Issue no. 764 (24 October 2019)
  Dear members/member practices,  

Young Members Conference: Out of the box – options for young accountants



Come join the annual Young Members Conference on 23 Nov to learn how to advance your career and improve your skill set, and to network with your fellow members. Young and seasoned speakers from different fields will share their experience of working outside Hong Kong or in specialisms besides auditing and accounting. Recruitment consultants will also walk you through the current job market and provide tips on career planning.


Keeping CPD records and documentary evidence


Members are required to keep their continuing professional development (CPD) records and documentary evidence of their verifiable CPD hours for a minimum of five years. Members selected for CPD audit will be asked to produce the records and supporting documents. Click here to see a sample CPD record.

Event-driven investing and its applications case studies workshop

Enrol in the case studies workshop on 2 Nov to learn how to analyse the pros and cons of event-driven investing, identify investment opportunities, and apply event-driven investing strategies in equity markets to enhance portfolio returns.

Antecedent transactions: Onshore and offshore updates
The lunch seminar on 14 Nov will discuss the details of the first successful attempt by liquidators of a Cayman Island investment fund to claw-back redemption proceeds paid to an investor on the grounds of preference. The speakers will also talk about the latest updates on onshore and offshore legal principles relating to antecedent transactions.

Last call to join the morning session of workshops on 26 Oct to know more about the common Hong Kong legal issues for listing on the Hong Kong Stock Exchange (HKEX), and the afternoon session for the financial performance and management team consideration for listing.

Don’t miss the seminar on 30 Oct to gain insights into the liquidity constraints in Asian countries and learn how to implement cash pooling in Asia.

The case studies workshop on 6 Nov will cover the key terms and conditions in a bank's facility letter and term sheet, and the three types of covenant and events of default.

Sign up for the seminar on 8 Nov to gain knowledge of the essence of storytelling for effective business communication, rapport building and stakeholders’ decision making.

Join the FSIG lunch seminar on 15 Nov to gain insights on the “new era of smart banking” advocated by the Hong Kong Monetary Authority, the impact of virtual banking on Hong Kong’s banking industry, as well as the global virtual banking landscape.

Don't forget to register by 31 Oct to enjoy the early bird discount for the Association of Certified Fraud Examiners‘ 20th Anniversary Conference cum Annual Dinner on 12 Nov.

Open forum - Social Innovations for Sustainable Communities
An open forum organized by the Social Entrepreneurship and Civic Action Lab of the Centre for Civil Society and Governance at The University of Hong Kong on 9 Nov will share the findings from a territorial-wide survey on sustainability visions for Hong Kong for 2030-2050, and knowledge and intent for social entrepreneurship. The speakers will share their views on the roles and trends of social innovation in creating sustainable communities, with an interactive discussion on the entrepreneurial ecosystem from different perspectives.
Definition of a business (Amendments to HKFRS 3)

The workshop on 18 Dec will cover the amendments to HKFRS 3 Business Combinations, including the revised definition of a business and the optional concentration test that help assess whether a company has acquired a group of assets, rather than a business. The speaker will also share examples and practical application issues.

Companies (Amendment) (No. 2) Ordinance 2018: Implications on financial reporting
This e-seminar will provide an overview of the 2018 amendment of the Companies Ordinance in relation to financial reporting, in particular the expanded scope of the reporting exemption, under which qualified entities are eligible for the use of the Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard for financial reporting. The common pitfalls of applying the new disclosure requirements in the director's report and financial statements will also be discussed.
IFRS Interpretations Committee’s Compilation of Agenda Decisions

The IFRS Interpretations Committee has published its first biannual Compilation of Agenda Decisions which brings together agenda decisions from January to September. Future compilations will be published twice a year, in April and October. The Committee publishes agenda decisions when, following consultation, it decides further standard-setting is not required to deal with a question raised, for example if existing IFRS requirements are adequate to answer the question.

FATF’s public statement and Improving Global AML/CFT Compliance: On-going Process

Subsequent to its Plenary and Working Group meeting, the Financial Action Task Force (FATF) has issued:

A public statement regarding Democratic People's Republic of Korea subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing risks emanating from the jurisdiction.

A document titled "Improving Global AML/CFT Compliance: On-going Process" concerning 12 jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with FATF.

Visit the Institute's anti-money laundering dedicated webpage for the updated lists of terrorists, terrorist associates and relevant persons/entities under United Nations sanctions.

Webinar on global ethics

The International Ethics Standards Board for Accountants (IESBA) will hold a 90-minute webinar session on Wednesday, 20 November at 10:00 a.m. HKT to explain the new structure and substantive revisions of the International Code of Ethics for Professional Accountants. The webinar will also go through the new Non-compliance with Laws and Regulation and revised Long Association provisions, as well as the IESBA’s new eCode which was launched in June. Register now to learn about the key features.

Swimming classes

Enrol in the swimming classes to improve your techniques at the Victoria Park Swimming Pool every Tuesday and Thursday between November and January.


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