News

Issue no. 224 (3 October 2008)

Dear Members / Member Practices,

Institute and Hong Kong news

Institute comments on U.S. switching to IFRSInstitute's Chief Executive Winnie Cheung talks to SCMP about U.S. announcement for gradually embracing international standards, the differences between IFRS and U.S. GAAP, and what investors should beware of following this change. Click here for the podcast and here for the full audio interview.

Update your contacts for renewal

You will soon receive the annual renewal package for 2009 in mid-November and to ensure your contact details kept by the Institute are up to date, please check and update them if necessary by 31 Oct. +

Member's lounge opens

Member's lounge at the Institute's Wu Chung office will resume its catering service starting October. Sandwich, salad, coffee, tea and soft drinks will be offered from 8:30 a.m. to 6:30 p.m. Should you have any comments on the services, please email to the Institute's Frank Chan or call him at 2287-7300.

FRC seminar

The CEO of the Financial Reporting Council is going to talk on 20 Oct. about their experience to date in dealing with cases concerning auditing irregularities and non-compliance with relevant financial reporting requirements regarding financial statements of listed entities in Hong Kong. +

A Plus: mainland internal controls

The October issue of A Plus asks if mainland companies could survive the glare under the new internal control standard. Council member Doug Oxley explains how accredited accounting technicians shoulder important accounting work. See the main story here and look for your copy coming soon.

Economic course in Shanghai

A 4-day economic course will be organized in Shanghai by the Hong Kong Chamber of Commerce in China in collaboration with the Institute and other Shanghai authorities on 17-20 Oct. to study government structure, latest tax and labour laws, GEM and IPO issues. +

Cross-straits, Hong Kong and Macau conference

This annual event will be held in Taipei this year from 31 Oct. to 2 Nov. and the theme is corporate social responsibility. Admission is free so act fast to register and network with professionals from the mainland, Taiwan, Macau and Hong Kong. +

Member services

Tenpin bowling

Come join the Institute's team in the joint professional bowling competition on 2 Nov. +

Table tennis

CPA table tennis competition is taking place in this November. +

PAIB happy hour

This free happy hour gathering on 30 Oct. will let you mingle with professional accountants working in different business sectors. +

Click here to see the at-a-glance calendar for more member activities.

Bank bailouts come to Europe

Six European governments are collectively committing nearly $150 billion to rescue four troubled financial institutions including Britain's Bradford & Bingley, Belgium's Fortis, Germany's Hypo Real Estate Group, and Iceland's Glitnir Bank, BusinessWeek.com reports. +

Tech update

IFRS journey in insurance

Deloitte has published a report identifying top ten issues of converting to IFRS in the insurance industry. +

Updates on new HKFRS

KPMG has published the following financial reporting updates:

	HKFRS 3 Business combinations and related amendments to HKAS 27 Consolidated and separate financial statements. +

	Amendments to HKAS 32 and HKAS 1: Puttable financial instruments and obligations arising on liquidation. +

	HK(IFRIC) 15 Agreements for the construction of real estate. +

CPD

Leadership workshop

Don't miss the workshop on 8, 15 and 29 Nov. to boost your leadership skills to improve staff performance and retention, and earn 21 verifiable CPD hours. +

Member discount

You are entitled to 10% discount on the valuation for financial reporting seminar by Lexis Nexis on 15 Oct. +

Verifiable CPD hours

It is easier than you think to verify CPD requirements - for example, use your attendance records, certificates and exam results. Click here to plan for your CPD and here for FAQs.

CPD Online

Check out the new CPD online above for new courses including management skills (e-learning), professional development series and management accounting workshop.

To enrol in CPD programmes, please click here.

	International news

Bailout plan passes first hurdle

The U.S. Senate strongly endorsed the revised $700 billion economic bailout plan, leaving backers hopeful that the easy approval would lead to quick passage in the House, International Herald Tribune reports. +


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