Your quarterly news for CFOs and members working in business (19 October 2022)

PAIB Conference 2022
CPA Here and Now: Sustain, Transform & Deploy

Come and join this year's PAIB Conference, scheduled for the morning of 12 November to take place at Kowloon Shangri-La, Hong Kong. The theme of this year conference is "CPA Here and Now: Sustain, Transform & Deploy", where three panels of respected speakers will discuss and share their insights on the latest trends and developments relating to the power of ESG and digital technologies to help evolve business and operating models in ways that positively impact the world and better meet corporate needs. The topics of the panels include:

Embracing sustainability, ESG and green finance – An option or prerequisite for CPAs and businesses?
Digital assets – Opportunities, risks and challenges for businesses
The value of CPAs – Are we among the collateral casualties of digitalization?

Don’t miss out and register now.

Privacy Commissioner’s Office issues Guidance Note on Data Security Measures for ICT

The Privacy Commissioner for Personal Data (PCPD) recently issued the “Guidance Note on Data Security Measures for Information and Communications Technology” (Guidance) to provide data users with recommended data security measures for Information and Communications Technology (ICT) to facilitate their compliance with the requirements of the Personal Data (Privacy) Ordinance (Cap. 486).

The Guidance provides comprehensive recommendations on best practices in strengthening data security systems to organizations, especially small and medium-sized enterprises, covering:

data governance and organizational measures;
risk assessments;
a recommended series of technical and operational security measures;
data processor management;
remedial actions in the event of data security incidents;
regularly monitoring, evaluating and improving compliance with data security policies; and
recommended data security measures for Cloud services, “Bring Your Own Devices” and portable storage devices.

News and updates

SFC sets out the way forward for green and sustainable finance

The Securities and Futures Commission (SFC) recently published its Agenda for Green and Sustainable Finance to set out further steps to support Hong Kong’s role as a regional green finance centre, having achieved the goals set out in its Strategic Framework for Green Finance.

The SFC will continue supporting the development of green and sustainable finance in Hong Kong and the transition to a greener economy through improving the quality of information available, increasing transparency and building trust for investors.

IFAC's Action Plan for Fighting Corruption and Economic Crime

The International Federation of Accountants (IFAC) issued its action plan to enhance the accountancy profession's contribution to, and support of, a robust anti-corruption ecosystem encompassing a diverse array of participants and policies.

The action plan sets out more than 30 specific actions for IFAC and the accountancy profession related to education, evidence-based policy, global standards, partnership, and thought leadership.

Upcoming events and activities

IT Virtual Conference "From Masters of Digits to Masters of Digital Transformation"

With the theme “From Masters of Digits to Masters of Digital Transformation”, this year's IT Virtual Conference, scheduled for the morning of 22 October, will discuss use cases, key learnings and necessary technologies to make digital initiatives successful in organizations big or small. A panel of renowned speakers will share their insights on the latest developments of technology in Hong Kong, as well as on future trends, developing a data mindset, experience on AI and Cloud applications in their organizations, and more.

Annual Accounting Update 2022: "A New Chapter for Corporate Reporting"

Join this year's Annual Accounting Update Conference, which will be held virtually, on Saturday, 19 November from 9:00 a.m. to 1:00 p.m. The speakers will talk about the standard setting function of the Institute and major standard setting projects in progress, standards which will be effective in 2023 and 2024, application issues of HKFRSs 9, 15, and 16; as well as what's new in sustainability reporting.

E-learning webinar: Guardian Role of Professionals in Upholding Ethical Governance

At the upcoming webinar on 22 November, the speaker will discuss the guardian role of professionals in upholding ethical governance, covering introduction of relevant sections of the Prevention of Bribery Ordinance, business ethics and ethical issues encountered by directors and professionals and the "3As" Model on ethical governance.

If you have suggestions on specific topics or speakers for future PAIB events, please let us know at paib@hkicpa.org.hk.

Features and articles

The following articles and publications may be of your interest:

Business articles

Successful leaders are great coaches from Harvard Business Review
Finance transformation: Unleashing the potential of data from CFO.com
Digital assets: what are the accounting issues? by ICAEW
Walking the ESG talk: the time is now from A Plus
5 steps for finance teams to upskill on ESG reporting from Financial Management

Tax articles

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