NAVIGATION

IFRS Foundation publishes jurisdictional profiles providing transparency and evidencing progress towards adoption of ISSB Standards

The IFRS Foundation has published an initial set of 17 jurisdictional profiles to provide transparency to capital markets which evidences the high degree of alignment with the International Sustainability Standards Board (ISSB) Standards. Hong Kong is among the initial set of jurisdictions that have set a target of fully adopting the ISSB Standards.

These profiles provide detailed information about each jurisdiction's targets for aligning with ISSB Standards and the current status of their sustainability-related disclosure requirements. They are published once a jurisdiction's approach to sustainability reporting is finalized and no longer subject to consultation. This represents a significant step in clarifying progress toward establishing a global baseline for sustainability disclosures in capital markets.

E-learning: Navigating Hong Kong Risk-based Capital (HKRBC): Considerations for upcoming annual submission

The new HKRBC regime for Hong Kong’s insurance industry came into effect on 1 July 2024. Authorised insurers are required to submit an auditor’s report using specified forms included in their annual returns to the Insurance Authority. The first submission, covering the reporting period ending 31 December 2024, is due by 30 June 2025.

To assist insurers with their annual submission, the Institute hosted a live webinar in April, where speakers shared practical insights and compliance recommendations. The session has been archived for member access.

Take part in the IASB podcast audience survey

The International Accounting Standards Board (IASB) is conducting a survey to understand how its podcasts are being used and how they can be improved. All survey responses are confidential and will be used solely for podcast development analysis. The survey is open until 4 August.

Survey participants are invited to enter an optional prize draw to win one print copy of the IFRS Accounting Standards bound volume publication, IFRS^® Accounting Standards—Required 1 January 2025.

Invitation to comment

The Institute invites comments on the International Auditing and Assurance Standards Board (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.

HKICPA technical training on auditing and assurance

Join the Institute’s upcoming technical training workshop designed to enhance your auditing knowledge.

Face-to-face workshop: Practical Application of Assurance and AUP Standards (28 August): The session will highlight the key requirements of HKSAE 3000 (Revised) and HKSRS 4400 (Revised) engagements, focusing on practical considerations in conducting these engagements using common market examples.

HKICPA resource centre

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.

HKICPA trainings on sustainability-related topics

The Institute is committed to enhancing the capabilities of relevant stakeholders by equipping them with the professional knowledge needed to navigate the dynamic landscape of sustainability. Our upcoming technical training events are specifically designed to prepare our members to apply the Institute’s professional standards to sustainability-related topics:

Workshop on 23 June: GHG Emissions (Scopes 1, 2 and 3)

Sustainability Assurance Workshops:

20 August: Groups Sustainability Assurance Engagements
3 September: Risk Identification and Assessment
17 September: Responding to Risks of Material Misstatement

New e-learning modules to support implementation of ISSB Standards

The IFRS Foundation has launched new e-learning modules to help companies understand IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures issued by the ISSB.

These four self-paced modules feature written and visual content and interactive knowledge checks, aimed at building foundational knowledge of ISSB Standards. At the end of each module, users can take a short multiple-choice assessment to receive a certificate of completion.

The modules are:

Introduction to the IFRS Sustainability Disclosure Standards;
Introduction to IFRS S1General Requirements for Disclosure of Sustainability-related Financial Information;
Introduction to IFRS S2 Climate-related Disclosures; and
Integrated sustainability disclosures and organisational considerations.

IAASB and IESBA publications to support implementation of sustainability assurance and ethics standards

The IAASB and the IESBA have released two staff publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).

These publications aim to highlight the interoperability of the two Boards’ standards and to assist practitioners in applying them consistently.

(i) Frequently Asked Questions (FAQs) on Sustainability Assurance Engagements

These FAQs issued jointly by IAASB and IESBA staff address practical questions regarding the application of ISSA 5000 and IESSA. Key areas covered include:

Identifying relevant ethical requirements
Determining group and value chain components
Using the work of another practitioner
Addressing IESSA disclosure requirements in the assurance report

(ii) IESBA Staff Questions and Answers on IESSA

This publication focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements. Topics covered include:

The scope of the ethics and independence standards in IESSA
Independence considerations for group sustainability assurance engagements, including value chain components
Independence considerations applicable to using the work of another practitioner
Providing non-assurance services to a sustainability assurance client
Effective date of the IESSA

IFAC survey: Shape the future of SME sustainability reporting!

International Federation of Accountants (IFAC) & Edinburgh Group have launched a global survey to better understand of how small- and medium-sized entities are engaging with sustainability information. Your input is important, please click the short video to learn more, and complete the survey by 30 June.

Invitation to comment

The Stock Exchange of Hong Kong Limited (SEHK) has published an Information Paper on Rule Amendments to Implement an Uncertificated Securities Market and “Issuer Platform”. The paper explains the changes to be made to the Listing Rules as a result of implementing the Uncertificated Securities Market (USM Rule Amendments) and an online platform (Issuer Platform), which will serve as a one-stop communication channel between the Listing Division and Listed Issuers. The USM Rule Amendments will take effect simultaneously with the USM regime, while “housekeeping amendments” to the Listing Rules, which facilitate the implementation of the Issuer Platform, will be implemented upon the official launch of the platform, tentatively scheduled for mid-2026. The paper sets out actions required from within-scope Issuers and the corresponding deadlines. Additionally, SEHK has included an “exposure draft” of the proposed USM Rule Amendments in Schedules I and II of the information paper and invites comments on the exposure draft by 30 June.

Announcements by the Inland Revenue Department (IRD)

Members may wish to be aware of the following matters:

Other tax news

Revisions to the Code of Ethics on tax planning take effect

The revisions to the Code of Ethics for Professional Accountants concerning Tax Planning and Related Services will take effect after 30 June 2025. These changes affect both members in practice and members in business. Webinars presented by IESBA and the Institute explain the changes.

Amendments to the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024

A number of Committee Stage Amendment were made to the above bill before it was passed on 28 May 2025. These amendments addressed key points raised in the Institute’s submission on the bill; see the Administration’s response to submissions made on the bill.

Announcements by the government

Members may wish to be aware of the following matters:

Anti-money laundering (AML) notices and news

AML notices:

The United Nations Security Council, published pursuant to the United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575) was gazetted on 11 June and 17 June.
The List of individuals, groups, undertakings and entities published under section 25 of the United Nations Sanctions (ISIL and Al-Qaida) Regulation (Cap. 537CB) was updated on 10 June and 17 June. See the press releases on 9 June and 16 June.
For the current lists of terrorists, terrorist associates and relevant persons/ entities under United Nations sanctions, members should refer regularly to the Institute's AML webpage. Other useful documents and guidance can also be found on the same page.
Members are reminded that the Institute’s Anti-money laundering procedures manual for accountants is available for subscription online. Updated in 2024, it incorporated changes made to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and associated updates to the Institute’s Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Professional Accountants.

Other AML news:

Hong Kong Customs detects cases of non-registered precious metals and stones dealer carrying out specified transactions (5 June and 13 June)

Publications from other organizations:

Are defined benefit plans back? Half of CFOs are now using them from CFO.com
He was scared to give his business partners bad news. Then he realized a gamechanging truth. from Entrepreneur.com
Financial modelling with AI: Part 1 from Financial Management
Insights from ENGAGE: Clever ways to improve your focus at work from Journal of Accountancy
The 'attention equation': Winning the right battles for consumer attention by McKinsey & Company

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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