News

Issue no. 184 (10 December 2007)

Dear Members / Member Practices,

Institute news

Mainland standards convergence

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The Institute signed joint statements with Mainland accounting and auditing standard setters on 6 Dec. on the convergence of Mainland and Hong Kong standards after a year-long comparison. The statements cut down capital market information barriers for listed Mainland companies and open the way to extend mutual examination paper exemptions to more subjects and wider membership. Two memoranda were signed on training cooperation. Click here for full details of the joint statements and the memoranda and here for the press release.

Dinner for decade of success

Hundreds of members participated in the annual dinner on 6 Dec. to celebrate the profession's decade of success after the establishment of the HKSAR. Guest of honour was Vice Minister of Finance Wang Jun. Click here for the slide show presented at the dinner and here for the speeches.

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Renew your membership now

The deadline for 2008 membership renewal is this Sat., 15 Dec. You can check your renewal status from the annual renewal 2008 section on the Institute's website, and remember to file your CPD declaration together with your membership renewal. For enquiries: call our hotline at 2893-7600 or email us at: renewal@hkicpa.org.hk.

World Accountancy Week

IFAC's World Accountancy Week (2-8 Dec.) dedicated to the 30th anniversary of IFAC, which conducted a global leadership survey as one of the events. Results for the Asia-Pacific region show leaders are optimistic about economic growth next year but concerned about the shortage of talent. IFAC also released a paper, Regulation of the Accountancy Profession, calling for the profession to be active in regulation of its members.

Interest group events
	The taxation interest group's forum on 13 Dec. will discuss electronic filing of tax returns. +

	The financial services interest group is organizing a lunch seminar on 17 Dec. about Hong Kong private equity. +

A case for disclosure

The Dec. issue of A Plus features the Institute's corporate governance awards, a review of 2007 and an interview with hospital chief and CPA Anthony Wu. Click here for the main story and refer to your copy coming soon.

Business news

EU called to accept GAAP

European Union commissioner is calling for eliminating the reconciliation requirement for American companies that list their stocks on European exchanges, CFO.com reports. +

Audit inspection criteria

Public Company Accounting Oversight Board in the U.S. has announced five criteria for countries it can fully rely on to oversee auditors of foreign issuers, according to AccountancyAge.com. +

NatWest three face jail

The three British bankers extradited to the U.S. on charges linked to Enron have admitted one wire fraud charge after a plea bargain, according to BBC News. +

Tech update

	The Institute has issued guidance for practising members on reporting charitable fund raising activities licensed under the Social Welfare Department. +

	The IASB's proposed standard for SMEs is too complex for small entities, according to the Institute's submission. +

	The Institute supports the IASB proposals about insurance contracts, which will bring fundamental changes to insurance accounting and focus on market measurement of insurance liabilities. +

	Members' handbook update no. 45 contains amendments relating to continuing professional development. +

	For more technical update, click the tab above for the newly published TechWatch.

CPD

	A workshop about audit and quality assurance requirements is taking place on 19 Jan. +

	Managers joining the workshop on 15 Dec. can learn the skills of effective leadership. +

	Members enjoy 10% discount for the internal audit diploma programme by HKU SPACE. +

	Members get 10% discount for the customer management workshop on 14-15 Jan. by Universial Network Intelligence. +

	Hong Kong Trade Development Council is organizing a CEO forum on 12 Dec. about Chinese enterprises growth. +

For more CPD programmes, click the tab above for the newly published CPD online.


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