Issue no. 56
(20 May 2005)
    Dear Members/Member Practices,
In this issue
Exam Paper Exemption with CICPA

Sir David Tweedie in Hong Kong

Amendments to IFRS 1 & 6
Update Your Technical Knowledge at TUE
Upcoming CPD Activities
For Your Information
Exam Paper Exemption with CICPA
ack in August 2004, the Institute witnessed in Beijing the signing of a landmark agreement on mutual examination
paper exemptions for Mainland and Hong Kong CPAs (Please click here to see the press release about the agreement). Yesterday (19 May), the Institute and the Chinese Institute of CPAs signed an agreement to formally state how the exemptions are implemented, which is the final stage of the process.
The Hong Kong Institute of CPAs is the only body that shares exemptions with CICPA, which is proof of the strengthening ties between the two institutes. Please click here for the application procedures and form for exemption.

Sir David Tweedie to Speak at the Institute's New Forum
eginning on 9 June, the Hong Kong Institute of CPAs is starting regular Financial Reporting Standards Forums to collect and
exchange views with major stakeholders in the financial reporting supply chain. The Inaugural Forum and Roundtable Luncheon will feature IASB Chairman Sir David Tweedie - known as the "world's most influential accountant" - as the keynote speaker. Please click here for more details and to register.

Proposed Amendments to IFRS 1 and 6

he Institute has issued an Invitation to Comment on the IASB Exposure Draft on Proposed Amendments to IFRS 6
Exploration for and Evaluation of Mineral Resources and IFRS 1 First-time Adoption of International Financial Reporting Standards. Comments are requested by 27 May 2005.
The IASB Exposure Draft aims to clarify that the exemption in IFRS 1 applies not only to comparative disclosures for IFRS 6, but also to the recognition and measurement requirements of IFRS 6 to the comparative period.

Update Your Technical Knowledge at TUE
he new series of Technical Update Evenings (TUE) starts at the end of May:
503: New Audit Risk Standards Introduce Risk-Based Audit Approach (30 May)
- 504: New Quality Control Standards for Auditors (14 June)
- 505: Revised Standard on Fraud Consideration (5 July)
- 506: 21 Replacement Hong Kong Auditing Standards (2 August)

Please click here for details of the programme and to register.

Upcoming CPD Activities

hese professional training programmes will update your skills and increase your knowledge in important areas:
The New PRC Enterprise Bankruptcy Law (26 May)
- Annual Taxation Update Conference (28 May)
- Working and Living in Mainland China (3 June)
- 中國外匯管理條例 (7 June)
- Trust Management and Administration (9 June)

Click here for more details.

For Your Information
IFAC is seeking a technical manager for its headquarters in New York to conduct project research with standard setters and IFAC member bodies around the world. Please click here for details.
- It's tax time! IRD is encouraging people to use its revamped e-filing service with more enhanced functions that make it more convenient to use. Click here to see the Commissioner of Inland Revenue's letter.
- In response to the invitation from the Government's Advisory Committee on HR Development in the Financial Services Sector, the Institute appeals to you to offer summer internship opportunities to university students. The universities' contacts can be obtained by clicking here.
- The Hong Kong Retirement Schemes Association (HKRSA) is organising a luncheon talk on sustainable and responsible investment on 8 June 2005.  Institute members will enjoy the same rate as the HKRSA members.  Please click here to download the flyer.

If you require any technical assistance on this transmission, please do not hesitate to contact any of the following staff:

  Telephone no. E-mail address
Mr. Andrew Wong 2287 7245
Mr. Tomas Chan 2287 7041
Ms. Vian Tai 2287 7224
Mr. Kelvin Chiu 2287 7096

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