Standard setting |
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IFRS Interpretations Committee agenda decision |
The International Financial Reporting Standards (IFRS) Interpretations Committee has published its agenda decision Definition of a Lease - Substitution Rights (IFRS 16 Leases). |
IASB April 2023 podcast & update |
The International Accounting Standards Board (IASB) podcast, with its chair, vice-chair and executive technical director highlighting the projects discussed during its April meeting, and a summary of the April meeting, are now available. |
Supplementary IASB update May 2023 |
The IASB has published a summary of its preliminary decisions relating to its project, Amendments to the IFRS for SMEs Accounting Standard−International Tax Reform−Pillar Two Model Rules, at its May supplementary meeting. |
A short survey on IFRS Foundation’s main website |
To ensure its website meet the users’ information needs, the IFRS Foundation is conducting a survey to understand the user experience of its website by 14 May 2023. The survey will take around ten minutes to complete. |
Reminder: Institute live webinar on Financial Reporting for Reinsurance Contracts Held under HKFRS 17 Insurance Contracts |
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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Invitation to comment |
The Institute is seeking comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs by 24 July. The proposed revisions aim to:
- Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;
- Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and
- Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.
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Institute submission |
The Institute has submitted its comment letter on the IAASB’s Proposed Part 10, Audits of Group Financial Statements of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) and Proposed Conforming Amendments. |
Workshop for new auditors (re-run) |
The face-to-face workshop on 7, 12 and 19 June is a tailor-made programme that provides the core concepts and practical skills essential for new auditors of financial statement audits. It applies an interactive learning format through discussions, case studies and role-play. Speakers will teach auditing concepts and practical skills, as well as share their practice experience relevant to new auditors. |
IFAC technology matrix |
The International Federation of Accountants (IFAC) has created a Technology Matrix as a quick guide to help stakeholders understand and access the breadth of technology resources available from IFAC, as well as IAASB, the International Ethics Standards Board for Accountants (IESBA) and the International Public Sector Accounting Standards Board. Featuring content from April 2021-2023, the matrix categorized resources using technology ABCs:
- A: Artificial Intelligence
- B: Blockchain
- C: Cyber-security
- D: Data Governance (& Valuing Data)
- E: Ethics
- Other Tech Content (i.e., content not falling within A, B, C, D or E)
The matrix will be updated periodically throughout the year; all IFAC technology-related materials are also available using the Technology content tag. |
Sharpening the focus on corporate fraud |
A report by the Institute of Chartered Accountants in England and Wales considers audit committee perspectives on the nature and extent of corporate fraud and what the corporate sector is doing to improve the chances of preventing and detecting it. |
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Invitation to comment |
The Institute is seeking comments on the IESBA Consultation Paper Proposed IESBA Strategy and Work Plan, 2024 – 2047, by 7 June. |
IESBA Technology-related Revisions to the International Code |
The IESBA released Technology-related Revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (International Code) to guide the ethical mindset and behavior of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. The revisions apply to the use of any technology, including to the extent possible, future technologies. They will be effective for audits and reviews of financial statements for periods beginning on or after 15 December 2024. The other revisions to the ethics provisions of the International Code will be effective as of 15 December 2024. Early adoption is permitted. |
IESBA database of PIE definitions by jurisdiction |
The Staff of the IESBA released a database of Public Interest Entity (PIE) definitions by jurisdiction (jurisdictional PIE database) to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE (PIE revisions) in the International Code. The revised PIE provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE. |
HKICPA resource centre |
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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Invitation to comment |
The Institute is seeking comments on the International Sustainability Standards Board (ISSB) Request for Information Consultation on Agenda Priorities by 27 July. |
ISSB April 2023 podcast |
The ISSB podcast, with its chair and vice-chair highlighting the latest developments and discussions during its April meeting, is now available. |
