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 Payments Contingent on Continued Employment during Handover Periods (IFRS 3 Business Combinations) by 16 October 2023. |
Live webinar on Common application issues of HKFRS 9, 15 and 16 |
The Institute will host a live webinar on 6 December evening to go through the common application issues of Hong Kong Financial Reporting Standards (HKFRS) 9, 15 and 16, including those identified by regulators. Speakers will also delve into the relevant agenda decisions published by the IFRS Interpretations Committee and provide updates on the current International Accounting Standards Board (IASB) projects related to IFRS 9 and IFRS 15. |
IFRS Interpretations Committee September 2023 Update |
The IFRS Interpretations Committee Update provides a summary of discussions at its September meeting. |
IASB to explore ways to improve reporting of climate-related and other uncertainties in the financial statements |
The IASB has decided to explore targeted actions to improve the reporting of climate-related and other uncertainties in the financial statements. The possible actions include development of educational materials, illustrative examples and targeted amendments to IFRS Accounting Standards to improve application of existing requirements. Given the pace of change in this area, the IASB will also continue to monitor developments to determine whether to take further action. In progressing this work, IASB technical staff will continue to work closely with International Sustainability Standards Board (ISSB) technical staff to facilitate connections in the boards’ work. |
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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 a principles-based standard for assurance engagements on sustainability information. The following resources will provide you with an understanding and further insights into the proposals:
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Live webinar: Implementing HKSA 315 (Revised 2019) – What you need to know |
Join the webinar on 25 October to prepare for the new requirements and implementation of HKSA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, which are effective starting from 2022 audits. This webinar will begin with an overview of HKSA 315 (Revised 2019). Selected aspects of the standard will be explored in depth with illustrations, followed by a Q&A session for participants to delve deeper into the topic and seek clarification. |
Workshop: Compliance reporting on Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules |
Don’t miss the workshop on 16 November which will cover the following:
- Overview of the Securities and Futures (Accounts and Audit) Rules, Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules.
- Highlights and reminders for auditors of their reporting responsibilities and compliance reporting work in relation to the above rules.
- Sharings of recent regulatory findings and common pitfalls in relation to the above rules.
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Pressure to breach the fundamental principles |
It is important for professional accountants to uphold the fundamental principles of the Code of Ethics for Professional Accountants and remain vigilant against workplace pressures that may lead to breaches. Read the poster produced by the Institute to learn about potential scenarios where breaches might occur, and the appropriate actions against pressures to breach the fundamental principles. |
IESBA Handbook 2023 edition |
The International Ethics Standards Board for Accountants (IESBA) released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards)(IESBA Code). It replaces the 2022 edition and incorporates the following revisions:
- Revisions relating to the definition of engagement team and group audits.
- The upcoming expiry of the “jurisdictional provision” addressing long association of personnel with an audit client, which will be no longer available for audits of financial statements for periods beginning on or after 15 December 2023.
The Handbook also contains the following revisions to the IESBA Code which will become effective in December 2024:
- Revisions to the definition of a public interest entity
- Changes to the definitions of “audit client” and “group audit client” in the Glossary arising from the approved revisions to the definitions of listed entity and PIE.
- The technology-related revisions.
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Stay up-to-date with ethics pronouncements |
Enrol the following e-learnings to enhance your knowledge and stay abreast of the latest developments:
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HKICPA resource centre |
Access resources and publications at the Institute’s Resource Centre to the Code which will help you stay on top of the latest ethics pronouncements. |
The Institute’s Ethics Committee meeting |
Minutes of the 258th meeting is now available. |
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ISSB September 2023 podcast & update |
The ISSB podcast, with its chair and vice-chair highlighting the latest developments from the ISSB, and a summary of its September meeting, are now available. |
ISSB congratulates TNFD on finalized recommendations |
During New York Climate Week 2023, the Task Force on Nature-related Financial Disclosures (TNFD) published its recommendations to help companies communicate nature-related risks and opportunities to investors and other stakeholders. Consistent with the ISSB’s approach of building upon the work of market-led initiatives grounded in current-best practice and thinking, the ISSB will look to the TNFD recommendations—where it relates to meeting the information needs of investors—in its future work. The ISSB is also working on educational materials for disclosing the nature and social aspects of climate-related risks and opportunities. |
