This month at the Institute (26 June 2020)

Strategic Plan 2020-2022

The Institute recently released its Strategic Plan 2020-2022. Titled Building Trust in Our Profession, the plan sets out its vision, strategic objectives and related initiatives. The plan is a result of collaborative efforts from Council and committee members, management and many members who have provided their views.

Concession to members

The last year has been difficult for many in Hong Kong. To support members, the Council has determined to introduce one-off concessions for the 2021 membership renewal, which cover all members, firms, corporate practices and students. The concessions are an annual fee waiver to a maximum of one partner per firm or one director per corporate practice, waiving the capital levy for all members and students, a reduction of the student annual fee, and offering more free/subsidized continuing professional development events. Read the email from the Chief Executive for further details.

Announcements

Tax Return – Individuals

The Inland Revenue Department (IRD) issued the Tax Return - Individuals in early June. The paper returns are due for filing within one month from the date of issue. Instead of filing paper returns, taxpayers can choose to file the returns via the IRD's electronic eTax platform. Filing via eTax grants an additional month to prepare returns and is more environmentally friendly.

New publications

COVID-19 survey report

The Institute conducted a survey of executives and senior- and middle-management level members in business and practice, about the impact on their organizations of the COVID-19 pandemic. The survey investigates how the pandemic posed challenges to the accounting profession, how organizations operations have changed, and the impact on the finance function. The respondents also discussed the support they need from the Institute.

A Plus – Taking control

The May issue of A Plus looks at the important role of financial controllers and the skills they need to provide actionable insights across their companies. Other articles include interviews with Ken Siong, Senior Technical Director at the International Ethics Standards Board for Accountants, Keith Chan, Vice President and Chief Financial Officer of McDonald’s Hong Kong, and four CPAs telling their work-from-home stories.

Institute updates

First Members-Help-Members sharing session

Members-Help-Members is the Institute’s new platform for small and medium practices to submit technical enquiries and receive guidance and comments from the Small and Medium Practices Committee's Working Group on Technical Issues. Join the first sharing session on 10 July to hear about topics including accounting and financial reporting, auditing and assurance, ethics, regulation, taxation, and more.

Financial Reporting, Auditing and Ethics Alert 34 and 35

This month, the Institute issued two alerts. Alert 34 Risk-based supervision of accounting professionals concerning anti-money laundering and counter-terrorist financing compliance, covers the planned expansion of the anti-money laundering regime. Alert 35 Compliance work for regulated entities covers matters that require specific attention in completing engagements for regulated entities.

Council meeting minutes

The abridged minutes from the May Council meeting are now available for members to read. Click here and login to your account to view them.

Recently qualified members, join the ICAEW at a special rate

Members who qualified through the Qualification Programme in or after 2011 can apply to join the Institute of Chartered Accountants in England and Wales (ICAEW) at a special rate. Find out more about the scheme here. Enquiries: ICAEW Hong Kong office - tel. no. 3653 7015; email yamen.cheung@icaew.com

Install the HKICPA Events app

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