Issue no. 783 (19 March 2020)
 
  Dear members/member practices,  
     
 
 
 
 
 

Further guidance from the HKEX and SFC on February’s joint statement

 

 

The Stock Exchange of Hong Kong Limited (HKEX) and the Securities and Futures Commission (SFC) published further guidance on 16 March on their joint statement dated on 4 Feb and frequently asked questions on 28 Feb. The Institute welcomes this guidance, which provides clarity and details on questions that have been raised. For details, please refer to the press release issued by the HKEX.


Best Corporate Governance Awards series: Understanding the latest IR practices
Register for the live webinar on 26 March to explore how good investor relations (IR) can contribute to corporate governance and sustainability, the prevailing IR communication tools, and the risks and strategies of using social media.

Why project audit is important for an organization
The workshop on 28 April will discuss what to consider and when it is necessary to partner with an audit team to audit key projects. The speaker will also examine how to use project audit to identify the issues, concerns and risks of a business initiative at an early stage.

Corporate Finance Series
The workshops from April to June will cover a wide range of corporate finance topics and key financial decisions faced by organizations, including the practical issues in corporate financial management in the fast-changing capital market and their implications for accountants.

Strategic Succession Series
The new series of workshops from April to June will focus on the best practices of succession planning. The speakers will examine the operation, benefit and advantage of international trust and insurance tools. The foundation of insurance planning and international tax optimization, while maintaining control of investments will also be discussed.

INED Advanced Training Program - A6: INED Board Simulation
Organized by the Hong Kong Independent Non-Executive Director Association (HKINED), the final class of the INED Advanced Training Program “A6: INED Board Simulation” will be held on 25 March. It will cover problem board cases, board simulation discussions, best practice recommendations and the roles independent non-executive directors can play. Register online for the class and gain 2.5 CPD hours.

6th HKIRA IR Awards 2020
Hong Kong Investor Relations Association (HKIRA) is inviting online voting for the 6th HKIRA IR Awards 2020. Click here for details and cast your vote by 15 April.
 
Roundtable discussion: Better communication proposals – A game changer in reporting financial performance

The roundtable discussion on 6 May will gather together the Institute’s staff and preparers of financial reports to respond to the IASB Exposure Draft (ED) of the proposed new International Financial Reporting Standard General Presentation and Disclosure, which contains proposals that are expected to constitute a game changer in the presentation of financial performance. Join them to have a say in the way financial information is reported in the future. Members can also submit comments on the ED to the Institute by 22 May.

 
Invitations to comment

The Institute is seeking comments on the following documents:

Exposure Draft Hong Kong Standard on Investment Circular Reporting Engagements 500 (Revised) Reporting on Profit Forecasts, Statements of Sufficiency of Working Capital and Statements of Indebtedness by 20 April

Exposure Draft Technical Bulletin AATB 3 (Revised) Implementation Guidance on Revised Hong Kong Standard on Investment Circular Reporting Engagements 400 Comfort Letters and Due Diligence Meetings by 20 April

The International Auditing and Assurance Standards Board’s Public Consultation on Proposed Guidance, Extended External Reporting Assurance by 1 June


AASC minutes

Minutes of the 379th meeting of the Auditing and Assurance Standards Committee are now available.


Deferral of effective date for IFRS 17 to 1 Jan 2023

The IASB has decided to defer the effective date of IFRS 17 Insurance Contracts to annual reporting periods beginning on or after 1 Jan 2023. It will also extend the exemption currently in place for some insurers regarding the application of IFRS 9 Financial Instruments to enable them to implement both IFRS 9 and IFRS 17 at the same time.


March IFRIC Update

The March 2020 IFRS Interpretations Committee Update is now available.


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.

 

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