Your quarterly news for CFOs and members working in business (21 July 2021)

Further reform of regulatory regime of accounting profession

On 8 June the Secretary for Financial Services and the Treasury published a blog post “Further reform of regulatory regime of accounting profession” on the Financial Services and the Treasury Bureau’s (FSTB) website. The proposals will see the Financial Reporting Council’s (FRC) investigation and disciplinary powers to be expanded to cover all CPAs and practice units and its inspection power to cover all practice units.

A new webpage has been established, which brings together relevant information to help members understand the proposals and the potential consequences for the Institute and its members. Recordings and the presentation materials of two members’ forums held with the FSTB and the FRC are also available.

A survey (login required) has been developed to gauge the views and concerns of members and registered Qualification Programme students about the Reform proposals, so that the Institute can effectively represent them when commenting on the draft legislation and discussing transitional arrangements. Please take the time to tell us your thoughts on this important matter.

Best Corporate Governance and ESG Awards open for entries

The Institute is proud to launch the revamped Best Corporate Governance and ESG Awards (previously known as the Best Corporate Governance Awards).

Since their inception in 2000, the Awards have played an important role in establishing benchmarks and encouraging improvements in standards of corporate governance and, more recently also, sustainability/ environmental, social and governance practices and reporting, among listed companies and public sector/ not-for-profit organizations in Hong Kong.

The judging criteria and application process are explained in the brochure. There is no fee for entering the Awards, which offers opportunities for recognition to be achieved and reputations to be enhanced. The submission deadline is 9 August 2021.

News and updates

Proposed IESBA definition of public interest entity

The IESBA released a new staff publication providing additional context to the recently proposed revisions to the definition of public interest entity. This staff publication supplements the guidance material in the explanatory memorandum of the Exposure Draft of Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code, which was released in January.

Finance functions: seizing the opportunity

ACCA has recently published a report, produced in partnership with PwC, exploring the extent of change that finance teams have embraced in the past 18 months.

The report, which is based upon interviews and virtual roundtables, not only explores challenges and impact for enterprises and their employees, but also the opportunities for finance functions to develop its valuable contribution to its organizations, emerged from the backdrop of the pandemic.

Upcoming events and activities

MBIG webinar: Financial disputes and settlements arising from Hong Kong and China cross-border matrimonial issues and cases sharing

At the upcoming Mainland Business Interest Group (MBIG) webinar on 29 July, the speaker will provide an overview of laws and developments in the areas of ancillary relief and assets distribution that involves Mainland properties. Insights on reciprocal recognition and enforcement of matrimonial judgments between Hong Kong and the Mainland will also be shared.

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

COVID-19: Implications for business from McKinsey & Company
Top soft skills for accounting professionals from Journal of Accountancy
How leaders can build trust and a cohesive team from Financial Management
Cryptocurrencies – the elephant in the room by ICAS
Disclosing board diversity by KPMG

Tax articles

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