Standard setting
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Last call for Institute workshops on IFRS/HKFRS 17 Insurance Contracts
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Limited seats are still available for the following face-to-face workshops on International Financial Reporting Standards (IFRS)/ Hong Kong Financial Reporting Standards (HKFRS) 17 Insurance Contracts:
- 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
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E-learning on HKFRS 13 Fair Value Measurement
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This archived webinar covers the key principles in HKFRS 13, including special considerations on non-financial assets and liabilities, measurement of fair value of unquoted equity instruments and fair value disclosure requirements. It explains how those principles and requirements apply to certain specific examples. Speakers also share the audit considerations on fair value measurement and practice review findings.
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IASB July 2022 podcast
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The International Accounting Standards Board (IASB) podcast, with its chair and executive technical director highlighting the projects discussed during its July meeting, and a summary of the July meeting, are now available.
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IASB sets out its 2022-2026 priorities
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The IASB has published its Third Agenda Consultation Feedback Statement and Snapshot outlining its priorities for the next five years. The three main strategic priorities are to:
- maintain the strategic direction and balance of the IASB’s activities while slightly increasing efforts to develop digital financial reporting and improving the understandability and accessibility of IFRS Accounting Standards;
- progress current projects; and
- add intangibles, statement of cash flows and climate-related risk in financial statements to the work plan.
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Invitation to Comment
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The Institute is seeking comments on the following:
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Reminder: Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L) savings and transitional arrangements
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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.
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e-International standards survey
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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.
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Implementation Guide for ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement
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This first-time implementation guide published by the IAASB focuses on the more substantial changes that were made to ISA 315 (Revised 2019) and will help stakeholders understand and apply the revised standard as intended.
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Reporting going concern matters in the auditor’s report
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This non-authoritative publication issued by the IAASB addresses some of the common questions related to reporting going concern matters in the auditor’s report and focuses on the use of and interrelationship of the Material Uncertainty Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the ISAs.
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IAASB’s comment letter to the International Sustainability Standards Board (ISSB)
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The IAASB has submitted a comment letter to the ISSB on its exposure drafts on sustainability- and climate-related disclosures. In its comment letter, the IAASB noted the importance of reliable, high-quality, globally consistent sustainability reporting that investors and regulators are able to trust.
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More companies obtaining independent assurance on sustainability
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The research study by the IFAC, American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) shows that the number of global companies obtaining independent assurance on their environmental, social and governance (ESG) information has increased continuously. It also states that sustainability reporting and assurance will only reach its full potential when it is based on a harmonized global system led by the ISSB’s comprehensive baseline of disclosure. The research study also encourages auditors to be engaged in ESG assurance as they are professionally qualified and licensed accountants who have the requisite expertise, objectivity, integrity and commitment to professional standards that are essential for instilling trust in ESG reporting.
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HKICPA resource centre
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Access resources and publications at the Institute’s revamped Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
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ISSB July 2022 podcast & update
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The first episode of the ISSB podcast, with its chair and vice-chair discussing the highlights from the inaugural July meeting, and a summary of the July meeting, are now available.
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IFRS Foundation completes consolidation with VRF
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The IFRS Foundation has completed the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation. It follows the commitment made at COP26 to consolidate staff and resources of leading global sustainability disclosure initiatives to support the IFRS Foundation’s new ISSB’s work to develop a comprehensive global baseline of sustainability disclosures for the capital markets.
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