Issue no. 773 (3 January 2020)
 
  Dear members/member practices,  
     
 
 
 
 
 

A Plus – Path to the profession

 

The December issue of A Plus looks at the new Qualification Programme and how it will equip future CPAs with the skills to succeed. Other articles include how organizations are implementing learnability cultures to foster their staffs' development; interviews with Julie Hertzberg, President of INSOL International, Vincent Leung, Senior Manager, Finance at Versace Asia Pacific, and some mentor-mentees of the Institute’s Mentorship Programme.


Country-by-country reporting – Deadline for local filing

The Inland Revenue Department (IRD) announced that for the first relevant accounting periods ending between 31 Dec 2018 and 31 Mar 2019, they would accept the local filing entity or its service provider as having complied with the filing deadline under section 58B(3) of the Inland Revenue Ordinance, provided that the country-by-country (CbC) return is received via the CbC Reporting Portal on or before 31 Mar 2020. Click here for details.

 

Greetings from the Institute

The Institute wishes you and your family, friends and colleagues a happy, healthy and prosperous year ahead. Click here for new year e-card.


Antecedent transactions: Onshore and offshore updates
The seminar on 21 Jan will discuss the first successful case by liquidators of a Cayman Island investment fund to claw-back redemption proceeds paid to an investor on the grounds of preference, and provide the latest updates on onshore and offshore legal principles relating to antecedent transactions.

Hong Kong resident status under CDTAs
The seminar on 31 Jan will examine the benefit, procedures and criteria for obtaining Hong Kong tax resident status in order to enjoy treaty benefits under the Comprehensive Double Taxation Agreements / Arrangements (CDTAs). The IRD’s guidelines and the ways to resolve disputes with the IRD will also be discussed.

How to plan a successful spinoff?
Enrol in the workshop on 12 Feb to learn how to evaluate various spinoff models and to plan a successful spinoff for a listed company. The regulatory, accounting constraints, implications and market trends of spinoffs will also be covered.

Reminders
Last chance to join the seminar on 6 Jan where the speaker will share her experience in expanding small- and medium-sized practices’ business outside Hong Kong.

The seminar on 7 Jan will cover practical considerations regarding the mutual recognition of insolvency processes between the Mainland and Hong Kong, and the conflicting judgments for parallel schemes in Hong Kong, Bermuda and the Cayman Islands.

Attend the two workshop sessions on 10 and 17 Jan to learn the features of convertible bonds, their pricing mechanism and underlying risk drivers, as well as the key credit documentation issues of convertible bond issuances.

Don’t miss the visit to the Smart City Innovation Centre of the Hong Kong Applied Science and Technology Research Institute on 14 Jan, to discover their latest initiatives and the innovations and technological developments for smart city.

The seminar on 16 Jan will talk about the growing importance of the integrity agenda and how companies can improve the underlying compliance within their corporate environments.

Apply for the Specialist Designation in Insolvency by 31 Jan which is open to members who have considerable experience and competences in insolvency practice and have gained the SQ (Insolvency).

 
IAASB Feedback Statement and Way Forward – Audits of Less Complex Entities

The IAASB’s Feedback Statement provides an overview of the key messages from the responses to its Discussion Paper Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs, and related outreach activities.


December IASB podcast

The IASB’s December podcast is now available.

 
Reminder: Singing technique classes

Don't miss the singing technique classes starting from January to improve your vocal skill for singing pop songs. Limited seats are still available for the classes on Tuesdays and Wednesdays.

 
Members’ handbook update

Members’ handbook update no. 235 relates to the issuance of the revised Practice Review Statements 1.400 Explanatory Foreword and 1.401 Review Procedures and Conduct of Members. The statements are revised to reflect mainly the following changes in the practice review scope and procedures of the Institute’s practice review programme:

Scoping out public interest entities (PIE) engagements completed after 1 Oct 2019 by a PIE auditor for practice review following the enactment of the Financial Reporting Council (Amendment) Ordinance;

Implementing an anti-money laundering (AML) compliance monitoring programme to evaluate a practice unit’s level of compliance with the Guidelines on AML for Professional Accountants included in the Code of Ethics;

Adding the procedures to be adopted during the conduct of a desktop review introduced since 2014 and an AML compliance review introduced since 2018.


Workshop for new auditors

This three-day programme on 20, 22 and 24 Jan shares core auditing concepts and practical skills essential for new auditors of financial statement audits through a mix of discussions, case studies and role-play.


HKFRS 15: Sharing application experience

Join the workshop on 10 Feb to hear common examples of applying the HKFRS 15 Revenue from Contracts with Customers, including misconceptions or misapplications.


FAQs for AML compliance

The Institute has issued additional questions and answers for matters related to AML compliance.


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.


IFRS Interpretations Committee quarterly podcast

The IFRS Interpretations Committee’s Q4 2019 podcast is now available.

 

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