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Handbook Update No. 349 relates to the issuance of Amendments to the Fair Value Option for Investments in Associates and Joint Ventures (Amendments to HKAS 28 Investments in Associates and Joint Ventures).
The amendments clarify that entities whose main business activity is investing in particular types of assets, as defined in HKFRS 18 Presentation and Disclosure in Financial Statements, are eligible to elect the fair value option in HKAS 28 to account for investments in associates and joint ventures.
The amendments take effect when an entity first applies HKFRS 18, which is effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted.
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The Institute’s Financial Reporting Standards Committee meeting minutes
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Minutes of the May 2026 meeting are now available.
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Institute’s upcoming live webinars on financial reporting
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Join the upcoming live webinars to stay up to date on the latest developments in financial reporting standards and to prepare for the year-end closing of 2026.
- 28 October: 2026 Year-End Priorities and Emerging Reporting Issues for Insurers
- 30 October: Key financial reporting reminders: Sustainability connectivity and the current risk environment
- 19 November: HKFRS 13 Fair Value Measurement: What Preparers and Auditors need to get right
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IASB seeks investor views on cash flow information reported by financial institutions
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The IASB is inviting investment professionals to participate in a survey as part of its project on the Statement of Cash Flows and Related Matters by 25 September.
The survey seeks feedback on how investors use cash flow information when analyzing the financial statements of financial institutions. The responses will help the IASB understand what cash flow information investors currently use in their research and analysis, and will inform its research on whether financial institutions should be granted exemptions from presenting cash flow information in their financial statements.
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The Institute has submitted its comments to the International Auditing and Assurance Standards Board (IAASB) on its Exposure Draft of proposed ISRE 2410 (revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity’s Annual Financial Statements.
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Institute’s workshop: Audit of licensed corporations and associated entities of intermediaries
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Join this workshop on 17 November for an introduction to the audit of licensed corporations regulated by the Securities and Futures Commission. This session will cover key requirements under Securities and Futures Ordinance, highlights on Practice Note 820 (Revised), key audit considerations, common accounting treatments for licensed corporations and the latest related inspection findings of the Accounting and Financial Reporting Council (AFRC).
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Institute’s auditing e-learning: HKSA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
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HKSA 240 (Revised) introduces a more robust framework that clarifies the auditor’s responsibilities, emphasizes a fraud lens in risk assessment and the appropriate responses to identified risks, and enhances transparency in auditor reporting. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2026. In this e-learning, speakers will discuss:
- key requirements and revisions to the standard;
- implications for audits; and
- common pitfalls and areas for improvement.
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AFRC video: Why does GITC matter in an audit?
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The AFRC has released a video titled [Navigating IT in Audit] EP1: Why Does GITC Matter in an Audit?. Through an everyday example, the video introduces the fundamental concepts of General IT Controls (GITC) and explains their importance to an audit. It also explores how GITC deficiencies may affect the continued and proper operation of IT application controls as well as the completeness and accuracy of information produced by the entity.
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IAASB audit evidence and risk response global webinar series
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The IAASB is hosting a two-part webinar series to explore its Audit Evidence and Risk Response (AE&RR) proposals, providing participants with an opportunity to engage directly with IAASB experts.
- 29 or 30 September: Overview of the AE&RR Proposals and Reference Framework – Proposed ISA 500 (Revised)
- 5 or 7 October: Performance Aspects of the AE&RR Proposals – Proposed ISA 330 (Revised) and Proposed ISA 520 (Revised)
IAASB experts will explore key aspects of the proposals and address participants’ questions during Q&A sessions. Each webinar will be offered twice to accommodate different time zones and will be held on Zoom and livestreamed on YouTube.
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Institute’s ethics e-learning: The role and mindset expected of professional accountants
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As technological disruptions and emerging risks reshape the accounting profession, expectations for ethical behaviour and sound professional judgment are higher than ever. Available free of charge, this e-learning explores the role and mindset provisions of the IESBA Code and their relevance in today’s rapidly evolving environment.
It also discusses the fundamental concepts of the Code and illustrates how an ethical mindset can enhance professional judgment in complex and uncertain situations.
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IESBA video: Leaders on culture and governance
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In this video, IESBA technical staff and an OECD director discuss how the IESBA’s initiative to develop a global firm culture and governance framework for the accounting profession aligns with and complements the G20/OECD Principles of Corporate Governance to reinforce public trust, ethical conduct, and market integrity.
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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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Announcements by the Financial Services and the Treasury Bureau
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Members may wish to be aware of the following matters:
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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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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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