In May 2004, the International Federation of Accountants (IFAC) issued IES 7 (International Education Standard for Professional Accountants 7) Continuing Professional Development, requiring member bodies, of which the Hong Kong Institute of CPAs is one, to prescribe the same mandatory CPD requirements for all members, as from January 2006.

The Institute consulted members on this standard for a three-month period, considered the comments received and incorporated them into the new CPD Scheme. Statement 1.500 “Continuing Professional Development”, which contains the Institute’s CPD Scheme for its members is therefore revised to reflect this change in requirements. Statement 1.500 has been updated in October 2008 after further consultation.

All Hong Kong Institute of CPAs members should note that the reporting period for each year commences from 1 December. The first rolling three-year period runs from 1 December 2005 to 30 November 2008. Pursuant to Section 28(2)(c) of the Professional Accountants Ordinance, compliance with the requirements of Statement 1.500 is a condition for annual membership renewal.

For enquiries, please call the Institute at telephone: (852) 2287 7228.