2024

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What's new - 2024

This section contains major materials published by the Institute’s Standard Setting Department in 2024.

Financial Reporting

Publications

Item	Date of Issue	Title
2024-7	October 2024	A Plus Article: Enhanced disclosures for business combinations
2024-6	October 2024	A Plus Article: Unveiling HKFRS 19
2024-5	July 2024	A Plus Article: HKFRS 18: a paradigm shift in financial performance presentation
2024-4	April 2024	A Plus Article: Distinction between debt and equity
2024-3	February 2024	Educational Publication: Financial reporting considerations for closing out 2023
2024-2	January 2024	A Plus Article: Goodbye IAS 1; Hello IFRS 18
2024-1	January 2024	A Plus Article: A review of the revenue recognition requirement

Comment letters

Item	Date of Submission	Subject
2024-3	2 August 2024	IASB Exposure Draft Contracts for Renewable Electricity (Proposed amendments to IFRS 9 and IFRS 7)
2024-2	12 July 2024	IASB Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36)
2024-1	28 March 2024	IASB Exposure Draft Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32, IFRS 7 and IAS 1)

Webcasts

Item	Date of issue	Title
2024-8	22 October 2024	E-learning: Hong Kong Risk-based Capital: Key Features, Par Fund Management and Implementation Issues (Part 1) (1.5 CPD hours)
2024-7	9 October 2024	E-learning: Common application issues of HKFRS 3 Business Combinations (1.5 CPD hours)
2024-6	9 October 2024	E-learning: Accounting implications of HKFRS 17 Insurance Contracts for Non-Insurers (1.5 CPD hours)
2024-5	11 June 2024	E-learning: HKFRS 17 Insurance Contracts – Audit and Financial Reporting Issues (Part 2) (1.5 CPD hours)
2024-4	11 June 2024	E-learning: HKFRS 17 Insurance Contracts – Audit and Financial Reporting Issues (Part 1) (1.5 CPD hours)
2024-3	31 January 2024	E-learning: Year-end Financial Reporting Reminders for 2023 (2 CPD hours)
2024-2	8 January 2024	E-learning: Common application issues of HKFRS 9, 15 and 16 (2 CPD hours)
2024-1	5 January 2024	E-learning: Industry Update Relating to Investment Funds (1.5 CPD hours)

Auditing and Assurance & Code of Ethics

Publications

Item	Date of Issue	Category	Subject
2024-15	November 2024	Ethics	A Plus Article: Revised definition of a public interest entity in the HKICPA Code of Ethics
2024-14	25 October 2024	Auditing and Assurance	Circular on Reporting under Rule 4.2 and Rule 4.4 relating to Net Asset Requirement and Rule 4.6 relating to Investment Requirements of the New Capital Investment Entrant Scheme
2024-13	3 October 2024	Ethics	Ethics Circular 1 (Revised October 2024)
2024-12	26 September 2024	Auditing and Assurance	Audit Practice Manual (2024 edition)
2024-11	26 September 2024	Auditing and Assurance	Questions & Answers: HKICPA Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code (September 2024)
2024-10	July 2024	Ethics	A Plus Article: An overview of the Institute’s response to the IESBA’s Exposure Draft on Proposed IESSA
2024-9	19 July 2024	Ethics	Ethics Survey 2024
2024-8	15 July 2024	Ethics	Basis for Conclusions – Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code
2024-7	6 June 2024	Auditing and Assurance	Audit of Financial Statements of Owners' Corporations of Buildings - Audit Issues - Q&As (Revised June 2024) Auditor's responsibilities for an audit of a set of consolidated financial statements prepared in accordance with a fair presentation framework (June 2024) Auditor's responsibilities for an audit of a set of consolidated financial statements prepared in accordance with a compliance framework (June 2024)
2024-6	14 May 2024	Auditing and Assurance	Circular on Reporting under Rule 4.2 and Rule 4.4 relating to Net Asset Requirement and Rule 4.6 relating to Investment Requirements of the New Capital Investment Entrant Scheme
2024-5	April 2024	Auditing and Assurance	A Plus Article: A landmark sustainability assurance standard: The Institute’s response
2024-4	28 March 2024	Auditing and Assurance	AATB 3 Implementation Guidance on Revised Hong Kong Standard on Investment Circular Reporting Engagements (HKSIR) 400 Comfort Letters and Due Diligence Meetings Circular on Reporting for Certification of Funds under Schedule 16D to the Inland Revenue Ordinance (Cap. 112)
2024-3	19 March 2024	Auditing and Assurance	Alert 50: Regulatory reporting under the Insurance Ordinance (Cap. 41) upon implementation of HKFRS 17 during the transitional period before the implementation of the Risk-based Capital Regime
2024-2	15 March 2024	Auditing and Assurance	Your essential resource to navigating audit engagements
2024-1	30 Janury 2024	Auditing and Assurance	AATB 6 Non-Authoritative Guidance on Applying HKSAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements Audit of Financial Statements of Owners' Corporations of Buildings Audit Issues - Q&As (January 2024) Suggested Chinese translation of engagement letter under HKSA 210 Agreeing The Terms of Audit Engagements effective for audits of financial statements for periods ending on or after 15 December 2016 (revised in January 2024) Suggested Chinese translation of unmodified auditor's reports based on HKSA 700 (Revised) Forming an Opinion and Reporting on Financial Statements for financial statements prepared in accordance with HKFRSs, SME-FRS and HKFRS for Private Entities effective for audits of financial statements for periods ending on or after 15 December 2016 (revised in January 2024) Suggested Chinese translation of auditor's reports under HKSA 720 (Revised) The Auditor's Responsibilities Relating to Other Information effective for audits of financial statements for periods ending on or after 15 December 2016 (revised in January 2024) Illustrative auditor's report on financial statements of a listed Exchange Traded Fund or a listed Real Estate Investment Trust (revised in January 2024) Illustrative auditor's report on financial statements of a public fund established in the form of an Open-ended Fund Company (revised in January 2024)

