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Standard setting
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Institute live webinar on Financial Reporting for Reinsurance Contracts Held under HKFRS 17 Insurance Contracts
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Hong Kong Financial Reporting Standards (HKFRS) 17 Insurance Contracts (effective from 1 January 2023) sets out the accounting principles and requirements for insurance and reinsurance contracts issued, as well as reinsurance contracts held (ceded reinsurance). Given the nature of ceded reinsurance, policyholders might encounter more complex challenges when accounting for reinsurance contracts held.
The live webinar on 25 May will provide an overview of the key accounting, presentation and disclosure requirements for ceded reinsurance, and explain how such requirements differ from those for direct insurance business.
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The Institute’s Financial Reporting Standards Committee meeting minutes
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Minutes of the February 2023 meeting is now available.
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Q1 2023 IFRS Interpretations Committee podcast
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This podcast provides a summary of the latest activities of the International Financial Reporting Standards (IFRS) Interpretations Committee which support the consistent application of IFRS Accounting Standards in the first quarter of 2023.
Topics discussed include Definition of a Lease—Substitution Rights (IFRS 16 Leases) and a question relating to Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments).
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Supplementary IASB Update April 2023
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The International Accounting Standards Board (IASB) has published a summary of its discussions relating to International Tax Reform—Pillar Two Model Rules at its April supplementary meeting. The IASB has decided to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development as well as targeted disclosure requirements for affected companies. The IASB expects to issue the final amendments to IAS 12 Income Taxes by end of May 2023.
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Institute submission
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The Institute has submitted its comment letter on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft, Proposed International Standard on Auditing (ISA) 500 (Revised), Audit Evidence and Proposed Conforming and Consequential Amendments to Other ISAs.
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HKICPA new and major standards resource centre
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A new resource centre has been set up to allow members to have quick access to the resources relevant to HKSA 600 (Revised), Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors). HKSA 600 (Revised) strengthens the auditor’s responsibilities related to professional skepticism; planning and performing a group audit; two-way communications between the group auditor and component auditors, and documentation. HKSA 600 (Revised) will be effective for audits of group financial statements for periods beginning on or after 15 December 2023.
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EFAA publishes guidance for SMPs on sustainability reporting assurance
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This publication by European Federation of Accountants and Auditors for SMEs (EFAA) offers suggestions on how small- and medium-sized accountancy practices (SMPs) can best respond to the rapid emergence of assurance on sustainability reporting.
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Five practice management tips
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CPA Australia shares in its article tips to practitioners on how to keep clients happy and the practice profitable, all at the same time.
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Audit and assurance summary resource guide
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A handy guide by CPA Canada summarizes its audit and assurance resources which help practitioners to better understand and apply auditing and assurance standards.
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Four steps to get the most from the organization’s data assets
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This guide by the CPA Canada is intended to provide certified public accountants with a practical perspective on how a data governance program might be created to enable them to play an informed and meaningful role in their organization’s data journey. It can be applied by small- and mid-sized public, private and non-profit organization and discusses some of the key steps and considerations in developing a data governance program, including exploring some of the required roles and responsibilities, policies and procedures, and technology.
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Invitation to comment
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The Institute is seeking comments on the International Ethics Standards Board for Accountants (IESBA) Consultation Paper Proposed IESBA Strategy and Work Plan, 2024 – 2047, by 7 June.
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HKICPA resource centre
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Access resources and publications at the Institute’s Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
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IESBA strengthens and clarifies independence requirements for group audits
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The 60-minute webinar recording by the IESBA highlights the recent revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the IESBA Code) which addresses holistically the various independence considerations in an audit of group financial statements.
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Exchange publishes Consultation Paper on Enhancement of Climate Disclosure under its ESG Framework
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Hong Kong Stock Exchange published a consultation paper on 14 April 2023 seeking market feedback on proposals to enhance issuers’ environmental, social and governance (ESG) disclosures. The Exchange proposes to mandate all issuers to make climate-related disclosures in their ESG reports, and introduce new climate-related disclosures aligned with the International Sustainability Standards Board (ISSB) Climate Standard. Acknowledging the readiness of the issuers and their concerns, the Exchange proposes interim provisions for certain disclosures for the first two reporting years following the effective date of 1 January 2024.
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ISSB April Update
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The ISSB has published a summary of its discussions at its April meeting.
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