Welcome to the SMP and SME Resource Centre

This webpage has been specially created by the HKICPA Standard Setting Department to assist members in the SMP and SME sector to access technical publications and knowledge effectively.


What's new

We will keep you up to date with the latest news, guidance and standards. New developments are highlighted below
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  		• Techwatch 82
  		• Quality Assurance Department Activities Report 2008
  		• Financial reporting and auditing alert (Issue 4 - June) - Update on the IAASB Clarity Project
  		• Update No.2 of Audit Practice Manual has been issued in May 2009
  		• Avoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39
  		• TUE Programme June to August
  		• Financial reporting and auditing alert - Issue 3 on The Audit of Solicitors' Accounts under The Solicitors' Accounts Rules and The Accountant's Report Rules – Client money
  		• Financial reporting and auditing alert - Issue 2 on Going Concern
  		• New arrangement of engaging a Certified Public Accountant (Practising) under the Hong Kong Immigration Department's Capital Investment Entrant Scheme
  		• Financial reporting and auditing alert - Issue 1 on Financial statement disclosures relating to financial instruments

     

    Focus:
    Financial reporting and auditing alert
  		• Issue 1:Financial statement disclosures relating to financial instruments
  		• Issue 2:Going concern - Assessing an entity's ability to continue as a going concern
  		• Issue 3:The Audit of Solicitors' Accounts under The Solicitors' Accounts Rules and The Accountant's Report Rules – Client money
  		• Issue 4: Updates Hong Kong Standards on Auditing for the new International Standards on Auditing


    Amendments to HKAS 39 and HKFRS 7 - Reclassification of Financial Assets
  		• HKICPA Chief Executive's email of 14 October 2008 (Reclassification of Financial Assets)
  		• HKICPA Chief Executive's email of 22 October 2008 (Reclassification and not suspension of fair value)
  		• Q&A (29 October 2008)
  		• Supplement to IFRS outlook-Reclassification of financial assets (Ernst & Young)


    Presentation of financial statements

  • HKAS 1 (revised) Presentation of financial statements (Grant Thornton)


    Improving disclosure about financial instruments

  • International Financial Reporting Bulletin - Improving Disclosures about Financial Instruments (BDO)

  • A CFO’s guide to financial instruments (Grant Thornton)
  		• Supplement IFRS outlook - Amendments to IFRS 7 (Ernst & Young)
  		• IAS Plus Update - IFRS 7 amended to improve disclosures about financial instruments (Deloitte)
  		• IFRS Briefing Sheet - Improving disclosure about financial instruments – Amendments to IFRS 7 Financial Instruments: Disclosures (KPMG)


    A Plus Technical Q&A
  		•  A column in A Plus dedicated to answering questions regarding Institute standards and technical issues submitted by members


    HKFRS Update
  		• A list of new and amended Standards and Interpretations - applicable to December 2008 year-end, December 2009 year-end and effective subsequent to December 2009 year-end.


    A Plus useful articles
  		• Avoiding the traps – A CFO's guide to dealing with financial instruments under IAS 32 and IAS 39
  		• Understanding IASB Amendments for IAS 39 and IFRS 7
  		• Amending fair value rules – Talks with Marvin Cheung and Winnie Cheung
  		• Briefing notes on fair value accounting


    Illustrative Financial Statements (Hong Kong)
  		• Illustrative Annual Financial Statements and Interim Financial Report under HKFRSs December 2009 (KPMG)
  		• HKFRS - Illustrative Financial Statements 2008 (Deloitte)
  		• Illustrative Financial Statements under HKFRSs for the year ended 31 December 2007 (KPMG)


    High level summary of IFRSs
  		• IFRSs Pocket Guide 2009 (PwC)
  		• IFRSs Briefing Sheet – IFRS reminders for interim and annual periods ending 30 June 2009 (KPMG)
  		• IFRSs Update (Ernst & Young)
  		• Financial Reporting News – Quarterly update on financial reporting standards and departments (Grant Thornton)


    Guides to SME Audits
  		• Audit Practice Manual (HKICPA)
  		• Guidance on small entity audit documentation (UK-The Auditing Practices Board Limited)
  		• Guide to Using International Standards on Auditing in the Audits of Small- and Medium-sized Entities (IFAC)
  		• Guide to Quality Control for Small- and Medium-Sized Practices (IFAC)


    HKFRS Deloitte Column
  		• Anti-dilutive conversion price adjustment of compound financial instrument (HKAS 32)
  		• Financial guarantees (HKAS 39)
  		• Splitting leases of land and building (HKAS 17)
  		• Determination of reasonably possible range in sensitivity analysis (HKFRS 7)
  		• Deferred taxation on the revaluation of investment property (HKAS 12)
  		• Presentation of the disposal of financial assets (HKAS 39, HKFRS 7)
  		• Day 1 profit and loss on initial recognition of financial instrument (HKAS 39)


    IFRS Weekly (Ernst & Young)
  		• July 2009 IFRS outlook for the IASB Discussion Paper on "own credit risk"
  		• June 2009 IFRS outlook for the IASB's proposed expected cash flow approach to impairment of financial assets
  		• IFRIC decisions on rights issues, debt to equity swaps and impairment of equity investments


    Going Concern
  		• Regulators Eye "Going Concern" Concerns (CFO.com)
  		• Going concern: Don't take it for granted (A Plus, HKICPA)
  		• Going concern: Don't take it for granted (A Plus, HKICPA)
  		• Staff audit practice alert on audit considerations in respect of going concern in the current economic environment (IAASB)
  		• An unprecedented number of going-concern footnote disclosures and clarification from the auditors will be seen (CFO.com)


    Income Tax
  		• HKFRS News – Nine steps to income tax accounting (PwC)
  		• China strengthens measures to administer and collect non-residents' taxes (Grant Thornton)
  		• World Wide Tax News (BDO)


    Hong Kong Trade Development Council
  		• HKTDC Hong Kong Trader provides online newsletter regarding the latest business news, market trends and insightful analysis to SMEs and local business/industry groups (free to subscribe)


    Other Publications
  		• HKFRSs / IFRSs Update (BDO)
  		• IFRS Outlook on borrowing cost (Ernst & Young)
  		• Quality Assurance Department Activities Report 2008 (HKICPA)
  		• Financial Statements Review Programme Report 2009 (HKEx)

     
     
     
     
     
     
     
     


    Useful links:
     
  		• SME Financial Reporting Framework and Standard
       
  		• Frequently Asked Questions on the application of the SME-FRF & SME-FRS
       
    General enquiries
    Comments and suggestions may be sent by e-mail to <commentletters@hkicpa.org.hk>.
    Technical enquiries
    Click here to submit technical enquiries on the application of the Institute's professional pronouncements