News

Issue no. 192 (21 February 2008)

Dear Members / Member Practices,

Institute news

Working with FRC

The Institute and the Financial Reporting Council signed a memorandum of understanding on 20 Feb. to set out working arrangements between both parties in information sharing, standards interpretation and case referrals. Signing the agreement were FRC Chairman Sophia Kao and Institute President Albert Au (click photo to enlarge). +

Budget debriefing

The Secretary for Financial Services and the Treasury Professor K.C. Chan will speak on the government's budget in the Institute's annual budget debriefing seminar on 28 Feb. Other panel speakers are Past President Paul Chan and taxation committee Chairman David Southwood. Enrol now to reserve seats.

Goldies Club

The Goldies Club's breakfast gathering for retired partners and senior members in Feb. was over-subscribed. Please mark the date for the next gathering on 12 Mar. at the Hong Kong Club and watch for enrolment details.

May Moon financial tips in iMoney

Hong Kong Economic Times' iMoney has been running a series of articles featuring Institute members' experience in teaching children financial management and tips from the May Moon Money-Wise box set. The Institute is giving out 300 copies of the new Chinese box set to iMoney readers through a quiz and is offering members a special price of $30 until end of April. +

AGM minutes published

The minutes of the Institute's 35th annual general meeting held last December has been published. +

Other news in brief

	Team KFS won the championship and team PWC Bordeaux was the first runner-up of the CPA football competition 2007-08 on 17 Feb. +

	Professional accountants in business are invited to join two network gatherings on Thursday evenings of 28 Feb. and 27 Mar. +

	Join the ranks of over 1,000 authorized employers and 1,600 supervisors to attract top-notch QP candidates to your company. +

	Subscription to the Accounting Yearbook of China 2007 and The Chinese Certified Public Accountant is now open. +

	Deloitte, Po Leung Kuk and Urban Renewal Authority are looking for CPAs. Click here for details and register your resume at CPA Source to receive a welcome gift.

Business news

FBI probes subprime

The U.S. Securities and Exchange Commission has teamed up with the Federal Bureau of Investigation to investigate more than three dozen subprime cases to determine any criminal breaches behind the crisis, AccountancyAge.com reports. +

Tech update

	The Institute comments on two IAASB exposure drafts about ISA 505 External Confirmations and ISA 620 Using the Work of an Auditor's Expert.

	Subprime and credit crunch - The Institute's standard setting department has prepared a technical Q&A on financial reporting and auditing issues. +

PwC has published FAQs on the application of HKFRS 7 Financial Instruments: Disclosures. +

CPD

	Members are reminded to achieve a total of 120 CPD hours of which at least 60 hours should be verifiable over the three-year period ending 30 Nov. this year (the first three-year rolling period started on 1 Dec 2005). Click here for a wide range of learning activities to catch up on your verifiable hours.

	Members get special rate for the Hong Kong Institute of Directors' conference on 9 Apr., which will be officiated by the Chief Executive Donald Tsang. +

	Members enjoy 10% discount for the HKU SPACE's Executive Diploma in Corporate Environmental Accounting. +

French defies EU audit rules

The French accounting regulator has refused to bring its audit rules into line with EU law despite top firms' complaints about restrictions on advisory and assurance services, Accountancy Age.com reports. +

Jihad on accountants

A man who encouraged terror attacks on accounting bodies in the U.K. after failing professional exams has been jailed for two years, BBC reports. +


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