The Institute's chief executive Winnie Cheung on 10-11 July shared Hong Kong experience on IFRS convergence and SME financial reporting at a Beijing conference organized by the IASB and China Accounting Standards Committee, with representatives from the World Bank, the United Nations, the European Union and developing economies. Beijing has taken a lead role in promoting international convergence in accounting standards in emerging and transition economies. By obtaining agreement at this conference to establish a forum, this international exchange will now take place annually. Click here for the Ministry of Finance's press release.
Judicial review next week
The LegCo representative for the accounting constituency has filed a judicial review against the Institute for its decision to stop distributing her newsletter to members who have not asked for it. The case will be heard on 24-25 July and on the recommendation of the Institute's solicitors, a U.K. counsel will represent the Institute at the hearing.
Practice review
Early next week members will be receiving a letter from president Mark Fong about the revised practice review programme and the electronic questionnaire. Click here to see the letter.
Institute set to work with FRC
The opening for business of the Financial Reporting Council on 16 July wrapped up the accounting profession's regulatory reform package in Hong Kong and brings new strength to professional regulation and corporate governance, according to the Institute.
Professional celebration
Click photo to see more
More than 500 Hong Kong and mainland professionals gathered for the Hong Kong Coalition of Professional Services' forum and dinner on 12 July, with support from the Institute and nine other professional bodies. The new Chief Secretary for Administration Henry Tang and the new Financial Secretary John Tsang officiated at the 10th anniversary celebration.
For your information
Importing talent
The government has introduced the quality migrant admission scheme to attract mainland and overseas talent to settle in Hong Kong. +
Tech update
Handbook update
Check out the updated volume III of the members' handbook from update no. 42.
IFRS bound volume
The 2007 IFRS bound volume consolidates all IFRSs, IASs, IFRIC, SIC Interpretations and IASB supporting documents. Members enjoy a discounted price of $900 (saving $195). +
Business news
All eyes on hedge funds
The booming hedge fund business and its accompanying risks have drawn regulators' attention around the world. Hong Kong Monetary Authority chief Joseph Yam has been calling for more transparency in his weekly column, and the U.S. Congress is taking steps to increase scrutiny, according to China Daily.
Goldman hit by Chinese-language test
Mainland securities regulators new requirement on Chinese-language test for bankers has stunned Goldman Sachs, whose chief executive for their Beijing joint venture was replaced due to poor Chinese proficiency, SCMP reports. +
Better annual reports required
Mainland listed company are required to improve their annual reports by making them easier to read and consistent in data presentation, The Standard reports. +
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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