Issue no. 767 (14 November 2019)
 
  Dear members/member practices,  
     
 
 
 
 

Renew your membership

 

While the 2020 member annual fee will be waived for members whose names were on the register at 31 Dec 2017, you still need to file your annual return with continuing professional development (CPD) declaration by 15 Dec to renew your membership. Click here to renew or check your renewal status.

Need more CPD hours? Members can claim verifiable CPD hours by attending online courses. Find courses at the CPD learning resource centre.

 
 

M-Code filing deadline

The Institute has received feedback from members and their staff noting their continued difficulties in completing audit work. To assist, the Institute has discussed with the Inland Revenue Department (IRD) the possibility of an extension of the M-Code deadline. The IRD has agreed to favourably consider applications for extension of time on a case-by-case basis, when justified by the circumstances.

 

Tax audit on SMEs

Enrol in the seminar on 27 Nov to gain the insights into tax audit issues for small- and medium-sized enterprises (SMEs) and learn how to better prevent and manage tax controversy risks.


Corporate fraud enforcement work and lessons learnt
At the lunch seminar on 28 Nov, Kenneth Luk, Senior Director, Enforcement at the Securities and Futures Commission, will share his practical experience in carrying out corporate fraud enforcement work.

New economic substance legislation in Bermuda, the BVI and Cayman Islands
The lunch seminar on 4 Dec will introduce the latest developments in economic substance requirements in Bermuda, the British Virgin Islands (BVI) and Cayman Islands and demonstrate how to assess the impact of and apply these laws and regulations for in-scope entities in these jurisdictions.

Risk management
The seminar on 5 Dec will discuss the importance for CPA firms to establish a risk management culture and the key components of it, which lead to the final goal that partners and staff will instinctively look for risks and consider their impacts when making effective operational decisions.

Visit to the West Kowloon Cultural District
Sign up for the visit to the West Kowloon Cultural District on 6 Dec to learn about the architectural and design features as well as its Freespace, Art Park and Xiqu Centre through a guided tour.

China cross-border – Navigating uncertainties with more optionality
The lunch seminar on 9 Dec will discuss the emerging opportunities available for corporates in the GBA arising from the opening up of China’s capital markets, as well as the new frontiers of RMB internationalization for cross-border solutions.

PICIG cocktail reception – Feng shui planning and architecture design
Join the Property, Infrastructure and Construction Interest Group (PICIG) annual cocktail reception on 10 Dec to meet the veteran feng shui master, Dr Michael Chiang (蔣匡文), and learn how feng shui can improve the relationship between humans and the environment, as well as how to apply it in decoration and the environment.

Guardian role of professionals in upholding ethical governance
The seminar on 16 Dec will examine relevant sections of the Prevention of Bribery Ordinance in relation to the duties and responsibilities of directors and professionals in preventing corruption and other malpractices, as well as business ethics and ethical issues.

Reminders
The lunch seminar on 19 Nov will focus on investigations under section 286B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance and recent cases and practical developments involving schemes of arrangement and stays.

Don’t miss the seminar on 22 Nov to empower your resilient mindset to deal with challenges and strengthen your commitment to working smart.

Join the 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.

Last call for the Institute’s annual dinner to experience a magical evening of live entertainment, dining and an inspirational programme on 2 Dec. You are also welcome to sponsor a table or donate lucky draw/table prizes to enrich this fun-filled evening.


Other events
The Hang Seng University of Hong Kong’s free business ethics development lecture on 25 Nov will focus on international and cross-border ethical issues.

The Hong Kong Polytechnic University’s free conference on green finance and environmental, social and governance (ESG) practice on 26 Nov will talk about the ESG data, ESG reporting and the challenges and opportunities of green building.

Register for the 9th China Capital Markets Conference organized by the Asia Securities Industry & Financial Markets Association on 29 Nov at a discounted rate by using promo codes “CCMC2019GOE” (non-transferrable pass) or “CCMC2019GOENT” (transferrable pass).

 
Members’ handbook update no. 234

Members’ handbook update no. 234 relates to the issuance of amendments to HKAS 39 Financial Instruments: Recognition and Measurement, HKFRS 7 Financial Instruments: Disclosures, and HKFRS 9 Financial Instruments. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainties caused by the interest rate benchmark reform. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments are effective for annual periods beginning on or after 1 Jan 2020. Early application is permitted.


Classification of financial instruments under HKAS 32: Debt vs equity

This workshop on 6 Jan will provide a brief recap of the key requirements of HKAS 32 Financial Instruments: Presentation and discuss how to apply the requirements of the standard to some commonly-seen financial instruments, such as convertible bonds and preference shares.


2019 IASB Research Forum

Audio recordings and presentation slides from the 2019 IASB Research Forum on the latest accounting research relevant to the IASB’s work are now available. Topics included earnings management under principles-based/rules-based accounting standards, consolidated financial reporting, and capitalization of intangible assets by firms in Japan that adopt IFRS Standards.


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.

 
Recruiting golf players

The Institute is forming a team to compete in the 21st Annual Golf Tournament with Hong Kong Medical Golfers Association on 4 Dec. Submit your name for selection.


Recruiting football team members

Take pride in representing the Institute at the cross border football competition in Shenzhen on 8 Dec to compete with accounting professionals from Guangzhou and Shenzhen. Submit your name before 20 Nov for selection.


Bridge team tournament

Form your own team and compete in the bridge tournament team event on 8 Dec.

 

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