Issue no. 784 (26 March 2020)
 
  Dear members/member practices,  
     
 
 
 
 

Advice from the RIFEC on helping businesses and individuals facing financial distress

 

The Institute’s Restructuring and Insolvency Faculty Executive Committee (RIFEC) has published information on advising businesses and individuals facing financial distress. The advice includes statutory obligations, risk mitigation strategies, as well as links to advice and services from other organizations.

 
 

Updates on the Institute's activities

In view of the latest situation of COVID-19, the Institute’s library facilities have been closed, and the services hours of the counter on the 27th floor adjusted to 11:00 a.m. to 3:00 p.m. from Monday to Friday and on Saturday from 9:00 a.m. to 12:00 noon. Face-to-face continuing professional development events will be replaced by webinars, while sports and recreation activities will be cancelled until further notice. Visit the COVID-19 – CPA Information Centre for the latest updates from the Institute and other bodies.


Free e-Learning CPD courses
Accessing continuing professional development (CPD) courses during the COVID-19 epidemic can be challenging. There are a range of free courses available from the Institute and partner organizations, including six webinars on: valuing financial instruments, corporate finance – capital structure and liquidity, improving revenues, technology for accountants, ethical issues and presenting data. Visit the COVID-19 – CPA Information Centre for details.

Corporate Finance Series webinars
Enrol in the webinars on 15 April and 29 April to learn about the different types of secondary fundraising for listed companies and gain insights on how to handle corporate acquisitions or disposals from compliance prospective.

Annual Corporate and Regulatory Update 2020
The 21st Annual Corporate and Regulatory Update organized by the Hong Kong Institute of Chartered Secretaries on 5 June will provide updates on governance-related topics including environmental, social and governance, disclosures and enforcement issues over listed issuers, company-centric regulatory and anti-money laundering developments, as well as business ethics. Register by 7 April to enjoy the early bird discount.
 
Accounting for goodwill

The International Accounting Standards Board (IASB) has published a Discussion Paper DP/2020/1 Business Combinations – Disclosures, Goodwill and Impairment on possible improvements to the information reporting about acquisitions and accounting for goodwill.

To contribute to the global debate on accounting for goodwill, the staff of the Institute and the staff of the Accounting Standards Board of Japan have jointly published a research paper (RP) to share findings from a quantitative study on goodwill, analyse the existing requirements for goodwill, and explore alternative views on its subsequent accounting. In particular, the RP examines whether amortization of goodwill should be reintroduced.

The Institute is seeking comments on the IASB’s Discussion Paper by 7 Aug, and also welcomes feedback on the RP. Visit the Institute’s project homepage for developments on these papers and other updates.


Latest arrangements of IRD public services

The Inland Revenue Department (IRD) announced that from 23 March, its public services are limited to (1) Central Enquiry Counter for enquiries relating to tax clearance for taxpayers leaving Hong Kong; (2) Business Registration Office; and (3) Stamp Office. Deadlines for tax payments, lodgement of objections and holdover applications, and submission of tax returns and information that fall due between 23 March and 3 April will be automatically extended to 6 April.

 
Roundtable discussion: Comprehensive Review of the IFRS for SMEs Standard/HKFRS for Private Entities

The roundtable discussion on 18 May will gather together the Institute’s staff and preparers/ practitioners of financial statements applying the HKFRS for Private Entities to respond to the International Accounting Standards Board’s Request for Information (RFI) for the IFRS for SMEs Standard/HKFRS for Private Entities.

Join them to have a say in whether and how the HKFRS for Private Entities should be updated to reflect recent changes to the full HKFRS. Members can also submit comments on the RFI to the Institute by 12 June.


AML – United Nations sanctions

The following United Nations sanctions was published on 20 March:

Gazettal of the United Nations Sanctions (Somalia) Regulation 2019 (Amendment) Regulation 2020.

The following United Nations sanctions were published on 25 March:

Updated list of individuals and entities pursuant to section 25 of the United Nations Sanctions (ISIL and Al-Qaida) Regulation (Cap. 537CB). One entry is removed from the sanctions list. For details, please refer to the press release issued by the United Nations Security Council Committee.

Gazetted list of terrorists and terrorist associates designated by the United Nations Security Council, pursuant to the United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575).


Visit the Institute's dedicated webpage for further information.

 

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