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Standard setting
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Institute submissions
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The Institute has submitted comment letters on:
- International Accounting Standards Board (IASB) Request for Information Third Agenda Consultation
- IASB Exposure DraftED/2021/8 Initial Application of IFRS 17 and IFRS 9 – Comparative Information
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Invitation to comment
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The Institute is seeking comments on the IFRS Interpretations Committee tentative agenda decisions to not add two standard-setting projects to the work plan by 22 October.
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Institute workshops on HKFRS 17 Insurance Contracts
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The Institute will hold a series of face-to-face workshops in November for professionals who have acquired an understanding of the basic principles of HKFRS 17 Insurance Contracts and now wish to develop a working knowledge of the standard:
- 11 November: General insurance – Deep dive application: application examples of measurement models, contractual service margin (CSM) calculation, and expense allocation
- 12 November: General insurance – Reinsurance, presentation and disclosures , interaction with other standards, highlights of the June 2020 amendments, and practical insights
- 19 November: Life insurance – Deep dive application: application examples of measurement models, CSM calculation, expense allocation, and highlights of the June 2020 amendments
- 22 November (half day): Life insurance – Reinsurance, contract boundary, presentation and disclosures, and practical insights
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Institute roundtable on IASB Exposure Draft Subsidiaries without Public Accountability: Disclosures
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The Institute will hold a roundtable on 4 November on the IASB Exposure Draft Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to apply IFRSs with a reduced set of disclosure requirements. Members attending the roundtable will be entitled to up to 1 CPD hour. Members can also submit comments by 17 December.
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IASB investor perspective article
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In this investor perspectives article, Nick Anderson, an IASB board member, discusses the new approach to develop and draft disclosure requirements in IFRS as proposed in the IASB Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach. The pilot approach responds to investor demand for better quality information in the notes to financial statements. Members can submit comments to the Institute by 26 November.
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September 2021 IASB update
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The September IASB Update, highlighting the tentative decisions reached at the IASB monthly meeting, is now available.
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September IFRS Interpretations Committee update
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The September IFRS Interpretations Committee Update newsletter, summarizing the decisions reached by the committee, is now available.
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Speech by the IASB Chair
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Andreas Barckow, Chair of the IASB, delivered a speech at the World Standard-setters Virtual Conference. He reflected on his first three months in the role, discussed the IASB’s agenda in the upcoming years, and shared how the IASB could collaborate more with national standard setters.
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Invitation to comment
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The Institute is seeking comments on:
- Exposure Draft Practice Note 850 (Revised) Reporting on Flag Days, General Charitable Fund-Raising Activities and Solicitation of Signed Authorisation Forms Covered by Public Subscription Permits Issued by the Social Welfare Department by 23 October
- Exposure Draft Conforming Amendments to Other Standards and Pronouncements as a Result of HKSRS 4400 (Revised), Agreed-Upon Procedures Engagements by 27 October
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Proposed new standard for the audits of LCEs
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The Institute is also seeking comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (LCEs) by 31 December. Members may be interested in the following:
- Take part in the Institute’s survey, which highlights the key attributes of the exposure draft followed by yes/no questions
- Participate the Institute’s roundtable on 9 November to share views on the exposure draft. Members attending the roundtable will be entitled to up to 1 CPD hour
- IAASB LinkedIn livestreams
- An optional response template
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Virtual conference: Annual Auditing Update 2021: Enhancing Audit Quality Through Transformation
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At the conference on 30 October the speakers will provide the updates on IAASB projects on audits of group financial statements and audits of less complex entities, the key changes and requirements of the new quality management standards, cases from investigations and areas to enhance audit quality and professional scepticism, and an overview of sustainability reporting and addressing climate change.
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Updated quality management implementation guide
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The IAASB released an updated version of the first time implementation guide for International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements to provide further context and clarification to help stakeholders implement and evaluate its system of quality management.
The IAASB also released the first time implementation guide for ISQM 2, Engagement Quality Reviews in June 2021. The suite of quality management standards will come into effect on 15 December 2022.
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IAASB September board meeting
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The audio recording of the IAASB September board meeting is now available.
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Ethics case studies from the Institute
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Members of the Institute often face ethical scenarios during the course of their work. The Institute has published case studies adapting real-life cases involving breaches to the fundamental principles of the Code of Ethics for Professional Accountants by members. Through the case studies, members can draw from the experience of others and enhance their awareness of certain ethical topics.
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IESBA eNews
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The 3rd quarter, 2021 edition of the IESBA eNews is now available. It highlights various activities going on in and around the International Ethics Standards Board for Accountants (IESBA).
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