Standard setting |
|
|
 
|
 |
List of new and amended HKFRS |
The Institute has published the list of new and amended Hong Kong Financial Reporting Standards (HKFRS) that are applicable to December 2023 year-end. |
Reminder: Institute virtual roundtable discussion: IASB Exposure Draft Financial Instruments with Characteristics of Equity |
Don’t miss the Institute's virtual roundtable on 22 January where representatives from the International Accounting Standards Board (IASB) will explain the proposals in the Exposure Draft Financial Instruments with Characteristics of Equity and their potential impact on the classification, presentation and disclosures on financial instruments. Register to reserve your place by 12 January. |
IASB December 2023 podcast & update |
The IASB podcast, with its chair, vice-chair and executive technical director highlighting the projects discussed during its December 2023 meeting, and a summary of the meeting, are now available. |
IFRS for SMEs Accounting Standard December Update |
The IFRS for SMEs Accounting Standard December 2023 Update is now available. |
 |
Considerations for 2023 year-end audits |
With the 2023 year-end audits approaching, the Institute has published an Alert with some points for consideration when performing audits and other forms of reporting. They include additional procedures when receiving responses to confirmation requests by electronic mail, and impact to auditor’s reports as a result of the narrow-scope amendments made to Hong Kong Accounting Standard (HKAS) 1 Presentation of Financial Statements. |
2023 Financial year-end audit reminder |
The Accounting and Financial Reporting Council highlighted the areas that could significantly impact financial reporting and audit quality in the current economic and business circumstances in its publication Audit Focus – Effective Planning: The Key to High-Quality Audits. Auditors are reminded of the requirement to identify and address all relevant audit risks that may arise during the audit process. |
Workshop for new auditors (re-run) |
The Institute’s workshop across 17, 18 and 22 January is a tailor-made programme that provides the core concepts and practical skills essential for new auditors of financial statement audits. It applies an interactive learning format through discussions, case studies and role-play. Speakers will talk about auditing concepts and practical skills, as well as share their practice experience relevant to new auditors. |
IFAC Technology Matrix |
The International Federation of Accountants (IFAC) has created a Technology Matrix as a quick guide to help stakeholders understand and access the breadth of technology resources available from the IFAC. Featuring content from April 2021-2023, the matrix categorized resources using technology ABCs:
- A: Artificial Intelligence
- B: Blockchain
- C: Cyber-security
- D: Data Governance (& Valuing Data)
- E: Ethics
- Other Tech Content (i.e., content not falling within A, B, C, D or E)
The Matrix will be updated periodically throughout the year; all IFAC technology-related materials are also available using the Technology content tag. |
The use of AI for SMPs |
A presentation given by a member of the IFAC Small- and Medium-Sized Practices Advisory Group on the use of artificial intelligence (AI) for Small- and Medium-Sized Practices (SMPs) has been introduced on the IFAC website as a useful resource. The presentation covers:
- An overview of the different types of AI
- Ethical challenges in the use of AI
- Practical use of ChatGPT
- Supervision responsibilities for AI use
Additional resources for SMPs on technology and other important topics are available at the IFAC’s Practice Transformation Hub. |
 |
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. |
IESBA update |
The International Ethics Standards Board for Accountants (IESBA) made an announcement for its successful completion and approvals of various exposure drafts and standards:
- Commitment to sustainability reporting and assurance - The exposure draft approved by the IESBA will contain proposed independence standards for use by all sustainability assurance practitioners regardless of whether they are professional accountants, and specific ethics provisions relevant to sustainability reporting and assurance. The IESBA intends to release the exposure draft in late January 2024.
- Using the work of external experts - The IESBA approved proposed ethics provisions addressing the use of external experts by organizations as well as in the context of audit and assurance engagements, including sustainability assurance engagements. Professional accountants and sustainability assurance practitioners will be guided by an ethical framework to evaluate the competence, capabilities, and objectivity of external experts.
- Strengthening ethical behavior in tax planning - The IESBA approved the final revisions to the Code of Ethics for Professional Accountants (including International Independence Standards) to address tax planning and related services. These revisions establish an ethical framework in the public interest to guide professional accountants in making judgments and decisions when providing relevant services.
- Strategy and Work Plan 2024-2027 - The IESBA approved its Strategy and Work Plan (SWP) for 2024-2027. Among other matters, the IESBA will tackle two new ambitious strategic areas of focus: accountancy firm culture and governance, and extending the impact of the Code beyond the accountancy profession, where it believes the SWP can significantly expand reach and business impact.
The IESBA’s 2024 agenda will focus on final approvals of the sustainability-related standards, as well as on new workstreams addressing accountancy firm culture and governance, and independence considerations regarding the audits of collective investment vehicles, pension fund arrangements, and investment company complexes. |
 |
IFRS Sustainability Symposium 2024 |
The IFRS Sustainability Symposium 2024 will be held on 22 February in New York. In addition to attending physically, the option to participate virtually is also available for those interested. Visit the symposium’s webpage to find out more about the topics that will be covered, registration details, and ticket information. |
ISSB December 2023 podcast & update |
Featuring its chair and vice-chair, the International Sustainability Standards Board (ISSB) podcast discusses their key takeaways from the December 2023 meeting, as well as the ISSB's engagements at the 2023 United Nations Climate Change Conference, progress in 2023 and priorities for 2024. In addition, a summary of the December 2023 meeting is now available. |
