| Standard setting
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| New recordings available for discussions on Exposure Draft General Presentation and Disclosures
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| Members may be interested in two discussions on the International Accounting Standards Board’s (IASB) Exposure Draft ED/2019/7 General Presentation and Disclosures. Members can submit their comments on the ED by 21 August.
IASB and EAA virtual seminar
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On 10 July, the International Accounting Standards Board (IASB) and the European Accounting Association (EAA) held a virtual research seminar, providing an overview of the exposure draft and relevant academic literature.
IASB webinar in Putonghua
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On 29 July, staff of the IASB will hold the third in a series of live webinars in Putonghua to cover the detailed proposals in the exposure draft for disaggregation, the analysis of operating expenses, and unusual income and expenses.
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| IASB’s third webcast on Request for Information: Comprehensive Review of the IFRS for SMEs Standard
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| The IASB has published the third in a series of webcasts about Request for Information: Comprehensive Review of the IFRS for SMEs Standard (RFI). The RFI seeks views on whether and how to align the IFRS for SMEs Standard with the full IFRSs. Members can submit comments on the RFI to the Institute by 11 Sept.
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| Deferral of effective date of amendments to IAS 1
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| In response to the COVID-19 pandemic, the IASB has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements. The deferral will provide companies with more time to implement any classification changes resulting from these amendments, which are now effective for annual reporting periods beginning on or after 1 January 2023. The Institute will issue equivalent amendments to HKAS 1 in August.
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| IAASB webinar
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| Register for the webinar on 13 August where the International Auditing and Assurance Standards Board (IAASB) ISA 600 Task Force will answer questions on the recently released Exposure Draft Proposed ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs.
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| Invitation to comment
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| The Institute is seeking comments on:
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Exposure Draft Practice Note 860.1 (Revised) The Audit of Retirement Schemes by 31 July.
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Exposure Draft Practice Note 810.2 (Revised) The Duties of the Auditor of an Insurer authorized under the Insurance Ordinance by 3 August.
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Exposure Draft ISA 600 (Revised) Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs by 14 August.
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| Institute submission
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| The Institute has submitted comments on the IAASB's Proposed Non-Authoritative Guidance, Extended External Reporting Assurance
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| Auditing and Assurance Standards Committee Meeting Minutes
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| Minutes of the 383rd meeting is now available.
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| AICPA releases non-authoritative guidance on auditing digital assets
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| The Association of International Certified Public Accountants (AICPA) has updated its free practice aid, Accounting for and auditing of digital asset, to provide non-authoritative guidance to auditors in assessing whether to accept or continue audit engagements that involve digital assets.
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| Invitation to comment
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| The Institute is seeking comments on:
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Exposure Draft Code of Ethics for Professional Accountants – Chapter G Section 100 Professional Ethics Relevant to Anti-Money Laundering and Counter-Terrorist Financing Compliance for Accounting Professionals by 28 August.
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| Institute’s Ethics Committee Meeting Minutes
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| Minutes of the 243rd meeting is now available.
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| Illustrative examples on referral fees
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| The Institute has published illustrative examples to illustrate the application of and key considerations for practising members in payment of commission/referral fee under Section 900.13, Chapter C of the Code of Ethics for Professional Accountants.
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| lFAC Exploring the IESBA Code 7: Inducements
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| The exchange of gifts and hospitality can be an important factor in building and strengthening business relationships, but can threaten a professional accountant's ability to be objective and act with integrity. This seventh instalment of Exploring the IESBA Code addresses inducements and how to deal with them for compliance with the Code.
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