ng (2287 7055), Member Services Department of the Institute.

For Your Information
Dress casual on 30 September to raise funds for family and child welfare services in Hong Kong through the Community Chest. Your staff will get a Dress Casual Day sticker for wearing casual clothes if he or she donates over $50.
Hong Kong Retirement Schemes Association and the Actuarial Society of Hong Kong will co-organise a luncheon talk on "pension systems in a changing global context" on 14 September. Institute members will enjoy the same rate as the HKRSA members.

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  Telephone no. E-mail address
Mr. Andrew Wong 2287 7245
Mr. Anson Lok 2287 7041
Ms. Vian Tai 2287 7224
Mr. Kelvin Chiu 2287 7096

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