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Standard setting
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Invitation to comment
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The Institute is seeking comments on the following International Accounting Standards Board (IASB)’s consultation documents:
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The Institute’s Financial Reporting Standards Committee meeting minutes
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Minutes of the April 2023 meeting is now available.
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IASB May 2023 podcast & update
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The IASB podcast, with its chair and executive technical director highlighting the projects discussed during its May meeting, and a summary of the May meeting, are now available.
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IASB increases transparency for Supplier Finance Arrangements
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To enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk, the IASB has issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures which introduce new disclosure requirements for supplier finance arrangements.
The IASB has produced a webcast and published an article to explain the scope of the amendments, to provide an illustrative example of the new disclosure requirements, and to discuss the effective date and transition provisions of the amendments.
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Institute workshops on Hong Kong Risk-Based Capital (HKRBC)
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The Insurance Authority has been developing the HKRBC regime with a new approach to capital adequacy and regulatory reporting for the insurance industry in Hong Kong. The new regime, which is expected to be effective in 2024, will significantly overhaul the current regulatory capital requirements under the Insurance Ordinance. The Institute is holding a series of face-to-face workshops in July to provide an overview of the HKRBC and to discuss the key topics in HKRBC of which insurers should be aware of:
- Long term insurance: 10 and 11 July
- General insurance: 13 and 14 July
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Invitation to comment
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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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A deep dive into sustainability assurance engagements
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This study by The International Federation of Accountants, part of the State of Play Series, enhances understanding of current market practice for the assurance of environmental, social, and governance (ESG or sustainability) information. As the reporting and assurance of sustainability information evolves from voluntary to mandatory requirements, important decisions about who will conduct assurance, how these engagements will be overseen, and what scope of information will be assured, using what standards, must be made.
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The Institute’s Auditing and Assurance Standards Committee meeting
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Minutes of the 407th meeting is now available.
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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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Free Ethics webinar - How accountants can drive an organization’s ethical direction
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The Institute of Chartered Accountants in England and Wales (ICAEW) is promoting a free webinar on 15 June which highlights the learnings from a survey conducted by the Consultative Committee of Accountancy Bodies (CCAB) and strategies for making better ethical decisions, and discusses the ethical challenges and opportunities facing accountants.
Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics.
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Institute roundtable on ISSB’s Request for Information Consultation on Agenda Priorities
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On 20 June, the Institute will be holding a virtual roundtable to collect feedback for the International Sustainability Standards Board (ISSB)’s Request for Information (RFI) Consultation on Agenda Priorities. Members and other interested parties are invited to attend the virtual roundtable to provide feedback and influence the priorities of the ISSB for its next two-year work plan. Representatives from the ISSB will be present to discuss and interact directly with participants at the roundtable. Register to reserve your place by 15 June 2023.
A webcast held by the ISSB member and technical staff that provides an overview of the RFI has been made available. This article by the ICAEW also highlights proposals from the ISSB’s RFI, and shares preliminary views from a sustainability specialist and the ICAEW technical manager.
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