Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Financial Reporting Standards (IFRS) Interpretations Committee tentative agenda decision on Merger between a Parent and its Subsidiary in Separate Financial Statements (IAS 27) by 14 July 2023. |
Educational Publication: HKFRS 17 Insurance Contracts - Journal Entries |
Hong Kong Financial Reporting Standard (HKFRS) 17 Insurance Contracts, effective from 1 January 2023, is a comprehensive new financial reporting standard on insurance accounting. The Institute has issued an educational publication which aims to help readers acquire the basic knowledge on insurance contract accounting under HKFRS 17. The educational publication explains the basic principles of the three measurement models in HKFRS 17 and provides illustrations of the journal entries for ten simplified fact patterns of insurance contract transactions. |
Reminder: Institute workshops on Hong Kong Risk-Based Capital (HKRBC) |
The Insurance Authority has been developing the HKRBC regime with a new approach to capital adequacy and regulatory reporting for the insurance industry in Hong Kong. The new regime, which is expected to be effective in 2024, will significantly overhaul the current regulatory capital requirements under the Insurance Ordinance. The Institute is holding a series of face-to-face workshops in July to provide an overview of the HKRBC and to discuss the key topics in HKRBC of which insurers should be aware of:
- Long term insurance: 10 and 11 July
- General insurance: 13 and 14 July
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IFRS Interpretations Committee June 2023 Update |
The IFRS Interpretations Committee Update provides a summary of discussions at its June meeting. |
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Invitation to comment |
The Institute is seeking comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs by 24 July. The proposed revisions aim to:
- Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;
- Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and
- Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.
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HKICPA video and survey on proposed ISA 570 (Revised 202X) |
The Institute has prepared an introductory video in Cantonese with English terminologies to provide an overview of the proposed ISA 570 (Revised 202X). Watch the video and view the presentation slides to learn more. The Institute is interested in hearing your views about the IAASB’s proposed ISA 570 (Revised 202X), Going Concern. 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 17 July. Click here to begin the survey. |
E-learning: New Reporting Requirements for licensed insurance broker companies |
In this e-learning session hosted by the Institute, a speaker from the Insurance Authority highlights requirements of the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules and shares regulatory experiences and observations on the reporting by auditors under the Rules. It also includes a Q&A session to address commonly seen questions or scenarios. |
ICAEW audit and assurance resources |
The Institute of Chartered Accountants in England and Wales (ICAEW) has the following resources that may be of interest to members:
Institute members can also subscribe to ICAEW’s International Standards for free to access a wide range of resources on auditing and ethics. |
HKICPA resource centre |
Access resources and publications at the Institute’s Auditing and Assurance Resource Centre and designated webpages for quality management for firms and engagements, HKSA 315 (Revised 2019) and HKSA 600 (Revised) for technical publications and to keep updated with the auditing and assurance pronouncements. |
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Ethics and independence considerations relating to technology |
Visit the International Ethics Standards Board for Accountants (IESBA) webpage which compiles resources to assist professional accountants, including auditors, navigate the ethical challenges and opportunities arising from evolving technologies. Regular visitors to this page will find updated guidance highlighting the relevance of IESBA’s Code of Ethics in developing, using and implementing evolving technologies. |
HKICPA resource centre |
Access resources and publications at the Institute’s Resource Centre to the Code to keep updated on the latest ethics pronouncements. |
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Survey: progress towards net zero and the role of the finance and accounting team |
The International Federation of Accountants (IFAC) is undertaking a global survey of finance and accounting professionals on how their organizations are progressing on their journey towards net zero and the role of the finance and accounting team. The survey takes around ten minutes to complete and will close on 4 July. Click here to begin the survey. |
World Economic Forum and ISSB partner to compile learnings on early sustainability reporting efforts |
As part of the collaborative work of the World Economic Forum and International Sustainability Standards Board (ISSB) to achieve a comprehensive global baseline for sustainability reporting, a Forum ISSB Preparers Group has been formed. The Preparers Group, which comprises corporate leaders with diverse expertise in sustainability reporting, will share insights and best practices from corporations on the forthcoming ISSB Standards with a focus on building capacity among companies to facilitate extensive and high-quality adoption of the Standards. |
