First meeting on regulatory reform transitional arrangements takes place (19 November 2021)

Dear members,

With the passing of the Financial Reporting Council (Amendment) Bill 2021 in October attention has turned to preparing for the new regime to take effect, which will be at a date to be announced by the Secretary for Financial Services and the Treasury.

The first meeting between the Financial Services and the Treasury Bureau, the Financial Reporting Council (FRC) and the Institute was held yesterday to kick start preparation for the transitional arrangements, and to discuss the implementation of the new regime. The FRC will be developing its own guidelines, and the Institute hopes to offer its expertise and experience during the process. Stakeholder engagements will be arranged during the process.

As a reminder, as the new regime has not yet taken effect, practising certificate and practice unit registration remains with the Institute for 2022.

The Institute’s webpage on the reform has been updated recently with the latest information on the reform, including the matters remaining before it becomes effective. A quick guide has also been produced to explain the forthcoming changes

Kind regards,

Hong Kong Institute of Certified Public Accountants

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