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Standard setting
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E-learnings: archived webinars on financial reporting
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The Institute hosted a series of live webinars that covered a range of hot topics on financial reporting in the last quarter. These webinars have been archived for members’ access. Enrol now if you missed any of these webinars.
i. Expected credit losses under Hong Kong Financial Reporting Standard
(HKFRS) 9 Financial Instruments
ii. HKFRS 15 Revenue from Contracts with Customers
iii. Hong Kong Accounting Standard 36 Impairment of Assets
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Online workshop: Current and future research on Intangible Assets
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The International Accounting Standards Board (IASB), the European Accounting Association and the European Financial Reporting Advisory Group will jointly hold a virtual research workshop on 30 January to discuss current academic research on intangibles and areas for further research that would be relevant to the IASB’s upcoming project on intangible assets.
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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 Narrow Scope Amendments to International Standards on Quality Management (ISQMs); International Standards on Auditing (ISAs); and International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statement as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity (PIE) in the IESBA Code by 8 March 2024.
These proposed revisions have two key objectives. First, they would align definitions and requirements in the IAASB standards with new definitions for publicly traded and PIEs in the IESBA Code. Second, the amendments would extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of PIE. Key proposed revisions include extending the scope of the entities included under the ISQMs and the ISAs such that they will be subject to:
- Engagement quality reviews;
- Providing transparency in the auditor’s report on specific aspects of the audit, including auditor independence, communicating key audit matters, and the engagement partner’s name; and
- Communicating with those charged with governance to help them fulfill their responsibility overseeing the financial reporting process, (e.g., communicating about quality management and auditor independence).
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E-learning on the revised group audit standard
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This e-learning introduces key changes resulting from HKSA 600 (Revised), Special Considerations––Audits of Group Financial Statements (Including the Work of Component Auditors), which will be effective for audits of financial statements for periods beginning on or after 15 December 2023. The e-learning provides an overview of the standard, explores key changes from current practices and their impact to group audit engagements.
Interested parties can also refer to the Institute’s Resource Centre to HKSA 600 (Revised) which contains pronouncements, guides and articles that are relevant to the revised standard.
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IAASB new standard for audits of less complex entities
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This article developed by the International Federation of Accountants discusses the key attributes of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE, which is tailored to meet the specific audit needs of smaller and less complex businesses and organizations.
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HKICPA Ethics Survey 2024
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Take part in the Institute’s Ethics Survey 2024 on the ethical attitudes of professional accountants in Hong Kong regarding their use of technology when carrying out professional activities, and the potential implications on their compliance with the fundamental principles of the HKICPA Code of Ethics for Professional Accountants (Code). The survey takes less than 10 minutes to complete and will close on 9 February 2024.
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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 and remain vigilant against workplace pressures that may lead to breaches. Access the educational video and poster produced by the Institute’s Ethics Committee to learn about the potential scenarios where breaches might occur, and the appropriate actions against pressures to breach the fundamental principles.
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ICAS updated ethics case studies
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The Institute of Chartered Accountants of Scotland (ICAS) has updated its Shades of Grey ethical dilemma case studies. Initially published in 2009, the 19 ethical dilemmas in the updated publication are intended to cover a wide range of situations that might be faced by chartered accountants in business or in practice.
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HKICPA Ethics Committee meeting
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Minutes of the 260th meeting are now available.
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IESBA meeting summary
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Highlights to the International Ethics Standards Board for Accountants’ (IESBA) meeting held in December 2023 are now available.
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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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The IFRS Sustainability knowledge hub set up by the IFRS Foundation serves as a useful repository of different resources related to the IFRS Sustainability Disclosure Standards. It contains numerous resources that support preparers and other stakeholders starting from different levels of knowledge and experience to prepare for the application of IFRS Sustainability Disclosure Standards. Members can refer to the quick start guide on how to use the hub and to find relevant information.
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