Issue no. 163 (13 July 2007)
Dear Members / Member Practices,
 
  Institute news
Does your corporate governance measure up?
Entries to the Institute's Best Corporate Governance Disclosure Awards 2007 opened on 10 July for listed companies and public sector bodies. The announcement of the prestigious awards garnered more than a dozen news stories this week. +
FRC panel members appointed

The government announced this week that it appointed six convenors and 29 panel members under section 39(1) and 39(2) of the FRC Ordinances. Three panel convenors and 23 panel members are Institute members, underscoring the importance of the profession in the new regulatory regime. Click here to view the full list of appointment.
Guide to financial management
The Institute has published A Guide on Clean and Effective Financial Management with ICAC and the Home Affairs Department incorporating the changes under the Building Management (Amendment) Ordinance 2007, which will come into effect from 1 August 2007. The guide is free to download and hardcopy is available from the Home Affairs Department. +
JP appointment
Immediate past president Paul Chan has been recognized for his contribution to public service by the government and was appointed as justice of the peace on 1 July.
Go yachting
  Learn a new sport this summer. The sailing group is organizing introductory and advanced yachting courses between August and November. +
Hot jobs
Hong Kong Science and Technology Parks is looking for a CFO. Wing Hang Bank, Housing Authority, Pan Hong Investment, HSH Nordbank, Amcor, Topman Holding and many CPA firms are looking for candidates. Check out CPA Source for details. +
 
  Business news
Mainland mulls scrapping interest tax

China is considering suspending a 20 percent tax on interest on bank deposit savings, which is seen as another measure to cool the stock markets because it will slow funds flowing into stocks, RTHK Online News reports. +

 
  For your information
Shanghai opportunities

Explore cooperation opportunities in Shanghai under CEPA by joining the Hong Kong Productivity Council's forum on 1 August. +
 
  Tech update
Reporting guidance
The Institute has issued a circular for practising members on reporting gross fee income under Rule 8 of the Solicitors (Professional Indemnity) Rules. +
Comments on CO rewrite
The government's rewrite of the accounting and auditing provisions of the Companies Ordinance will provide Hong Kong with a modernized legal infrastructure, according to the Institute's submission. +
Comments on "going concern"
The Institute supports the IAASB's redrafting of the ISA 570 Going Concern and agrees that the objective to be achieved by the auditor, as stated in the proposed redrafted ISA, is appropriate. +
 
  Business news
U.K. contingency plan

The Institute of Chartered Accountants of Scotland has called for setting up a clearing house for qualified auditors as a safety net should one of the Big Four firms drop out of the U.K. audit market, The Herald reports. +
U.S. accounting complaints

The former CFO and other ConAgra Foods executives have been accused by the U.S. Securities and Exchange Commission of aiding improper accounting practices, which led to swelling profit statements, Quote.com reports. +

Hong Kong on millionaire fast track

The number of millionaires (in US$) in Hong Kong rose by 12.2 percent last year, with more than 86,000 people with at least US$1 million in financial assets. The Merrill Lynch's survey says Hong Kong was among the world's 10 fastest growing millionaire markets, The Standard reports. +

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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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