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Handbook Update No. 341 relates to the issuance of Disclosures about Uncertainties in the Financial Statements in Volume II and Preface to HKFRS Sustainability Disclosure Standards in Volume IV.
(i) Volume II
The Disclosures about Uncertainties in the Financial Statements add illustrative examples to the guidance accompanying several HKFRS Accounting Standards to demonstrate how an entity applies the requirements in those Standards to report the effects of uncertainties in its financial statements.
As accompanying materials to HKFRS Accounting Standards, these illustrative examples do not have an effective date. However, entities are expected to implement any changes in their reporting on a timely basis.
(ii) Volume IV
The Preface to HKFRS Sustainability Disclosure Standards sets out:
- HKICPA's objectives and due process for setting HKFRS Sustainability Disclosure Standards (HKFRS SDS);
- the scope, authority and timing of application of HKFRS SDS; and
- the relationship between HKFRS SDS and IFRS Sustainability Disclosure Standards.
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The Institute has submitted its comment letter on the IFRS Interpretations Committee Tentative Agenda Decision Assessment of a Specified Main Business Activity for the purposes of the Separate Financial Statements of a Parent (IFRS 18).
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The Institute’s Financial Reporting Standards Committee meeting minutes
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Minutes of the December 2025 meeting is now available.
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Survey on current practices in dynamic interest rate risk management and macro hedge accounting
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To assess the impact of the International Accounting Standards Board (IASB)’s Exposure Draft (ED) Risk Mitigation Accounting – Proposed amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, the Institute is conducting a survey on current practices in dynamic interest rate risk management and macro hedge accounting in Hong Kong. The ED introduces a new accounting model that primarily affect banks and insurance companies.
If you work in these sectors, please complete the survey by 31 March. Your input will help us formulate a well-informed and balanced response to the IASB, ensuring future standards are practical and appropriate for Hong Kong.
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IFRS Interpretations Committee agenda decision
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The IFRS Interpretations Committee has published the following agenda decisions:
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IASB January 2026 podcast and update
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The IASB podcast, featuring preliminary decisions from the January meeting, along with a summary, is now available.
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Video resources: Risk mitigation accounting
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These videos explain the aims of the proposed Risk Mitigation Accounting Model and highlight the potential benefits for companies and investors.
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New educational material to support implementation of the IFRS for SMEs Accounting Standard
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To support SMEs in applying the third edition of the IFRS for SMEs Accounting Standard, the IFRS Foundation has published two webcasts for the revised Section 23 Revenue from Contracts with Customers.
These webcasts provide an overview of the key requirements and application guidance in the revised Section 23, as well as the transition requirements for entities applying it for the first time.
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New Q&As for the HKSA for LCE
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The Q&As have been expanded to provide practical guidance on the following key areas:
Applying the standard for audits of financial statements prepared under the HKFRS for PE or the SME-FRF & FRS. Clarifying the use of the standard for audits of consolidated financial statements. Tailoring audit reports under HKSA for LCE.
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Technology Quality Management Roundtables: Outcomes and Next Steps
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The IAASB published a summary of feedback from its global Technology Quality Management roundtables, which explored how emerging technologies, including artificial intelligence, impact audit and assurance engagements and the application of the IAASB’s quality management standards.
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The Role of the Auditor in Digital Assets: Present and Future
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A recent publication highlights how auditors can build on their existing expertise to enhance trust and transparency in companies’ digital asset operations. It explores:
- The current state of the digital asset ecosystem, including regulatory developments;
- How auditors are well-positioned to provide attestation services to enhance trust in the digital asset ecosystem; and
- Key considerations and questions for boards, regulators, and policymakers as the digital asset ecosystem evolves.
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The Institute’s Auditing and Assurance Standards Committee meeting
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Minutes of the 431st meeting are now available.
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The evolving role of the CFO: IESBA extended surveys 2026
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The IESBA has launched two global stakeholder surveys to explore the evolving role of CFOs and equivalent senior finance leaders, the ethical challenges resulting from this evolution, and whether the IESBA Code remains clear, fit-for-purpose, and practical in the public interest.
Open until 24 April, the surveys aim to deepen and broaden understanding of:
- The ethical challenges faced by CFOs in business, public or non-profit sector;
- The effectiveness of the IESBA Code in supporting ethical responsibilities and expectations; and
- Potential actions the IESBA could take, including guidance or other resources to enhance ethical leadership in finance functions.
For participation, please select one of the following:
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E-learning: IESBA perspectives on sustainability ethics and firm culture & governance
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In the e-learning, the Deputy Chair of the IESBA will delve into:
- Background on the development of ethics and independence standards for sustainability;
- Key requirements of the ethics standards for sustainability reporting and assurance, and the use of external experts; and
- The state of play for the Firm Culture and Governance project.
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The Institute’s Sustainability Disclosure Standards Committee meeting minutes
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Minutes of the November 2025 meeting is now available.
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ISSB January 2026 podcast & update
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In this podcast, the ISSB Chair and Vice-Chair discuss upcoming activities and milestones planned for 2026, along with a recap of the January board week. In addition, a summary of the January 2026 meeting is now available.
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HKFRS S1 and S2 implementation platform
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You are welcome to submit technical questions related to the implementation of HKFRS S1 and S2. Questions that meet the submission criteria will be considered for discussion at the upcoming meeting.
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Members may wish to be aware of the following matter:
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Announcements by the Inland Revenue Department (IRD)
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Members may wish to be aware of the following matter:
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Announcements by the government
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Members may wish to be aware of the following matters:
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Anti-money laundering (AML) notices and news
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AML notices:
- For the current lists of terrorists, terrorist associates and relevant persons/ entities under United Nations sanctions, members should refer regularly to the Institute's AML webpage. Other useful documents and guidance can also be found on the same page.
Other AML news:
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Publications from other organizations:
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