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Handbook Update No. 348 relates to the issuance of HKFRS 20 Regulatory Assets and Regulatory Liabilities.
HKFRS 20 sets out requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expense arising from a regulatory agreement. It will mainly affect entities in rate-regulated industries, where regulation determines the amount and timing of charges to customers, such as utilities, energy and transportation.
HKFRS 20 supersedes HKFRS 14 Regulatory Deferral Accounts and is effective for annual reporting periods beginning on or after 1 January 2029, with earlier application permitted.
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HKFRS 18 Navigator – Issue 6 now available
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Our latest Navigator explores enhanced requirements for grouping and presenting information in financial statements under HKFRS 18 Presentation and Disclosure in Financial Statements, covering:
- principles of aggregation and disaggregation
- presentation of operating expenses
- classification requirements for specific income and expenses
Read the full issue for clear explanations and practical insights to support your adoption of HKFRS 18.
Previous issues of HKFRS 18 Navigator and other resources are available on the Institute’s dedicated HKFRS 18 resource page.
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IASB decisions: July 2026 meeting
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At its July 2026 meeting, the International Accounting Standards Board (IASB) completed its discussion on the Post-implementation Review of IFRS 16 Leases, with a Project Summary and Feedback Statement expected in Q4 2026. The IASB also decided to propose amendments to IFRS 18 Presentation and Disclosure in Financial Statements regarding the presentation of specific tax charges that substitute for income taxes. An Exposure Draft is expected in Q4 2026. A summary and podcast of the July 2026 meeting are now available.
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AFRC video: Audit Level Up! Apply Professional Skepticism in 3 Steps
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The Accounting and Financial Reporting Council (AFRC) has released a video, AFRC Connect Ep.4 – Audit Level Up! Apply Professional Skepticism in 3 Steps. Through a practical case study, the video explores how an audit team applies professional skepticism step by step, from identifying risks of material misstatement in financial statements to designing targeted audit procedures and carefully evaluating the audit evidence obtained. Watch the earlier episodes in the series via the playlist.
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The Institute’s Ethics Committee meeting
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Minutes of the 275th meeting are now available.
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HKICPA videos: Auditor Independence Essentials Series
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The Institute has released two new videos in its Auditor Independence Essentials Series.
- Video #3: Non-assurance services (NAS) explores how providing NAS to audit clients can create self-review and other threats to independence, and highlights the importance of identifying, evaluating and addressing these threats.
- Video #4: Fees explores how fee dependence can give rise to intimidation and self-interest threats and discusses the safeguards that help protect professional judgement and audit credibility.
View earlier episodes via the series playlist.
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HKICPA Ethics E-learning: Navigating Independence Requirements for Group Audits
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Available free of charge, this e-learning explores the requirements in Section 405 of the HKICPA Code of Ethics for Professional Accountants, focusing on the independence requirements for group auditors, network firms, non-network firms and individuals involved in a group audit engagement. It also covers group-level ethics considerations for sustainability assurance engagements, providing participants with practical and actionable insights to support their professional work.
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IESBA podcast on decoding ethics “Why Ethics Is Foundational for Cyber Resilience”
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In this podcast, IESBA technical staff explore how organizations can build trust and resilience in a world reshaped by AI and cybersecurity risk. The podcast also discusses why AI is set to elevate the accountant's role, highlights the importance of tailoring cybersecurity training by function, and explains why psychological safety is essential to managing cyber risk.
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The Institute has submitted its responses to the International Sustainability Standards Board (ISSB) Exposure Draft Proposed amendments to the SASB Standards and IFRS S2 Industry-based Guidance.
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ISSB July 2026 podcast & update
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In this podcast, the ISSB Chair and Vice-Chair highlight key takeaways from July’s board week, focusing on the application of ISSB Standards, the anticipated benefits of the ISSB's forthcoming nature-related disclosure proposals, and upcoming enhancements to the SASB Standards. In addition, a summary of the July 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
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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/ Counter-terrorist financing (AML/CFT) notices and news
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Sanctions update
Revised FAQs on Suspicious Transaction Reporting
The Institute has issued a revised set of frequently asked questions (FAQs) on suspicious transaction reporting, developed in collaboration with the Accounting and Financial Reporting Council, and the Joint Financial Intelligence Unit. The updated FAQs provide clear and practical guidance on common issues encountered by CPA practices and Institute members, helping them better understand and fulfil their legal obligations while meeting regulatory expectations.
For more details, please refer to the Institute’s email issued on 7 May (https://ri-plus.rimanggis.com/s/d014f0a1/).
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Publications from other organizations:
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Disclaimer: Some sections contain external links and information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy or content of the external site, and the content does not necessarily represent the views of the Institute. We recommend using your discretion when visiting these links.
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Copyright © 2026 Hong Kong Institute of CPAs. All rights reserved.
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