Issue no. 761 (3 October 2019)
  Dear members/member practices,  

A Plus – The importance of valuation standards



The September issue of A Plus features Sir David Tweedie, Chairman of the International Valuation Standards Council (IVSC), on how he became involved in trying to get valuers recognized as true experts globally; and the magazine also looks at the proposed improvements to Hong Kong’s valuation industry set out by the IVSC and the Hong Kong Business Valuation Quality Initiative Task Force. Other articles include modern transfer pricing issues in Hong Kong discussed at the Annual Taxation Conference 2019, and interviews with the Senior Financial Examiner for the New York State Department of Financial Services and CPAs on their urban farming experiences.

Watch the "The specialists: Forensic accounting" video series featuring five forensic experts on why forensic accountants are more in-demand than ever in an age of big data. You can also read their views in the special report on forensic accounting in A Plus here.


Importance of CPD declaration


Members are required to declare continuing professional development (CPD) compliance annually for membership renewal. Any false declaration may result in membership not being renewed. The matter may also be referred to the Council for disciplinary action as the Institute sees fit. Learn more about CPD requirements here.

Join the Guangdong-Hong Kong-Macau CPA Practices Alliance to expand your network

The Institute is now inviting member practices to renew their Guangdong-Hong Kong-Macau CPA Practices Alliance membership or join the alliance. Online platform, and regular gatherings are available to exchange market intelligence and explore business opportunities for possible cooperation. Interested practices should complete and return the information sheet to the Institute by 23 Oct.

Opening of bank accounts and financing services for SMEs
At the seminar on 10 Oct, representatives from Standard Chartered Bank (Hong Kong) Limited will give advice on how to make the process of opening new bank accounts less frustrating and share fulfilments of credit solutions for small- and medium-sized entities (SMEs).

Audit of licensed corporations
The workshop on 28 Oct will give an overview of audits of licensed corporations which are regulated by the Hong Kong Securities and Future Commission. New amendments of the Securities and Futures (Financial Resources) Rules and reminders on Practice Note 820 (Revised) The Audit of Licensed Corporations and Associated Entities of Intermediaries will also be discussed.

The challenge and advancement of treasury management
The seminars on 30 Oct and 18 Nov will provide insights on the latest economic and social condition in Asia to help treasurers better prepare for upcoming challenges, and the use of technology to enhance efficiency.

From CPA to CPA Plus
Join the two-day programme “From CPA to CPA Plus” in November to establish your business engineering mindset and framework and learn how to give professional management opinions and advice. The course will help you to extend your views from the accounting perspective to management through face-to-face learning, experience sharing and case studies.

Last call to join the case studies workshop on 12 Oct to gain knowledge about high-yield “Dividend Aristocrat” stocks and to learn how to construct and assess a well-diversified high dividend portfolio.

Don’t miss the lunch seminar on 14 Oct to gain insights on the latest developments in economic substance rules, beneficial ownership the anti-money laundering regime in the British Virgin Islands, and their implications for professionals.

Register for the lunch seminar on 15 Oct to get updates on the developments of insurtech, the Insurance Authority’s risk-based capital regime and direct regulation of insurance intermediaries.

Attend the seminar on 15 Oct for some basic U.S. business and tax concepts for inbound and outbound investments, as well as the current trends and issues.

The seminar on 16 Oct will cover the important ingredients of good corporate governance, including the operation and structure of effective boards, sustainability and social responsibility reporting, risk management and shareholder/ investor relations.

Join study tour to Guangzhou on 25 and 26 Oct to understand the latest developments in Guangzhou, including its culture through visits to local enterprises, the Guangzhou International Finance Center and sightseeing.

HKTA 2019 Conference
The Hong Kong Trustees' Association (HKTA) 2019 Conference themed "Managing Change in an Uncertain Landscape" will be held on 22 Oct. Keynote speakers will walk attendees through how the trustees industry is going to respond and comply with new regulations. Click here for event and registration details.
Invitation to comment

The Institute is seeking comments on the Exposure Draft Proposed Amendments to the Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard.

Institute’s comments

The Institute has submitted comments on the International Accounting Standards Board’s Exposure Draft ED/2019/4 Amendments to IFRS 17.

Amendments to IFRS standards in response to IBOR reform

The International Accounting Standards Board (IASB) has amended some of its hedge accounting requirements in its new and old financial instruments standards, including IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, as well as the related standard on disclosures, IFRS 7 Financial Instruments: Disclosures to provide relief from potential effects of the uncertainty caused by the interest rate benchmark (IBOR) reform. A project summary has been published to provide further information on the work related to the IBOR reform.

September IASB Update

The September 2019 IASB Update is now available.

September IFRIC Update

The September 2019 IFRS Interpretations Committee Update is now available.

Industry update relating to investment funds

Join the seminar on 5 Nov for the regulatory and tax updates relating to investment funds industry.

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.

Tennis fun day cum mini tournament

Participate in the tournament at Shek Kip Mei on 24 Nov to explore the fun of the sport and gain match experience.

Golf day

Come join the golf day at Phoenix Hill Golf Club in Dongguan on 26 Oct to swing with fellow members and enjoy a relaxing weekend.


Quick links:

A Plus

Technical resources centre LinkedIn
SMP and SME resource centre See past e-circulars
CPD programmes At-a-glance calendar
Hong Kong CPA Practice Directory Change personal information
HKICPA Source Email us

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