Issue no. 730 (28 February 2019)
  Dear members/member practices,  

Institute judges the government's 2019-20 to be budget reasonable



While the government's 2019-20 budget is prudent and reasonable amidst the continuing global economic uncertainty, it offers the community fewer one-off measures to alleviate burdens. The Institute considers that the government could have been more generous by introducing more specific tax-related measures in spite of the challenges faced. Although the Institute appreciates the proposal establishing a limited partnership regime and introducing tax arrangements for private equity funds, which are in line with its budget submission; many in society will be disappointed that the rental allowance measure the Institute has been advocating for was not included. Click here for the Institute's press releases and budget proposals.




A Plus – Leading a breakthrough year for Accountants Plus



The February issue of A Plus features the Institute's President Patrick Law on his plans for the year ahead which help to future-ready Accountants Plus. Other stories include how the use of drones can change audits; how businesses are preparing for the potential scenarios of Brexit; and interviews with the CFO of an Australian restaurant franchise Oliver’s Real Food and four CPAs who are passionate about wine.

Investment for the super-rich vs the masses, AI bridges the gap

The seminar on 6 March will discuss the differences between investment opportunities of the super rich and those of the ordinary people, and how artificial intelligence (AI) can help investors.

Board effectiveness
Join the seminar on 19 March to learn about the four key attributes of an effective board, the common challenges faced by the board and practices to address challenges. Attendees will also hear the market insights of how peers around the world manage their boards.

Risk management
The three-day workshop in March and April jointly organized by the Chartered Institute of Management Accountants (CIMA) and the Institute will cover risk management concepts illustrated by live examples. The course is designed for those who intend to develop financial and management skills, and build up business acumen and commercial awareness. There is also an optional session focusing on examination techniques available for those who are preparing for the Paper P3 examination for the CIMA membership and the Chartered Global Management Accountant (CGMA) designation.

Last chance to join the workshop on 5 March to learn about the importance of emotion quotient (EQ) and how to cope with stress in the workplace from a neurological perspective.

Sign up for the seminar on 11 March which will update you on the latest mergers and acquisitions trends in Mainland China.

Don't miss the lunch seminar on 12 March to learn about the trade measures imposed by the United States government and tips to manage export control.

Attend the evening seminar on 18 March to understand the major risks in valuation and refresh knowledge about the techniques to justify valuation.

FATF updates

Subsequent to the Financial Action Task Force (FATF) Plenary and Working Group meeting held between 17 to 22 Feb, FATF issued a public statement regarding the application of counter-measures to protect the international financial system from the ongoing and substantial money laundering and financing of terrorism by the Democratic People's Republic of Korea and Iran, and a document titled "Improving Global Anti-money Laundering and Combating the Financing of Terrorism Compliance: On-going Process" concerning 12 other jurisdictions. Members are advised to take note of these materials and to regularly check the Institute's dedicated webpage for anti-money laundering updates.

New FAQs on IPO sponsor fee income

The Institute has issued new questions and answers for matters related to the recognition of initial public offering sponsor fee income under HKFRS 15 Revenue from Contracts with Customers.

FRSC meeting minutes

Minutes of the 247th meeting of the Financial Reporting Standards Committee are now available.

Webinar on the new code of ethics

The International Ethics Standards Board for Accountants will hold two 90-minute webinar sessions to discuss the restructuring changes and substantive revisions made to the International Code of Ethics for Professional Accountants (including International Independence Standards) that will come into effect in June 2019. Register for one of the two webinars if you are using, applying or enforcing the code.

Thursday, 28 March, 7:00 p.m. - 8:30 p.m. HKT

Wednesday, 17 April, 10:00 p.m. - 11:30 p.m. HKT

Disclosures about changes in financing liabilities

The amendment to HKAS 7 Statement of Cash Flows requires companies to provide disclosures about changes in liabilities arising from financing activities. Read the feature article by the International Accounting Standards Board member who explains what the good disclosure under this amendment looks like.

Golf day

Join the golf day and tee off with your fellow members at the Phoenix Hill Golf Club on 23 March.


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