NAVIGATION

Institute live webinar: Navigating Hong Kong Risk-based Capital (HKRBC): Considerations for upcoming annual submission

The new HKRBC regime for Hong Kong’s insurance industry took effect on 1 July 2024. Authorised insurers are required to submit an auditor’s report on the specified forms included in the annual returns to the Insurance Authority. The first submission will cover the reporting period ended on 31 December 2024, and is due by 30 June 2025. To assist insurers, the Institute is hosting a live webinar on 25 April 2025, focusing on the annual submission. Expert speakers will share practical insights and compliance recommendations, and will address participants’ questions in a dedicated Q&A session. Don’t miss this opportunity to gain clarity on HKRBC requirements and ensure a smooth submission process.

E-learnings: archived webinars on financial reporting

The Institute hosted a series of live webinars in the last quarter, covering a range of hot topics in financial reporting. These sessions have been archived for member access. Enrol now if you missed any of these webinars.

IASB January 2025 podcast & update

The International Accounting Standards Board (IASB) podcast, highlighting preliminary decisions of the IASB at its January 2025 meeting, and a summary of the meeting, are now available.

Invitation to comment

The Institute is seeking comments on the International Auditing and Assurance Standards Board (IAASB) Post-Exposure Consultation: Invitation to Comment Before the IAASB Finalizes the Narrow Scope Amendments to the ISQMs and ISAs as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code by 10 March 2025.

The Institute’s invitation to comment document offers an overview of the potential impact of the consultation, which amends the differential requirements for audits of listed entities in the International Standards on Quality Management (ISQMs) and International Standards on Auditing (ISAs) to apply to publicly traded entities (PTEs). It also adopts the definition of PTE for the ISQMs and ISAs, which is fully aligned with the IESBA Code. This approach differs from the proposals in ED-PIE Track 2, which extended the differential requirements to PIEs.

ISSA 5000: Difference between reasonable and limited assurance

IAASB staff explains a key aspect of sustainability assurance standard: the difference between reasonable and limited assurance. Check it out to learn more.

Virtual forum on the ISA for LCE

The virtual forum on the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) raised awareness and discussed various aspects of the new standard. Read the discussion now to enhance your understanding. An addendum with responses to all questions from the forum is also available for clarity.

Updated operational guidelines for PRC bank confirmation

The Chinese Institute of Certified Public Accountants and the China Banking Association have issued updated Operational Guidelines for Bank Confirmations, effective on 1 July 2024. These guidelines, which are available on the Institute’s website, aim to strengthen the standardization and digitalization of bank confirmations in the PRC.

Webinar series: Understanding IESBA’s new sustainability standards

The International Ethics Standards Board for Accountants (IESBA) sustainability-related ethics and independence standards establish global baseline standards for ethical sustainability reporting and assurance. Register for the IESBA’s free webinar series on the International Ethics Standards for Sustainability Assurance (IESSA) and other key revisions to the Code:

20 February: IESSA Independence Standards: A Deep Dive
26 February: Sustainability Reporting and Assurance
27 February: Key Topics in the IESSA
4 March: Using the Work of an External Expert

Learn more about the IESBA’s sustainability work and access the implementation materials and fact sheet to gain clarity on these critical new standards.

Revisions to the Code Addressing Tax Planning and Related Services

The IESBA Code has been updated to establish an ethical framework for tax planning and related services. These revisions have been incorporated into the HKICPA Code of Ethics for Professional Accountants and will come into effect for tax planning activities or services beginning after 30 June 2025. To familiarize yourself with the changes, access the following resources:

The Institute’s e-learning course on key changes and implication of the revisions in tax practice.
An information paper from Accountancy Europe that considers the revisions in the context of a typical workflow for tax advisory services and its interactions with other requirements that the professional accountant may face.
An article in CPA Australia’s INTHEBLACK digital magazine providing an overview of the framework and requirements of the new provisions.
IESBA Tax Planning and Related Services Focus Page which offers comprehensive information and materials on the revisions.

Explore everyday ethics

CPA Australia’s INTHEBLACK digital magazine features a range of articles exploring everyday ethical issues faced by professional accountants, such as competing client interests, long-term audit clients, and authentic communication of ESG matters. Read now to gain valuable insights.

HKICPA resource centre

Access resources and publications at the Institute’s Resource Centre to the Code where you can stay informed about the latest ethics pronouncements. Watch this video to learn how to easily access these valuable resources.

Q1 2025 ISSB implementation insights podcast

The International Sustainability Standards Board (ISSB) podcast, featuring its vice-chair, technical director and staff, discuss various educational materials that support the implementation of ISSB Standards. They reflect on discussions from the Transition Implementation Group on IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures held in 2024. The podcast also looks ahead to the ISSB’s priorities in 2025 and outlines how the ISSB will support implementation of the ISSB Standards.

Webinar series - Perspectives on sustainability disclosure

The recent Episode 7 of the webinar series, "Using the GHG Protocol for Climate-Related Disclosures", discusses various aspects of greenhouse gas (GHG) emissions accounting, as well as how to get started with quantifying GHG emissions and the importance of establishing inventory boundaries. Click here to view this episode and past episodes of the series.

ISSB January 2025 podcast & update

In this podcast, the ISSB Chair and Vice-Chair discuss their key takeaways from the January 2025 ISSB meeting. They also share insights into the educational materials published to support the implementation of ISSB Standards. In addition, a summary of the January 2025 meeting is now available.

Announcements by the Inland Revenue Department

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 notices:

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.
The Institute’s Anti-money Laundering Procedures Manual for Professional Accountants (Revised 2024) is available for online subscription. The manual has been extensively updated to reflect changes in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and the Institute’s revised Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Professional Accountants, which took effect on 1 June 2023.

Publications from other organizations:

71% of audit committees are now discussing cybersecurity quarterly from CFO.com
The 10 best podcasts every entrepreneur should listen to for growth, strategy and success from Entrepreneur.com
Capital investment decisions: How to evaluate against the UN SDGs from Financial Management
How finance can get started with gen AI from Journal of Accountancy
How to get return to office right by McKinsey & Company

Disclaimer: Some sections contain external links and information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy or content of the external site, and the content does not necessarily represent the views of the Institute. We recommend using your discretion when visiting these links.

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