Issue no. 742 (23 May 2019)
  Dear members/member practices,  
  Financial Controllership Programme 2019  

The Financial Controllership Programme 2019 is now accepting enrolments. With industry-leading expert course directors and experienced professional accountants in business as facilitators of this 6-month part-time tailor-made programme, you can develop the competencies needed to become a finance leader and add value to your employer's business. Enrol by 5 June or join the free information session on 30 May to learn more.

  New members cocktail  

Over 160 members attended the cocktail reception on 18 May to celebrate their CPA designation. They were greeted by the President, Council members, the Acting Registrar, members of senior management, and representatives from the Young Members Committee and various Sports and Recreation interest groups. Click to see photos.


Developments in Mainland/ cross-border bankruptcy and insolvency from a judicial perspective

At the lunch seminar on 12 June, three judges from Shenzhen Municipal Intermediate People's Court will share their experience and practical observations, from the perspective of the Mainland court, in dealing with different situations normally faced by foreign liquidators or receivers in the Mainland.

PRC Individual Income Tax for non-PRC tax residents
Join the seminar on 2 July to understand the concept of domicile, residency, and source of income, as well as the differences between the tax implications on employment income for management personnel and employees in response to the reform of the PRC Individual Income Tax.

Green finance – An overview
The free seminar on 3 July will provide updates on the latest development of green finance in Hong Kong, the Mainland and internationally. It will also discuss the benefits of green loans and bonds.

Accountant's Update Pathway 2019 (International)
The Accountant's Update Pathway 2019 (International) will launch on 11 June to discuss the global trends in financial reporting, tax harmonization across the G20, audit, regulation and technology and the latest thinking in management accounting and financial management. Enrol now to enjoy the early bird discount. Three new 20-hour pathways on data analytics, leadership and management, and business performance management are also available.

Last call for the workshop on 29 May which will provide an overview of the credit-linked structured products available in the market and examine their terms and conditions.

Don’t miss the seminar on 31 May for an update on the recent trends and changes to UK tax legislation which affects businesses and individuals in Hong Kong.

Attend the seminar on 6 June for some key changes and updates on the Mainland China value added tax system.

Join the CFIG seminar on 17 June to gain insights about Hong Kong IPO offering structures and the GEM placing guidelines.

ACCA Hong Kong Annual Conference
ACCA Hong Kong Annual Conference 2019: From Vulnerability to Sustainability - Build a Better Future will take place on 15 June. The conference will gather thought-leaders and experts to explore how businesses can better equip and prepare themselves to overcome risks, sail through global economic uncertainties, and build a thriving and sustainable future. Enrol by 31 May. Institute members can register at the discounted rate of HK$1,650.

ICAEW young members mid-summer reception
The ICAEW Hong Kong Young Members Group is organizing the mid-summer reception for young members on 27 June. Come join the networking event to enjoy games, canapés, drinks and a lucky draw with other young professionals.
Recruitment of CPA team members

Put your name forward if you are interested in representing the Institute at the following competitions. The selection will be based on players' skills, past results and sportsmanship.

Table tennis: five-point invitational competition, 9 June.

Football: 4-a-side homeless world cup fundraising tournament, 15 - 16 June.

Sailing training course

Join the 2-day introductory sailing course in July to get a taste of life on the water.


Don't miss the 2nd mini bridge tournament on 8 June to gain more tournament experience.

Last call to join the snooker fun day on 30 June which features trick shot demonstrations and friendly matches.

Don’t forget to form your own team to compete with other CPA members at the CPA basketball competition from July to October.

FRSC meeting minutes

Minutes of the 248th meeting of the Financial Reporting Standards Committee are now available.

HKFRS 16 Leases (re-run)

The workshop on 10 July will cover the application of HKFRS 16 by providing practical examples on key implementation issues and for the new disclosure requirements. It will also highlight key considerations in the selection of transition methods on initial application of the standard, including areas where significant cost savings can be made.

May IASB Update

The May 2019 IASB Update is now available.

Podcast on IFRS 17

The podcast from the May 2019 International Accounting Standards Board meeting on IFRS 17 Insurance Contracts is now available.

IASB proposed annual improvements to IFRS standards 2018–2020

The IASB has published the proposed narrow-scope amendments to four IFRS standards as part of its maintenance and improvement process. The proposals affect IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, the illustrative examples accompanying IFRS 16 Leases and IAS 41 Agriculture.

Webinar on the eCode

The International Ethics Standards Board for Accountants (IESBA) 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. 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 IESBA's vision for the eCode and the eCode's structure, key features and functionalities.

DIPN 56 & DIPN 57

The Inland Revenue Department issued the Departmental Interpretation and Practice Notes No. 56 and No. 57 to explain what qualify for concessionary deductions for health insurance premiums, annuity premiums and MPF voluntary contributions.

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.

Golf day

Players of all handicaps are welcomed to the upcoming golf day on 15 June at Kau Sai Chau Public Golf Course.


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