Issue No. 130 (January 2022)

CPA Insights

Accounting for taste

Vincent Leung, Senior Accounting Manager – Asia Pacific, Under Armour, says the QP puts emphasis on practical skills and its innovative methods of training appealed to him. He enjoyed participating in the QP workshops very much as there were practical case studies similar to those CPAs encounter in the business world.

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Tech Source

The role and mindset expected of professional accountants

In October 2020 the International Ethics Standards Board for Accountants (IESBA) issued its final pronouncement on revisions to the International Code of Ethics for Professional Accountants (Code of Ethics) to better promote the role and
mindset expected of all accountants. The Hong Kong Institute of CPAs issued its corresponding revisions to the local Code of Ethics in December 2020. The revisions took effect from

31 December 2021.

This article is reprinted from A-Plus April 2021

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Student Matters

Cancellation of the four-attempt rule

The Institute’s Qualification and Examinations Board has decided not to introduce the four-attempt rule for the new QP. Students will be able to complete the examinations and workshops of the QP without any restriction on the number of attempts for each module.

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Module exemption for the Associate Level

The Institute’s Qualification and Examinations Board has decided to remove the 5-year recency requirement for the purpose of obtaining module exemptions from the Associate Level of the new QP. Students will be able to apply for module exemption based upon a qualification acquired from a tertiary institution recognized by the Institute without any restriction on the time the academic qualification was obtained.

In addition, the relevant papers passed in the professional examinations of the professional accountancy bodies recognized by the Institute can be accepted for module exemptions in the Associate Level. This arrangement only applies to the Associate Modules 1 to 9.

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Studentship renewal

The 2022 studentship renewal notification was sent by email on 16 December 2021. To renew your studentship, simply pay the annual fee on or before 31 January 2022. Timely renewal of your studentship will ensure that there is no lapse of your status with the Institute.

Practical experience

We welcome 11 authorized employers and 39 authorized supervisors to the Institute's practical experience framework. For students who have already completed the QP with sufficient practical experience for membership admission, please submit your membership applications on or before

7 March 2022.

Event Highlights

New President and Council

The Institute elected Fong Wan Huen, Loretta as President, Leung Sze Kit, Roy and Au Chun Hing as Vice-Presidents for 2022 following its 49th annual general meeting.

From left to right: Ms Margaret W.S. Chan, Mr Au Chun Hing,

Ms Loretta Fong and Mr Roy Leung

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