2022

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What's new - 2022

This section contains major materials published by the Institute’s Standard Setting Department in 2022.

Financial Reporting

Publications

Item	Date of Issue	Title
2022-6	August 2022	FAQs on presentation of operating expenses and disclosures of material accounting policies
2022-5	March 2022	A Plus Article: Are liabilities subject to conditions classified as current or non-current?
2022-4	March 2022	Educational guidance "Financial reporting considerations for closing out 2021"
2022-3	February 2022	A Plus Article: A review of the classification and measurement of financial instruments
2022-2	January 2022	A Plus Article: A proposed IFRS with reduced disclosure requirements
2022-1	21 January 2022	Accounting considerations for a Special Purpose Acquisition Company (“SPAC”)

Comment letters

Item	Date of Submission	Subject
2022-5	23 May 2022	IFRS Interpretations Committee Tentative agenda decision – Lessor Forgiveness of Lease Payments
2022-4	24 March 2022	IASB Exposure Draft ED/2021/10 Supplier Finance Arrangements (Proposed amendments to IAS 7 and IFRS 7)
2022-3	18 March 2022	IASB Exposure Draft ED/2021/9 Non-current Liabilities with Covenants – Proposed amendments to IAS 1
2022-2	13 January 2022	IASB Request for Information: Post-implementation Review of IFRS 9 Financial Instruments― Classification and Measurement
2022-1	4 January 2022	IASB Exposure Draft ED/2021/07 Subsidiaries without Public Accountability: Disclosures

Webcasts

Item	Date of issue	Title
2022-11	9 December 2022	E-learning: Climate-related implications on financial reporting (1.5 CPD hours)
2022-10	21 November 2022	E-leaning: Interaction between Risk-Based Capital and HKFRS 17 Insurance Contracts (1.5 CPD hours)
2022-9	20 October 2022	E-learning: Accounting for Cryptoassets (1.5 CPD hours)
2022-8	27 July 2022	E-learning: Common application issues of HKFRS 9 Financial Instruments and HKFRS 15 Revenue from Contracts with Customers (1.5 CPD hours)
2022-7	21 July 2022	E-learning: HKFRS 3 Business Combinations (2 CPD hours)
2022-6	13 July 2022	E-learning: HKFRS 13 Fair Value Measurement (1.5 CPD hours)
2022-5	28 June 2022	E-learning: Practical implementation issues on core aspects of HKFRS 17 (2 CPD hours)
2022-4	25 March 2022	E-learning: Briefing session on FRC Interim Inspection Report and Annual Investigation Report (1 CPD hour)
2022-3	21 March 2022	E-learning: IFRS Interpretations Committee Agenda Decisions that are relevant to Hong Kong (1.5 CPD hours)
2022-2	11 March 2022	E-learning: Year-end Financial Reporting Reminders for 2021 (2 CPD hours)
2022-1	27 January 2022	E-learning: HKFRS 17 Insurance Contracts – Measurement Mode (2 CPD hours)

