Issue no. 119
(4 August 2006)		  

Dear Members / Member Practices,

 
Funding the FRC
ollowing the passage of the Financial Reporting Council Ordinance and the consequential amendments to the Professional Accountants Ordinance, member practices who are listed entities auditors are required to contribute an annual levy for funding the FRC. Click here for the background paper.
Grand opening party
ore than 150 members and guests attended the Institute's new headquarters' grand opening cocktails on 28 July and visited the open house the following Saturday and Sunday. They toured the new member facilities including members' lounge, library, auditorium, training centre and meeting rooms. Click here to see the photo gallery.
Chief Executive & Registrar
Winnie Cheung introducing
the new member facilities.
Combating money laundering
he Institute has issued a technical bulletin about the legal requirements relating to anti-money laundering and anti-terrorist financing and the implications for accountants of the new recommendations by the international Financial Action Task Force on Money Laundering. Click here for more.
Celebrating National Day
he Institute is co-hosting the National Day celebration dinner with the Society of Chinese Accountants and Auditors on 19 September at JW Marriott hotel. Bring your guests, sponsor the event and donate lucky draw prizes.
IFAC SMP forum a hit
Institute hosts IFAC SMP global forum.
inety percent of respondents who participated in the July IFAC SMP global forum hosted by the Institute considered the forum "effective" to "very effective." Over 130 people from 35 countries came together to discuss SMPs and SMEs issues. Click here for the meeting summary.
IASB improves conceptual framework
Let us have your views on an IASB proposal that defines the objective of financial reporting and qualitative characteristics of decision-useful information. Click here for more.
Managing IT risk
The new series of the information technology risk management programme for accountants will begin on 16 September. Act now to acquire the IT skills you need as a business advisor. You will gain 60 CPD hours and may be eligible for reimbursement.
TechWatch No. 46
The latest issue of TechWatch features the Professional Standards Monitoring Committee's operations report, information paper on setting HKFRSs, handbook update 31 issuing the revised HKSQC 1 and revised HKSA 330 and invitations to respond to IASB consultations.
IRD revises DIPN 1
The Inland Revenue Department has revised DIPN 1 about the treatment of losses on long-term construction contacts. Click here for more.
Disney IT tour is full
The IT study tour to Hong Kong Disneyland on 26 August is fully subscribed. Thank you for your support.
For your information
Metro Radio is organising a free seminar on 12 August to discuss how SMEs should tap the China market under CEPA.
Members enjoy discount on a number of professional and regulatory publications by CCH Hong Kong before 25 August 2006.
The University of Hong Kong is organising a professional diploma in asset and business valuation for the booming IPO and M&A activities in Hong Kong and China.
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