Issue no. 161 (28 June 2007)
Dear Members / Member Practices,
 
  Institute news
Last call to 10th anniversary event
The new Chief Secretary for Administration Henry Tang and Financial Secretary John Tsang will be the guests of honour at the Hong Kong Coalition of Professional Services' forum and dinner on 12 July. The event is supported by the Institute and nine other professional bodies including architects, doctors, engineers, lawyers and surveyors etc. It marks the 10th anniversary of the HKSAR establishment. Act fast to register as few seats remain.

U.K. FRC chief visit
The U.K. Financial Reporting Council CEO Paul Boyle visited the Institute on 22 June and talked to members about audit regulation. Council member Thomas Wong (left) presents a souvenir to Paul Boyle. Click here to see more photos and order the handout.  

Professional interest groups events
The financial services interest group is organizing a lunch seminar on 24 July with Hong Kong Monetary Authority's senior executives to talk about Basel II.
The property, infrastructure and construction interest group previewed the KCRC Lok Ma Chau station on 23 June.
The taxation interest group welcomes you to become a member for 2007-08 and to join its lunch and evening forums, networking events and online chatroom facility.

Facts about IFAC
  Do you know IFAC only had two full time professional staff when it started its operation at the American Institute of CPAs office in 1977? Now IFAC has its own New York headquarters and employs about 40 full time staff around the world.
 
N.B. This IFAC facts series will run in upcoming months to commemorate the 30th anniversary of IFAC this year. IFAC will celebrate World Accountancy Week 2-8 Dec 07.

Dragon boat competition
Click here to see photos of the Institute's team at the Hong Kong International Dragon Boat Races on 24 June. The team raced to the final round and finished in 1:25.98. Good job!  
 
  Business news
EU will accept China accounting standards

The European Commission has set a timetable to approve China accounting standards equivalent to IFRSs so that Chinese companies listed on European bourses will have no need to change their annual financial reports. China.org.cn reports. +


U.S. KPMG tax fraud

Twelve former U.S. KPMG partners may have the tax-shelter charges against them dismissed. The Standard reports. +


PwC Russia woes

PwC's audit dilemma in Russia is aggravated as the firm decided to withdraw nine years of audit work in the bankrupt Russian oil company Yukos after discovering new information, according to Russian News & Information Agency. +

 
  Institute highlight
Five-day week starting July

The Institute's secretariat will adopt a five-day week effective 1 July. The reception counter and library will remain open on Saturday morning, so there is no reduction in service. Click here for details of our new operating hours.

 
  Tech update
New audit practice manual
This new audit practice manual comprises a CD-ROM with Excel-based audit programme templates and company accounts disclosure checklist based on the SME financial reporting standards. Click here to subscribe and enrol in the free workshop.

Handbook update 41
Members' Handbook has been updated with the latest Professional Accountants Ordinance and revised HKAS 23 Borrowing Costs. Click here for details.
 
  CPD
Annual taxation update

Don't miss this important annual taxation update conference on 14 July. Speakers are senior partners of accounting and law firms. +

 
  For your information
Finance meets environment

The Business Environment Council is organizing a seminar on 18 July to study the latest trends in sustainable finance.


Summer internship

Member firms are invited to offer summer placements to business students of Hong Kong Institute of Vocational Education (Kwun Tong) for four to 12 weeks. Contact Lilian Chow at 2727-9406 for details.

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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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