Issue no. 748 (4 July 2019)
 
  Dear members/member practices,  
     
 
 
 
  Be there and make yourself heard -
Member Self-recommendation Scheme for Youth
 

The government launched the Member Self-recommendation Scheme for Youth (MSSY) in October 2017 to scout for talent and encourage the participation of young people in policy discussion and debate. Given the positive feedback, MSSY now recruits twice a year and the next phase is open for applications until 17 July. If you are aged between 18 and 35, and interested in supporting Hong Kong's development, nominate yourself to become a member of one of the government’s advisory committees. Visit the scheme's webpage for further details.


National Day Celebration Dinner


The 70th National Day Celebration Dinner for the accounting profession will take place on 12 Sept at the Hong Kong Convention and Exhibition Centre. Members are encouraged to book seats, become a sponsor, offer compliments in newspaper supplements, and donate prizes.


2019 Honours List

The Institute sends its heartiest congratulations to the following members who received honours from the HKSAR Government for their distinguished service. Congratulations to past vice-president Carlson Tong (Gold Bauhinia Star), Fung Pui-cheung (Bronze Bauhinia Star), and past president Clement Chan (Medal of Honour).

 

A Plus - Keeping Hong Kong on top

The June issue of A Plus features James Lau, Secretary for Financial Services and the Treasury, discussing why sustainability and technology are crucial factors in maintaining Hong Kong's position as a leading finance hub. Other articles include highlights from the Institute's China Tax Conference 2019; the driving forces behind the plant-based food boom; and interviews with the Managing Director of Denning Asia, and CPA yogis.

Watch the "CPA entrepreneurs under 35" video series featuring three young members on how being a CPA helps them grow their companies and highs and lows of the entrepreneurship. You can also read their stories in A Plus here.


Is digital service tax just for “Digital” companies?

Join the seminar on 12 July to understand more about digital service tax being applied to business activities, the European Union and individual country actions, and the potential impacts to business models and companies outside the technology and media sector.


Recent developments in cross-border restructuring and insolvency issues
At the lunch seminar on 18 July, the speaker will discuss the latest developments in cross-border restructuring and insolvency issues, citing a number of major cases.

CFIG lunch seminar – Taking a close look at open-ended fund companies
Register for the Corporate Finance Interest Group (CFIG) lunch seminar on 12 Aug where the speakers will discuss the laws governing Hong Kong open-ended fund companies (OFCs) and the corresponding tax position. They will also talk about comparable structures elsewhere from practical perspective and address key questions including who should be using OFCs.

Analysing a company research report (re-run)
The workshop on 15 Aug will cover the basic knowledge in understanding a company research report, such as analytical methods used in finance industry and the role of analysts, demonstrated by real-life cases.

Understanding structured products for accountants case studies workshop
The case studies workshop on 31 Aug will cover dual and triple currency investment, target redemption note/forward, as well as term sheet analysis.

Reminders
Last call to enrol in the seminar on 12 July to gain insights on the HKEX's proposed new environmental, social and governance reporting requirements and how to develop goals and targets to fulfil them.

Don't miss the workshop on 15 July to learn how to achieve your organization's objectives and demonstrate competence with measurable goals.

Remember to join the seminar on 18 July for discussion and case sharing on key strategic considerations for restructuring global supply chains in light of the uncertain outcome of the Sino-U.S. trade discussions.

Attend the seminar on 24 July to learn about the latest cybersecurity threats privacy issues, laws and regulations.


Understanding green finance and ESG: an investment perspective
The free seminar co-organized by the Center for Economic Sustainability & Entrepreneurial Finance of The Hong Kong Polytechnic University and the Hong Kong Investor Relations Association on 30 July will discuss how environmental, social and governance (ESG) performance can bring sustainable business benefits. The seminar will see industry experts come together to share their expertise and insights on green finance and ESG integration from an investment perspective. Register online for the event now.
 
AML notice - United Nations sanctions

The updated list of individuals and entities was published on 26 June pursuant to Section 32 of the United Nations Sanctions (South Sudan) Regulation 2018. Visit the Institute's dedicated webpage for further information.

 
Marathon results

Six Institute teams won the top spot and second place in all three categories (10km, half marathon and marathon) of the Chamber of Commerce Cup and received awards at the prize presentation ceremony on 26 June. Click to see results and photos.


Golf day

Join the golf day and tee off with your fellow members at Kau Sai Chau Public Golf Course on 20 July.


Bowling summer league

The bowling summer league will run for 12 weeks from July to November. Form your own team or join a registered team.

 
Members' Handbook update

Update no. 230 contains amendments to Accounting Bulletins 3 (Revised), 5 and 6.


Invitation to comment

The Institute is seeking comments on the IASB Exposure Draft ED/2019/4 Amendments to IFRS 17.


Institute's comments

The Institute has submitted comments on the following:

IAASB's Proposed Strategy for 2020 – 2023 and Work Plan for 2020-2021

IASB Exposure Draft ED/2019/1 Interest Rate Benchmark Reform – Proposed amendments to IFRS 9 and IAS 39


June IASB podcast

Podcast from the June 2019 IASB meeting is now available.


FRSC meeting minutes

Minutes of the 249th meeting of the Financial Reporting Standards Committee are now available.


IESBA new eCode

The International Ethics Standards Board for Accountants (IESBA) launched the eCode – a web-based tool that delivers the International Code of Ethics for Professional Accountants (including International Independence Standards) on a digital platform.


e-seminar: Update on revised HKSA 540 Auditing Accounting Estimates

The e-seminar covers the changes in HKSA 540 (Revised) Auditing Accounting Estimates and Related Disclosures and Conforming and Consequential Amendments to Other International Standards. View to learn about the new requirements, implementation issues and application in various practical situations.


FATF updates

Following a mutual evaluation undertaken by member jurisdictions in June, the Financial Action Task Force (FATF) commended Hong Kong for its strong legal foundation and effective system for combating money laundering and terrorist financing. Hong Kong's is the first jurisdiction in the Asia-Pacific region to have achieved an overall compliant result. Please refer to the government's press release for details.

The FATF issued a public statement regarding two jurisdictions, and a document titled "Improving Global AML/CFT Compliance: On-going Process" concerning 12 other jurisdictions. Separately, the FATF also published the Guidance for a Risk-based Approach for the Accounting Profession. Members are advised to take note of these materials.

 

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