2023

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What's new - 2023

This section contains major materials published by the Institute’s Standard Setting Department in 2023.

Financial Reporting

Publications

Item	Date of Issue	Title
2023-10	November 2023	Educational Publication: HKFRS 17 Insurance Contracts – Journal Entries on Reinsurance Contracts Held
2023-9	October 2023	A review of the impairment of financial instruments
2023-8	4 July 2023	Educational guidance on the accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong
2023-7	23 June 2023	Illustrative examples on classification of liabilities as current or non-current
2023-6	14 June 2023	Educational Publication: HKFRS 17 Insurance Contracts - Journal Entries
2023-5	10 May 2023	Updated Illustrative examples on rent concessions
2023-4	April 2023	A Plus Article: Proposed amendments to the IFRS for SMEs Accounting Standard
2023-3	April 2023	A Plus Article: Classification of liabilities as current or non-current: what’s new?
2023-2	21 March 2023	Educational Publication: Financial Reporting Consideration for Closing Out 2022
2023-1	22 February 2023	Alert 44: Accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong

Comment letters

Item	Date of Submission	Subject
2023-5	26 October 2023	IASB Request for Information: Post-implementation Review of IFRS 15 Revenue from Contracts with Customers
2023-4	26 September 2023	IASB Request for Information: Post-Implementation Review of IFRS 9 – Impairment
2023-3	14 July 2023	IASB Exposure Draft Amendments to the Classification and Measurement of Financial Assets (Proposed amendments to IFRS 9 and IFRS 7)
2023-2	6 March 2023	IASB Exposure Draft International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12)
2023-1	21 February 2023	IASB Exposure Draft ED/2022/1 Third Edition of the IFRS for SMEs Accounting Standard

Webcasts

Item	Date of issue	Title
2023-15	28 December 2023	E-learning: Impairment of non-financial assets (1.5 CPD hours)
2023-14	7 December 2023	E-learning: Audit-cum-accounting training series - HKFRS 15 Revenue from Contracts with Customers (1.5 CPD hours)
2023-13	7 December 2023	E-learning: Audit-cum-accounting training series - Expected Credit Losses under HKFRS 9 Financial Instruments (1.5 CPD hours)
2023-12	7 December 2023	E-learning: Year-end reminders – Accounting and auditing considerations of HKFRS 17 (2 CPD hours)
2023-11	7 December 2023	E-learning: Audit-cum-accounting training series - HKAS 36 Impairment of Assets (1.5 CPD hours)
2023-10	9 November 2023	E-learning: Classification of Liabilities as Current or Non-current (1.5 CPD hours)
2023-9	26 October 2023	E-learning: Hong Kong Risk-Based Capital - Key concepts and comparison with HKFRS 17 (2 CPD hours)
2023-8	5 September 2023	E-learning: Accounting considerations arising from abolition of MPF-LSP offsetting mechanism in Hong Kong (1.5 CPD hours)
2023-7	28 June 2023	E-learning: Financial Reporting for Reinsurance Contracts Held under HKFRS 17 Insurance Contracts (1.5 CPD hours)
2023-6	20 February 2023	E-learning: Year-end Financial Reporting Reminders for 2022 (2 CPD hours)
2023-5	10 February 2023	E-learning: HKAS 36 Impairment of Assets (1.5 CPD hours)
2023-4	20 January 2023	E-learning: 2022 Update on IFRS Interpretations Committee Agenda Decisions (1.5 CPD hours)
2023-3	9 January 2023	E-learning: Accounting cum auditing essence: a fresh look at impairment of trade and other receivables (1.5 CPD hours)
2023-2	3 January 2023	E-learning: Amendments to HKAS 1 Presentation of Financial Statements (1.5 CPD hours)
2023-1	3 January 2023	E-learning: Accounting Considerations for a Special Purpose Acquisition Company (SPAC) (2 CPD hours)

