Issue no. 96
(13 January 2006)
    Dear Members/Member Practices,
In this issue
Budget Proposals
CE Letters
CEO and CFO Forum
APlus
TUE 2006
New Audit Guidelines
IAASB ED
Board of Review
Reminder
Book Discount
Budget Proposals
A
t a press briefing yesterday, the Institute announced its proposals for the government
budget for 2006-07, calling on the Financial Secretary to ensure more clarity and certainty in Hong Kong's tax system. In its proposals, Clarity, Consistency, Certainty and Opportunity, the Institute asks for broadening the tax base and making Hong Kong more competitive. The press briefing was well attended by the media and is widely reported in today's newspapers. Click here for the press release and the proposals.
   
 

This Week's CE Letters to Members
To see the CE's letters this week:
(1) Reply to LegCo representative Mandy Tam's 11 Jan 06 letter about constitutional reform and her newsletter
(2) Reply to Individual members' questions about the government's proposed package of constitutional reforms
(3) Reply (in Chinese) to members' questions about the secretariat's move to Wu Chung House

CEO and CFO Forum
M
ore than 100 CEOs and CFOs discussed compliance with new financial reporting standards at the Institute's
roundtable luncheon this Wednesday. Keynote speaker, Vernon F. Moore (pictured), executive director of CITIC Pacific Ltd. and CITIC Hong Kong (Holdings) Ltd., shared his insights on the changing role of the CEO and CFO as a result of the new accounting standards. Watch for coverage in the next issue of A Plus.

A Plus this Month - Accounting Arbitration
T
he January issue of A Plus studies how accountants are taking on new work in arbitration, mediation and alternative dispute
resolution. The latest edition also features an interview with the Institute's new president, Paul Chan, on his hopes for the year ahead. See the copy sent to you this week or click here.

TUE 2006
C
ome and exchange views with the Institute's technical directors at the technical update evenings from January to
April, which will address issues relating to the audit of listed issuers, the new Code of Ethics, new accounting guidelines on merger accounting and other financial reporting matters. Please click here for more and to register.

New Guidelines for Auditors
T
he Institute has issued two new practice notes for auditors, including PN 730 Guidance for Auditors
Regarding Preliminary Announcements of Annual Results and PN 900 Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard. Please click here for the documents issued under Members' Handbook Update 24.

IAASB ED on Related Parties
T
he Institute has issued an Invitation to Comment on the IAASB Exposure Draft of ISA 550 (Revised) on Related Parties. The proposed standard seeks to extend
current practice by requiring the auditor to obtain an understanding of the nature and business rationale of an entity's related party relationships and transactions sufficient to identify, assess and respond to the risks of material misstatement resulting from them. Click here to see the ED and let us have your comments by 10 April.

Board of Review Invites Nominations
T
he Inland Revenue Board of Review is inviting nominations from the Institute for membership of the board. Interested parties should forward nomination details
to John Tang, the Institute's assistant director of specialist practices, by 27 January, including the nominee's curriculum vitae and the name and contact details of the firm for which the nominee is working. For more information, please refer to the circular sent to member firms.

Reminder - Collect Your SMP Survey Report
T
he is the last call for you to collect your Report of Practice Management Benchmark Survey for SMPs at the Institute's counter on 4th floor of Lippo Centre
by presenting your survey collection coupon.

Book Discount for Members
M
embers can enjoy discount on a series of professional and regulatory titles published by Sweet & Maxwell Asia, which keep you abreast of the latest
legislative and regulatory changes. The deadline for the offer is 25 January. Please click here for more.

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. Anson Lok 2287 7041 anson@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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