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HKICPA trainings on sustainability-related topics
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The Institute is committed to enhancing the capabilities of relevant stakeholders by equipping them with the professional knowledge necessary to navigate the dynamic landscape of sustainability. Our technical training events in the coming months are specifically designed to prepare our members to apply the Institute’s professional standards to sustainability-related topics:
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- Workshop on 3 June: Linkage between Accounting Standards and Sustainability Standards, Integrating climate-related risks into Enterprise Risk Management
- Webinar on 9 June: Accounting considerations related to ESG and climate-related risks
Sustainability Assurance Series:
- Webinar on 12 June: Overview of HKSSA 5000, General Requirements for Sustainability Assurance Engagements
- Workshop on 20 August: Groups Sustainability Assurance Engagements
- Workshop on 3 September: Risk Identification and Assessment
- Workshop on 17 September: Responding to Risks of Material Misstatement
The Institute is also arranging a dedicated webinar to raise awareness of nature-related risks and why they matter to accountants:
- Webinar on 30 May: Why Nature Matters to Accountants - Turning Risk into Resilience
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IFRS Foundation updates going concern educational material
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Companies preparing financial statements using IFRS Accounting Standards are required to assess their ability to continue as a going concern. In 2021, the IFRS Foundation published an educational material titled Going concern—A focus on disclosure, to support the consistent application of these standards. This material brings together relevant requirements and explains their application across various company situations.
The educational material has been updated in May 2025 to reflect the latest developments, including:
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- Updated references to going concern requirements in IFRS 18 Presentation and Disclosure in Financial Statements.
- Removal of outdated references to the International Auditing and Assurance Standards Board (IAASB) and its Going Concern project. The International Standard on Auditing 570 (Revised 2024), Going Concern, approved in December 2024, is now included.
- Removal of references to the COVID-19 pandemic and the associated stressed economic environment.
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Key takeaways from the IFRS Foundation’s 2025 Integrated Thinking and Reporting Conference
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On 3 April, the IFRS Foundation held its Integrated Thinking and Reporting Conference in Tokyo. The event featured insightful and practical sessions focusing on the theme of “unlocking the value of integration”.
Click here to access the recordings and some key takeaways from the conference, which featured keynote contributions from Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), and Linda Mezon-Hutter, Vice-Chair of the International Accounting Standards Board.
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Invitation to comment
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The Institute invites comments on the IAASB’s Exposure Draft Proposed Narrow-Scope Amendments to IAASB Standards Arising from the International Ethics Standards Board for Professional Accountants’ (IESBA) Using the Work of an External Expert Project by 24 June. These proposed narrow-scope amendments aim to maintain interoperability between IAASB standards and the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), addressing recent revisions to the IESBA Code related to using the work of external experts.
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HKICPA technical trainings on auditing and assurance
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Join the Institute’s upcoming technical training workshops and webinars designed to enhance your auditing knowledge.
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FAQ: Reporting Going Concern Matters in the Auditor’s Report
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The IAASB has published a Frequently Asked Questions (FAQ) document to assist stakeholders in implementing International Standard on Auditing 570, Going Concern. The document is not exhaustive and is intended to complement the standard.
The FAQ addresses key questions regarding the enhanced auditor reporting model for going concern included in the revised ISA 570. Specifically, it focuses on the implications for the auditor’s report when reporting entity specific going concern matters in sections titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern’. The FAQ also provides an illustrative example of an auditor’s report that outlines how the auditor evaluated management’s assessment of going concern.
Effective for audits of financial statements for periods beginning on or after 15 December 2026, the revised standard aims to promote consistent practice and behavior from auditors when addressing going concern. The Institute will follow its due process for the convergence and adoption of the standard.
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ICAEW publications
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The May issue of the Institute of Chartered Accountants in England and Wales (ICAEW) Audit and Beyond features articles that provide auditors with essential resources and insights:
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Invitation to comment
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The Institute invites comments on the IESBA Consultation Paper: Collective Investment Vehicles and Pension Funds by 30 May.
The consultation seeks views on auditor independence matters pertaining to the audits of Investment Schemes that involve external parties. It also aims to inform the IESBA’s consideration of whether its International Independence Standards are sufficiently clear and fit for purpose for such audits.
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FAQ: Revisions to the Code Addressing Tax Planning and Related Services
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The IESBA has published a Questions and Answers (Q&A) document to support the adoption and implementation of its Tax Planning and Related Services Standards.
This document highlights and explains aspects of the standards, complementing the Basis for Conclusions of the final pronouncement. It was developed following extensive discussions and consultations with a wide range of stakeholders, as well as its own deliberations during the development and finalization of the standards.
The standards provide a principles-based framework and a global ethical benchmark for professional accountants in public practice and in business, respectively, when providing tax planning services or performing tax planning activities. The relevant revisions have been incorporated into the HKICPA Code of Ethics for Professional Accountants and will come into effect for tax planning activities or services beginning after 30 June 2025.
To learn more, sign up for the Institute’s e-learning session on Tax Planning Revisions to the Code and Implications in Tax Practice.
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HKICPA resource centre
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Access resources and publications at the Institute’s Resource Centre to the Code where you can stay informed about the latest ethics pronouncements. Watch this video to learn how to easily access these valuable resources.