Comment letters

Item	Date of Submission	Category	Subject
2024-4	5 June 2024	Auditing and Assurance	IAASB Proposed International Standard on Auditing 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and Proposed Conforming and Consequential Amendments to Other ISAS
2024-3	9 May 2024	Ethics	IESBA Exposure Draft on Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting
2024-2	29 April 2024	Ethics	IESBA Exposure Draft on Using the Work of an External Expert
2024-1	8 April 2024	Auditing and Assurance	IAASB Exposure Draft Proposed Narrow Scope Amendments to: International Standards on Quality Management (ISQMs); International Standards on Auditing (ISAs); and International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statement as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code

Webcasts

Item	Date of issue	Category	Title
2024-8	5 November 2024	Ethics	Video: Understanding the new definition for Public Interest Entity (PIE) in the HKICPA Code (Cantonese) - Available on HKICPA Youtube; no verified CPD
2024-7	1 November 2024	Ethics	Video: Navigating HKICPA Ethics Resources - Available on HKICPA Youtube; no verified CPD
2024-6	9 October 2024	Auditing and Assurance	Video: Proposed HKSA for Audits of Financial Statements of Less Complex Entities (HKSA for LCE) - Available on HKICPA Youtube; no verified CPD
2024-5	4 October 2024	Auditing and Assurance	E-learning: Solicitors’ Accounts Rules and PN840 Reporting Engagements (1.5 CPD hours)
2024-4	19 September 2024	Ethics	Video: A new definition for Public Interest Entity (PIE) 2024 - Available on HKICPA Youtube; no verified CPD
2024-3	19 March 2024	Ethics	Video: HKICPA Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code -Available on HKICPA Youtube; no verified CPD
2024-2	5 January 2024	Ethics	HKICPA educational video: Pressure to Breach the Fundamental Principles of the Code of Ethics for Professional Accountants - Available on HKICPA Youtube; no verified CPD
2024-1	5 January 2024	Auditing and Assurance	E-learning: The revised standard on group audit engagements (1.5 CPD hours)

Sustainability Reporting

Publications

Item	Date of Issue	Subject
2024-4	March 2024	Guidance 2: Considerations of Skills, Capabilities and Resources in Climate-Related Scenario Analysis
2024-3	March 2024	Guidance 1: Two important ideas in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures to facilitate proportionality and scalability
2024-2	March 2024	Alert 49: Updates on the Institute's Sustainability Disclosure Standards development
2024-1	January 2024	A Plus Article: What’s next for the ISSB work plan?

Webcasts

Item	Date of issue	Category	Title
2024-3	8 October 2024	Sustainability	E-learning: Shaping the Future of Sustainability Reporting in Hong Kong - Exposure Drafts on HKFRS Sustainability Disclosure Standards (1 CPD hour)
2024-2	29 July 2024	Sustainability	E-learning: Sustainability Reporting Series: Embarking on the journey of IFRS Sustainability Disclosure Standards (Part 2) (1.5 CPD hours)
2024-1	11 June 2024	Sustainability	E-learning: Sustainability Reporting Series: Embarking on the journey of IFRS Sustainability Disclosure Standards (Part 1) (1.5 CPD hours)

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