Issue no. 791 (21 May 2020)
 
  Dear members/member practices,  
     
 
 
 
  Members-Help-Members – a new technical enquiry service for SMPs  

The Institute has launched a new initiative, Members-Help-Members, under the auspices of the Small and Medium Practices Committee. It is a technical enquiry service for small and medium practices (SMPs) to obtain guidance on technical issues from their peers. Enquiries will be addressed at sharing sessions held on a quarterly basis. Submit your technical enquiry here.


  Council meeting minutes  

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

 

Strategic Succession Series: International insurance tools & proper use of insurance tools
Join the webinars on 9 June and 15 June to learn foundational insurance concepts and gain knowledge on international insurance tools. The webinar on 9 June will cover how international insurance tools help the high net worth individuals and their family members to gain tax benefit. On 15 June, attendees will hear the ways to combine insurance policies to maximize cost effectiveness and how to utilize premium financing tools to provide the safest investments.

FSIG webinar: Digital onboarding – eKYC / AML checks
At the Financial Services Interest Group’s (FSIG) lunchtime webinar on 29 June, the speaker will discuss technologies available today for digital onboarding. Challenges, ways to manage ongoing obligations, and the pace of regulatory catch-up will also be discussed.

Reminder
Don’t miss the webinar on 29 May to learn about trust structures, their common usage, unique functions, the strengths and weaknesses of different types.

ACCA survey on COVID-19
The Association of Chartered Certified Accountants (ACCA) is conducting the second round of a global survey to assess how organizations are responding to COVID-19. The survey follows its first round of survey reflecting the latest circumstances and providing the necessary insights to shape effective response measures and next steps for businesses. Complete the survey by 29 May.

HKiNEDA seminar - The pulse of new economy and IPO market
At the seminar organized by the Hong Kong Independent Non-Executive Director Association (HKiNEDA) on 26 May, the speaker will share views about the outlook of the capital market. particularly about new economy related IPOs. The seminar will cover the latest development of the A-share capital market and how that would impact the listing decisions of Chinese new economy companies and shape the listing trends in 2020. Register to enjoy the membership rate of HKD50.
 
IAASB’s audit practice alert
The International Auditing and Assurance Standards Board (IAASB) has issued the Staff Audit Practice Alert to highlight key areas of focus in the current environment when undertaking procedures relating to subsequent events.

IAASB’s webinar on IAASB exposure draft, ISA 600 (Revised)
Join the webinar organized by the IAASB on 11 June to gain insights on the background and key proposed revisions to the recently released Exposure Draft Proposed 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. Members can submit comments on the exposure draft by 14 Aug.

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.
 
Roundtable Discussion on Exposure Draft ED/2019/07 General Presentation and Disclosures

Don’t miss the Institute’s roundtable discussion on 15 June to have a say in the way financial information is reported in the future. Register by 8 June.


Second webcast on Request for Information: Comprehensive Review of the IFRS for SMEs Standard

The International Accounting Standards Board (IASB) has published the second in a series of webcasts about Request for Information: Comprehensive Review of the IFRS for SMEs Standard (RFI). The RFI seeks views on whether and how to align IFRS for SMEs with the full IFRSs. Members can also submit comments on the RFI to the Institute by 11 Sept.


IASB narrow scope amendments

The IASB has issued a package of narrow scope amendments to IFRS 3 Business Combinations, IAS 16 Property, Plant and Equipment, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as well as the IASB’s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights, or conflicts between requirements in IFRSs.


Guidance on COVID-19 and going concern

The Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland have published guidance for small and medium sized enterprises on preparing accounts in the wake of COVID-19.


Review by the AASC of the catering sector subsidy scheme

The previously-issued Circular on the Catering Business (Social Distancing) Subsidy Scheme has been updated after review of the scheme by the Institute’s Auditing and Assurance Standards Committee (AASC). The committee confirmed that this would represent an agreed-upon procedures engagement. The Food and Environmental Hygiene Department has also indicated that for the purposes of completing the certificate, an assurance engagement is not required.

 

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