Issue no. 739 (2 May 2019)
 
  Dear members/member practices,  
     
 
 
 
  Visit to UIC and contract renewal of QP Resource Centre  

President Patrick Law visited United International College (UIC) in Zhuhai on 16 April for the contract renewal ceremony of the QP Resource Centre with the president of UIC, Professor Tang Tao. The ceremony was followed by the Accreditation Presentation Ceremony of the school's Master of Professional Accountancy programme, witnessed by our vice-presidents, staff and students at UIC. The full-day visit ended on a high note with the UIC high table dinner, where our president shared his insights on how the accountancy profession can contribute to the success of the Greater Bay Area development with over 200 enthusiastic students and guests. Click to see photos.

 
    A Plus – Tax today: A global view  
 

The April issue of A Plus features members of the Global Accounting Alliance Tax Directors Group discussing critical issues in today's tax environment, from the tax challenges of the digital revolution to international anti-avoidance tax measures. Other stories include: assessing the impact of allowing companies with weighted voting rights to list in Hong Kong; and interviews with Raymond Yip, Deputy Executive Director of the Hong Kong Trade Development Council, AECOM’s Malaysia Country Director, Patrick Wong, and four CPA bowlers from the 2018 Bowling Winter League.

 
 

Understanding and managing corporate frauds risks

Join the workshop on 7 May to sharpen the skills and techniques necessary for effective fraud detection. Participants will learn how to identify common fraud schemes, such as financial statements fraud and assets misappropriation.


Understanding facility letter and term sheet for accountants
The workshop on 11 May will provide an outline of a bank’s facility letter and term sheet. The workshop will also discuss the key credit terms, the three types of covenants, namely affirmative covenants, negative covenants and financial covenants, as well as the events which are considered a default.

Practical insight: Financing methods for SMEs
Attend the workshop on 15 May to gain insights into the range of financial services available to small- and medium-sized enterprises (SMEs) and how start-up businesses can obtain financing from banks, with real world examples.

Transfer pricing series - Part 4
At the seminar on 20 May, speakers form the Inland Revenue Department will further discuss the transfer pricing provisions under the Inland Revenue (Amendment) (No. 6) Ordinance 2018 and their application.

Managing global mobility in times of uncertainty
The seminar on 28 May will cover key tax developments regarding global mobility and the implications for organizations and workers. Topics will include regional individual income tax updates, updates on regional employment law matters, tax transparency and enforcement in a regional or global context, and other cross-border tax issues in relation to foreign assignments and frequent travellers.

2019 Compliance Forum – rerun for SMPs in Cantonese
The Institute's Compliance Department will share knowledge, skills and tips at the Compliance Forum themed "Compliance • Everyday • Everywhere" on 5 June to help small- and medium-sized practices (SMPs) strengthen their professional service offering. Sign up by 31 May.

Prepare for the PRC CPA exam
Study materials for the 2019 PRC CPA Uniform Examination are now available. Complete and return the subscription form and pay by 24 May.

Reminders
Last call for the seminar on 9 May to learn how to develop the leadership and management capabilities needed for career success in the digital economy.

Join the seminar on 16 May to enhance your understanding of the anti-money laundering and counter-terrorist financing obligations.

Don't miss the "From CPA to CPA+" in May to establish your business engineering mindset and framework and learn how to give professional management opinions and advice.

Register for the joint seminar by MBIG and HKCEA FAASC on 20 May to know more about the challenges and business opportunities of the Greater Bay Area development and the Mainland China individual income tax regime.

Enrol in the PICIG seminar on 30 May to learn about the market trend of office rentals and relevant government policies.

 
CPA badminton championship

Come join the badminton championship on 2 June to gain match experience and maybe take a trophy home.

 
HKFRS 15 Revenue from Contracts with Customers

The workshops on 23 May will provide a brief overview of the key requirements of HKFRS 15, the real-life application of the standard and practical tips on key implementation issues observed in each of the 5-steps of the standard's revenue model. The new disclosure requirements and common difficulties will also be highlighted.


HKFRS 16 Leases

Join the seminar and workshop on 29 and 30 May to learn the new requirements of HKFRS 16 and how to apply the standard through a range of practical examples and exercises. Participants will learn how to determine discount rates and lease terms, as well as the key considerations in the selection of transition methods on initial application of the standard.


Webinar on the eCode

The International Ethics Standards Board for Accountants will hold a 30-minute webinar session on Wednesday, 12 June at 10:00 p.m. HKT to discuss the eCode that will come into effect in late June 2019. The eCode is an innovative digital product that offers a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards). Register now to learn about the eCode's structure, key features and functionalities.


Completion of profits tax returns and the supplementary forms

The Inland Revenue Department provided further clarifications on the completion of supplementary form S1 Person electing for 2-tiered profits tax rates of the 2018/19 profit tax return.


AML notice

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.

 
Cheers to marathon winners

Congratulations to all who ran in the Standard Chartered Hong Kong Marathon 2019. The celebratory post marathon drinks took place on 29 April. Click to see results and photos.


Bowling training courses

Enrol in the training courses starting on 25 May at the South China Athletic Association Bowling Centre to improve your bowling technique.

 

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