– Mutual recognition agreement between Hong Kong and U.S.
The Hong Kong Institute of CPAs signed a mutual recognition agreement with the U.S. International Qualifications Appraisal Board, which represents the American Institute of CPAs and the National Association of State Boards of Accountancy. The agreement allows CPAs in Hong Kong and the U.S. to obtain licenses in each other's jurisdictions without going through the entire qualification process. Click here for details, photos and videos.
– Joint declaration on ethics with mainland
The Hong Kong Institute of CPAs signed a joint declaration with the Chinese Institute of CPAs on convergence of the code of ethics on 7 Nov. in Beijing. The signing confirms the mainland’s code has converged with its counterpart code in Hong Kong. Click to see press releases.
– Annual report - Acting for the Profession
Hong Kong Institute of CPAs has published its annual report 2011 which uses a photo essay about Hong Kong's filmmaking industry to draw parallels with the accounting profession, both of which helped make Hong Kong a world city. The report features short stories about famous movies and movie making that illustrate our profession's ties to show business.
– IASB's new chairman visits Hong Kong
The new IASB Chairman Hans Hoogervorst and Board Member Dr. Zhang Weiguo visited Hong Kong on 28-29 July and discussed global convergence, exposure drafts on revenue recognition and leases, the challenges posed by the insurance standard, and the newly released standards on consolidation and fair value measurement. Click to see A Plus interview with Hoogervorst and the event's photos.
– Joint auditing and ethics forum with ICAEW
The Hong Kong Institute of CPAs organized a forum on 18 July with ICAEW to discuss the clarified auditing standards and the revised code of ethics, including:
- How the clarified standards help auditors identify significant risks in audit planning, risk of management override of controls, fraud risks, related party transactions, and significant estimates with high estimation uncertainty.
- Proportional application of the clarified standards for SME audits.
- The special attention for HKSA 600 if auditing groups, particularly when other auditors audit group components.
- Why practitioners should embrace the concepts of "threats and safeguards" in the revised code of ethics and justify their determinations of professional judgment made by documentation.
– Mainland and Hong Kong sign joint declaration on ongoing convergence of auditing standards
The Hong Kong Institute of CPAs signed a joint declaration with the Chinese Institute of CPAs on ongoing convergence of auditing standards during the cross-straits, Hong Kong and Macau accounting profession conference 2011 on 4-5 Sept. Click to see the press releases.
– Implementing revised code of ethics for SMP in Hong Kong
– IFRS Foundation visits Hong Kong
The Hong Kong Institute of CPAs organized a roundtable on 8 June with the IFRS Foundation trustees to discuss strategy setting for the foundation's second decade. More than 20 representatives from firms, corporations and financial institutions gave their views to the trustees, including these messages:
- Fundamental changes to any existing standards should not be made before these changes have been debated at conceptual level
- Cooperation with FASB to resolve differences in financial reporting standards such that a single set of global accounting standards can become a reality
- Reducing complexity in financial reporting standards
– Collaborating with the Beijing Institute to support SMPs
The Hong Kong Institute of CPAs has signed a letter of intent with the Beijing Institute of CPAs to boost cooperation among small- and medium-sized accounting firms in both cities. The agreement will allow SMPs to share knowledge and business development opportunities. Click here for the media alert.
– BCGD Awards 2011 invite entries
A new award is introduced this year to recognize excellence in sustainability and social responsibility reporting in the Hong Kong Institute of CPAs' Best Corporate Governance Disclosure Awards. The increasing internationalization of the Hong Kong market and uncertainties in the world economy highlight the importance of good corporate governance.
– Inaugural conference a success
More than 300 CPAs attended the Hong Kong Institute of CPAs' inaugural two-day annual conference held in June, where 40 distinguished speakers from a wide variety of backgrounds, including IFAC Chief Executive Ian Ball, gave their insights on business and the accountancy profession. The conference also brought new thinking about the CPAs' role in continuing Hong Kong's success. Click to see the conference's photos.
– QP video wins international award
The Hong Kong Institute of CPAs' qualification programme video, an animated film showing students how they can pass different stages in their journey to become a CPA, won a silver prize in the 2011 Questar Awards, the international accolade for excellence in video communications.
– Quality assurance annual report 2010
Hong Kong Institute of CPAs has published its annual quality assurance report 2010 summarizing its work carried out under practice review and professional standards monitoring programmes.
– 2010 report on practice reviews
Hong Kong Institute of CPAs' quality assurance department reviewed 20 practices (including Big Four) with listed clients in Hong Kong in the latest review cycle. Click to see the Financial Reporting and Auditing Alert (issue 13) for the findings and recommendations.
– Non-audit services to clients
Hong Kong Institute of CPAs has issued guidance for SMPs on how to assess and reduce threats to independence when providing non-audit services to clients.
– IASB board members visits Hong Kong
- At the Hong Kong roundtable on 21-22 Feb., IASB's board member Tatsumi Yamada and technical principal Martin Friedhoff discussed proposals on aligning hedge accounting with risk management, removing a ''bright line'' threshold on hedge effectiveness, and developing a common approach with the U.S. FASB for an expected loss impairment model for open portfolios of financial assets measured at amortized cost.
- IASB board member Dr. Zhang Wei-Guo talked about IFRS developments in hedging, impairment and the offsetting of financial instruments when visiting Hong Kong on 1 March.
– AICPA Practitioners Symposium and TECH+ Conference
– Alert on HKFRS 8 Operating Segments
Hong Kong Institute of CPAs' Financial Reporting and Auditing Alert (issue 10) helps CPAs apply HKFRS 8 to improve financial statement disclosures on operating segments. The alert summarizes some of the most common missing or insufficient disclosures on applying this standard.
– Annual report - charting success
This year's annual report uses a maritime photo essay to draw parallels between Hong Kong's world-class maritime industry and the accounting profession, both crucial to Hong Kong's success. The report features vignettes of our members at the helm of storied Hong Kong shipping companies.
– Secret ingredient of Hong Kong's success
– The CA Conference 2010
Leading Change, Rebuilding Confidence
The Gleneagles Hotel, Scotland
9-10 September 2010
www.caconference.co.uk
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