With this issue, we continue to work on the evolution of the e-circular for members and students. This new design gives you valuable news stories about the profession from around the world. We welcome your feedback. (Note: the "+" symbol indicates the link for more information.)
AA e-newsletter published
The latest Accountant Ambassadors e-newsletter is now online. Click the tab above for more.
New bank guideline
The Hong Kong Monetary Authority has completed the introduction of a new public disclosure regime for banks to enhance their transparency. The requirements align with international best practice with contributions from the Institute's expert panel on banking. +
Expand your network
Come mingle with other members from different business sectors at an evening cocktail on 14 June. All members are welcome and admission is free. +
Bridge winners
Joseph Chan and John Wu are the champions of the CPA 2007 bridge tournament on 25 May. Click here to view photos.
Business and professional news
Moores Rowland Mazars union ends
The three-year marriage between Moores Rowland and Mazars in Hong Kong will end with one hundred staff going to work under Mazars and the remaining 90 staff joining Grant Thornton, SCMP.com reports. +
Building big Chinese firms
China will be establishing 10 international accounting firms in five to 10 years to help large local enterprises expand overseas, according to the Chinese Institute of CPAs. + (In Chinese)
Sarbanes-Oxley
U.S. regulators take another step to ease burden of Sarbanes-Oxley by issuing a set of guidelines on internal control for company management. +
XBRL
U.S. Securities and Exchange Commission is to formalize a new rule that requires all companies to report financial information in XBRL. +
Hong Kong is the third happiest place to pay taxes while China is the third among the world's most heavily taxed jurisdictions, according to the Forbes Tax Misery Index. +
Free CoBIT update
An updated version of the IT governance system, CoBIT, version 4.1 is available free from the IT Governance Institute. +
Tech Update
Related party disclosures
The Institute welcomes IASB's proposed amendments to IAS 24, which will eliminate disclosure requirements for entities that are related only because they are controlled or significantly influenced by the state. +
Your views on ISA 550
The comment due date on the proposed ISA 550 (revised and redrafted) on related parties is 15 June. Click here and voice your views.
Institute comments on ISAs
The Institute supports the revised and redrafted ISAs on accounting estimates and written representations but is concerned about the requirement that the auditor shall disclaim an opinion when relevant parties do not provide written representations. +
>> Click the tab TechWatch (May 07) above for more.
CPD
Anti-money laundering
Get to know your obligations in reporting suspicious transactions by attending the anti-money laundering seminars on 8 June (Chinese session on 15 June). +
CFOs and private equity
Last call to join a CPD luncheon on 8 June about what CFOs could learn from private equity. +
PRC financial reform
A look at the post WTO financial reform in China and its implication to treasury management, this seminar will take place on 20 June. +
Helping others help you
Learn how to help others produce the results you desire in the coaching clinic on 9 June. +
>> Click the tab CPD Online (May 07) above for more.
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The Institute welcomes IASB's proposed amendments to IAS 24, which will eliminate disclosure requirements for entities that are related only because they are controlled or significantly influenced by the state. 
>> Click the tab CPD Online (May 07) above for more. 