News

Issue no. 231 (21 November 2008)

Dear Members / Member Practices,

Institute and accounting news

Accounting workshop for mediaThe Institute hosted a media workshop on 17 Nov. to talk about international accounting standards and their relation to the global financial crisis. More than 20 news editors and reporters attended to hear Marvin Cheung, trustee of the International Accounting Standards Committee Foundation and former president of the Institute, and Winnie Cheung, chief executive. Click here to see a summary of the coverage and here for the power-point presentation. Watch the December edition of A Plus for coverage of the subject.

National standard setters communique

National standard setters expressed support of global financial reporting standards in a letter to the IASB on 14 Nov. The Institute was one of 20 jurisdictions that signed the document. +

More exemptions for QP

Click photo to see more

QP qualified members can now join the chartered accountancy bodies of Australia, Scotland, New Zealand and South Africa without taking aptitude tests, following agreements signed last week in Rome between the Institute and those GAA partners. This brings the number of institutes granting such exemptions to five, including ICAEW.

IFAC elects new president

Robert Bunting from the United States has been elected the new president of IFAC. Last week in Rome, leaders of over 100 accounting organizations including the Institute, discussed the global financial crisis, convergence to global auditing and ethics standards, and the profession's role in sustainable development. The Institute was represented by Albert Au, president, Winnie Cheung, chief executive and Edward Chow, chairman of the IFAC Professional Accountants in Business Committee. Click here for IFAC's press release.

Annual meeting with IRD

The annual meeting with the IRD is taking place in February 2009 and you can propose items for the agenda. Click here for the suggestion form and here for details.

Last call: annual dinner

Act fast to reserve your seats at the annual dinner before the registration deadline next Monday. A special rate for your mentees at $680 each is now on offer so bring them to experience the Institute's flagship event on 3 Dec. +

Young CPAs talk

Young CPAs are invited to the talk on 13 Dec. to learn more about investment banking, of which George Hongchoy, council member and managing director and head of DBS Asia Capital is the speaker. +

Other events

	Members are invited to the London Stock Exchange listing conference and workshop on 26 Nov. at the Mandarin Oriental, Hong Kong. It is free and please pre-register. +

	LexisNexis is organizing a conference on 16 Dec. to analyze how opportunities brought by market turmoil can add value to your businesses. +

	International news

IFAC opposes fair value suspension

IFAC is strongly against what it sees as attempts to radically change or suspend the use of fair value accounting without proper due process, AccountancyAge.com reports. +

G20 on accounting

Heads of state at the recent G20 meeting endorse a single standard setter but demand better governance and ask standard setters to promote financial stability, AccountancyAge.com reports. Click here for G20 communique.

IFRS requires a soft touch

Financial statement preparers in the U.S. will require less technical training and more instruction on soft skills if American companies plan on moving to IFRS since IFRS emphasizes judgment, analysis and critical thinking, CFO.com reports. +

Tech update

Handbook update

Members' handbook update no. 56 contains amendments to HKAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged Items. +

Illustrative financial statements

PwC and Ernst & Young have published illustrative financial statements for the year ended 31 Dec.

Reclassification of financial assets

PwC has published HKFRS news on amendments to HKAS 39 and HKFRS 7 – Reclassification of Financial Assets. +

CPD

Last call: financial crisis impact

Here is your last chance to register for the seminar on 1 Dec. on global financial crisis impact on business. +

Work life balance

Come join the seminar on 15 Dec. to learn the five secrets of an effective life. +

CPD tips

While updating your CPD records in "My CPA" is a good way to track progress, you still need to submit an official CPD declaration form during membership renewal. Click here for FAQs.

To enrol in CPD programmes, please click here.

Member services

Wine dinner

Come join the wine dinner on 12 Dec. to understand food and wine pairing. +

CPA football

Annual CPA football competition will be held in January and February 2009. +

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

Mainland news

全國會計領軍培訓

全國會計領軍（後備）人才第三期聯合集中培訓於上月在北京舉行。+

小型企業審計底稿指南

由中注協組織專家編寫的《小型企業財務報表審計工作底稿編制指南》經已出版。+


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