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Standard setting
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Institute submission
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The Institute has submitted its comment letter on the IFRS Interpretations Committee tentative agenda decision on Lessor Forgiveness of Lease Payments.
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Live webinar on HKFRS 3 Business Combinations
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Register for the live webinar on 21 June which will go through the recent revision to the definition of a business and the introduction of the optional concentration test in HKFRS 3. Speakers will also share with participants the differences in accounting for business combinations and asset acquisitions, as well as common application issues of HKFRS 3.
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IASB Investor Update May 2022
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The International Accounting Standards Board (IASB) Investor Update includes an interview with Dr Kenneth Lee, Associate Professorial Lecturer at the London School of Economics and Political Science and member of the Capital Markets Advisory Committee. It also includes a summary of news about the International Sustainability Standards Board (ISSB) and a reminder about the current consultation on the ISSB’s exposure drafts.
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HKICPA resource centres
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Access resources and publications at the Institute’s revamped Auditing and Assurance Resource Centre which will keep you updated on 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 updates to quality management for firms and engagements and HKSA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement.
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Recordings of the New Quality Management Standards Series
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Register for the e-learning series which covers key requirements, applications and illustrated examples on how small and medium practitioners can meet the requirements of the new quality management standards.
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IAASB Audits of LCEs Conference Key Takeaways
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The International Auditing and Assurance Standards Board (IAASB) published key takeaways from its recent Paris conference on the audits of financial statements of less complex entities (LCEs). Key takeaways focus on themes around the continuing need for a timely global solution comprising a separate, standalone standard; working towards a common understanding of what an “LCE” is and that this should also appropriately include audits of group financial statements; ways to support adoption and implementation of the standard; and the importance of communication about how the standard helps serve the public interest.
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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:
- Summary of links to technical help, webinars, publications and events to all stages of an audit.
- Resources to help audit firms prepare for the new and revised quality management standards under International Standard on Quality Management (ISQM) 1, ISQM 2 and International Standard on Auditing (ISA) 220 (Revised).
- Resources and support tools on auditing accounting estimates under ISA 540 (Revised), such as webcasts and articles with practical illustrations.
Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics.
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Institute submissions
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The Institute has submitted its comment letter on International Ethics Standards Board for Accountants (IESBA) Exposure Draft, Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits.
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Invitation to comment
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The Institute is seeking comments on the IESBA Strategy Survey 2022 for the development of the IESBA’s strategy and work plan 2024-2027 by 8 June.
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Ethics Survey Report
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The Institute conducted a survey to understand the ethical attitude of professional accountants in Hong Kong and how the Code contributes to their performance of professional activities. Read the report on the findings, including professional accountants’ perception of ethics, common ethical issues they face at work and their familiarity with the Code. A video summarizing the report findings is also available.
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IESBA’s discussion on sustainability and ethics
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This IESBA Sustainability and Ethics Discussion examines the critical role that complying with ethics standards, including on independence, plays in ensuring reliable and trustworthy sustainability information. Speakers provided key insights about the applicability of the International Code of Ethics for Professional Accountants (including International Independence Standards) to the preparation and presentation of sustainability information and the provision of assurance thereon.
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HKICPA 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 the 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.
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ISSB outlines actions required to deliver global baseline of sustainability disclosures
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The ISSB has outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures. The ISSB’s global baseline presents a unique opportunity to reduce the existing and further fragmentation of sustainability disclosure requirements. The global baseline builds upon, incorporates and protects the heritage of the existing investor-focused sustainability disclosure standards, including those of the Task Force on Climate-related Financial Disclosures, the Climate Disclosure Standards Board, Sustainability Accounting Standards Board Standards, Integrated Reporting and the World Economic Forum’s metrics.
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Integrated Reporting: articulating a future path
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The IASB Chair Andreas Barckow and the ISSB Chair Emmanuel Faber have communicated plans for the future role, governance and development of the Value Reporting Foundation’s Integrated Reporting Framework and Integrated Thinking Principles.
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