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Standard setting
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Live webinar: HKFRS 13 Fair Value Measurement
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The live webinar on 9 June will cover the key principles in Hong Kong Financial Reporting Standard (HKFRS) 13, including special considerations on non-financial assets and liabilities, measurement of fair value of unquoted equity instruments and fair value disclosure requirements. It will also explain how those principles and requirements apply to certain specific examples. Speakers will also share the audit considerations on fair value measurement and practice review findings.
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Last call - Live webinar: Practical implementation issues on core aspects of HKFRS 17
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In this live webinar on 27 May, speakers will provide a high-level understanding of practical challenges faced by entities when implementing HKFRS 17. The webinar will provide insights on identifying these challenges and ways in which these challenges should be approached.
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E-learning on IFRS Interpretations Committee Agenda Decisions that are relevant to Hong Kong
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This archived webinar covers several International Financial Reporting Standards
(IFRS) Interpretations Committee agenda decisions and tentative agenda decisions which may have wider implications in Hong Kong. It explains how the applicable principles and requirements in the IFRS Accounting Standards apply to specific fact patterns.
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Q1 2022 IFRS Interpretations Committee podcast
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In this podcast, th IFRS Interpretations Committee Chair and member of the International Accounting Standards Board (IASB) Bruce Mackenzie joins Technical Staff Member Patrina Buchanan to discuss activities to support consistent application of IFRS Accounting Standards in the first quarter of 2022. Topics discussed include demand deposits with restrictions on use arising from a contract with a third party, transfer of insurance coverage under a group of annuity contracts, negative low emission vehicle credits, lessor forgiveness of lease payments, SPAC Transactions — classification of public shares and accounting for warrants at acquisition and IASB narrow scope projects.
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IASB April 2022 Update
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The IASB has published a summary of discussions at its April meeting. Topics discussed include equity method, goodwill and impairment, post implementation review of IFRS 9 – classification and measurement, primary financial statements and third agenda consultation.
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IFRS Interpretations Committee April 2022 Update and agenda decision
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The IFRS Interpretations Committee Update provides a summary of discussions at its April meeting. It has also published its agenda decision on Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows).
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HKICPA resource centres
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Access the resources and publications at the Institute’s revamped Auditing and Assurance Resource Centre which will keep you updated with the latest auditing and assurance pronouncements.
Also visit the Institute’s New and Major Standards Resource Centre for resources on new and major pronouncements that will come into effect soon, including quality management for firms and engagements and Hong Kong Standards on Auditing (HKSA) 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement.
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New IAASB fact sheet addresses engagement team definition
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As part of the International Auditing and Assurance Standards Board (IAASB) quality management project, the definition of “engagement team” was clarified and updated to improve quality management at the firm and engagement level.
The IAASB recently released a fact sheet addressing the clarified definition and its possible impacts, including recognition that engagement teams may be organized in a variety of ways such as across different locations or by the activity they are performing. The fact sheet also includes a diagram that walks users through who specifically is included and excluded.
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IAASB April board meeting
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The audio recording of the IAASB April board meeting is now available.
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ICAEW audit and assurance resources
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The Institute of Chartered Accountants in England and Wales (ICAEW) has the following resources that may be of interest to members:
- Audit & Beyond April 2022 offers practical tips on auditors such as audit implications of the war in Ukraine; new resources for adopting ISA 540, risks from social media pitfalls etc.
- An online event series designed to help small and medium practices to implement the new quality management standards.
- A webinar recording on practical hints and tips when assessing and responding to the risk of fraud for small and medium sized audit firms.
- An International Standards on Auditing (ISAs) online learning and assessment programme to a better understanding of ISAs and the audit process.
Institute members can subscribe to ICAEW’s International Standards for free to access a wide range of resources on auditing and ethics.
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Invitation to comment
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The Institute is seeking comments on the following issued by the International Ethics Standards Board for Accountants (IESBA):
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HKICPA Ethics Survey 2021
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Access the Institute’s Ethics Survey report and video on recent findings to professional accountants’ perception of ethics, common ethical issues they face at work and their familiarity with the Code of Ethics for Professional Accountants.
The April issue of A Plus also shared HKICPA Ethics Committee’s comments on the importance of ethics in the accounting profession and recapped the survey findings.
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IESBA’s webinar on recent expansion of the definition of a public interest entity
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Register for the IESBA’s global webinar on 25 May on its recently released pronouncements, revised definitions of a public interest entity (PIE) together with other revisions to the Code. The revised provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE. The revisions will become effective for audits of financial statements for periods beginning on or 15 December 2024. Early adoption is permitted and encouraged.
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Mindset and enabling skills of professional accountants
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The current environment of rapid technological change impacts the way organizations operate and the accountancy profession is also in the process of being transformed. This final publication in a four-part thought leadership series by the International Federation of Accountants, Chartered Professional Accountants Canada and the Institute of Chartered Accountants of Scotland highlights the need for the profession to redefine its value proposition, build new skills for the future and complete a competence paradigm shift in order to remain relevant. Previous publications in the series are available here.
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ISSB establishes working group to enhance compatibility between global baseline and jurisdictional initiatives
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On 27 April, the International Sustainability Standards Board (ISSB) announced the formation of a working group of jurisdictional representatives to establish dialogue for enhanced compatibility between the ISSB’s exposure drafts that are currently open for comment and ongoing jurisdictional initiatives on sustainability disclosures. The formation of the working group is part of an extensive programme of outreach activity designed to encourage feedback on and engagement with the ISSB’s consultation from all jurisdictions and stakeholder groups.
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Webinars on the ISSB's exposure drafts
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The recordings of the ISSB webinars on its proposed standards on general sustainability-related disclosures and climate-related disclosures are now available.
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Survey on ISSB’s exposure drafts
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The Institute has launched an online survey to collect stakeholder feedback on the ISSB’s exposure drafts on its proposed standards on general sustainability-related disclosures and climate-related disclosures. The survey includes questions from the exposure drafts as well as questions that specifically cater for Hong Kong context. The results of the survey will be used by the Institute to develop its response to the ISSB.The survey is open until 13 June.
Members can also join the Institute’s virtual roundtable on 11 May to express your views directly to ISSB representatives. If you cannot attend the roundtable but would like to know more about the exposure drafts and provide your comments, please visit the Institute’s website for details.
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