Issue no. 788 (22 April 2020)
 
  Dear members/member practices,  
     
 
 
 
 

New COVID-19 webpage: Government relief measures

 

To inform members about the relief measures introduced by the government to enhance Hong Kong’s capability in combating the pandemic, the Institute has created a webpage which contains useful information and links about some of the measures most relevant to accountants.


Webinar from HSBC on the special 100% loan guarantee for SMEs

The online briefing organized by the Hong Kong and Shanghai Banking Corporation (HSBC) on 27 April will provide an overview of the special 100% loan guarantee under the SME Financing Guarantee Scheme for small- and medium-sized enterprises (SMEs). Attend to learn about the eligibility and application procedures. The speakers will also discuss other relief measures offered by HSBC.

 

Holiday break for e-circular

The e-circular will be suspended for one week over the Buddha's Birthday and Labour Day holidays and will resume in the week of
4 May.


Regulatory actions and investigation against listed companies and their officers
The webinar on 7 May will focus on the respective powers of the Stock Exchange of Hong Kong and the Securities and Futures Commission, and the rights and duties of a person under the investigation of the two bodies. The speaker will also share some practical skills in dealing with investigations.

COVID-19 series - Managing business sustainability from a Hong Kong tax perspective
At the webinar on 11 May, the speakers will talk about the implications to corporations and individuals arising from anti-epidemic arrangement induced tax issues, and how to manage exposures. Various government relief measures to support businesses will also be discussed.

Strategic Succession Series
The webinars from May to June will cover the best practices of succession planning. The speakers will examine the operation, benefits and advantages of international trust and insurance tools. The foundation of insurance planning and international tax optimization while maintaining control of investments will also be discussed.

Reminders
Last call to join the webinar on 27 April to gain knowledge about the new Hong Kong delisting regime in relation to listed companies and different types of suspension of trading.

Don’t miss the webinar on 29 April for an overview of the Securities and Futures Commission’s Statement on the Conduct and Duties of Directors when Considering Corporate Acquisitions or Disposals, as well as guidance on how to handle corporate acquisitions or disposals from a compliance prospective.


HKACFE webinar
The Association of Certified Fraud Examiners Hong Kong Chapter (HKACFE) will hold a morning webinar on 15 May titled "The Role of Ethics in the Context of Organizational Fraud Prevention" to discuss the role ethics plays in preventing organizational fraud and the relationship between fraud and ethics. Institute members can register at a discounted rate.

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. Welcoming all professionals to start the journey to becoming independent non-executive directors (INEDs) or board directors in listed enterprises, the program features a star-studded trainer team with extensive INED experience and has received excellent feedback from the previous four rounds of the programme. Institute members can register at a discounted price of HK$3,200.
 
New IFRS e-courses available

The Institute, in collaboration with KPMG, is pleased to offer three new e-courses covering technical topics on IFRS 9 Financial Instruments, IFRS 16 Leases and IFRS 17 Insurance Contracts. Each course consists of multiple interactive modules to allow flexible learning. Institute members can register at preferential rates using a discount code in the members’ area of the Institute’s website.


DIPN 31 (revised)

The Inland Revenue Department updated the Departmental Interpretation and Practice Notes (DIPN) No. 31 mainly to reflect the legislative changes made by the Inland Revenue (Amendment) (No. 6) Ordinance 2018 in relation to advance rulings and the requirement to exchange rulings.


Advice on holding general meetings from the Companies Registry

The Companies Registry has created a webpage containing answers to questions about holding a general meeting while the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation, Cap. 599G is in place.

 
IASB amends work plan and proposes amendment to IFRS 16 Leases

The International Accounting Standards Board (IASB) held a supplementary meeting on
17 April to discuss its timeline and application of IFRS 16 Leases to rent concessions granted as a result of COVID-19. The IASB decided to:

propose an amendment to IFRS 16 to help companies account for COVID-19-related rent concessions, such as rent holidays. The exposure draft (ED) is expected to be published in April with a 14-day comment period;

propose a deferral of the effective date of Classification of Liabilities as Current or Non-current, an amendment to IAS 1 Presentation of Financial Statements (issued in January 2020), by one year to annual reporting periods beginning on or after 1 January 2023. The ED is expected to be published in May with a 30-day comment period; and

extend the consultation period of the three published consultation documents by approximately three months: Exposure Draft ED/2019/7 General Presentation and Disclosures to September, Request for Information Comprehensive Review of the IFRS for SMEs Standard to October and Discussion Paper DP/2020/1 Business Combinations - Disclosures, Goodwill and Impairment to December.


Extension of the Institute’s comment periods and roundtable discussion

To coincide with the IASB’s revised timelines, the Institute has also extended its own comment deadlines for the following documents:

Exposure Draft ED/2019/7 General Presentation and Disclosures by 21 Aug;

Request for Information Comprehensive Review of the IFRS for SMEs Standard by
11 Sept; and

Discussion Paper DP/2020/1 Business Combinations - Disclosures, Goodwill and Impairment by 14 Nov.


The Institute’s roundtable discussion on Exposure Draft ED/2019/7 General Presentation and Disclosures will also be rescheduled to 15 June to allow more time for members to develop views. Register by 8 June.


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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