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MEMBERS' HANDBOOK
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Handbook Update No. 336 discards Statement 1.500 Continuing Professional Development revised in September 2024. It has been replaced by the revised Statement 1.500 which becomes effective on 1 December 2025 and 1 December 2026.
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Reminder: Upcoming live webinars on financial reporting
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Join the upcoming live webinars to stay updated on the latest developments in financial reporting standards and to be prepared for the year-end closing of 2025.
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- 10 December: Accounting and auditing considerations for digital assets
- 12 January 2026: Year-end Financial Reporting Reminders for 2025
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IASB issues illustrative examples on reporting uncertainties in financial statements
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The International Accounting Standards Board (IASB) has issued the final version of illustrative examples to assist companies in applying IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The final version only differs from the near-final draft published in July 2025 in minor editorial details.
Stakeholders told the IASB that the information companies provide about the effects of uncertainties is sometimes insufficient or inconsistent with external information. To help address this, the IASB developed the illustrative examples to improve the application of existing disclosure requirements. While the examples use climate-related scenarios for practical illustrations, the underlying principles apply more broadly to all uncertainties.
As accompanying materials to IFRS Accounting Standards, the illustrative examples do not have an effective date. However, companies are expected to implement any change in their reporting on a timely basis.
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IASB November 2025 podcast and update
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The IASB podcast, highlighting preliminary decisions of the IASB at its November meeting, and a summary of the November meeting, are now available.
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New educational material to support implementation of the IFRS for SMEs Accounting Standard
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To support SMEs in applying the third edition of the IFRS for SMEs Accounting Standard, the IFRS Foundation has published an educational module for Section 23—Revenue from Contracts with Customers.
This updated module is also relevant for entities applying the revised HKFRS for Private Entities Accounting Standard, issued by the Institute in April, which is equivalent to the third edition of the IFRS for SMEs Accounting Standard published by the IASB.
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HKICPA technical training on auditing and assurance
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Join the Institute’s upcoming technical training webinar designed to enhance your auditing knowledge.
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- Live webinar: Auditing accounting estimates and related disclosures (12 December): Covers core concepts and important aspects of HKSA 540 (Revised), Auditing Accounting Estimates and Related Disclosures
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AFRC Regional Regulatory Forum 2025 highlights
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On 10 November, over 400 local and international participants—including regulators, law enforcement, global firm leaders, professional bodies, practitioners, investors, and senior executives—attended the Regional Regulatory Forum (RRF) 2025 in Hong Kong.
The RRF featured high-level discussions on global financial reporting and auditing issues, including governance, audit quality, sustainability disclosures and assurance, and AI transformation. It underscored the profession’s need to remain progressive, vigilant, and ethical, reaffirming its critical role in sustaining resilient and trustworthy capital markets in Hong Kong and globally. A highlight video is now available.
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Share your thoughts on public interest for auditing standards
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The International Auditing and Assurance Standards Board (IAASB) develops its standards in the public interest through transparent due processes guided by the Public Interest Framework and overseen by the Public Interest Oversight Board. To ensure that the standards are practical, effective, and globally relevant, the IAASB engages with stakeholders worldwide, including auditors, regulators, investors, and users of corporate information. What does public interest mean to you? Share your thoughts here.
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Test your knowledge of ethical considerations in tax planning
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The International Ethics Standards Board for Accountants (IESBA) staff has developed a set of 12 myth-busting questions on the ethical standards for tax planning and related services. Click here to test your knowledge of ethical considerations in tax planning.
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The Institute’s Ethics Committee meeting minutes
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Minutes of the 271st meeting are now available.
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HKICPA ethics resource centre
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Access resources and publications at the Institute’s Resource Centre to the Code where you can stay informed about the latest ethics pronouncements. Watch this video to learn how to easily access these valuable resources.
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Institute submission
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The Institute has submitted its comment letters on the following International Sustainability Standards Board (ISSB) exposure drafts:
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IAASB publishes new illustrative reports to support ISSA 5000 implementation
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The IAASB has published a new set of illustrative practitioner’s assurance reports to further support the implementation of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Developed through a joint initiative with a group of jurisdictional auditing and assurance standard setters, this guidance has benefited from their collaboration and support.
While ISSA 5000 includes illustrative reports that reflect the baseline requirements of the standard, this new publication provides three examples of assurance reports with modified conclusions, along with specific examples to help practitioners apply the standard across a range of engagements:
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- Assurance on sustainability disclosures aligned with IFRS S1 and S2, for both limited and reasonable assurance engagements
- Assurance on selected sustainability disclosures in an entity’s sustainability report
- Assurance on sustainability disclosures prepared using multiple reporting frameworks
- Assurance engagements combining limited and reasonable assurance
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Together, these illustrative reports aim to bring ISSA 5000 to a practical level, demonstrating how to address technical issues in real-world applications. They reflect questions and issues that regulators, practitioners, and others have begun to encounter as they adopt and apply the new standard.
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Leading the way: A value-creation ethics framework for sustainability reporting and assurance
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Read the latest A Plus article by Ken Siong, IESBA's Program and Senior Director, about why it's important for practitioners to follow clear ethical and independence requirements when preparing or assuring sustainability information.
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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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Keynote speech by CEO of Securities and Futures Commission on 25 November
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The keynote speech “Reshaping Finance: Regulation for Progress in a World of Pivots and Perils” by Julia Leung, CEO of Hong Kong’s Securities and Futures Commission, delivered at the ASEAN+3 Economic Cooperation and Financial Stability Forum in November 2025, explores how global finance is being transformed by private credit growth, technological innovation, digital assets, and shifting geo-economic linkages. Leung emphasizes the need for regulators to balance innovation with stability, enhance transparency, and foster regional collaboration to ensure resilience in an era of rapid change.
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Announcements by the Inland Revenue Department (IRD)
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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:
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Other AML news:
- Hong Kong Customs detects case of non-registered precious metals and stones dealer carrying out specified transactions (25 November & 27 November)
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Publications from other organizations:
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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.
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