Issue no. 104
(7 April 2006)

Dear Members / Member Practices,

Exercise your influence

ny views and suggestions regarding the profession? Talk to us at the

monthly gathering where Paul Chan, the Institute's president and Winnie Cheung, chief executive and registrar, will meet with you. The Institute is committed to improve communication with and services to members. Here are the tentative dates for the meetings which usually start at 6 p.m.:

23 May	29 Jun	27 Jul
28 Sep	26 Oct	28 Nov

Please email to meetthepresident@ hkicpa.org.hk to register your interest to attend the meetings and we will contact you later, or just contribute your opinion.

Push for liability reform continues

T
	he LegCo Panel on Administration of Justice and Legal Services
passed a motion of regret on the government's decision to suspend studies into professional liability reform for the remainder of the HKSAR Chief Executive, Donald Tsang's term.At a panel meeting on 27 March, the Institute's chief executive emphasized the urgent need for LLP legislation and proportionate liability reform that, she explained, was in the public interest, required to maintain Hong Kong's competitiveness, did not affect consumer rights, and could be introduced quickly by adopting the already available pro forma legislation provided by the Law Society and the Institute. She urged the government to form a multi-disciplinary working party to study the issue and come up with an appropriate solution for Hong Kong. Click here to see the transcript and here for the Institute's submission.

New rules help accountants working on IPOs

T
	he Institute has issued new standard and guidelines to assist
directors in preparing pro forma financial information in investment circulars and for reporting accountants in reporting on it under the Listing Rules. Hong Kong did not have a standard on the subject until now. Effective from 1 April 2006, the new standard ensures a high standard of work performed and consistency in reporting, and the new guidelines clarify the types of common adjustments in pro forma financial information.

IVA nominees reminded to submit reports

Members who have been appointed by the court as nominees in individual voluntary arrangements (IVA) are reminded to submit accounts and reports in accordance with the Rule 122Z of the Bankruptcy Rules (Cap. 6A). The Official Receiver's Office is urging practitioners to take immediate steps to report to the court were they have not yet done so. Click here for more

TechWatch 42

The latest issue of TechWatch features a summary of the budget speech, upcoming TUE and CPD activities, and an invitation to comment on an international pronouncement.

Members' Handbook

Click here for the Members' Handbook Update No. 28, which contains the new standard and guidelines in relation to IPOs and the Revised Guidance on Implementing HKFRS 4 Insurance Contracts.

Reminder

The six quality assurance workshops in early April are fully booked! Act fast to enrol for the re-run and obtain A guide to Quality Control, which will help you manage practice risks and map out quality control policies.

For your information
	Click here to enrol for a forum about the latest business and investment environment in Tianjin ( 天津 ) on 9 May.
	Institute members will get special discount of US$300 at the Sarbanes-Oxley 404 conference to be held on April 24-25 in Shanghai.
	Members will enjoy a special discount for the Hong Kong Institute of Chartered Secretaries' 7th annual corporate and regulatory update jointly organised with the SFC, HKEx and Official Receiver's Office on 10 April.

If you require any technical assistance on this transmission, please do not hesitate to contact any of the following staff:

	Telephone	E-mail address
Mr. Andrew Wong	2287 7245	andrew@hkicpa.org.hk
Mr. Anson Lok	2287 7041	anson@hkicpa.org.hk
Mr. Cyrus Ho	2287 7224	cyrus@hkicpa.org.hk
Mr. Kelvin Chiu	2287 7096	kelvin@hkicpa.org.hk

This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential and/or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views and opinions expressed in this email are those of the author and do not necessarily represent those of the Hong Kong Institute of Certified Public Accountants. The recipient should check this email and all attachments for the presence of virus. The Institute will not accept liability for any damage caused by any virus transmitted with this email.