Standard setting |
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Live webinar: Climate-related implications on financial reporting |
Climate change is a topic in which investors and other stakeholders are increasingly interested because of its potential effect on companies’ business models, cash flows, financial position and financial performance. The effect of climate-related matters on financial statements is an area which the International Accounting Standards Board (IASB) and regulators from around the world have recently focused on and are likely to take an interest in going forward. The live webinar on 8 November will explain how, although HKFRS do not mention "climate change" explicitly, HKFRS require companies to consider the effects of climate-related matters on HKFRS financial statements through the use of illustrative examples. |
IASB September 2022 Update |
The IASB has published a summary of discussions at its September meeting. Topics discussed include goodwill and impairment, financial instruments with characteristics of equity, rate-regulated activities, primary financial statements and equity method. |
IFRS Interpretations Committee September 2022 Update |
The International Financial Reporting Standards (IFRS) Interpretations Committee Update provides a summary of discussions at its September meeting. |
IFRS for SMEs Accounting Standard September 2022 Update |
The latest IFRS for SMEs Accounting Standard Update, which summarizes the news, events and other information about the IFRS for SMEs Accounting Standard and related SME activities, is now available. |
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HKICPA Quality Management Manual |
The Institute’s Quality Management Manual offers steps an audit firm needs to take to implement the requirements of the new and revised quality management standards. The manual itself will not be sufficient in ensuring the audit firm is in compliance with the requirements. Instead, it helps the audit firm to develop a customized system of quality management (SOQM), identify and assess quality risks for the audit firm, tailor and document the audit firm’s quality management policies and procedures, monitor and identify deficiencies in the audit firm’s SOQM and remediate them on a timely basis. The manual comprises of:
- Guidance notes on the requirements of the new and revised quality management standards and how to implement them in practice
- A pre-populated Risk Assessment Tool with over 100 examples of risks for firms to customize and add their own risks based on a firm’s assessment and circumstances
- Forms, checklists and worksheets to help implement the SOQM
- Sample policies and procedures to address potential quality risks
Members may also register for the e-learning recordings on the new quality management standards series to better understand the key requirements, applications and illustrated examples on how small and medium practitioners can meet the new requirements. |
HKICPA Audit Practice Manual (2022 edition) |
The 2022 edition is updated to reflect the new and revised requirements of HKSA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement which is effective for audits of financial statements for periods beginning on or after 15 December 2021. Guidance notes, audit programmes and checklists, and the example audit engagement file accompanying the manual has also been updated for the latest auditing, financial reporting and other relevant disclosure requirements. Members may also register for the e-learning recording that provides an overview of the key changes and a deep dive on the requirements of HKSA 315 (Revised 2019), and its implications on auditing which help practitioners plan ahead of audits with year ends on or after December 2022. |
Institute submission |
The Institute has submitted its comment letter on the International Auditing and Assurance Standards Board’s (IAASB) proposed narrow scope amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance, as a result of the revisions to the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) that require a firm to publicly disclose when a firm has applied the independence requirements for PIEs. |
Workshop for audit managers/seniors in-charge |
The three-day workshop on 4, 9 and 11 November is a tailor-made programme focusing on advanced auditing topics such as risk assessment procedures, auditing accounting estimates, going concern assessment, etc. Speakers will cover auditing concepts and practical skills, as well as sharing their practice experience relevant to audit managers/seniors in-charge. |
Live webinar: Industry update relating to investment funds |
In the live webinar on 15 November, speakers will provide regulatory and market updates relating to investment funds industry with particular reference in the following areas:
- A brief introduction on the arrangement regarding the eligible exchange-traded funds in Stock Connect which commenced on 4 July 2022
- Details of the eMPF Platform project aiming to reshape the administrative models of MPF schemes and standardize, streamline and automate the existing scheme administrative processes
- Policy intent and features of the tax concession regime, the guidelines on the auditor’s report released in August 2022 for application for certification of funds, as well as issues most relevant to investment funds, their fund managers and practitioners
- Observations on the current market experience on the concession, the documents to be prepared in applying the exemption and other filing requirements
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IAASB, IESBA welcome IOSCO statement of support for developing standards relating to assurance of sustainability-related information |
This article covers the International Organization of Securities Commission’s (IOSCO) recognition of support and encouragement for the IAASB’s and IESBA’s work on developing standards relating to assurance of sustainability-related information. The IAASB and IESBA will continue to closely collaborate with IOSCO and other regulatory and standard-setting bodies to inform the development of robust standards that foster independent, high-quality engagements and globally consistent practices. |
IAASB September board meeting |
The meeting summary of the IAASB September board meeting is now available. |
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HKICPA resource centre |
Access resources and publications at the Institute’s revamped Resource Centre to the Code which will keep you updated on the latest ethics pronouncements. |
IESBA staff and JICPA issue joint guidance illustrating application of IESBA Code to technology-related scenarios |
This news introduces a non-authoritative publication – The leadership in a digital era: applying the IESBA Code to selected technology-related scenarios released by the IESBA staff and the Japanese Institute of Certified Public Accountants (JICPA) that provides seven hypothetical scenarios to illustrate how professional accountants can navigate practical issues in ethical leadership when using or implementing technology. Each scenario highlights the application of specific requirements and guidance in the IESBA Code, in particular those related to compliance with the fundamental principles of ethics, and auditor independence. |
IESBA September board meeting |
The meeting summary of the IESBA September board meeting is now available. |
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ISSB September 2022 meeting podcast & update |
The International Sustainability Standards Board (ISSB) podcast, with its chair and vice-chair discussing highlights from its September meeting, and a summary of the September meeting, are now available. |
