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Standard setting
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Live webinar: Impairment of non-financial assets
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Management exercise judgement and make assumptions in determining whether an asset is impaired in accordance with Hong Kong Accounting Standard (HKAS) 36 Impairment of Assets. The underlying assumptions and key inputs could have a material effect on the estimated recoverable amounts and are key sources of estimation uncertainty. Many practitioners often identify impairment as a key audit matter for audits of listed entities.
The live webinar organised by the Institute on 29 November will provide an overview of HKAS 36 and cover the following aspects:
- Common pitfalls and accounting considerations;
- Impact of climate change considerations on impairment assessment; and
- Key differences in reversals of impairment loss between an individual asset, a cash-generating unit and goodwill.
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Reminder: Institute live webinar and workshops
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Don’t miss the following events in November and December:
- 16 November: Live webinar on Year-end reminders – Accounting and auditing considerations of Hong Kong Financial Reporting Standard 17 Insurance Contracts
- 22 and 27 November: Hong Kong Risk-Based Capital workshops on long-term insurance
- 4 and 5 December: Hong Kong Risk-Based Capital workshops on general insurance
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Q3 2023 IFRS Interpretations Committee podcast
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In this podcast, the IFRS Interpretations Committee Chair and member of the International Accounting Standards Board (IASB) Bruce Mackenzie discusses activities to support consistent application of IFRS Accounting Standards in the third quarter of 2023.
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IASB investor perspectives: Providing insights into cash flow economics
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In this article, Nick Anderson, IASB board member, discusses the importance of debt reconciliation disclosures in aiding investors to analyse non-cash changes in debt, such as supplier finance, acquisitions, and lease financing.
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Invitation to comment
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The Institute continues to seek comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft on Proposed International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards (Proposed ISSA 5000) by 1 November. Further resources are available at the link above for a deeper understanding and insights into the proposals.
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HKICPA online survey on Proposed ISSA 5000
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The Institute's online survey also welcomes members to provide views on the Proposed ISSA 5000. The survey takes around twenty minutes to complete and will close on 1 November. Click here to begin the survey.
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Live webinar on the revised standard on group audit engagements
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This webinar on 27 November will cover changes resulting from HKSA 600 (Revised) and implications for both group and component auditors which will be effective for audits of group financial statements for periods beginning on or after 15 December 2023. Speakers will also highlight changes to the Institute’s Code of Ethics for Professional Accountants relating to the definition of engagement team and group audits, which align with the changes in HKSA 600 (Revised).
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Industry update sessions in November
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Register now to gain updates and implementation tips in the following areas:
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IAASB narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised)
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The IAASB released Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and ISA 260 (Revised), Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs). These amendments are effective for audits of financial statements for periods beginning on or after 15 December 2024.
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New edition of the IAASB handbook
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The IAASB has released the 2022 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements. It includes IAASB’s new and revised suite of quality management standards, as well as International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements. It also includes ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) and Conforming and Consequential Amendments to Other International Standards arising from ISA 600 (Revised), which are not yet effective for this version of the handbook.
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Implementation of International Independence Standard on group audits
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The International Ethics Standards Board for Accountants (IESBA) released a questions and answers (Q&A) publication on the pronouncement, Revisions to the Code Relating to the Definition of Engagement Team and Group Audits. The Q&A is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement.
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Ethical dilemmas in an era of sustainability reporting
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The Association of Chartered Certified Accountants’ publications delve into the potential ethical dilemmas faced by accountants and other professionals involved in implementing sustainability reporting. The publications include:
- a report that identifies the risks around ethics and independence associated with sustainability reporting;
- a guide that provides real-world scenarios to illustrate how to manage dilemmas; and
- a checklist of questions that assists in driving better application of the IESBA's Code principles.
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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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