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HKICPA webinar: Why Nature Matters to Accountants - Turning Risk into Resilience
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This webinar introduces the Global Accounting Alliance (GAA) guide “Why Nature Matters to Accountants” and explores the growing importance of nature-related issues in business strategy, reporting, and risk management. Featuring case studies from Swire Properties and Towngas, participants will gain practical insights and engage directly with experts in a panel discussion and live Q&A.
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Webinar series - Perspectives on sustainability disclosure
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In the upcoming Episode 10 of the webinar series produced by the IFRS Foundation, "Governance of sustainability-related risks and opportunities: structures, roles and oversight", panellists will examine how boards and management can ensure that sustainability-related financial disclosures provide decision-useful information for investors by applying IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. Key topics include:
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- The roles and responsibilities of governance bodies and management in overseeing sustainability-related risks and opportunities;
- The process of disclosing information about governance processes, oversight and accountability to support decision-useful sustainability-related financial information; and
- Practical insights and case studies on integrating governance over sustainability-related risks and opportunities into corporate governance, risk management and reporting structures.
Click here to register or view past episodes.
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New webcast of Exposure Draft Amendments to Greenhouse Gas Emissions Disclosures
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In this webcast, the ISSB technical staff explain the ISSB’s proposed targeted amendments to IFRS S2 Climate-related Disclosures in the Exposure Draft Amendments to Greenhouse Gas Emissions Disclosures.
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ISSB May 2025 podcast & update
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In this podcast, the ISSB Chair and Vice-Chair share insights into developments from the ISSB, including the consultation proposing targeted amendments to IFRS S2 Climate-related Disclosures, key takeaways from the May ISSB meeting and upcoming publications and events. In addition, a summary of the May 2025 meeting is now available.
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The State of Play - Sustainability Disclosure and Assurance
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This global benchmarking study,conducted by International Federation of Accountants, AICPA & CIMA, provides an update on market practices based on reporting by 1,400 companies across 22 jurisdictions, including Hong Kong in 2023. The study reveals an upward trend in the percentage of companies obtaining assurance on at least some of their reported ESG information.
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New principles for a sustainable future in accounting
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As a member of the A4S Accounting Bodies Network, the Institute have endorsed five new principles to guide our response to sustainability challenges:
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- Provide sustainability-focused training and development
- Advocate for change across business and policy
- Promote innovation for evolving sustainability needs
- Embrace a broader definition of value
- Lead by example within our organizations
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This commitment highlights the need for proactive leadership and the vital role accountants play in achieving a sustainable future.
As the local standard setter for sustainability reporting, the Institute will continue to equip our members and students to meet the evolving demands of the finance profession. Learn more about the Accounting Bodies Network here.
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Announcements by the Securities and Futures Commission (SFC)
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On 6 May, the SFC and HKEX jointly announced the launch of a dedicated Technology Enterprises Channel (TECH) to further facilitate New Listing applications from prospective Specialist Technology Companies and Biotech Companies. The SFC affirmed its support for the establishment of TECH, which contains a new confidential filing option, to strengthen Hong Kong’s position as a premier listing platform for emerging and innovative companies. HKEX pointed out that TECH will provide early and tailored guidance to help these companies address key matters at a preparatory stage, and navigate regulatory requirements effectively.
On 15 May, the SFC, along with the Hong Kong Monetary Authority and the People’s Bank of China, announced plans to further enrich the product types under Swap Connect. These involve extending the tenor of interest rate swap contracts to 30 years to meet the diverse risk management needs of market institutions, and expanding the product scope of Swap Connect by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate.
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Announcements by the Inland Revenue Department (IRD)
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Members may wish to be aware of the following matters:
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China Taxation Conference 2025
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Join us for the China Taxation Conference 2025 on 7 June, a live webinar featuring expert speakers from the Guangdong Provincial Tax Services, State Taxation Administration and the Institute’s Taxation Faculty China Tax Support Group. They will explore a range of current Mainland and cross-boundary tax issues, including:
- Challenges and opportunities for Chinese enterprises going abroad
- The latest tax developments in the Mainland
- Updates on value-added tax and transfer pricing
In addition, the conference will feature a panel discussion on the Mainland’s inward and outward investment.
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Tax Intelligence and Fun Day 2025
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Join the Taxation Institute of Hong Kong at the Central Market on 23-24 May 2025, for the Tax Intelligence and Fun Day 2025. The event, supported by the Institute, aims to offer valuable tax knowledge to the public through activities such as tax updates and tips, voluntary tax service, a tax e-filing information desk for individuals, on-site registration for iAM Smart+, as well as fun-filled interactive stalls!
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Announcements by the government
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Members may wish to be aware of the following matters:
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Anti-money laundering (AML) notices and news
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AML workshops:
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The coming AML workshops (in Cantonese) will provide the latest updates and practical guidance on complying with AML requirements. Part I will be held on 2 June, followed by Part II on 27 June.
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Publications from other organizations:
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Disclaimer: Some sections contain external links and information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy or content of the external site, and the content does not necessarily represent the views of the Institute. We recommend using your discretion when visiting these links.
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