Strategic Plan 2024

The annual review of the Strategic Plan has been undertaken by Council. The same approach to the review has been taken as in the 2023, with a recognition that many key factors and considerations that were identified in previous years continue to remain relevant but are evolving, requiring refinement of focus, objectives and actions. Many actions and initiatives included in the 2022 and 2023 plans have been completed but others are ongoing and some have become less relevant as priorities subtly change. The latest Strategic Plan reflects the changes from the highest level to ensuring that action plans will be relevant and fit to achieve relevant objectives and address all challenges. 

At the highest level of the process Council has concluded that the Vision, Mission and Values of the Institute remain relevant in principle, however refinements have been made to some of the detailed wording to make the messages sharper and better aligned with current thinking.

The environment and context in which the Institute develops and delivers its strategy inevitably evolve over time and some of the factors with significant bearings in previous years have changed in nature or diminished in impact. The further reform of the regulation of the accounting profession came into effect on 1 October 2022, and the Accounting and Financial Reporting Council (AFRC), the independent regulator of the accounting profession, is a key stakeholder of the Institute following the smooth transition of functions. The Institute and the AFRC also have a joint responsibility to ensure the relevance and quality of the accounting profession in Hong Kong. The impact of the Covid-19 pandemic is now very much in the past but various business practices and measures adopted during the pandemic will be retained as routine, particularly in the area of member support and development. 

Council has reconfirmed the strategic focuses and that the key theme of Institute strategy and activities must be to support and facilitate the development of its members.

Amidst the evolvement of institutional development, the Institute has identified the critical need to prioritize the reinforcement of communication and engagement with members and the enhancement of talent development.  We recognize the challenge in attracting and retaining talent and are committed to preserving the value of our qualifications while improving engagement with various stakeholders in the accounting ecosystem. These strategic initiatives are designed to cultivate a dynamic accounting community that is knowledgeable, actively involved, and prepared to tackle current and future challenges. Our goal is to shape the future talent entering the accounting profession, and we are working on enhancing our communication, branding, and advocacy activities to secure stakeholders’ understanding and recognition of the Institute’s qualification, and ensure the accounting profession remains relevant and appealing to new talent. 

The urgent need to address the challenges and threats of climate change and sustainability represent an opportunity for the profession to take the lead in combatting this existential threat to the world economies and our very way of life.  In 2023 the International Sustainability Standards Board (“ISSB”) issued its first two sustainability reporting standards.  In many jurisdictions around the world governments and relevant authorities are working at great pace to adopt, or develop local equivalents to, the ISSB standards to incorporate in their local corporate reporting requirements.  In Hong Kong the Institute is working with the SAR Government and regulators, under the umbrella of the Green and Sustainable Finance Cross-Agency Steering Group (“CASG”), to develop a roadmap on the appropriate adoption of the IFRS Sustainability Disclosure Standards (IFRS SDS) for Hong Kong to align with international standards.  As reported last year the Institute has taken on the role of sustainability disclosures standard setter for Hong Kong and will also be issuing sustainability assurance and related independence and ethical standards.  In addition, as a strategic action of the Institute and also in conjunction with CASG parties, the Institute has taken significant steps to develop a comprehensive capacity building programme to provide members and stakeholders with the necessary skills and support to be able to play a crucial role in development of sustainability within the Hong Kong business community.  As an organization the Institute has committed to reduce its carbon footprint and initiatives to achieve that objective are taking place.  

The Institute is proud of its position and participation in the international arena and is very aware that many of the challenges and key areas of focus that shape the Institute’s strategy are not unique to Hong Kong.  Therefore in developing initiatives and action plans the Institute pays close attention to what its fellow professional accounting organisations are doing to secure their future and the future of their members.

Continuous demands for digital transformation have necessitated adjustments to our strategy, alongside professional standards and continuous learning in financial and sustainability reporting to support our members with the necessary skills in this new era.  These factors play vital roles for successful businesses and safeguarding Hong Kong as an International Financial Centre. 

In updating the Strategic Plan in 2024 the themes that were the key focus of consideration by Council were:

• Attracting talent and student engagement
• Institute’s role and roadmap in the sustainability journey of Hong Kong
• Member engagement, support and wellbeing (including CPD, GBA development)
• Branding and communication for the Institute

Council has agreed that repositioning of the Institute and refocus of strategic objectives that started in 2022 remains critical to ensure the Institute continues to provide a relevant value proposition to members and to maintain the value and recognition of the Institute and its members’ contribution to Hong Kong’s position as an international financial and business centre, and to the wider society.

(a) Deliver member value

i. Professional development and member engagement
ii. Qualification Programme and student engagement 

(b) Standing and future of the profession

i. Standard setting and sustainability development

ii. Proud to be a CPA – branding and communications

iii. Advocacy for the profession

(c) Be a sustainable and versatile Institute

i. Collaboration with the AFRC
ii. Safekeeping of our constitution, governance and organization

In the context of the above the strategic objectives and initiatives have been revisited and updated and are set out here.