Offline Members' Handbook
|
|
Due to system limitations, the offline version of the Members’ Handbook is updated only up to Update No. 272 (March 2022) and does not reflect any subsequent updates. The offline version will be decommissioned in Q4 2022.
Please refer to the online Members’ Handbook for the latest version. The online version can also be downloaded for offline use.
|
Standard setting
|
|
|
|
Institute workshops on IFRS/HKFRS 17 Insurance Contracts
|
Due to continued demand from members, the Institute will re-run a series of face-to-face workshops on International Financial Reporting Standards (IFRS)/ Hong Kong Financial Reporting Standards (HKFRS) 17 Insurance Contracts in August and September:
- 26 August: Life insurance (Part 1) – Overview and deep dive application
- 5 September: Life insurance (Part 2) – Deep dive application
- 13 September: General insurance (Part 1) – Overview and deep dive application
- 21 September: General insurance (Part 2) – Reinsurance, interaction with other standards, and presentation and disclosures
|
E-learning on HKFRS 3 Business Combinations
|
This archived webinar covers the recent amendments to HKFRS 3 which revise the definition of business and introduce the optional concentration test. Speakers use examples to illustrate the differences in accounting for business combinations and asset acquisitions, and common application issues of HKFRS 3. An update of the development of the International Accounting Standards Board’s (IASB) projects relating to business combinations is also provided.
|
IFRS Interpretations Committee Q2 2022 podcast
|
In this podcast, IFRS Interpretations Committee Chair and member of IASB Bruce Mackenzie joins IASB Technical Staff Member Patrina Buchanan to discuss activities to support consistent application of IFRS Accounting Standards in the second quarter of 2022.
|
IFRS Interpretations Committee agenda decisions
|
The IFRS Interpretations Committee has published the following agenda decisions:
|
IASB Update July 2022
|
A summary of the IASB July meeting is now available.
|
|
Invitation to comment
|
The Institute is seeking comments on the following:
|
The Institute’s Auditing and Assurance Standards Committee meeting minutes
|
Minutes of the 401st meeting is now available.
|
Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L) Savings and Transitional Arrangements
|
The Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L) (“Broker Rules”) came into force on 23 September 2019. The Broker Rules set out the requirements applicable to licensed insurance broker companies for minimum share capital, net assets, professional indemnity insurance, the keeping of proper books and records, and contents for audited financial statements and auditor’s report subject to specified Savings and Transitional Arrangements.
When performing audit engagements for licensed insurance broker companies, auditors should consider relevant requirements in the Broker Rules including the Savings and Transitional Arrangements as summarized in the reminder issued by the Insurance Authority.
|
e-International Standards Survey
|
The International Federation of Accountants (IFAC) is seeking user feedback via a brief survey by 31 August that will help shape phase two of its digital platform, e-International Standards (eIS). The eIS provides direct access to the standards developed by the IAASB, the IESBA, and the International Public Sector Accounting Standards Board (IPSASB), alongside key support, reference, and guidance materials, available to contextualize the language and provide enhanced transparency.
|
IAASB 2021 Public Report
|
The IAASB Public Report explains how the IAASB accelerated efforts in 2021 to serve the public interest in audit and assurance. In doing so, the IAASB focused on topics that have generated the greatest public interest attention, including fraud, going concern, audit evidence, and assurance on sustainability reporting.
|
Implementation tool: New quality management standards
|
CPA Canada’s Implementation tool for practitioners: New quality management standards explains the scope and objective of the quality management standards and individual appendices which expand on each component of a system of quality management. It also includes example scenarios, factors to consider in evaluating the system of quality management and tips to prepare for the new quality management standards.
|
ICAEW audit and assurance resources
|
The Institute of Chartered Accountants in England and Wales (ICAEW) has the following resources that may be of interest to members:
- A virtual event Are you ready for the new ISQMs? to be held on 16 September helps auditors to ensure that their procedures are up to date and ready for the new quality management standards. The webinar will cover establishing quality objectives; risk assessment; design and implementation of systems of quality management; monitoring and remediation processes; documentationm and more.
- The article, Why quality management is (mostly) about people, explores the human factor of a firm's approach to quality management.
- Audit and Beyond July/August 2022 provides practical support and resources to auditors. Guidance in this edition includes fraud in a financial statements audit; Q&A on revised ISAs etc.
- Resources to help audit firms prepare for the new and revised quality management standards under ISQM 1, ISQM 2 and International Standard on Auditing (ISA) 220 (Revised).
Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics.
|
|
HKICPA resource centre
|
Access resources and publications at the Institute’s revamped Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
|
|
Institute submission
|
The Institute has submitted its comment letter on the International Sustainability Standards Board (ISSB) exposure drafts, IFRS S1 General Sustainability-related Disclosure Requirements and IFRS S2 Climate-related Disclosures (Exposure Drafts).
|
ISSB Update July 2022
|
This ISSB Update highlights preliminary decisions of the ISSB at its inaugural meeting in July 2022. The ISSB discussed preliminary feedback gathered during meetings with stakeholders on the Exposure Drafts. It also discussed its approach to preparing a request for information to consult the public on its agenda priorities. The request for information will inform the development of the ISSB's two-year work plan.
|
Two members were appointed to the ISSB
|
The Trustees of the IFRS Foundation have appointed Tae-Young Paik and Elizabeth Seeger as inaugural members of the ISSB and are at advanced stages of the remaining appointments to reach the full complement of 14 members.
|