Issue no. 159 (15 June 2007)
Dear Members / Member Practices,
 
  Institute news
HKSAR 10th anniversary event for members
You are invited to the Hong Kong Coalition of Professional Services forum and dinner supported by the Institute and nine other professional bodies on 12 July to mark the 10th anniversary of the HKSAR establishment. Over 300 mainland and Hong Kong CPAs and other professionals are expected to attend the event (conducted in Putonghua). Institute members get six CPD hours from the forum and are allocated 30 seats so please book early to avoid disappointment. +
Five-day week
The Institute will adopt five-day working week for the secretariat effective 1 July. The secretariat will extend working hours to 6 p.m. on Monday to Thursday and the reception counter and library will remain open on Saturday morning, so there is no reduction in service. Click here for more details of our new operating hours.
TV campaigns
The new TV campaign featuring success stories of our members in business and life is being broadcast on Jade and Pearl. Click here to see the ads and broadcast times and try your hand at the quiz.  
David Eldon interview
  The June issue of A Plus profiles top banker David Eldon, ex-HSBC chairman, now a consultant to PwC. Racing commentator and CPA Apollo Ng talks about his passion for horse racing. Click here for the main story and see your copy for more.
Italian delegation  
Institute CE receiving
souvenir from Italian visitor.
The Institute received 22 delegates from two IFAC member bodies from Italy, Consiglio Nazionale dei Dottori Commercialisti and Consiglio Nazionale dei Ragionieri e Periti Commerciali on 8 June. Top executives from the Italian Trade Commission also joined the visit.  
Welcome gift for members Come visit the affinity credit card promotion booth on the 27/F, Wu Chung House on 20 June at 5:30 p.m. - 8:30 p.m. Members applying on the spot will obtain a welcome gift. Enquiry: Florence Ng at 2287-7055.
Race the dragon
Tuen Ng festival is next week. Come cheer the Institute's dragon boat teams at the Discovery Bay race (19 June) and the Hong Kong International Dragon Boat races in Tsimshatsui (23 & 24 June). +  
Clarification
In respect of the reference made by the Institute in its e-circular (1 June 07) to the SCMP.com report about "Moores Rowland Mazars union ends" under the section "Business and professional news," Mazars has pointed out that the number of persons who joined Mazars CPA Ltd. quoted in the SCMP.com report is factually incorrect; out of the 260 partners and staff of the former Moores Rowland Mazars, over 170 (not 100 as quoted) have joined Mazars.
 
  CPD
Your views on Revised Statement 1.500

The Institute is seeking comments on proposed revisions to Statement 1.500 CPD. The due date for comments is 31 July 2007. Click here for a summary of the revised requirements for your continuing professional development.
 
  Business news
HKEx expedites listings process

HKEx will let its internal executives vet new listings in order to be in line with international practice. The scheme will first be tested in the Growth Enterprise Market before extending to the Main Board, SCMP.com reports. +
Red-chip return

The Chinese securities regulator is drawing up new rules to open door for more than 20 Hong Kong-listed red chips to list back on mainland bourses, according to China Daily. +
No capital gains tax

China has no plans to impose a capital gains tax although there is speculation that the government will implement such a measure to cool the capital markets, GOV.cn reports. +

Stressed in China

Mainland business leaders are the most stressed in the world as they keep pace with market growth. Hong Kong takes seventh and Sweden enjoys the lowest stress level, according to a recent Grant Thornton survey. +
Executive pay details

U.S. shareholders demanding companies disclose high executive pay details will have a new tool for pressing their case thanks to a new government rule, The Standard reports. +
Japan serious about financial fraud

Japan will increase fines for accounting fraud, insider trading and other violations of securities laws following a series of high-profile scandals, Taiwan News Online reports. +
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  Telephone E-mail address
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Disclaimer: "Business news" section
The "Business news" section contains information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.

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