Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft Annual Improvements to IFRS Accounting Standards – Volume 11 by 10 November. |
The Institute’s Financial Reporting Standards Committee meeting minutes |
Minutes of the July 2023 meeting is now available. |
Reminder: Institute live webinars on financial reporting |
Don’t miss the following live webinars on 28 September:
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IASB Video: Overview of the Request for Information on the Post-implementation Review of IFRS 15─Revenue from Contracts with Customers |
In this video, IASB member Patrina Buchanan explains the Request for Information (RFI) on Post-implementation Review of International Financial Reporting Standard (IFRS) 15─ Revenue from Contracts with Customers. The Institute is seeking comments on the RFI by 18 September. |
Supplementary IASB update August 2023 |
The IASB has published a summary of its preliminary decisions relating to its project, Amendments to the IFRS for SMEs Accounting Standard−International Tax Reform−Pillar Two Model Rules, at its August supplementary meeting. |
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Invitation to comment |
The Institute is seeking comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft on Proposed International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards (ISSA 5000) by 1 November. Proposed ISSA 5000 is profession agnostic and a principles-based, overarching standard suitable for both limited and reasonable assurance engagements on sustainability information reported across any sustainability topic. Members may be interested in the following resources provided by the IAASB for the proposed standard:
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IAASB webinar: Assurance on sustainability reporting |
Watch this webinar for a deep dive into the IAASB’s proposed ISSA 5000 focusing on its approach to drafting the standard and the challenges it addresses. This webinar provides participants, especially assurance practitioners and regulators, with:
- an understanding of how this global baseline for sustainability assurance was developed;
- an explanation of some of the key elements of a sustainability assurance engagement in accordance with ISSA 5000; and
- a good basis for navigating the exposure draft and responding to the IAASB with their comments.
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Sustainability reporting and assurance webinars |
Tune into this two-part webinar by the Chartered Professional Accountants Canada to learn about the rapidly evolving sustainability landscape. Hear about recent developments in sustainability reporting and assurance standards and regulatory requirements, and the implications and opportunities for certified public accountants. |
AI fraud and accountants |
This article by the Institute of Chartered Accountants in England and Wales (ICAEW) highlights that many predictions about artificial intelligence (AI) taking accountants’ jobs have not yet materialized, but the threat of AI-driven fraud is a much more worrying development. It also suggests that the strongest form of defence for practitioners may be training staff to identify risks and take action to mitigate them, following by complementing with good practices like applying tools for identity verification and anomaly detection. 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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HKICPA resource centre |
Access resources and publications at the Institute’s Resource Centre to the Code which will keep you updated on the latest ethics pronouncements. |
The Institute’s Ethics Committee meeting |
Minutes of the 257th meeting is now available. |
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Sue Lloyd delivers keynote speech on the current agenda of the ISSB and cooperation with EU Institutions |
Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), delivered a keynote address on the current agenda of ISSB and the cooperation between the ISSB and the European Union (EU) Institutions at the Association of German Banks Courtyard Reception on 30 August 2023. |
IFAC Sustainability Summit–Asia Pacific |
Following the release of the ISSB's first two IFRS Sustainability Disclosure Standards and the IAASB's exposure draft on sustainability assurance, the International Federation of Accountants (IFAC) and Asia-based regional partners will host a virtual two-day Sustainability Summit on 27 – 28 September. Click the respective links below to register:
- 27 September: Day 1 of the Summit will focus on the IFRS Sustainability Disclosure Standards, with a presentation on the standards and a panel discussion on best practices by regional stakeholders on establishing sustainability standard-setting mechanisms and roadmaps to adopt the standards.
- 28 September: Day 2 of the Summit will focus on raising awareness of the IAASB’s new sustainability assurance standard, ISSA 5000. It will include presentations from the IAASB and IFAC, sessions for gathering preliminary stakeholder views, and advocacy and technical discussions.
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