Issue no. 109
(19 May 2006)
 

Dear Members / Member Practices,

 
China impact
Click photo to see more.
hinese companies seeking capital and its huge inbound investment opportunities are shaping the world's capital markets, according to speakers at the "China and Global Capital Markets" conference on 11-12 May. They say China's convergence with international standards will help meet the challenges while regulators worldwide will continue their vigilance. Click here for the keynote speeches.
Click photo to see more.

China accounting standards converge
he Institute signed a joint statement with the China Accounting Standards Committee on 12 May, announcing that China's accounting standards have substantially converged with HKFRSs and IFRSs. The news drew wide media coverage.
Signing of joint statement.

Convergence is important for investors, with witness to the signing HKEx chief executive Paul Chow saying it will benefit cross-border listings. Click here for the statement and press release.

Wang Jun's speech:
Click here for the speech of the PRC vice minister of finance at the dinner reception about standards convergence.

Research: The importance of China's convergence is echoed by a recent research by the ICAEW, showing that fund managers in Hong Kong and China rely heavily on audited financial statements in making investment decisions. Click here for the summary findings.


Global Accounting Alliance
ong Kong accountants have become a member of an elite global group, the Institute and ICAEW announced on 11 May. The Global Accounting Alliance (GAA), founded by the two Institutes and seven other accounting bodies in the world's leading markets represents more than 700,000 accountants. The alliance will use its strength to advocate for the profession. Click here for the press release.

China M&A symposium - Last call
his is the last call for the symposium on China's mergers and acquisitions on 26 May organised by the Institute and Hong Kong Polytechnic University. Expert speakers from the Guangdong State-owned Assets Supervision and Administration Commission, merchant and investment banks, fund management and law firms, and mainland and local accounting practices, will speak on the topic. Click here to enrol by 20 May.

Bridge tournament
ome meet the challenge of a card game on contract bridge! The annual CPA Bridge Tournament is scheduled for 17 June for members and registered students. Click here to enrol now.
IFAC leadership update
Click here for an update from IFAC on developments in public interest oversight, standard setting and efforts to support professional accountants in business, SMPs and developing nations.
AAT career opportunity
The Hong Kong Institute of Accredited Accounting Technicians is looking for an education and training manager to support its examinations and CPD functions.
Reminder

Hurry if you wish to take the 2006 PRC CPA Uniform Examination in Hong Kong this September. Enrolment closes on 20 May.

The Institute's China Desk located at the Guangzhou Institute of CPAs provides free advisory services on PRC accounting, taxation, customs, investment opportunities, charges, trade and commerce issues.

For your information

Institute members get a 10 percent discount for the IOSCO annual conference on 5-8 June at the HKCEC. The Institute is the sponsor of the panel on IFRS - Initial Experiences on 7 June. Click here for the registration form.

IFAC is looking for a technical manager to support its International Auditing and Assurance Standards Board.
Learn more about the business opportunities in Qingdao («C®q) at the Qingdao Municipal Government conference on 1 June in Hong Kong.
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