Issue no. 83
(12 October 2005)
    Dear Members/Member Practices,
In this issue
Policy Address
New Requirements
A Plus
Practical Experience Updates
IIG Seminars
CPA Survey 2005
For Your Information
Institute Comments on Policy Address
he Hong Kong Institute of CPAs issued a press release today in reaction to the Hong Kong SAR Chief Executive's Policy
Address, noting that the Institute welcomes many of the government's initiatives and more involvement for statutory bodies in government.
Click here to see the release and here for the Policy Address.

Great Sponsorship Packages for PlayStreet
he whole Chater Road will become a play street again this December when the Hong Kong
Institute of CPAs and Playright Children's Play Association co-host a colourful family day V PlayStreet 2005 (}_IC). The event builds on the success of PlayStreet 2004, which attracted more than 10,000 people. Click here to feel the fun and excitement of the event last year.
Great sponsorship packages are now open for interested parties, who in return will receive prominent publicity before, on and after the event day. You can be a sponsor of a designated zone, the wishing tree, 3-D maze, or happy stones. Click here for more.

New Requirements on Registration and Practising Matters
he Institute has drawn up a list of criteria for evaluating whether a membership applicant is a fit and proper person to be a CPA, which is one of the admission
requirements under the Professional Accountants Ordinance. Character referees of prospective members are now required to refer to these criteria when giving their opinion.
Under the PAO, a practising certificate shall not be issued to an applicant unless he or she satisfies the Council that he or she is ordinarily resident in Hong Kong. The Institute has expanded the conditions for deeming a person as ordinarily resident in Hong Kong to cater to applicants' circumstances and existing PC holders who are stationed or spending lots of time in the Mainland. Click here for more (see Section 1).

A Plus this Month V CPA Survey
he October issue of A Plus features findings of CPA Survey 2005, comparing the opinions of accountants in practice
and in business in ways that may surprise you. It also studies the pull from China which is the biggest factor behind the shortage of accountants in Hong Kong.
Click here for more or refer to your copy.

Practical Experience Updates
PA Australia members who have three years' membership with CPAA are now eligible to register as authorised supervisors or counsellors of an authorised
employer subject to their fulfillment of the Institute's membership requirements. Please refer to the AE/AS application forms (Form AEMP and Form ASUP) for details.

Insolvency Interest Group Seminars
he Institute's Insolvency Interest Group is organising a lunch seminar on 19 October, with The Hon. Madam Justice Susan Kwan, judge of the Court of First
Instance, High Court who will talk about statutory derivative action.
Another seminar organised by the IIG on corporate restructuring, mergers and acquisition and liquidation under the 9th Beijing-Hong Kong Economic Co-operation Symposium will be held on 1 November in Beijing.

CPAs are in Great Demand
hortage of professional staff is the biggest issue of concern facing the accounting
profession in Hong Kong. According to the CPA Survey 2005, this phenomenon and the high turnover of staff were the most commonly cited concerns. The next most pressing issues were long working hours, poor language skills, the need to increase accounting knowledge of PRC and other countries, and the change in accounting standards in complexity and frequency.

For Your Information
The XBRL Preparatory Working Group is conducting a study on the business and regulatory reporting environment in Hong Kong to understand the whole financial information supply and demand chain. It will take you no more than 20 minutes to complete the survey.
The Institute of Chartered Accountants in England and Wales is proposing to integrate with the Chartered Institute of Public Finance and Accountancy. If you are an ICAEW member, your vote counts and will make a difference. Click here to show your stand.

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
Mr. Anson Lok 2287 7041
Ms. Vian Tai 2287 7224
Mr. Kelvin Chiu 2287 7096

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