Issue no. 787 (16 April 2020)
  Dear members/member practices,  

Quality assurance annual report


The Institute's Quality Assurance 2019 Annual Report is now available. The report summarizes the work of the Quality Assurance Department in practice review (including AML/CTF compliance monitoring review) and professional standards monitoring over the past year, and highlights common review findings of which members should be aware.


Video introducing the Professional Development Framework for PAIBs

The Institute has produced a video to give insights into the Professional Development Framework for PAIBs. The framework provides a useful and accessible guide to the competencies necessary for professional accountants in business (PAIBs) to perform both current and desired roles. Watch the video to learn more about the framework.

Practical guidelines on disclosure of inside information
During the webinar on 20 April, the speakers will discuss the statutory regime for listed companies’ disclosure of inside information under Part XIVA of the Securities and Futures Ordinance, the steps to manage the information, and the system for identifying, handling and disclosing them.

Crisis management: suspension and resumption of trading
The webinar on 27 April will focus on the new Hong Kong delisting regime in relation to listed companies and different situations of suspension of trading. The speakers will also talk about the tactics when the trading of shares is suspended involuntarily and the keys to resumption.

Conduct and duties of directors in corporate acquisitions or disposals
The webinar on 29 April will give an overview of the Securities and Futures Commission’s Statement on the Conduct and Duties of Directors when Considering Corporate Acquisitions or Disposals. It will also provide guidance on how to handle corporate acquisitions or disposals from a compliance prospective.

Last chance to register for the webinar on 21 April to learn about the development and future of mobile payment in Mainland China.

Join the webinar on 24 April to discover more on asset tracing from an insolvency perspective, including the interaction between jurisdictions, asset concealment and the role of liquidators, the investigations by liquidators, and securing and protecting assets.

Don’t miss the webinar on 19 May to explore the benefits, procedures and criteria for obtaining Hong Kong tax resident status in order to enjoy treaty benefits under comprehensive double taxation agreements and arrangements.

INED Essentials Training Program: Certificate in Corporate Governance and Directorship
Join the INED Essentials Training Program organized by the Hong Kong Independent Non-Executive Directors Association in May for an overview of the essential skills and knowledge needed by independent non-executive directors (INEDs). After completing the courses, participants will have a comprehensive and clear understanding of the functions of INEDs and improve their management efficiency. Institute members can register at a discounted price of HK$3,200.
Invitation to comment

The Institute is seeking comments on the International Accounting Standards Board's Exposure Draft on Interest Rate Benchmark Reform by 8 May.

IASB guidance on
COVID-19 and IFRS 16

The International Accounting Standards Board (IASB) has published an educational document to highlight the requirements within IFRS 16 Leases (equivalent to HKFRS 16) and other IFRSs that are relevant for companies considering how to account for rent concessions granted as a result of COVID-19 pandemic. The document is intended to support the consistent and robust application of IFRS 16. It does not change, remove nor add to the existing requirements.

Automatic extension of 2018/19 tax payment deadlines

The Inland Revenue Department (IRD) announced that deadlines for the second payments for salaries tax, personal assessment and profits tax will be extended automatically for three months if the first payments are duly settled before the payment due dates. The extension does not apply to property tax, salaries tax due for individuals who will leave Hong Kong for good, and payments in which instalment arrangements are in place.

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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