COVID-19 – CPA Information Centre

Member services

From 25 March, the counter on the 27th floor is open from 11:00 a.m. to 3:00 p.m. from Monday to Friday, and 9:00 a.m. to 12:00 noon on Saturday, while the library facilities will be closed.

All of our enquiry lines, including the technical enquiry facility offered by the Standard Setting Department, remain active. 

CPD workshops and sports and recreation events

After having assessed the developing COVID-19 situation, until further notice all face-to-face continuing professional development (CPD) workshops will be delivered as webinars, and all sports and recreation events are cancelled. Participants will receive further information via email.

Free e-Learning CPD courses

There are a selection of free e-learning CPD courses available for members and QP students. There are both verifiable and non-verifiable CPD programmes. The verifiable CPD courses are: 

• Leading and motivating a virtual team (archived webinar)
• Practical employment issues arising out of COVID-19 outbreak (archived webinar)
• The impact of COVID-19 on commercial contracts and points to consider in a business continuity plan (archived webinar)
• The Institute’s Members' Forum 2019
• Forum on Consultation on quality management for firms and engagements
• e-Finance course Corporate finance – Capital structure and liquidity
• Four 1-hour courses on improving revenues, technology for accountants, ethical issues and presenting data offered by accountingcpd.net

Non-verifiable CPD courses:

• Archived webinar valuing financial instruments offered by iiBV
• Key recommendations in the HKICPA report on improving corporate governance in Hong Kong (2017)

Practice review
Recent scheduled on site practice review visits have not taken place as we aim to minimize direct contact between people. Reviews are being undertaken at at the Institute’s office. We believe that we will be able to continue in this mode for the time being and will communicate any changes to affected practice units.

Complaint handling
We take great pride in the efficiency and fairness of our complaint handling process and discharge our duty to protect the public interest while respecting the interests of our members. To allow members involved in complaints to properly deal with enquiries and other related matters, our compliance team will consider requests for extension of deadlines on a case-by-case basis.

Institute’s messages

The Institute has sent members messages on the COVID-19 epidemic and the impact on its activities. The latest of which is below.

Technical support

• Financial Reporting, Auditing and Ethics Alert: Financial Reporting Implications of Coronavirus
• Financial Reporting, Auditing and Ethics Alert: Impact of Coronavirus Outbreak on Audits and Auditors
• Restructuring and Insolvency Faculty Executive Committee:  How to Manage Financial Distress – Advice for Business and Individuals (also available in Chinese)

Free access to International Standards

Members can access ICAEW’s International Standards for free. Containing world-class technical resources, practical guidance, and live and recorded webinars, International Standards offers relevant and detailed information on accounting, auditing and ethics standards. For access, members need to complete a short registration process.

Support Programme for attending CPD

The Institute’s Support Programme has long been offering 5% of the seats at face-to-face CPD events free of charge to members who are unemployed or who are not working and planning to rejoin the workforce.

In light of the continuing restrictions and the replacement of face-to-face events with webinars, the Support Programme has been extended to include webinars. Eligible events are indicated in the event list.

HKICPA Trust Fund

The HKICPA Trust Fund, provides assistance to members and their families experiencing financial hardship. Details can be found here.

We recognize the need for flexibility in the current situation and so have lifted the requirement to complete a full application form. Applications can be sent to the Secretary (hkicpa_trust@hkicpa.org.hk) with a brief outline of the circumstances. Applications will be considered on a case-by-case basis by the fund’s trustees, who may seek further information or a full application.

Advice on result announcement

• The Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited (HKEX) released a joint statement on 4 February in relation to the reporting requirements for results under the listing rules for listed companies on 16 March. 

Advice on general meetings

• The SFC and the HKEX released a joint statement on 1 April in relation to general meetings in light of the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation (Cap. 599G), providing guidance as to the impact of the regulation on corporate general meetings. The Hong Kong Institute of Chartered Secretaries has also released guidance on holding meetings.

Government services

• Companies Registry – Limited counter services for receiving documents delivered and collection of certificates for company incorporation, opening between 9:30 a.m. to 4:00 p.m. from Monday to Friday. Refer to the announcement for detailed arrangements.
• Inland Revenue Department – Suspended all of its services, except for the Central Enquiry Counter (only for enquiries relating to tax clearance for taxpayers leaving Hong Kong), Business Registration Office and Stamp Office. A general telephone enquiry service is also available through the enquiry hotline at 187 8088 from 9:00 a.m. to 12:30 p.m. and from 1:30 p.m. to 4:00 p.m., Monday to Friday. Refer to the announcements on 22 March and 28 March for detailed arrangements.
• The Judiciary – All court/tribunal hearings will generally be adjourned from 30 March to 13 April unless they are urgent and essential business as directed by the presiding Judge or Judicial Officer, court/tribunal registries and offices will generally also be closed during this period. Starting from 30 March, three Magistrates' Courts will operate from Monday to Friday (except public holidays). Refer to the announcement for detailed arrangements.
• Official Receiver's Office – All offices opening between 9:30 a.m. to 12:30 p.m. and 2:00 p.m. to 4:00 p.m. from Monday to Friday. Refer to the announcement for office hours and arrangements for specific public services.
  
