News

Issue no. 233 (5 December 2008)

Dear Members / Member Practices,

Institute and accounting news

A Plus - Financial meltdown (part two)The December issue of A Plus studies what the financial crisis will bring for the accounting profession, reports on how accounting leaders defend fair value rules, and interviews Deloitte's new CEO Chris Lu. Click here for the main story and refer to your copy coming soon.

Annual dinner

Around 600 members and guests attended the annual dinner on 3 Dec., where they heard remarks from guest of honour Secretary for Financial Services and the Treasury Professor K.C. Chan. The theme was "Successes along Memory Lane" and guests dressed to the theme by wearing clothes from the 70s.

Click photo to enlarge and watch for more next week

Money secrets of children - Documentary

To show how our accountant ambassadors are helping children become financially savvy, a documentary called "The Money Secrets of Children" premiered at the annual dinner. Children told their imaginative stories about money and teachers said how they were inspired by the Institute's "Rich Kid, Poor Kid" programme. +

Renew your membership now

Remember to file your CPD declaration and pay membership dues by 15 Dec. Your membership will be removed if you do not complete the renewal procedures. Check your status from the "Annual Renewal 2009" section on the website or call 2893-7600 or email renewal@hkicpa.org.hk for enquiries.

Goldies breakfast - SFC and subprime

The first Goldies Club's breakfast gathering in 2009 will be on 6 Jan. with Eddy Fong, chairman of the Securities and Futures Commission discussing the topic "After subprime - working more closely with the mainland." +

Financial reporting forum

The Institute is seeking comments on the IASB discussion paper on Preliminary Views on Financial Statement Presentation, which will have significant impact on preparers and users. The forum on 18 Dec. will outline proposed changes and implications. +

CFIG lunch seminar

The corporate finance interest group is organizing a luncheon seminar on financial instruments valuation on 15 Dec. +

Beijing cocktail reception

A cocktail reception was hosted by council on 24 Nov., at the Beijing Hong Kong Jockey Club Clubhouse. Over 80 guests - mainly Beijing city group members - attended. At the same occasion, a joint QP scholarship awards with CICPA were presented to five winners.

Click photo to see more

Member services

Young CPAs talk

Come join the talk on 13 Dec. to understand more about investment banking from George Hongchoy, managing director and head of DBS Asia Capital. +

Wine dinner

Another gathering for young CPAs is taking place on 12 Dec. about food and wine pairing. +

Cross-border match

Come cheer for the Institute's teams and those from the Guangzhou and Shenzhen institutes of CPAs at the friendly football matches on 6 Dec. (4:30 p.m. – 8:00 p.m.) and 7 Dec. (9:30 a.m. – 1:00 p.m.) at Tai Po Kwong Fok Park soccer pitch. Free coach transportation from Kowloon to Tai Po will be provided. +

Last call: CPA soccer

The annual CPA football competition will be held in January and February 2009. Enrolment closes on 12 Dec. +

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

Tech update

IASB's annual improvements project

The Institute generally supported IASB's proposed improvements to IFRSs except with some concerns on IAS 7 and IAS 39. +

Clarification on reclassification of financial assets

IASB has issued amendments to clarify the effective date and transition requirements on reclassification of financial assets. +

Alerts on going concern and liquidity risk

U.K. Financial Rerporting Council is alerting company directors to the corporate reporting challenges arising from the present economic conditions. +

IFRS checklist

Ernst & Young has published a checklist on preparation of financial statements in accordance with IFRSs. +

Click the tab above for the new issue of TechWatch.

CPD

Last call: Auditor's responsibilities

Here is the last call for registering for the seminar on 11 Dec. about HKSA 240 - The Auditor's Responsibilities to Consider Fraud in an Audit of Financial Statements. +

Seminar for NLP

Come join the seminar on neuro linguistic programming on 7 Jan., 30 Jan. or 16 Feb. Dr. Harry Wong, a seasoned trainer, will coach you for improving your mindset management and communication skills. +

Click the tab above for the new issue of CPD Online. To enrol in CPD programmes, please click here.

	International news

WaMu's 9,200 jobs to go

J.P. Morgan Chase says it will eliminate about 9,200 jobs at the former Washington Mutual, which had been the largest U.S. savings and loan bank before J.P.Morgan bought its assets arranged by U.S. regulators, Reuters reports. +

Britain's stimulus plan

The British government has announced a US$30 billion plan to stimulate the economy, including sales tax cut to 15 percent from 17.5 percent for 13 months and assistance to homeowners struggling with their mortgage payments, The New York Times report. +


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