Dear members,
It is with deep honour and great enthusiasm that I address the readers of A Plus for the first time as the President of the Institute. I want to extend my sincere thanks to the Council and our members for your trust and confidence.
Since I took on this significant role in November 2024, considerable developments have occurred, signifying an exciting and transformative era for our profession and Hong Kong’s broader financial landscape.
One of the most significant milestones has been the publication of the Hong Kong Financial Reporting Standards S1 and S2 (HKFRS SDS) in full alignment with the standards issued by the International Sustainability Standards Board, with an effective date of 1 August 2025. These new standards are a monumental step and represent our commitment to being among the first jurisdictions to align local sustainability reporting standards with international best practices, as set out in the government’s Roadmap on Sustainability Disclosure in Hong Kong, ensuring that Hong Kong remains at the forefront of global financial reporting.
In January, the Institute had the privilege of participating in the prestigious Asian Financial Forum (AFF). This event provided an invaluable platform for the Institute to showcase Hong Kong’s progress in sustainability reporting standard setting and capacity building. It was a moment of pride for us to demonstrate our dedication to sustainability and to share our journey at the event, which attracted about 3,600 policymakers and business leaders from around 50 countries and regions.
A highlight of the AFF for me was the honour of participating in a panel session titled “Global Spectrum – Setting Global Milestone in Sustainability.” This panel was led by Janey Lai, Chief Executive Officer of the Accounting and Financial Reporting Council, and I was privileged to be joined by Sue Lloyd, Vice Chair of the International Sustainability Standards Board, and Justin Wu, Managing Director, Head of Climate Change Asia Pacific, Global Sustainability, at HSBC.
In addition to discussing the importance of the HKFRS SDS in providing a robust framework for sustainability disclosures, I also shared my vision for the Institute in the year ahead. Our focus will be on enhancing the profession’s capacity to support sustainability initiatives and ensuring that our members are well-equipped to navigate the evolving landscape of sustainability standards.
We will continue to collaborate with international standard-setters and local stakeholders to refine and advance our reporting frameworks, ensuring that Hong Kong remains a leader in sustainable finance.
“Our focus will be on enhancing the profession’s capacity to support sustainability initiatives and ensuring that our members are well-equipped to navigate the evolving landscape of sustainability
standards.”
Indeed, collaboration is an important theme for Institute in the year to come. Earlier in December 2024, we were honoured to host esteemed guests from the International Accounting Standards Board (IASB), Dr. Andreas Barckow, Chair of the IASB, Dr. Jianqiao Lu, IASB member and Roanne Hasegawa, IASB technical staff, at our event IASB Update – Here to Listen, Not to Preach. Over 100 participants, including senior representatives from regulators, investors, technical experts, and C-suite executives, joined us for a day filled with engaging discussions and valuable insights about IASB’s latest projects. The event underscored our important role in driving collaboration to contribute to Hong Kong’s financial integrity.
Another event I had the privilege of taking part in, was a company visit to Deloitte from over 100 BAFS students and teachers from 20 schools under the Institute’s Accounting in Action initiative for the academic year. It was a delightful crossover of my two roles and the activity symbolized one of the Institute’s key focus areas – talent engagement. I look forward to more exciting opportunities and events to engage with our future talents.
I encourage you to read this issue’s exclusive interview to learn more about my hopes and vision for the year ahead. In the interview, I discuss our strategic priorities, the challenges we face, and the opportunities that lie ahead. Your engagement and feedback are crucial as we embark on this journey together.
As we celebrate the Year of the Snake this Chinese New Year, may this festive season bring you and your loved ones joy, prosperity, and good health. Let us embrace the qualities of the snake – agility, determination, and ingenuity – as we navigate the year ahead. May you find success in all your endeavours, and may our collective efforts lead to a brighter, more sustainable future for the profession and our city.
Edward Au,
President