  

Inland Revenue Department announcement of deadlines

On 30 March the Inland Revenue Department (IRD) announced various issuing and filing deadlines for the 2019/20 financial year.

• Electronic filing of Employer’s Return for year ending 31 March 2020:
  The IRD has issued Employer’s Return to the employers on 1 April requesting them to report income details of their employees.  Employers can file the returns via the IRD’s eTAX, traditional means or the IRD’s mixed mode service.
• Profits tax returns:
  The IRD will issue 2019/2020 profits tax returns to “active” companies on 4 May, around a month later than normal. Profits tax returns in unrepresented cases are due for filing within one month of issue. However, companies which are represented by authorized tax representatives will get extensions under the IRD’s block extension scheme.
  This year there are also special extensions available under the block extension scheme for companies with accounting date code “N” (i.e. those whose accounting year end dates falls within 1 April to 30 November 2019). For N-code companies represented by tax representatives, filings are due by 30 June.
  For unrepresented N-code companies that do not expect to be able to meet their one-month deadline  which means filing their returns by 3 June, they can request IRD in writing for an extension of time. Requests will be considered on a case-by-case basis.
• Country-by-country reporting notification deadline:
  The IRD will allow Hong Kong entities and their service providers to file country-by-country reporting (CbCR) notifications via the CbCR portal on or before 1 June for all accounting periods ending between 31 December 2019 and 29 February 2020.
• Individual tax returns:
  The IRD will issue 2019/2020 individual tax returns on 1 June, which is also around one month later than usual. Taxpayers are required to complete and send the tax returns back to the IRD on or before 30 June. Taxpayers who elect for electronic filing via eTAX receive an automatic one month extension.
  
  

On 4 April the IRD announced that deadlines for tax payments and lodgement of objections and holdover applications as well as submission of tax returns and information that fall between 23 March and 2 May are automatically extended to May 4.

The HKSAR government

• The HKSAR government’s COVID-19 Thematic Website, a one-stop platform for the local situation of the COVID-19 epidemic, including figures and dashboards relating to the epidemic, infection situation updates, government’s measures, health advice and guidance, as well as public services special arrangement updates.
• Information Services Department, latest news on the COVID-19 from news.gov.hk.

International bodies

• The International Auditing and Assurance Standards Board's COVID- 19 webpage.
• Alert – Staff Audit Practice Alert (March 2020) “Highlighting Areas of Focus in an Evolving Audit  Environment Due to the Impact of COVID-19” (from the International Auditing and Assurance Standards Board)
• Guidance - IFRS 9 and COVID-19 (from the International Accounting Standards Board)

Global Accounting Alliance members

• American Institute of Certified Public Accountants
• Chartered Accountants Australia and New Zealand
• Chartered Accountants Ireland
• Chartered Professional Accountants of Canada
• Institute of Chartered Accountants in England and Wale
• Institut der Wirtschaftsprüfer (in German)
• Institute of Chartered Accountants of Scotland
• Japanese Institute of Certified Public Accountants (in Japanese)
• South African Institute of Chartered Accountants

Accounting firms

• Article – Coronavirus Impact And Risk Response Guide (from BDO)
• Article – 10 Key Actions For Enterprises In An Epidemic (from Deloitte)
• Analysis – Turning Crisis Into Opportunity: Analysis On The Chinese Economy And Suggestion For Companies Amid The Coronavirus (from EY)
• Article – How The Coronavirus Outbreak Might Affect Your Business Contracts (from KPMG)
• Article – COVID-19: Four Essential Crisis Management Lessons (from PwC)

Law firms

• Article – Coronavirus Crisis Management Through Force Majeure – A Hong Kong Law Perspective (from Baker & McKenzie)
• Article – Novel Coronavirus: How The Government’s Latest Quarantine Arrangements Affect The Workplace, And How Employers Should Be Managing This Difficult Situation (from Deacons)

Others

• The Hong Kong General Chamber of Commerce’s Coronavirus Business Help Corner