Click here if you are having trouble viewing this message.
|
|
|
Live webinar: Navigating HKFRS 18 — Practical Challenges in Focus
|
HKFRS 18 Presentation and Disclosure in Financial Statements will reshape the structure of the statement of profit or loss and introduce significant changes to how entities communicate financial performance in their financial statements from 2027, with retrospective application affecting all entities.
Following the Institute’s earlier on-demand E-learning courses on HKFRS 18, this live webinar will focus on the practical implementation challenges that entities need to address now, including:
- Determination of main business activities and specified main business activities, and considerations for specific industries;
- Other practical implementation issues:
- Determination and disclosures of management-defined performance measures;
- Classification of income and expenses arising from common types of transactions; and
- Key considerations for the adoption of HKFRS 18
Join us on 17 June to prepare for the upcoming changes.
|
IFRS Interpretations Committee agenda decisions
|
The IFRS Interpretations Committee has published the following agenda decisions:
|
IASB April 2026 Update & podcast
|
The International Accounting Standards Board (IASB) Update summarizes the preliminary decisions made at the Board’s April meeting. In the accompanying podcast, the IASB Chair and an IASB member discuss highlights from the meeting, including Financial Instruments with Characteristics of Equity, Amortised Cost Measurement, and Business Combinations—Disclosures, Goodwill and Impairment.
|
HKICPA auditing webinar: HKSA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
|
Join the webinar on 23 July for a focused and practical overview of HKSA 240 (Revised). Key discussions will include key requirements and revisions to the standard, implications for audits, and common pitfalls and areas for improvement.
|
|
|
|
IESBA video “Leaders On Culture and Governance”
|
In this video, IESBA technical staff explores the pressures reshaping the audit profession and highlights the importance of independence, credibility, professional skepticism, and the expanding role of assurance.
|
Exploring IESBA’s viewpoints on Firm Culture and Governance
|
|
|
|
ISSB April 2026 podcast & update
|
In this podcast, the ISSB Chair and Vice-Chair highlight key takeaways from April’s board week, focusing on the ISSB’s Nature-related Disclosures project, the meeting of the Transition Implementation Group on IFRS S1 and IFRS S2 and Exposure Drafts Proposed amendments to the SASB Standards and IFRS S2 Industry-based Guidance. In addition, a summary of the April 2026 meeting is now available.
|
Transition Implementation Group on IFRS S1 and IFRS S2 (TIG) resource
|
The TIG discusses implementation questions that arise when companies implement IFRS S1 and IFRS S2. This webpage summarizes responses to questions submitted to the TIG that can be answered applying the words in IFRS S1 and IFRS S2.
|
HKFRS S1 and S2 implementation platform
|
You are welcome to submit technical questions related to the implementation of HKFRS S1 and S2. Questions that meet the submission criteria will be considered for discussion at the upcoming meeting.
|
|
|
|
Convenience with Inland Revenue Department (IRD)’s eTAX – Individual Tax Portal (ITP)
|
Consider filing your Tax Return through the IRD’s eTAX - Individual Tax Portal (ITP) to enjoy personalized on-line tax services. To save paper, you can select to receive electronic notices and documents.
|
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 coming AML workshops (in Cantonese) will provide the latest updates and practical guidance on complying with AML requirements. Part I will be held on 22 June, followed by Part II on 29 June.
|
|
|
|
|
Revised FAQs on Suspicious Transaction Reporting
The Institute has issued a revised set of Frequently Asked Questions (FAQs) on Suspicious Transaction Reporting, in collaboration with the Accounting and Financial Reporting Council, and with valuable input also from the Joint Financial Intelligence Unit. The updated FAQs aim to provide clear and practical guidance on common issues encountered by CPA practices and members of the Institute, helping them better understand and fulfil their legal obligations while meeting regulatory expectations.
Key topics covered in the revised FAQs include:
- General requirements on making suspicious transaction reports (STRs)
- Information on suspicious transaction indicators and the meaning of “suspicion”
- Practical tips on what and how to report
- Other matters relating to STRs
Please refer to the Institute’s email issued on 7 May for more details.
FATF publication on high-risk and other monitored jurisdictions
On 13 February, the Financial Action Task Force (FATF) published a statement regarding high-risk jurisdictions subject to a call for action, calling on its members and all jurisdictions to apply specific measures and actions against Iran, the Democratic People's Republic of Korea and Myanmar.
The FATF also issued a notice on jurisdictions under increased monitoring, which identifies other jurisdictions found to have strategic deficiencies in their AML/ counter-terrorist regimes and that are working with the FATF to address these deficiencies. The FATF generally calls for the application of a risk-based approach, rather than enhanced due diligence, towards these jurisdictions. The full list of such jurisdictions and their current status can be found in the FATF notice.
Sanctions update
Other AML news
|
|
|
|
Publications from other organizations:
|
|
|
|
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.
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.
|
|
|
|
Copyright © 2026 Hong Kong Institute of CPAs. All rights reserved.
|
|
|
|
|
