Issue no. 264 (14 August 2009)
Dear Members / Member Practices,
  Institute news

May Moon featured on trams Three trams carrying May Moon and the “Rich Kid, Poor Kid” message are running on all routes this week and will keep running until 9 Sept. This is part of "The Money Secrets of Children" campaign on CPAs' social responsibility in the downturn.




A Plus: Can regulators prevent another crisis?
The August issue of A Plus explores whether new regulatory reforms are really going to work. Another interesting feature is on a new shopping trend - shopping for divorce jurisdictions. The Success Ingredient features Carlson Tong, chairman of KPMG Asia Pacific and KPMG China, which was reported by the Apple Daily on why cars are so important to his family life. Click here to see more.  

Annual report wins international awards
The Institute’s 2008 annual report has won a bronze prize for "written text" and an honours award for “president’s letter” at the 2009 International ARC Awards, which is recognized as the world's largest annual report competition with more than 1,800 entries from 25 countries this year.

Reminder: practice review questionnaire
The practice review self-assessment questionnaire is now online. Click here to access the website and complete the questionnaire.
  Professional development and events
Communicate with people at business functions
Join this seminar on 1 Sept. to learn ways to meet new people, make friends and leave a positive impression at business functions. +

Understand accumulators
This workshop on 5 Sept. will demystify the nature, structure and risks of accumulators and will unveil some untold secrets. +

Improve your presentation skills

    Come join this workshop on 12 Sept. to enhance your skills of presentation and handling questions from the audience. +

Reminder: PRC taxation workshops
Deadline to enrol in PRC taxation workshops is 17 Aug.

Recruitment of QP markers  
The Institute is looking for new markers for the module examinations of the qualification programme which are held three times a year in May, Sept. and Dec. Click here for details.

Legal issues of handling fraud
Join the Association of Certified Fraud Examiners’ breakfast meeting on 15 Sept. to receive an insider’s view of how banks should respond to fraud. Institute members will get the same special rate as CFE and Associates.

Accountancy conversion course
The Chartered Institute of Bankers in Scotland will introduce a fast track accountancy conversion course in Sept. for qualified accountants who wish to develop their careers in banking and financial services.
Merry Monday
Anthony Yau, creative director of i-alpha PR, will share his mind-and-spirit trip to Tibet with fine wine appreciation. +

Dance classes  
New classes of Paso Doble and Jive in Sept. are now open for enrolment. +

Reminder: young accountants mingle night
Frederick Ma, former secretary for Commerce and Economic Development, HKSAR, will talk about the importance of building a successful network on 28 Aug. +
Click here to see the at-a-glance calendar for more member activities.
  Tech update
Invite to comment
Institute’s financial reporting standards committee is seeking comments on the IASB exposure draft on Proposed Amendments to IAS 32 – Classification of Rights Issues and IFRIC draft interpretation on D25 Extinguishing Financial Liabilities with Equity Instruments.

Resource Centre
Click here for the updated information at the SMP and SME Resource Centre.

IASB update
IASB has published July and Aug. issues of IASB Update discussing discontinued operations, classification of rights issues and post-employment benefits.

IFRIC update
IFRIC has published Aug. issue of IFRIC Update about extinguishing financial liabilities with equity instruments.

IFRS outlook
IFRS outlook from Ernst & Young discusses private equity funds and the related standards on accounting for investments, borrowing costs and the role of foreign currency exchange gains or losses.

Liability or equity
Grant Thornton has issued a guide to the classification of financial instruments under IAS 32 Financial Instruments: Presentation. +

HKFRS updates
BDO Hong Kong's HKFRSs Update discusses IASB exposure draft on financial instruments accounting.
  International news
Economists call for Bernanke to stay
The Wall Street Journal survey indicates economists are nearly unanimous that Ben Bernanke should be reappointed to another term as Federal Reserve chairman because of his good handling of the crisis, and 71% say President Barack Obama will ask him to stay on. +

U.K. signs Liechtenstein tax deal
The U.K. has signed a deal with Liechtenstein to start exchange of information to recover lost tax from Britons holding bank accounts in this Alpine tax haven. British investors have a chance to volunteer details of their deposits in return for penalties, capped at 10% of tax evaded over the past 10 years, BBC News reports. +
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