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Standard setting
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Invitation to comment
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The Institute is seeking comments on a tentative agenda decision published by the IFRS Interpretations Committee on Principal versus Agent: Software Reseller IFRS 15 by 3 January 2022.
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Webinars on financial reporting
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HKFRS 17 Insurance Contracts – Measurement models
This lunch webinar on 14 January 2022 will cover the various measurement models in HKFRS 17 Insurance Contracts with a focus on (i) the main features of each measurement model, (ii) when to apply each model, and (iii) the main differences and similarities between the models – all illustrated with practical examples. Some basic concepts like contract boundaries and level of aggregation will also be discussed.
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Year-end financial reporting reminders for 2021
In this evening webinar on 14 January 2022, speakers will share their insights on common application issues that warrant specific attention for 2021 financial statements. They will also highlight new and amended Hong Kong Financial Reporting Standards (HKFRS) that are effective for 2021, and amendments to HKFRS that have been issued in 2021 but are not yet effective.
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Speech by IASB Chairman
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Andreas Barckow, Chair of the International Accounting Standards Board (IASB), delivered a speech on 7 December in which he outlined the IASB’s immediate and future priorities, talked about the growing importance of sustainability issues in financial reporting and shared his views on convergence with the Financial Accounting Standards Board.
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November IFRS Interpretations Committee Update
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The IFRS Interpretations Committee Update provides a summary of discussions at its November meeting. Topics discussed include principal versus agent: software resellers, economic benefits from use of a windfarm and negative low emission vehicle credits.
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IASB investor perspective article
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The IASB Investor Update includes an interview with Anthony Scilipoti, President & CEO of Veritas Investment Research Corporation and member of the Capital Markets Advisory Committee. It also includes a summary of consultations in 2021 and a reminder about IASB papers that are open for comment.
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Invitation to comment
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Do not miss the opportunity to share your views on IAASB Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities by 31 December. Members may be interested in the following resources for the proposed standard:
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Updates to Auditing and Assurance Technical Bulletins and Circulars
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As well as update No. 267 of the Members’ Handbook, the Institute has aslo revised some Auditing and Assurance Technical Bulletins and Circulars to conform to HKSRS 4400 (Revised) and align with the 2020 IAASB handbook and other housekeeping editorial changes.
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Auditing and Assurance Standards Committee meeting minutes
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Minutes of the meeting held in November is now available.
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FRC begins new series on guidelines for effective audit committees
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The Financial Reporting Council has released the first of a new publication series. Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors provides specific and practical guidelines for audit committees to establish a robust process for selecting, appointing and reappointing auditors as an essential first step in achieving audit quality. It also highlights two key considerations for audit committees in selecting and appointing auditors: audit quality and audit fees.
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High demand for assurance engagements on sustainability and ESG reporting
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The IAASB released a statement agreeing to dedicate capacity and resources to the assurance of sustainability/ environmental, social and governance (ESG) reporting in responding to the growing demand of enhanced requirements and guidance. It also highlights the IAASB’s plan to develop new guidance or revise existing guidance, etc. in the future.
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Series of articles on preparing for the new quality management standards
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The second article of the series issued by the International Federation of Accountants (IFAC) – 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 – Risk Responses explores the design and implementation of risk responses to identified quality risks and includes examples that will help support small- to mid-sized practitioners to comply with ISQM 1.
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IAASB December board meeting
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The audio recording of the IAASB December board meeting is now available.
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Ethics Survey
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Take part in the Institute’s survey to help the Institute understand the ethical attitudes of professional accountants in Hong Kong and how the Code of Ethics for Professional Accountants contributes in professional activities. The survey takes less than 10 minutes to complete and will close on 17 January 2022.
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Ethics Committee meeting minutes
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Minutes of the meeting held in September is now available.
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Ethical leadership in the digital world
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Paper 2 of a four part series issued by Chartered Professional Accountants of Canada, the Institute of Chartered Accountants of Scotland, the International Ethics Standards Board for Accountants (IESBA) and the IFAC – Technology is a double-edged sword with both opportunities and challenges for the accountancy profession examines the impact of rapid technological change and the importance of ethical leadership from the lens of the professional accountant. It also provides practical guidance to both professional accountants and professional accountancy organizations.
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IESBA November-December board meeting
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The audio recording of the IESBA November-December board meeting is now available.
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Appointment of the Chair of the ISSB
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On 16 December, the Trustees of the IFRS Foundation announced the appointment of Emmanuel Faber to serve as Chair of the International Sustainability Standards Board (ISSB), effective 1 January 2022.
The ISSB will develop IFRS Sustainability Disclosure Standards that provide a global baseline of disclosure requirements designed to give investors high quality, globally comparable sustainability information. The ISSB will also work in close cooperation with the IASB to ensure connectivity and compatibility between standards.
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Webcast: Recommendations for consideration by the ISSB
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This webcast explains the recommendations from the IFRS Foundation’s Technical Readiness Working Group (TRWG) to the ISSB for consideration on IFRS Sustainability Disclosure Standards. It includes a closer look at the TRWG's role, an explanation of recommended architecture of standards, a deep dive into the prototypes and a summary of other recommendations made by the TRWG.
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