Standard setting |
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Workshops on IFRS/HKFRS 17 – General Insurance (Part 1 and Part 2) |
Hong Kong Financial Reporting Standard (HKFRS) 17 Insurance Contracts, which replaces HKFRS 4 Insurance Contracts, has become effective from 1 January 2023. HKFRS 17 may affect companies other than insurers and its impact should be considered carefully. This 2-day face-to-face workshop on 22 and 29 March is a good opportunity for our members to get to know the principles and acquire a working knowledge of HKFRS 17. |
IASB gives insights into decisions made on merger and acquisition disclosures and goodwill accounting |
An In brief article has been published by the International Accounting Standards Board (IASB) to explain two major decisions that have been made in the Business Combinations—Disclosures, Goodwill and Impairment project. In this article, Rika Suzuki, IASB member, discusses the reasons for the IASB’s decisions about how companies could disclose better information about business combinations, and whether to retain the impairment-only model to account for goodwill or to explore reintroducing amortization of goodwill. |
IASB January 2023 podcast & update |
The IASB podcast, with its chair, vice-chair and executive technical director highlighting the projects discussed during its January meeting, and a summary of the January meeting, are now available. |
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Invitation to comment |
The Institute is seeking comments on the following issued by the International Auditing and Assurance Standards Board’s (IAASB):
- Proposed Strategy and Work Plan for 2024–2027 by 11 March.
- Exposure Draft on Proposed International Standard on Auditing (ISA) 500 (Revised), Audit Evidence and proposed conforming and consequential amendments to other ISAs by 24 March.
- Exposure Draft on Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities (ISA for LCE) and proposed conforming amendments by 2 April.
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HKICPA survey and video on proposed ISA 500 (Revised) |
The Institute is interested in hearing your views about Proposed ISA 500 (Revised), Audit Evidence. To collect these views, you are invited to take a survey which highlights the key attributes of the proposals followed by yes/no questions. The survey takes around twenty minutes to complete and will close on 24 March 2023. Click here to begin the survey. An introductory video in Cantonese with English terminologies has been produced by the Institute to provide an overview of the proposed changes. Watch the video and view the slide presentation to learn more. |
Webinar on ISA for LCE |
Join the webinar on 16 February organized by the IAASB, International Federation of Accountants and the European Federation of Accountants and Auditors for SMEs which will update participants on planned changes to the IAASB’s Proposed ISA for LCE, including changes since the exposure draft and the forecasted project timeline. Participants will also have the opportunity to ask questions. |
IAASB newly released technology-focused FAQ |
The IAASB has published non-authoritative support material to help address certain frequently asked questions about investigating exceptions and the concept of performance materiality when performing audit procedures using automated tools & techniques (ATT). While not unique to ATT, questions on these topics have become more prevalent with the increasing use of ATT, which enable analyzing data sets with large volumes of information. Other technology-related publications from the IAASB are available on their Technology web page. |
ISQM 1 statement in assurance reports |
For assurance engagements beginning on or after 15 December 2022, assurance reports under International Standard on Assurance Engagement (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information need to include a statement that the firm of which the practitioner is a member applies 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, or other professional requirements, or requirements in law or regulation, that are at least as demanding as ISQM 1. An article by the Institute of Chartered Accountants in England and Wales (ICAEW) provides guidance on reflecting the transition from International Standard on Quality Control (ISQC) 1 to ISQM 1 in assurance reports under ISAE 3000 (Revised). Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics. |
Spotting material fraud in financial accounts |
Fraud can be somewhat of a grey area, but there are situations that auditors should scrutinize in particular. An ICAEW article explores the complex combination of factors that auditors, internal auditors and management need to consider in their hunt for material fraud. |
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HKICPA resource centre |
Access resources and publications at the Institute’s revamped Resource Centre for the Code which will keep you updated on the latest ethics pronouncements. |
IESBA webinars on the proposed revisions to the Code addressing tax planning and related services |
Save the dates on 27 or 28 February for the International Ethics Standards Board for Accountants (IESBA) webinars on the upcoming Tax Planning and Related Services exposure draft, which will be released for public consultation in mid-February 2023. The webinars will explain key proposals of the exposure draft and provide participants an opportunity to engage with representatives of the IESBA. The link to register for the webinars will be made available when the exposure draft is released for public consultation. |
