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Handbook Update No. 345 relates to the incorporation of the Amendments to Greenhouse Gas Emissions Disclosures (Amendments to HKFRS S2 Climate-related Disclosures), effective for annual reporting periods beginning on or after 1 January 2027, into HKFRS S2 and its Basis for Conclusions.
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Reminder: Live webinar – Navigating HKFRS 18
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HKFRS 18 Presentation and Disclosure in Financial Statements introduces a fundamental overhaul of the structure of the statement of profit or loss and establishes new requirements on how entities communicate financial performance. Effective from 2027 with retrospective application, the Standard will affect all entities and requires early preparation.
Join our webinar on 17 June for a focused discussion on practical implementation challenges, including:
- Specified main business activities and industry considerations
- Management-defined performance measures
- Classification of income and expenses arising from common transactions
- Key implementation considerations
For full implementation resources, visit the Institute’s HKFRS 18 one-stop shop.
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IASB May 2026 Update & podcast
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The International Accounting Standards Board (IASB) Update highlights the preliminary decisions from its May meeting. In the accompanying podcast, the IASB Vice-Chair and member discuss highlights from the meeting. Topics discussed include Intangible Assets, Statement of Cash Flows and Related Matters, and Business Combinations—Disclosures, Goodwill and Impairment.
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IASB issues IFRS 20 Regulatory Assets and Regulatory Liabilities
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The IASB issued IFRS 20, a new Accounting Standard for companies subject to a specific type of rate regulation. The Standard aims to help investors better understand how that rate regulation affects a company’s financial performance, financial position and prospects for future cash flows. Access the supporting materials:
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Compilation of Agenda Decisions—Volume 14 published
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The IFRS Foundation has published Compilation of Agenda Decisions Volume 14, issued by the IFRS Interpretations Committee, covering the period from November 2025 to April 2026. It includes eight new agenda decisions and updates to six previously published agenda decisions.
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Key observations from the AFRC Survey 2025
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In September 2025, the AFRC invited practice units to share their insights via survey. The analysis identified several areas that may indicate non‐compliance with applicable professional standards, including the Hong Kong Code of Ethics for Professional Accountants and Hong Kong Standards on Quality Management. In light of these observations, this publication highlights key areas of concern and reminds practice units of their ongoing obligation to fully comply with relevant laws, regulations, and professional standards.
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Reminder: Upcoming live webinars and workshop on auditing
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Join the upcoming live webinars and workshop to stay informed on the latest developments in auditing standards.
- 17 June: HKSA for LCE: From Principles to Application (Virtual Webinar)
- 29 June: HKSA for LCE: From Principles to Application (Face-to-face Workshop)
- 23 July: HKSA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
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HKICPA Ethics Survey 2026
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Share your views on how digital transformation and evolving business are shaping ethical issues for professional accountants. Your feedback will help inform the Institute’s strategic direction for future ethics initiatives.
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IESBA video “Leaders on culture and governance”
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In this video, IESBA technical staff discusses the role of the audit profession from an investor perspective, challenging assumptions about who auditors ultimately serve and highlights that trust in audit is under increasing pressure.
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Exploring IESBA’s viewpoints on firm culture and governance
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IESBA’s social media posts highlight two elements of firm culture and governance outlined in its Viewpoints: Transparency, which reinforces trust through clear and relevant information, and Education and Training, which build judgment, confidence, and awareness over time.
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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 FSTB and regulators
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Members may wish to be aware of the following matters:
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Practice Note on use of the iCMS for case commencement in the High Court
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The Judiciary Administration has issued a letter to the Institute, advising that it is planning to mandate the use of the integrated Court Case Management System (iCMS) for all legally represented litigants in case types where the electronic mode has been made available. The rollout will be implemented in phases, starting from the last quarter of 2026. Accordingly, the Judiciary will introduce a new requirement for all law firms to register under the iCMS and familiarize themselves with the system, especially when commencing new cases. The High Court has also issued a Practice Note, effective from 1 June 2026.
Further details are set out in the letter and the Practice Note. If you have any inquiries, please contact José Yam (at 2825 8412), Christine Yip (at 2825 4438) or Dicky So (at 2867 2661) of the Judiciary Administration.
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Promoting a statutory corporate rescue procedure
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Announcements by the Inland Revenue Department (IRD) and other tax-related news
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Members may wish to be aware of the following matters:
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Annual meeting with the IRD
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The annual meeting between representatives of the Institute's Taxation Faculty Executive Committee and the IRD took place on 5 June, during which a number of current tax administration issues were discussed. Detailed minutes of the meeting will be published in due course. During the meeting, the IRD confirmed the extended due dates for lodging profits tax returns for the year of assessment 2025/26, as follows:
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| Accounting date code |
Extended due date |
Further extended due date if opting for e-filing |
| " N" code |
4 May 2026 (no extension) |
4 June 2026 |
| " D" code |
17 August 2026 |
17 September 2026 |
| " M" code |
16 November 2026 |
16 December 2026 |
| "M" code - current year loss cases |
1 February 2027 |
1 February 2027 (same as paper returns) |
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Minutes from the 2025 and previous annual meetings are available on the Institute’s website. Please click here for more details.
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