Issue no. 781 (5 March 2020)
  Dear members/member practices,  

Free webinars related to COVID-19



To help members who may be facing various difficulties related to the COVID-19 epidemic, the Institute will hold two more free webinars. Both webinars will also be recorded and made available as e-Seminars afterwards.


The first webinar, on practical employment issues arising out of the COVID-19 outbreak, will be held on 13 March. Online registration will commence at 12:00 noon on 9 March.


The second will cover contractual obligations, and will take place on 17 March. Online registration will commence at 12:00 noon on 13 March.


Alert on the application of financial reporting standards

The Institute’s Financial Reporting Standards Committee (FRSC) has published an Alert containing guidance on how to apply financial reporting standards for entities affected by the COVID-19 epidemic. The guidance covers accounting for events after the reporting period, going concern considerations and accounting estimates.


Counter and library to resume normal services

After having accessed the COVID-19 situation in Hong Kong and our hygiene and cleaning practices, the Institute will resume normal services for the counter and library facilities on 9 March.Visit the COVID-19 – CPA Information Centre for the latest updates from the Institute and other bodies.

Recording of webinar available now
The recording of the previously-held webinar on leading and motivating a virtual team is now available for free subscription on the e-Seminar website.
Face masks for accounting professionals

A non-profit foundation for accountants will distribute face masks to accountants in need. Interested members can click here for details.

New CbCR exchange arrangement between Hong Kong and Mainland China

Hong Kong and Mainland China have entered into an arrangement for the automatic exchange of country-by-country reports (CbCR). The arrangement applies to accounting periods beginning on or after 1 January 2018. See the Inland Revenue Department's website for more information.

Resumption of IRD public services

The Inland Revenue Department (IRD) resumed its normal public services from 2 March. Details of the opening hours of its various offices can be found on its website.

Monthly IASB Update and podcast

The February IASB Update and podcast are now available.

AML – United Nations sanctions

The updated list of individuals and entities was published on 5 March pursuant to section 25 of the United Nations Sanctions (ISIL and Al-Qaida) Regulation. Three entries are added to the sanctions lists. For details, please refer to the press release issued by the United Nations Security Council Committee. Visit the Institute's dedicated webpage for further information.

Alert for auditors

The Institute issued an Alert last week under the guidance of the Audit and Assurance Standards Committee, which provides advice to auditors concerning matters such as risk assessment, subsequent events and going concern.

FRSC meeting minutes

Minutes of the 254th meeting of the Financial Reporting Standards Committee are now available.

Webcast to introduce the RFI: Comprehensive Review of the IFRS for SMEs Standard

The IASB's webcast provides an overview of the IFRS for SMEs standard and introduces the Request for Information (RFI) published in January. The RFI seeks views on whether and how to align the IFRS for SMEs Standard with full IFRSs. Members can submit comments on the RFI to the Institute by 12 June.

Recording of IASB's webinar: Exposure Draft General Presentation and Disclosures

The recording of the IASB's webinar held on 10 Feb providing an overview of the proposals of the Exposure Draft General Presentation and Disclosures is available. Members can also submit comments on the Exposure Draft to the Institute by 22 May.


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