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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 International Accounting Standards Board (IASB) Request for Information on Post-Implementation Review of International Financial Reporting Standards (IFRS) 9 – Impairment.
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Live webinar: Year-end reminders – Accounting and auditing considerations of HKFRS 17
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Hong Kong Financial Reporting Standard (HKFRS) 17 Insurance Contracts became effective from 1 January 2023. It is a comprehensive financial reporting standard that brings about fundamental changes in the accounting for insurance contracts. Implementing the requirements of HKFRS 17 has been challenging not only for insurers but also for auditors, given the significant complexity associated with HKFRS 17 numbers.
The webinar on 16 November will integrate the technicalities of the accounting standard and auditing considerations. The speaker will provide practical reminders on the key accounting requirements of HKFRS 17 and highlight areas of increased risk of material misstatements in the initial application of HKFRS 17, including opening balances and comparative, and suggest possible audit responses to address those risks. The speaker will also explain common issues observed in the initial application of this accounting standard, and how to assess them from the auditor’s point of view.
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Institute workshops on HKRBC – November and December series
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The Insurance Authority has been developing the Hong Kong Risk-Based Capital (HKRBC) regime, which introduces a new approach to capital adequacy and regulatory reporting for the insurance industry in Hong Kong. The new regime is expected to be effective in mid-2024 and bring significant changes to the current regulatory capital requirements under the Insurance Ordinance.
During the July workshops, an overview of the new regulatory regime and key HKRBC topics were covered. The Institute is now holding another series of face-to-face workshops in November and December, where the speakers will share recent regulatory updates, practice experiences, and case studies specifically relevant to long-term and general insurance businesses in this series. The schedule for the workshops according to the corresponding topics is listed below.
- Long term insurance: 22 and 27 November
- General insurance: 4 and 5 December
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IASB September 2023 podcast & update
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The IASB podcast, with its vice-chair and executive technical director highlighting the projects discussed during its September meeting, and a summary of the September meeting, are now available.
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IFRS for SMEs Accounting Standard September Update
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The IFRS for SMEs Accounting Standard September Update is now available.
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Invitation to comment
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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 (Proposed 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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HKICPA online survey on Proposed ISSA 5000
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In addition to the invitation to comment, the Institute has launched an additional online survey to facilitate members to voice your views on the Proposed ISSA 5000. You are invited to take part in the survey which is primarily targeted toward obtaining views from diverse perspectives and expertise levels within our stakeholder community. The survey takes around twenty minutes to complete and will close on 1 November. Click here to begin the survey.
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Virtual Conference: Annual Auditing Update 2023: A New Era of Sustainability and Technology
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Topics covered at the conference on 28 October will include:
- Updates on the International Auditing and Assurance Standards Board’s projects on audit of less complex entities, going concern, and fraud.
- Assurance on sustainability reporting with the overview of the latest trend on sustainability/ ESG reporting, and the Proposed ISSA 5000, General Requirements for Sustainability Assurance Engagements.
- The impact of technology on auditing and ethics, and technology-related revisions to the Code.
- Updates on local ethics and International Ethics Standards Board for Accountants’ projects, including the use of experts project, and ethical considerations for sustainability reporting and assurance.
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Industry Update Relating to Licensed Corporations
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The seminar on 7 November will cover the regulatory framework for centralized virtual asset trading platforms (“VATP”) under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The speaker will also discuss the market trend of the recent virtual asset use cases and control requirements for VATP operators.
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Workshop: Compliance reporting on Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules
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The workshop on 16 November will provide an introduction and key reminders on auditor’s reporting responsibilities on Client Money Rules and Client Securities Rules under the Securities and Futures (Accounts and Audit) Rules.
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The State of Play: Beyond the G20
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This study by the International Federation of Accountants (IFAC) expands the IFAC’s sustainability disclosure and assurance data to 20 additional jurisdictions beyond the G20 previously reported on. The results show that both sustainability disclosure and assurance are improving in those jurisdictions.
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Assurance for new and veteran investors, part of the IFAC & IOSCO world investor week series
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The IFAC and the International Organization of Securities Commissions (IOSCO) have created new videos which aim to provide investors with a better understanding of assurance, enabling them to better understand the financial well-being of potential investments, and fostering trust in the accountancy profession.
- “What is Assurance?” discusses how professional accountants evaluate the reliability of information, and how assurance enhances trust and confidence.
- “What is Sustainability Assurance?” discusses the important role professional accountants play in understanding the accuracy of non-financial information, with a particular focus on sustainability matters.
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Determining the group auditor’s responsibilities: Implementation guide
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This guide by the Chartered Professional Accountants of Canada includes:
- A summary of requirements for audits of group financial statements.
- Key considerations for effective two-way communication between the group auditor and component auditors.
- Sample letters and a sample memorandum of work performed.
- Practical considerations for complying with the requirements.
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Pressure to breach the fundamental principles
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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 Ethics Committee to learn about potential scenarios where breaches might occur, and the appropriate actions against pressures to breach the fundamental principles.
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HKICPA resource centre
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Access resources and publications at the Institute’s Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
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2023 EdExchange Summit: Integrity in a Transforming World
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Join IFAC and panelists from around the world for a three-day virtual summit from 16 to 18 October to discuss how the accountancy profession can maintain our focus on integrity and ethics related to economic crime, sustainability reporting and related assurance and artificial intelligence.
Day 1: Uncover strategies to champion integrity and combat corruption – Featuring sessions on confronting fraud, the award-winning training film “All too Familiar”, and a conversation on the necessity of collaboration to fight corruption.
Day 2: Explore the intersection between integrity and sustainability – Featuring sessions on the intersection of integrity and sustainability reporting and assurance, a just transition to net zero, and avoiding the risk of greenwashing.
Day 3: Delve deep into the ethical dimensions of artificial intelligence and integrity – Featuring sessions on the interplay between ethics and AI and how to use AI ethically and a special Global Ethics Day panel on why integrity matters to us all, every day.
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Jean-Paul Servais delivers keynote speech on recent achievements and perspectives of IOSCO
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Jean-Paul Servais, Chair of the IOSCO Board, delivered a keynote speech on IOSCO’s recent achievements and perspectives at the Eurofi 2023 Financial Forum in Santiago de Compostela.
Among others, Mr. Servais expressed that the IOSCO would roll out an extensive capacity-building programme and support the development of high-quality standards for assurance of sustainability-related information so as to enhance their trustworthiness.
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