HKICPA Council visits Beijing to meet MoF and counterparts; signs MoU with CICPA to strengthen exchanges

Representing the Hong Kong Institute of Certified Public Accountants (HKICPA) leadership team and Council, a delegation, comprising President Roy Leung, Vice President Edward Au and Stephen Law, Chief Executive & Registrar Margaret Chan, and more, visited Beijing on 10 – 13 June to meet the Ministry of Finance of the People's Republic of China (MoF), the Chinese Institute of Certified Public Accountants (CICPA), the China Securities Regulatory Commission (CSRC) and Beijing Office of the IFRS Foundation. During the visit, the Institute signed a Memorandum of Understanding (MoU) with CICPA to strengthen co-operation.

The purpose of the visit is to facilitate exchanges and co-operation between the accounting profession of Hong Kong and the Mainland, enhance mutual understanding, and jointly drive long-term development of the industry. During their stay in Beijing, the HKICPA delegation outlined the Institute’s three main areas of work, including the attraction and cultivation of talent for Hong Kong’s accounting profession, support for members’ professional development under an innovation-driven society and economy, and laying the foundation for Hong Kong’s sustainable development by setting the city’s first set of sustainability disclosure standards. The group also shared updates on the Institute’s development directions for the year ahead, as well as other key advocacies.  

Addressing the visit, HKICPA President Roy Leung said: “To maintain close exchange and co-operation between the accounting profession of Hong Kong and the Mainland, HKICPA organizes visits to Beijing every year. By visiting relevant stakeholders such as the Ministry of Finance, we are able to gain better understanding of the industry’s latest developments and keep a pulse on the latest policies and directions. At the same time, we also make use of the occasion to explore opportunities for further co-operation to drive the profession to capitalize on Hong Kong’s strengths to serve our country’s needs.” 

The delegation visited the Accounting Department of the MoF on the first day of their visit (11 June), where they shared the key focuses of the Institute’s work this year and the latest developments of Hong Kong accounting profession. Shu Huihao, Director General of the Accounting Regulatory Department of the MoF, then introduced the latest developments of the accounting profession in the Mainland. The two parties subsequently held discussions on the continuous convergence of accounting standards in Hong Kong and the Mainland, and co-operation and communication in the field of international accounting affairs. 

The MoF stated: “The visit facilitates better exchanges between the accounting sectors of the Mainland and Hong Kong. It not only deepens mutual understanding between the accounting sector of the two places, but also strengthens co-operation between the two sides in international affairs, including the convergence of accounting standards as well as the co-operation and communication within international accounting bodies.”

During the visit, the delegation also signed a MoU with CICPA to further strengthen co-operation between the accounting professions in Hong Kong and the Mainland in the area of continuing professional development (CPD). The Institute hopes that by joining hands with the CICPA, the two parties can jointly nurture accounting talents that befit the needs of an innovation economy, fully leveraging the respective advantages of the Mainland and Hong Kong, and contribute to the healthy development of the capital markets in both places.  

Zhao Mingji, President of the CICPA said: “The CICPA and the HKICPA have always attached great importance to member services and talent development. Through the signing of this MoU, we hope that both parties can strengthen collaboration, complement each other’s strengths, and jointly improve its respective talent development infrastructure to cultivate high quality and well-rounded accounting professionals.”

Additionally, as Hong Kong’s sustainability reporting standard setter, the Institute has been actively engaging stakeholders in the Mainland and overseas to enhance the accounting profession’s capacity and awareness in sustainability disclosures in Hong Kong, thereby driving the profession to contribute to the sustainable development of Hong Kong and around the globe. The Institute’s itinerary also included a visit to the Beijing Office of the IFRS Foundation, exchanging and discussing the development of sustainable disclosure standards in the Mainland and Hong Kong.

Hua Jingdong, Vice-Chair of the International Sustainability Standards Board (ISSB) said: “We are delighted to learn that the HKICPA is developing Hong Kong’s first sustainability disclosure standards, demonstrating the Institute’s ongoing efforts to adopt international sustainability disclosure standards for financial reporting. We hope to deepen co-operation with the Institute in providing clear guidance for Hong Kong businesses’ sustainable development, to provide more transparent and comparable sustainability information disclosures for the capital markets, and work together to gradually attain the full convergence of sustainability disclosures around the globe.” 

The delegation also met with representatives from CSRC. Han Shaoping, Director of the Accounting Department at CSRC, and the Institute’s representatives both shared recent work updates. The two parties also exchanged views on topics such as market development and supervision. 

Apart from visiting government departments and organizations, the Institute’s delegation also visited renowned state-owned enterprises and innovation technology companies to better understand the enterprises’ business development strategies and the latest trends and measures of the Mainland’s innovation economy. The delegation also had exchanges on how the accounting profession can support businesses in enhancing their corporate governance and realize business growth in the long term.  

Photo 3: Margaret Chan, Chief Executive and Registrar of HKICPA (Front Right), and Zhao Mingji, President of CICPA (Front Left), signed a Memorandum of Understanding (MoU) to enhance co-operation in continuing professional development (CPD) for accountants in Hong Kong and the Mainland.