Issue no. 785 (2 April 2020)
 
  Dear members/member practices,  
     
 
 
 
 
 

A Plus – Staying strong

 

The March issue of A Plus features Jack Chan, the new EY’s Greater China Regional Managing Partner, on the growth of Mainland China’s economy, and what it means to adapt as an auditor. Other articles include the first of a series commemorating the Institute’s Best Corporate Governance Awards’ 20th anniversary; how companies should prepare for the changes 5G will bring; and interviews with the Chief Financial Officer of Aptorum Group Limited; and CPAs who are fond of martial arts.


Webinars now part of the Support Programme

To help members during these challenging times, webinars are now part of the Institute's Support Programme for members who are unemployed or who are planning to rejoin the workforce. The Support Programme now offers 5% of webinar enrolments for free to eligible members.

 

Council meeting minutes

The abridged minutes from the January Council meeting are now available for members to read. Click here and login to your account to view them.


MBIG webinar – The development of mobile payment in China
Join the Mainland Business Interest Group (MBIG) webinar on 21 April from 1:00 to 2:00 p.m. to hear from the speaker on the development of mobile payment in Mainland China, why and how mobile payment works, and its way forward.

Corporate Governance Series webinars
The webinars of the new Corporate Governance Series in April and May will provide practical guidance on corporate governance matters, including the roles and responsibilities of independent non-executive directors, disclosure of inside information, suspension and resumption of trading, and practical skills in dealing with the investigation of the Stock Exchange of Hong Kong and the Securities and Futures Commission.

CGMA Program – Special offer to QP-qualified Institute members
Enrol in the Chartered Global Management Accountant (CGMA) Program offered by the Chartered Institute of Management Accountants from 29 April to 1 May at a specially-arranged discounted rate available for members who qualified through the Institute's Qualification Program (QP). The program will provide training for the strategic case study exam and serve as a path for the CGMA designation. Join the online free-of-charge information session on 8 April to learn more.

Reminder: Corporate Finance Series webinars
Don’t miss the webinars on 15 April and 29 April in which the speakers will present different types of secondary fundraising for listed companies and share insights on how to handle corporate acquisitions or disposals from a compliance prospective.
 
IASB guidance on COVID-19 and IFRS 9

The International Accounting Standards Board (IASB) has published educational guidance to highlight the requirements of IFRS 9 Financial Instruments (equivalent to HKFRS 9) that are relevant for considering how COVID-19 may affect expected credit losses (ECL). The guidance acknowledges that estimating ECL may be difficult in the current circumstances and highlights the importance of companies using all reasonable and supportable information available. It reinforces that IFRS 9 does not provide bright lines nor a mechanistic approach in accounting for ECLs, and requires the application of judgement. The guidance is intended to support consistent and robust application of IFRS 9 and does not change, remove, nor add to the existing requirements.


The IRD announces filing deadlines

On 30 March the Inland Revenue Department (IRD) announced various issuing and filing deadlines for the 2019/20 financial year. This information is collated on the Institute’s COVID-19 – CPA Information Centre webpage:

Employers returns: issued on 1 April. Employers can file the returns via the IRD’s eTAX, traditional means or the IRD’s mixed mode service.

Profits tax returns: to be issued on 4 May, around a month later than normal. Returns are due one month later. Extensions are available, including for some non-represented companies by written request on a case-by-case basis.

Country-by-country reporting notifications: for all accounting periods ending between 31 December 2019 and 29 February 2020, notifications must be made via the CbCR portal by 1 June.

Individual tax returns: to be issued on 1 June. Around one month later than normal.

File your tax returns through the IRD's eTAX to enjoy personalized online tax services. To save paper, you can also select to receive electronic notices and documents.


Suspension of service for filing of individual tax returns through eTAX

To facilitate system update, the IRD Internet filing service for individuals is temporarily suspended from 30 March to 3 May. Paper forms can be filed during this period. The service will resume on 4 May.

 
Members' Handbook updates

Update No. 236 contains Amendments to the Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard.

Update No. 237 contains revised Hong Kong Standard on Auditing 315 and Practice Note 830.


Monthly IASB Update and podcast

The March IASB Update and podcast are now available.


IFRS 17 podcasts

IFRS 17 Insurance Contracts podcast covering the March IASB meeting is now available.


March 2020 IFRS for SMEs Update

The March 2020 IFRS for SMEs Update is now available.


Overview of the new regulatory regime for insurance intermediaries and the Insurance Rules webinar

Join the e-seminar on 20 April to gain insights on the new regime for insurance intermediaries, the Insurance (Financial and Other for Licensed Requirements Insurance Broker Companies) Rules, as well as the updates of the requirements compared to the Guideline on Minimum Requirements for Insurance Brokers.


Recording of IASB's webinar in Putonghua on Exposure Draft General Presentation and Disclosures

The Putonghua recording of the previously-held webinar by the International Accounting Standards Board (IASB) on the proposals of the Exposure Draft General Presentation and Disclosures is now available.


Latest arrangements of IRD public services

In addition to the IRD’s public services notice issued on 22 March, limited general telephone enquiry service is provided from 30 March through the enquiry hotline at 187 8088 from
9:00 a.m. to 12:30 p.m. and from 1:30 p.m. to 4:00 p.m., Monday to Friday. The service is operating on a reduced scale and waiting times may be lengthened.


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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