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Institute’s resources to support implementation of HKFRS 18
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As entities progress from awareness to implementation of HKFRS 18 Presentation and Disclosure in Financial Statements, the Institute remains committed to supporting members with practical resources focused on key areas of change and transition readiness.
This issue focuses on the new structure of the statement of profit or loss. It provides guidance on classifying income and expenses across operating, investing and financing categories, highlights the two required subtotals, and outlines key implications for preparers.
This webcast provides a practical overview of the core changes introduced by HKFRS 18 and why they matter for financial reporting. It also outlines what entities should be doing now to prepare for retrospective application, including impacts on systems, policies, personnel and processes.
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Institute’s live webinar: Accounting hot topics and developments for insurers
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Following the full implementation of HKFRS 17 Insurance Contracts, insurers continue to address application challenges and regulatory focus areas. To support insurers in navigating current and upcoming reporting issues, the Institute will host a live webinar on 1 June 2026, sharing practical insights on the latest financial reporting developments of the insurance industry.
This webinar will cover:
- HKFRS 17 in practice – Key hot topics and common application issues.
- Emerging issues – IFRS Interpretations Committee agenda decisions and amendments to HKFRS 9 Financial Instruments effective in 2026.
- What’s next – Forthcoming requirements and other developments, including HKFRS 18 Presentation and Disclosure in Financial Statements.
Register now to stay informed on the current and upcoming financial reporting issues affecting insurers.
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Educational resources for IFRS for SMEs Accounting Standard
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Explore the latest educational resources published by the IFRS Foundation in the first quarter of 2026, designed to support learning, application and implementation of the third edition of the IFRS for SMEs Accounting Standard.
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IFRS Interpretations Committee March 2026 Update
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The IFRS Interpretations Committee Update provides a summary of discussions at its March 2026 meeting.
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The IASB Update highlights the preliminary decisions of the IASB at its March meeting.
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Workshop for audit managers/seniors in-charge/new auditors (re-run)
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Join the Institute’s audit workshops to enhance your auditing knowledge:
- Workshop for audit mangers/ seniors in-charge (15, 21 and 22 May): This workshop will focus on advanced auditing topics such as risk assessment procedures, auditing accounting estimates and going concern assessment.
- Workshop for new auditors (12, 17 and 18 June): This workshop will cover core concepts and practical skills essential for financial statement audits, sharing relevant experiences for new auditors.
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HKICPA Technical Learning: Audit & Assurance Curriculum
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The HKICPA Audit & Assurance Curriculum provides a structured, role-based learning pathway for auditors. By identifying courses into three functional pillars of the audit profession, namely Leadership, Review & Monitoring, and Executing Procedures, the curriculum enables auditors at all stages to build essential technical competence across the full spectrum of auditing and assurance areas.
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Highlights from the IAASB March meeting
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The IAASB's March meeting included key updates on its major projects:
- ISRE 2410: An Exposure Draft for public consultation is set to be published in early May to enhance consistency in interim reviews and increase transparency for users.
- Technology guidance: The action plan was approved to develop non-authoritative, principles-based guides to support consistent and effective application of ISQM 1 and 2 and ISA 220 (Revised).
- ISA 500 series: The project plan was agreed to revise standards on inventory and external confirmations to keep pace with a modern, technology-enabled audit environment.
For more details, read the highlights prepared by the IAASB staff.
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Minutes of the 151st meeting are now available.
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IESBA launches new workstream on Private Equity Investment in Accounting Firms
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The IESBA has agreed to launch a dedicated workstream to examine the ethical and independence implications of private equity investment in accounting firms. The workstream will assess the need for standard setting on alternative practice structures.
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The highlights and decisions from the IESBA meeting held in March are now available.
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Webinar series - Perspectives on sustainability disclosure
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In the upcoming episode 13 of the IFRS Foundation’s webinar series, titled “Integrated reporting and the implementation of the ISSB Standards: insights from early adopters”, ISSB member will provide an overview of how the Integrated Reporting Framework, Integrated Thinking and the ISSB Standards work together. Moreover, the panelists from the preparer and investor communities will share real-life examples, discussing the benefits and challenges of various approaches to the high-quality application of the ISSB Standards alongside the Integrated Reporting Framework. Click here to register or view past episodes.
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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 matters:
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Members may wish to be aware of the following matter:
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Inland Revenue Department (IRD) – 2025/26 Profits Tax Filing
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The IRD issues 2025/26 Profits Tax Returns to corporations and partnership businesses today. To keep pace with the development in international tax administration and information technology, the IRD is actively promoting tax digitalization.
Mandatory Electronic Filing (e-filing)
As part of the tax digitalization journey, the IRD has committed to taking forward the full adoption of e-filing of Profits Tax Returns for corporations and unincorporated businesses (excluding sole-proprietorship businesses) by phases. Under the first phase of the implementation of mandatory e-filing, entities of in-scope multinational enterprise groups are mandated to e-file their Profits Tax Returns with effect from the year of assessment 2025/26 onwards.
Apart from the taxpayers subject to mandatory e-filing, other taxpayers are encouraged to file their Profits Tax Returns together with the supporting documents (including financial statements and tax computations) electronically, in iXBRL format, on a voluntary basis.
To facilitate taxpayers in preparing the required iXBRL data files, the IRD is providing the IRD Taxonomy Package and the IRD iXBRL Data Preparation Tools (including the Template Tool and Tagging Tool), which are available for download from the IRD website free of charge.
Full Adoption of Electronic Block Extension Scheme (e-BES)
Starting from 1 April 2026, tax representatives must submit their block extension applications or notifications in respect of their clients’ Profits Tax Returns and Tax Returns – Individuals, electronically, through the online block extension service provided under the Tax Representative Portal. Paper submissions will not be accepted.
To facilitate a smooth transition, there will be a transitional arrangement during the initial implementation phase of the e-BES, allowing tax representatives time to adapt to the new requirements. For details on the transitional arrangement, please visit the IRD website.
New Tax Portals (NTPs)
The IRD has launched the NTPs, namely Individual Tax Portal (ITP), Business Tax Portal (BTP) and Tax Representative Portal (TRP), in July 2025 to provide a wide range of e-services for individuals, businesses and tax representatives to handle tax and/or business matters. Registration of NTPs accounts facilitates seamless e-filing of tax returns, online submission of block extension applications or notifications, and access to other e-services. Please register now if you do not have your dedicated account.
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E-filing of employer’s return - easy, secure and environment-friendly
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The Employer’s Return of Remuneration and Pensions (Form BIR56A) for the year ended 31 March 2026 is issued today. Employers are required to complete and file the return to the IRD within one month, along with the Form IR56B for reporting of remuneration paid to the employees. Besides, covering letter IR6036A was also issued to employers who had reported payments made under contracts for service to local unincorporated entities, notifying them to file forms IR6036B and IR56M.
Employers can file the employer’s returns online by using "iAM Smart+" or eTAX account. The IR56 Forms Preparation Tool can be used to prepare the data file of annual Form IR56B and Form 56M for uploading to the IRD via the Online Mode or the Mixed Mode. For those using Mixed Mode submission, after uploading of data file(s), employers only need to submit the duly signed paper form BIR56A/IR6036B and the cover page (i.e. the first page) of the Control List generated by the system to complete the submission process. In addition, to tie in with employers in preparing early for the submission, the IR56 Forms Preparation Tool can be used to prepare the data file of annual IR56B/IR56M starting from 1 March each year.
Please visit the IRD website for details.
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Members may wish to be aware of the following matters:
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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:
Other AML 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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