Issue no. 789 (7 May 2020)
 
  Dear members/member practices,  
     
 
 
 
   

New HKICPA Career Portal launched

 

The Institute today launched a new career portal with career advice, latest updates on the accounting profession, and featured videos for members, students and the public. The portal also offers members and firms the opportunity to connect with those interested in joining the profession. Explore the site and join us!


A Plus – Settling the standard

The April issue of A Plus looks at the global debate on how goodwill accounting can improve for better disclosures about acquisitions. Other articles include the importance of contingency planning in uncertain times; and interviews with Fiona Nott, Chief Executive Officer of The Women’s Foundation; Loretta Chiu, Associate Director of Barings (U.K.); and CPA musicians.


Council meeting minutes

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

 

Revamp of the Institute’s newsletters

To better connect with and inform members, students and other stakeholders, we are updating our newsletters and email templates. Over the coming weeks, e-circular, TechWatch, CPD Planner and Lifestyle will be replaced with newly designed and themed newsletters. After the roll out, we will ask for feedback and enhancements will be made.


Strategic Succession Series: Succession planning strategies

The webinar on 18 May will focus on the family succession planning for high net worth families. The speaker will examine the key principles in establishing a family governance system and also the major elements in the system. The functions of a family office and the clauses regarding family businesses will also be discussed.


The importance of data analytics for digital finance function
Join the free webinar on 20 May to learn about the role of data analytics in the future of finance, the ways for organizations to embrace data analytics and the challenges to doing so.

More clarities on charities
The webinar on 21 May will cover the major updates in the Inland Revenue Department’s updated tax guide for charitable institutions and the pitfalls to avoid when claiming tax exemption and the potential non-compliance costs. The speakers will also share real life examples to illustrate common tax concerns on charities and suggestions on how to address these concerns.

Investing like Warren Buffett
Enrol in the webinar on 8 June to understand the investment philosophy of Warren Buffett and the insights of the Warren Buffett-style of investing during the COVID-19 pandemic. The speaker will also walk attendees through the qualitative and quantitative techniques adopted by Warren Buffett in choosing the undervalued stocks and some case studies.

Free course and special offer from accountingcpd.net

A new free 1-hour course on risk management is now available for enrolment. The course covers how an organization can be well-equipped for a crisis, highlighting the factors to consider and structures to implement.

accountingcpd.net is also offering a special discount for enrolling in its 4-hour courses. Members who register by 31 May will enjoy a discounted price of HK$600.


Reminder
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.
 
IFRS 17 Insurance Contracts

IFRS 17 podcast covering the April IASB meeting is now available.

The IASB has issued an article on its re-deliberations and rationale for the IFRS 17 annual cohort requirement which has been subject to much debate with stakeholders on both sides of the issue. In the article, IASB Chair Hans Hoogervorst explains the reasons behind the decision to retain the requirement for annual cohorts. It includes the nature of the unit of account and how it affects financial reporting, why annual cohorts provide useful information, as well as responses to some of the major objections raised against annual cohorts.


HKEX Listed Issuer Regulation Newsletter
The Stock Exchange of Hong Kong (HKEX) issued the second Listed Issuer Regulation Newsletter which contains observations based on issuers’ recent announcements of business updates, and guidance on best practices in making disclosures in the current environment under COVID-19.
 
Invitations to comment

The Institute is seeking comments on the following documents:

International Accounting Standards Board (IASB) Exposure Draft ED/2020/3 Classification of Liabilities as Current or Non-current – Deferral of Effective Date Proposed amendment to IAS 1 by 25 May.

International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs by 14 Aug.


Monthly IASB Update and podcast

The April IASB Update and podcast are now available.


IAASB support material for audit documentation when using ATT

The technology working group of the IAASB has published non-authoritative support material related to the auditor’s documentation when using automated tools and techniques (ATT), such as data analytics, robotic process automation or artificial intelligence applications.


AML – United Nations sanctions

The updated list of individuals and entities was published on 5 May pursuant to United Nations Security Council Committee Resolution 2127 concerning the Central African Republic. There is an amendment to one entry on the sanction list. For details, please refer to the accompanying press release. Visit the Institute's dedicated webpage for further information.

 
Trailwalker practice 2020

A series of training sessions will start in May to prepare members for this year's Oxfam Trailwalker. Click here for the training schedule and sign up to boost your endurance and build your strength.

 

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