Auditing and Assurance & Code of Ethics

Publications

Item	Date of Issue	Category	Subject
2023-7	6 December 2023	Auditing and Assurance	Alert 48: Considerations for 2023 year-end audits
2023-6	21 September 2023	Ethics	Ethics Poster: Pressure to Breach the Fundamental Principles of the Code
2023-5	24 March 2023	Ethics	Revised Ethics Circular 1 - Guidance for Small and Medium Practitioners on the Code of Ethics for Professional Accountants (March 2023)
2023-4	9 March 2023	Auditing and Assurance	Alert 46: Reminders for auditor’s reporting on the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules
2023-3	3 March 2023	Auditing and Assurance	Alert 45: Monitoring Activities and SOQM Evaluation under HKSQM 1
2023-2	3 March 2023	Auditing and Assurance	Circular on Reporting under Section 20 of the Product Eco-responsibility (Regulated Articles) Regulation (Cap. 603C)
2023-1	28 February 2023	Auditing and Assurance	AATB 4 Guidance on section 408 of the Companies Ordinance (Revised February 2023) Circular on Reporting under Section 20 of the Product Eco-responsibility (Regulated Electrical Equipment) Regulation (Cap. 603B) (Revised February 2023) Circular on Reporting related to the Private Columbaria Ordinance (Revised February 2023) Circular on Reporting to Grantees of the Language Fund (Revised February 2023) Circular on Reporting to Grantees of the Quality Education Fund (Revised February 2023) Circular on Gross Fee Income Report of Rule 8 of the Solicitors (Professional Indemnity) Rules (Revised February 2023) Audit of Financial Statements of Owners’ Corporations of Buildings (Audit Issues – Q&As Revised February 2023) Reporting on the Audit of Schools (Revised February 2023)

Comment letters

Item	Date of Submission	Category	Subject
2023-7	1 December 2023	Auditing and Assurance	IAASB Exposure Draft Proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards
2023-6	23 August 2023	Auditing and Assurance	IAASB Exposure Draft, Proposed ISA 570 (Revised 202X), Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs
2023-5	3 July 2023	Ethics	IESBA Proposed Strategy and Work Plan for 2024-2027
2023-4	18 May 2023	Ethics	IESBA Exposure Draft Proposed Revisions to the Code Addressing Tax Planning and Related Services
2023-3	2 May 2023	Auditing and Assurance	The IAASB’s Proposed Part 10, Audits of Group Financial Statements of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) and Proposed Conforming Amendments
2023-2	19 April 2023	Auditing and Assurance	IAASB Exposure Draft, Proposed International Standard on Auditing 500 (Revised), Audit Evidence and Proposed Conforming and Consequential Amendments to Other ISAs
2023-1	11 April 2023	Auditing and Assurance	The IAASB’s Proposed Strategy and Work Plan for 2024–2027

Webcasts

Item	Date of issue	Category	Title
2023-12	27 December 2023	Industry Knowledge	E-learning: Workshop: Compliance reporting on Securities and Futures (Client Money) Rules and Securities and Futures (Client Securities) Rules (2.5 CPD hours)
2023-11	10 November 2023	Auditing and Assurance	E-learning: Implementing HKSA 315 (Revised 2019) – What you need to know (2 CPD hours)
2023-10	16 October 2023	Auditing and Assurance	E-learning: IAASB’s Exposure Draft for ISSA 5000, General Requirements for Sustainability Assurance Engagements (1.5 CPD hours)
2023-9	13 July 2023	Ethics	HKICPA educational video: The Role and Mindset Expected of Professional Accountants – A Focus on Bias - Available on HKICPA YouTube; no verified CPD
2023-8	28 June 2023	Auditing and Assurance	E-learning: Reviewing valuations in audits (1.5 CPD hours)
2023-7	28 June 2023	Auditing and Assurance	E-learning: Application of HKICPA Audit Practice Manual (2022 edition) (1.5 CPD hours)
2023-6	20 June 2023	Auditing and Assurance	E-learning: New Reporting Requirements for licensed insurance broker companies under the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (1.5 CPD hours)
2023-5	21 June 2023	Auditing and Assurance	HKICPA introductory video to IAASB Exposure Draft ISA 570 (Revised202X) - Available on HKICPA YouTube; no verified CPD
2023-4	20 March 2023	Ethics	HKICPA educational video: Responding to Conflicts of Interest - Available on HKICPA YouTube; no verified CPD
2023-3	13 February 2023	Auditing and Assurance	HKICPA introductory video to IAASB Exposure Draft ISA 500 (Revised) - Available on HKICPA YouTube; no verified CPD
2023-2	18 January 2023	Auditing and Assurance	E-learning: Workshop on Audit of Licensed Corporations (3 CPD hours)
2023-1	4 January 2023	Auditing and Assurance	E-learning: AFRC 2022 Annual Investigation and Compliance Report and Interim Inspection Report - Members only (without verified CPD)

Sustainability Reporting

Publications

Item	Date of Issue	Subject
2023-1	27 June 2023	Alert 47: Development of the HKICPA’s Sustainability Disclosure Standards

Comment letters

Item	Date of Submission	Subject
2023-1	22 August 2023	Response to the ISSB survey: Request for Information Consultation on Agenda Priorities

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