Click here if you are having trouble viewing this message.
|
|
|
|
|
A ROADMAP OF AN AUDIT ENGAGEMENT
|
The Institute specially designed the resource A Roadmap of an Audit Engagement, which outlines the essential steps of an audit engagement journey. The resource highlights relevant technical resources offered by the Institute and other professional bodies that correspond to the key inspection findings related to the application of auditing and accounting standards identified by the Accounting and Financial Reporting Council (AFRC) in their inspection reports.
A collection of technical resources and publications are also available at the Institute’s Auditing and Assurance Resource Centre which will keep you updated on the latest auditing and assurance pronouncements.
|
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_financialreporting.png?m=4/2/2024%208:19:34%20AM)
|
Invitation to comment
|
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft (ED) Contracts for Renewable Electricity - Proposed amendments to International Financial Reporting Standard (IFRS) 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures by 5 July.
|
IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard
|
The IASB has issued a new IFRS Accounting Standard for subsidiaries. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their parent company applies IFRS Accounting Standards in their consolidated financial statements.
|
Webcast series: Proposals in Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment
|
In this webcast series, IASB members and technical staff take a detailed look into the proposed improvements to the disclosure requirements about acquisitions and the impairment testing of cash-generating units containing goodwill.
|
Your views on evolving the IFRS Foundation’s digital offering
|
The IFRS Foundation is exploring options for introducing an epub service, which is expected to build on other digital offerings on its website, including the Standards Navigator and the IFRS Sustainability Knowledge Hub. Participate in the survey to provide your views on its current service, as well as possible new products and their features.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_auditingandassurance.png?m=4/2/2024%208:19:33%20AM)
|
Circular on Reporting under Rule 4.2 and Rule 4.4 relating to Net Asset Requirement and Rule 4.6 relating to Investment Requirements of the New Capital Investment Entrant Scheme
|
The Institute's recently released circular provides guidance to practitioners who are engaged to report on applicants’ fulfilment of certain requirements under the New Capital Investment Entrant Scheme of the HKSAR Government.
|
IAASB technical resources
|
The International Audit and Assurance Standards Board (IAASB) has recently released the following resources:
|
|
ICAEW audit and assurance resources
|
The Institute of Chartered Accountants in England and Wales (ICAEW) has the following resources that may be of interest to members:
|
|
If you are interested in accessing the ICAEW online audit and assurance resources, please contact Member Engagement Department at me@hkicpa.org.hk for free enrolment on a first-come, first-served basis. Limited spots available. Please note that your name and email address will be shared with the ICAEW for communication purposes.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_ethics.png?m=4/2/2024%208:19:34%20AM)
|
Institute submission
|
The Institute has submitted its comment letter on the International Ethics Standards Board for Accountants (IESBA) Exposure Draft Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting.
|
Webinars on the global ethics standards on tax planning
|
Watch the webinar recording for the recently released ethics standards on tax planning and related services which will be effective for tax planning activities or tax planning services beginning after 30 June 2025. These standards establish a comprehensive ethical framework to guide professional accountants when providing tax planning and related services. The framework stipulates the expected mindset and behaviors of professional accountants when they recommend or otherwise advise on tax planning arrangements to employing organizations or clients.
To learn more about the standards, visit the IESBA's designated webpage to explore the various resources available, including an infographic developed by the IESBA.
|
HKICPA resource centre
|
Access resources and publications at the Institute’s Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_sustainability.png?m=4/2/2024%208:19:34%20AM)
|
Reminder: Institute live webinar: Dive deeper with a focus on IFRS S2
|
Don’t miss the Institute’s live webinar on 20 June which will delve into the key aspects of IFRS S2 Climate-related Disclosures, including scenario analysis, anticipated financial effects, GHG emissions, proportionality mechanisms and transition reliefs.
|
ISSB Standards now available in Simplified Chinese
|
The IFRS Foundation has published the Simplified Chinese translation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, as well as the accompanying documents.
|
Webcast: Introducing the ISSB Taxonomy
|
In this webcast, International Sustainability Standards Board (ISSB) Vice-Chair and ISSB technical staff introduce the ISSB Taxonomy, its key features and the benefits for investors, companies and regulators.
|
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_corporategovernance.png?m=5/8/2024%207:08:10%20AM)
|
Public consultation on a VCoC for ESG ratings and data products providers
|
On 17 May, a public consultation on a voluntary code of conduct (VCoC) for environmental, social and governance (ESG) ratings and data products providers providing products and services in Hong Kong was launched by the Hong Kong ESG Ratings and Data Products Providers VCoC Working Group, which is led by the International Capital Market Association.
The submission deadline is 17 June. Please refer to the press release for details.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_taxation.png?m=4/2/2024%208:19:35%20AM)
|
Announcements by the Inland Revenue Department (IRD)
|
Members may wish to be aware of the following matters:
|
Annual meeting with the IRD
|
The annual meeting between representatives of the Institute's Taxation Faculty Executive Committee and the IRD took place on 17 May, where a number of current issues in tax administration were discussed. Detailed minutes of the meeting will be made available in due course. At the meeting, the IRD also confirmed the extended due dates for lodging profits tax returns for the year of assessment 2023/24. These are:
Accounting date code
|
Extended due date
|
Further extended due date
if opting for e-filing
|
"N" code
|
2 May 2024 (no extension)
|
2 June 2024
|
"D" code
|
15 August 2024
|
16 September 2024
|
"M" code
|
15 November 2024
|
16 December 2024
|
"M" code
- current year loss cases
|
3 February 2025
|
No further extension
|
The meeting minutes of the previous annual meetings are available on the Institute’s website. Please click here for more details.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/580x80_section_legislation.png?m=4/2/2024%208:19:34%20AM)
|
Announcements by the government
|
Members may wish to be aware of the following matters:
|
Anti-money laundering (AML) notices and news
|
|
|
|
AML workshops
|
The coming AML workshops (in Cantonese) will cover the latest updates and practical guidance for complying with AML/CFT requirements. Part I will be held on 4 June, followed by Part II on 26 June.
|
|
|
|
Industry update
Institute members can enjoy the complimentary live webinar themed, Navigating AML/CTF Compliance: Practical Implementation Guide and Real-Life Case Sharing. The event is organized by Ingenique Solutions, one of the screening service providers offering discounts to Institute members, and will be held on 28 May.
|
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.
|
|
|
|
![](https://file-au.clickdimensions.com/hkicpaorghk-aacnx/files/u_resources.png?m=4/17/2024%204:05:09%20AM)
|
Publications from other organizations:
|
|
|
|
|
|
|
Disclaimer: Some sections contain information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.
This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views expressed in this email are those of the author and do not necessarily represent those of the Institute. The recipient should check this email and all attachments for the presence of virus. The Institute will not accept liability for any damage caused by any viruses transmitted with this email.
|
Manage communication preferences | Privacy policy | Personal information | Contact us
|
Copyright © 2024 Hong Kong Institute of CPAs. All rights reserved.
|
|
|
|
|