Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32 Financial Instruments: Presentation, IFRS 7 Financial Instruments: Disclosures and IAS 1 Presentation of Financial Statements) by 19 February 2024. |
Live webinar on Year-end Financial Reporting Reminders for 2023 |
To get well prepared for the year-end closing of 2023, enrol in this live webinar on 18 January 2024, which will cover:
- HKFRS Amendments that are effective in 2023;
- accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong;
- IFRS Interpretations Committee agenda decisions that are relevant to Hong Kong; and
- HKFRS Amendments that will become effective in 2024.
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Overview of forthcoming IFRS Accounting Standard for subsidiaries |
IASB technical staff have produced a webcast to explain the forthcoming reduced-disclosure IFRS Accounting Standard for subsidiaries of parent companies that apply IFRS Accounting Standards. The webcast provides an overview of the new Standard and explains why the IASB developed the new Standard. It also explains who the subsidiaries that are eligible to apply the new Standard are and the benefits the new Standard will bring to subsidiaries and their parent companies, as well as the users of financial statements. |
IFRS Interpretations Committee: new explainer video |
The IFRS Foundation has published a three-minute video that explains how the IFRS Interpretations Committee helps maintain and support consistent application of IFRS Accounting Standards. In particular, the video explains how the Committee processes the application questions it receives and how it works with the IASB. It also discusses why agenda decisions are important in supporting consistent application of IFRS Accounting Standards and why preparers are required to consider them. |
IASB November 2023 podcast & update |
The IASB podcast, with its chair, vice-chair and executive technical director highlighting the projects discussed during its November meeting, and a summary of the November meeting, are now available. |
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Institute submission |
The Institute has submitted its comment letter on the International Auditing and Assurance Standards Board (IAASB) Proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards. |
First annual assessment of HKSQM by 15 December 2023 |
In Alert 45, members are referred to the monitoring and remediation process and the requirement to evaluate a firm’s system of quality management (SOQM) under Hong Kong Standard on Quality Management (HKSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements. HKSQM 1 has been in effect for almost a year. To ensure compliance with the HKSQM 1 requirements, firms should evaluate their SOQM annually. The first of these evaluations must be performed by 15 December 2023, i.e., within one year after the effective date of HKSQM 1, and every year thereafter. Firms should ensure the evaluation be carried out according to paragraphs 53 to 56 of HKSQM 1, and maintain proper documentation regarding their evaluation, findings and conclusions. Subscribe to the HKICPA Quality Management Manual which includes certain forms, checklists and worksheets that assist audit firms to implement the SOQM (including the evaluation of the SOQM). Members may also refer to the IFAC Quality Management Toolkit and the accompanying matrix that intend to help small-and medium-sized practices (SMPs) establish their quality objectives, identify and assess quality risks, and design and implement responses to address their identified quality risks. In adapting the toolkit, SMPs should tailor its content to their nature, circumstances, and engagements in order to develop their unique quality management system. |
Workshop for new auditors (re-run) |
The Institute’s workshop across 17, 18 and 22 January 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. |
E-learning on HKSA 315 (Revised 2019) |
The on-demand e-learning, Implementing HKSA 315 (Revised 2019) – What you need to know, is now available. Register now to take a deep dive into selected areas of the standard and gain practical insights to implement the new requirements effectively. |
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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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ISSB at COP28: IFRS Foundation launches knowledge hub in support of global drive to build capacity for the ISSB Standards |
At the 2023 United Nations Climate Change Conference (COP28)’s Climate Action Day, the IFRS Foundation launched the IFRS Sustainability knowledge hub, which is a key component of the IFRS Foundation’s capacity-building programme. The hub has been designed to help companies prepare their International Sustainability Standards Board (ISSB) disclosures. It will also be a useful repository for auditors, investors, regulators and other stakeholders seeking to advance their understanding of the ISSB Standards.
The hub hosts content developed by the IFRS Foundation and more than 100 resources developed by third-party organizations, including:
- an introduction to the ISSB Standards;
- a guide for transitioning from Task force on Climate-related Financial Disclosures recommendations to ISSB Standards; and
- a set of frequently asked questions.
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ISSB at COP28: IFRS Foundation and ISO commit to future cooperation towards effective communication about sustainability-related risks and opportunities |
The IFRS Foundation and the International Organization for Standardization (ISO) have confirmed their shared commitment to cooperate to support efficient and resilient global economies. Both organizations recognize that working together in areas of common interest is in the public interest. As ISO Standards support consistent approaches internationally in the internal management of sustainability-related matters, ISO supports the work of the ISSB to establish a truly global baseline of sustainability-related financial disclosures. Furthermore, ISO and the IFRS Foundation are committed to advancing capacity building initiatives that focus on supporting organizations to build internal expertise and understanding that advance practices and reporting. |
ISSB at COP28: Multilateral Development Banks confirm support for work of the ISSB as world leaders gather at COP28 |
A group of major Multilateral Development Banks confirmed their support for the work of the ISSB ahead of COP28, during which world leaders gathered to advance action for addressing climate risks. The statement is given by the Asian Infrastructure Investment Bank, the European Investment Bank, the Inter-American Development Bank and the European Bank for Reconstruction and Development. |
ISSB November 2023 podcast & update |
The ISSB podcast, with its chair and vice-chair highlighting the recent discussions and decisions made at its November meeting, and a summary of the meeting, are now available. |
