Issue no. 786 (9 April 2020)
  Dear members/member practices,  

Cancellation of the June 2020 examination session


The Hong Kong Institute of Certified Public Accountants announced today that the June 2020 examination session has been cancelled. This covers all professional examinations, namely the Qualification Programme, Practising Certificate Examinations, and the Aptitude Tests. The decision was taken after actively monitoring developments, paying particular attention to the health and well-being of our students and the community at large. We are also aware of the business conditions in our member firms and their workloads.

The next examination session will be December 2020. Further details will be announced closer to the start of the enrolment period.

Corporate Finance Series webinar: Different ways of fundraising for listed companies
During the webinar on 15 April, the speaker will introduce different types of secondary fundraising and will examine the limits brought by the amended Listing Rules. Cases on placing, open offers and rights issues that occured in 2019 will also be shared.

Corporate Governance Series webinar: Roles and responsibilities of INEDs
Join the webinar on 17 April to gain knowledge about the fundamental principles governing the roles and responsibilities of independent non-executive directors (INEDs) under the Companies Ordinance (Cap. 622 of the laws of Hong Kong). The speakers will also examine the Listing Rules and share real-life cases of regulatory actions taken by the Stock Exchange of Hong Kong and the Securities and Futures Commission against INEDs.

Live webinar: Asset tracing – from an insolvency perspective
The webinar on 24 April will discuss the interaction between jurisdictions, asset concealment and the role of liquidators, investigations by liquidators, securing and protecting assets and other relevant issues.

Webinar: Hong Kong Resident Status – A Swinging Pendulum?
The webinar on 19 May will provide insights on the benefits, procedures and criteria for obtaining Hong Kong tax resident status in order to enjoy treaty benefits under the Comprehensive Double Taxation Agreements/ Arrangements. It will also cover guidelines of the Inland Revenue Department (IRD) and the ways to resolve disputes with the IRD.

Don’t miss the webinar on 21 April to understand the development of mobile payment in Mainland China, why and how mobile payment works, and its future.

INED Essentials Training Program: Certificate in Corporate Governance and Directorship
The Hong Kong Independent Non-Executive Directors Association will organize the INED Essentials Training Program in May to provide an overview of the essentials for independent non-executive directors (INEDs) to build expertise on corporate governance and directorship. The program will cover regulatory expectations, legal issues and competency requirements relevant to the role of INEDs. Institute members can register at a discounted price HK$3,200.

Good MPF Employer Award 2019-20
The Mandatory Provident Fund Schemes Authority is inviting application for the Good MPF Employer Award 2019-20. Interested employers should submit their application online by 30 June.
Auto extension for tax payments

The Chief Executive of Hong Kong announced on 8 April that, as part of the additional measures in response to the COVID-19 pandemic, deadlines for payment of salaries tax, personal assessment and profits tax that will be falling due from April to June will be automatically extended for three months. The IRD will announce details shortly.

IRD extends tax deadlines
Previously, the Inland Revenue Department (IRD) had announced on 4 April that deadlines for tax payments and lodgement of objections and holdover applications, as well as submission of tax returns and information that fall between 23 March and 2 May are automatically extended to 4 May. The public is encouraged to use the IRD electronic services to handle tax affairs or send the documents to IRD by post.
Webinars on Exposure Draft General Presentation and Disclosures

There will be two series of webinars on the International Accounting Standards Board (IASB)’s Exposure Draft ED/2019/07 General Presentation and Disclosures, which contains proposals that are expected to constitute a game changer in the presentation of financial data and disclosures in the financial statements.

Institute’s virtual roundtable: The discussion on 27 April at 5:00 p.m. will gather together analysts, investors and other users of financial reports to discuss the Exposure Draft. Join them to have a say in the way financial information is reported in the future.

The IASB, the European Financial Reporting Advisory Group, the European Federation of Financial Analysis Societies and the Belgian Association of Financial Analysts will jointly hold two investor outreach webinars on 19 May and 26 May at 11:00 p.m. Each webinar will focus on a specific part of the Exposure Draft followed by a panel discussion and a Q&A session.

Members can also submit comments on the Exposure Draft to the Institute by 22 May.

IFRS Interpretations Committee’s second Compilation of Agenda Decisions

The IFRS Interpretations Committee has published its second biannual Compilation of Agenda Decisions which brings together agenda decisions from October 2019 to March 2020. The committee publishes agenda decisions when, following consultation, it decides further standard-setting is not required to deal with a question raised. For example, if existing IFRS requirements are adequate to answer the question.

AML notices

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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