Auditing and Assurance & Code of Ethics

Publications

Item	Date of Issue	Category	Subject
2022-19	1 November 2022	Auditing and Assurance	A Plus Article: Proposed narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) as a result of the revisions to the IESBA Code of Ethics - An overview of the Institute’s response to IAASB exposure draft on the proposed narrow scope amendments (November 2022)
2022-18	31 October 2022	Auditing and Assurance	Frequently asked questions – HKSQM 1 and HKSQM 2 (October 2022)
2022-17	20 October 2022	Ethics	HKICPA Ethics Circular 1 Guidance for Small and Medium Practitioners on the Code of Ethics for Professional Accountants (October 2022)
2022-16	19 October 2022	Ethics	Responsibilities for NOCLAR by professional accountants in business (October 2022)
2022-15	28 September 2022	Auditing and Assurance	HKICPA Audit Practice Manual (2022 edition)
2022-14	28 September 2022	Auditing and Assurance	HKICPA Quality Management Manual
2022-13	22 September 2022	Auditing and Assurance	Example agreed-upon procedures report on reference ratio of the constituent funds of a Mandatory Provident Fund scheme
2022-12	15 September 2022	Auditing and Assurance	AATB 3 (Revised) Implementation Guidance on Revised Hong Kong Standard on Investment Circular Reporting Engagements (HKSIR) 400 Comfort Letters and Due Diligence Meetings
2022-11	31 August 2022	Auditing and Assurance	Circular on Reporting for Certification of Funds under Schedule 16D to the Inland Revenue Ordinance (Cap. 112)
2022-10	June 2022	Ethics	A Plus Article: Proposed revisions to the Code of Ethics - An overview of the Institute’s response to two IESBA exposure drafts on the Code of Ethics
2022-9	14 June 2022	Auditing and Assurance	Alert: Getting Ready for the Quality Management Standards
2022-8	18 May 2022	Auditing and Assurance	AATB 2 (Revised) Guidance to the Auditor when Responding to Questions at an Annual General Meeting (Revised May 2022) AATB 5 (Revised) Environmental, Social and Governance (ESG) Assurance Reporting (Revised May 2022) AATB 6 Non-Authoritative Guidance on Applying HKSAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements (Revised May 2022) Circular on Reporting under Section 20 of the Product Eco-responsibility (Regulated Electrical Equipment) Regulation (Cap. 603B) (Revised May 2022) Circular on Reporting related to the Private Columbaria Ordinance (Revised May 2022) Circular on Reporting to Grantees of the Language Fund (Revised May 2022) Circular on Reporting to Grantees of the Quality Education Fund (Revised May 2022) Circular on Gross Fee Income Report of Rule 8 of the Solicitors (Professional Indemnity) Rules (Revised May 2022)
2022-7	28 April 2022	Auditing and Assurance	Illustrative auditor's report on financial statements of a listed Exchange Traded Fund or a listed Real Estate Investment Trust
2022-6	28 April 2022	Auditing and Assurance	Illustrative auditor's report on financial statements of a public fund established in the form of an Open-ended Fund Company
2022-5	27 April 2022	Ethics	HKICPA Ethics Survey 2021 (Report / Video)
2022-4	10 March 2022	Auditing and Assurance	Alert: Update on impact of Coronavirus Outbreak on Audits and Auditors
2022-3	February 2022	Auditing and Assurance	A Plus Article: How useful is a “simplified” auditing standard? An overview of the Institute’s response to the IAASB’s exposure draft on LCE audits
2022-2	February 2022	Auditing and Assurance	A Plus Article: New Quality Management Standards Series – Navigating the commitment to quality
2022-1	18 January 2022	Ethics	Professional accountants’ behaviour beyond their professional work: case study (January 2022)

Comment letters

Item	Date of Submission	Category	Subject
2022-5	23 September 2022	Auditing and Assurance	IAASB Exposure Draft, Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance, as a Result of the Revisions to the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) that Require a Firm to Publicly Disclose when a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs)
2022-4	3 July 2022	Ethics	IESBA Strategy Survey 2022
2022-3	20 June 2022	Ethics	IESBA Exposure Draft Proposed Technology-related Revisions to the Code
2022-2	31 May 2022	Ethics	IESBA Exposure Draft Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits
2022-1	28 January 2022	Auditing and Assurance	IAASB Exposure Draft, Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities

Webcasts

Item	Date of issue	Category	Title
2022-8	30 December 2022	Auditing and Assurance	E-learning: Industry Update Relating to Investment Funds (1.5 CPD hours)
2022-7	23 August 2022	Auditing and Assurance	E-learning: Financial Reporting Council 2021 Annual Inspection Report - Members only (without verified CPD)
2022-6	20 June 2022	Ethics	Video: Responding to NOCLAR
2022-5	10 May 2022	Auditing and Assurance	E-learning: New Quality Management Standards Series: Virtual Workshop 1 – Overview and Key Requirements (2 CPD hours)
2022-4	10 May 2022	Auditing and Assurance	E-learning: New Quality Management Standards Series: Virtual Workshop 2 – Implementing the Risk-based Approach (2 CPD hours)
2022-3	10 May 2022	Auditing and Assurance	E-learning: New Quality Management Standards Series: Virtual Workshop 3 – Intellectual, Technological and Human Resources Including Those from Service Providers (2 CPD hours)
2022-2	28 March 2022	Ethics	E-learning: Revised Non-Assurance Services and Fee-Related Provisions of the Code of Ethics for Professional Accountants (1.5 CPD hours)
2022-1	18 March 2022	Auditing and Assurance	E-learning: HKSA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement – Key Requirements and Implications on Auditing (2 CPD hours)

Sustainability Reporting

Publications

Item	Date of Issue	Subject
2022-1	August 2022	A Plus Article: The Institute’s response to the ISSB’s exposure drafts on general and climate-related disclosures

Comment letters

Item	Date of Submission	Subject
2022-1	27 July 2022	ISSB Exposure Draft IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and ISSB Exposure Draft IFRS S2 Climate-related Disclosures

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