NAVIGATION

Institute workshops on Hong Kong Risk-Based Capital (HKRBC) – June series

The HKRBC regime, introduced by the Insurance Authority, will bring significant changes to capital adequacy and regulatory reporting for the insurance industry in Hong Kong. The new regime is expected to come into effect in mid-2024 and insurance companies will need to be prepared for its implementation.

The Institute conducted two series of face-to-face workshops on HKRBC in 2023. Building on the content covered in these workshops, the series will be re-run in June. The workshops will provide updates on the latest developments of HKRBC. The speakers will also share their insights and practical experience on the major challenges in implementing the HKRBC, and offer observations on solutions to accelerate the regulatory reporting filing process. For those who did not attend the workshops in 2023, this upcoming series presents a valuable opportunity to prepare for the implementstion of HKRBC.

Long term insurance: 12 and 13 June
General insurance: 17 and 27 June

Reminder: Institute virtual roundtable discussion: IASB Exposure Draft Business Combinations – Disclosures, Goodwill and Impairment

Don’t miss the Institute’s virtual roundtable on 27 May to understand the effects of the proposals in the International Accounting Standards Board (IASB) Exposure Draft Business Combinations – Disclosures, Goodwill and Impairment and express your views on how business combinations should be reported. Register to reserve your place by 17 May.

IASB webinar series: New requirements in IFRS 18

The IASB technical staff are holding a series of live webinars to help stakeholders gain a better understanding of the new requirements in International Financial Reporting Standard (IFRS) 18 Presentation and Disclosure in Financial Statements. Click here for more information and registration.

Subtotals and categories in the statement of profit or loss: 16 May
Management-defined performance measures: 30 May
Grouping of information in the financial statements: 6 June

IFRS Interpretations Committee agenda decisions

The IFRS Interpretations Committee has published its agenda decisions on:

IASB April 2024 podcast & update

The IASB podcast, with its chair, vice-chair and executive technical director highlighting the projects discussed during its April meeting, and a summary of the April meeting, are now available.

IASB concludes project on Business Combinations under Common Control

The IASB has published a project summary for its project on Business Combinations under Common Control (BCUCC). The project summary provides insights into the IASB’s decision made in November 2023, to not develop requirements for reporting BCUCCs.

Video explainer—what are the IFRS digital taxonomies?

The IFRS Foundation has published a short video explaining what the IFRS digital taxonomies are and how the taxonomies enable companies to present information prepared in accordance with IFRS Standards in a structured computer-readable format.

Strengthening the IAASB's fraud standard through 7 key changes

This article by the International Auditing and Assurance Standards Board (IAASB) highlights the key changes in its proposed revisions to International Standard on Auditing 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.

IAASB’s Strategy and Work Plan 2024-2027

Themed “Elevating Trust in Audit and Assurance”, the IAASB’s Strategy and Work Plan for 2024-2027 aims at enhancing consistency and quality of audit and assurance standards worldwide. It reaffirms the IAASB’s commitment to serving the public interest by developing globally accepted audit, review, and other assurance standards.

The Institute’s Auditing and Assurance Standards Committee meeting

Minutes of the 415th meeting are now available.

Institute submission

The Institute has submitted its comment letter on the International Ethics Standards Board for Accountants (IESBA) Exposure Draft on Using the Work of an External Expert.

IESBA’s Strategy and Work Plan 2024-2027

IESBA published its Strategy and Work Plan for 2024-2027 (SWP) titled Towards a More Sustainable Future: Advancing the Centrality of Ethics, which sets out its vision and strategic goals and actions, underpinning its ambition to put the International Code of Ethics for Professional Accountants (including International Independence Standards) at the heart of business and organizations.

Webinars on the global ethics standards on tax planning

The IESBA is hosting an interactive global webinar on 13 May or 15 May. This webinar will feature a high-level overview of its recently released ethics standards on tax planning. It also provides an opportunity for stakeholders to participate in a questions-and-answers session with the presenters. Register here.

HKICPA resource centre

Access resources and publications at the Institute’s Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.

The Institute’s Ethics Committee meeting

Minutes of the 261st meeting are now available.

IFRS Foundation and EFRAG publish interoperability guidance

The IFRS Foundation and European Financial Reporting Advisory Group (EFRAG) have published ESRS–ISSB Standards Interoperability Guidance to illustrate the high level of alignment achieved between the International Sustainability Standards Board (ISSB)’s IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards, and how a company can apply both sets of standards.

The publication has been designed to reduce complexity, fragmentation and duplication for companies applying both the ISSB Standards and the European Sustainability Reporting Standards. It explains how companies can efficiently comply with both sets of standards and includes guidance that:

describes the alignment of general requirements including key concepts such as materiality, presentation and disclosures for sustainability topics other than climate; and
provides information about the alignment of climate disclosures and what a company starting with either set of standards needs to know to enable compliance with both sets of standards.

ISSB April podcast & update

Featuring its chair and vice-chair, the ISSB podcast discusses the key takeaways from the April meeting and recent activities. In addition, a summary of the April meeting is now available.

ISSB publishes its digital sustainability taxonomy, helping investors analyze sustainability disclosures efficiently

The ISSB has published the IFRS Sustainability Disclosure Taxonomy (Taxonomy) to enable investors and other capital providers to analyze sustainability-related financial disclosures efficiently. By using the ISSB Taxonomy, companies can enable investors to search, extract and compare sustainability-related financial disclosures as ISSB establishes its global baseline of Standards. The Taxonomy reflects IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, IFRS S2 Climate-related Disclosures and their accompanying guidance.

Announcements by the Inland Revenue Department (IRD)

Members may wish to be aware of the following matters:

Announcements by the government

Members may wish to be aware of the following matters:

Anti-money laundering (AML) notices and news

AML workshops

The next AML workshops will discover the latest updates and practical guidance for complying with AML/CFT requirements. Part I will be held on 4 June, followed by Part II on 26 June.

Anti-Money Laundering and Counter-Terrorist Financing Series - Latest updates and practical guidance on implementing AML/ CFT requirements (re-run)
CPD hour: 4 I 4 & 26 June

Industry update

Institute members can enjoy complimentary participation in the live webinar titled Navigating AML/CTF Compliance: Practical Implementation Guide and Real-Life Case Sharing. The event is organized by Ingenique Solutions and will be held on 28 May.

Sanctions update

The List of terrorists and terrorist associates designated by the United Nations Security Council, published pursuant to the United Nations (Anti-Terrorism Measures) Ordinance (Cap.575) was gazetted on 29 April.
The List of individuals, groups, undertakings and entities published under section 25 of the United Nations Sanctions (ISIL and AI-Qaida) Regulation (Cap.537CB) was updated on 26 April. See the relevant UNSC press release.
For the current lists of terrorists, terrorist associates and relevant persons/ entities under United Nations sanctions, members should refer regularly to the Institute's AML webpage. Other useful documents and guidance can also be found on the same page.

Publications from other organizations:

How AI is transforming keyword research (and why you can't afford to ignore it) from Entrepreneur.com
Strategies for advancing to the C-suite from Financial Management
8 ways CFOs can lead sustainability initiatives from CFO.com
Engage your workforce by McKinsey

Disclaimer: Some sections contain information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.

This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views expressed in this email are those of the author and do not necessarily represent those of the Institute. The recipient should check this email and all attachments for the presence of virus. The Institute will not accept liability for any damage caused by any viruses transmitted with this email.

Manage communication preferences | Privacy policy | Personal information | Contact us