In the face of unprecedented global political and economic uncertainties, rapid technological advancements, talent shortages, and evolving regulatory requirements, the accounting profession is undergoing a critical transformation. This transformation aims to position accountants as “super connectors” and “super value creators,” helping businesses navigate challenges, seize opportunities both domestically and internationally, and expand their global footprint.
As the statutory body responsible for developing Hong Kong’s accounting profession, the Hong Kong Institute of CPAs has formulated the Strategic Plan 2025. This plan is organized around three strategic themes: Building Trust, Nurturing Talent, and Driving Development and Transformation.
Promoting sustainability assurance
Building trust is essential for the credibility and integrity of the accounting profession. Under this theme, we aim to articulate the ethical conduct, professional competence, and contributions of CPAs to the public interest. One key component is building awareness and capacity in sustainability disclosures.
With environmental, social and governance (ESG) becoming a core global business issue, the Institute, as the setter of Hong Kong’s sustainability disclosure standards, has been committed to the development of Hong Kong’s sustainability disclosure ecosystem. Since the release of the internationally aligned Hong Kong Financial Reporting Sustainability Disclosure Standards at the end of last year, the Institute has recognized the increasing market demand for transparency and reliability in sustainability information. In March, the Institute issued the HKSSA 5000 General Requirements for Sustainability Assurance Engagements, fully aligned with international standards, and plans to release ethics standards for sustainability assurance within the year to further enhance the credibility of Hong Kong’s sustainability disclosures.
Accountants, with their professional financial reporting knowledge and experience, are ideal candidates for providing sustainability assurance services. The Institute will leverage resources from international accounting organizations to promote the critical role and value of accountants in sustainability reporting and assurance. Additionally, the Institute will strengthen related initiatives to enhance market recognition of professional assurance. To address the rapid changes in sustainability work, the HKICPA will closely collaborate with stakeholders through various measures to build capacity and create a more favourable environment for the comprehensive implementation of Hong Kong’s sustainability disclosure standards.
Innovating the QP curriculum
Cultivating talent is essential to promoting industry transformation. However, like many other industries, the accounting sector is facing a certain degree of talent shortage. To address this, the HKICPA will enhance the Qualification Programme (QP) by introducing the Certificate in Accounting and Business. This certificate recognizes the learning achievements of students who have completed a certain stage of the QP modules, spurring them to continue their studies to become professional accountants. It also encourages individuals working in various industries to complete the certificate to validate their practical accounting and business knowledge. The Institute is also collaborating with the Hong Kong Examinations and Assessment Authority to gradually implement computer-based examinations for the QP curriculum, aiming for full implementation by the end of 2027 to improve the efficiency and experience of the QP examination process.
At the same time, the rapid development of technology, especially artificial intelligence, can assist with many repetitive procedures, helping to unleash accountants’ professional potential and focus on more value-added work, thereby improving overall industry efficiency. The Institute believes that accountants who can harness technology will capture opportunities arising from the digitalization wave. The Institute will actively promote further digitalization in the industry, providing support through training programmes, resources, and guidance to help professionals adapt to new technologies and adopt relevant digital tools.
Assisting accountants and enterprises in Going Global
Hong Kong’s accounting industry has long been a pillar of local economic development, playing a crucial role in consolidating Hong Kong’s status as an international financial centre through its high-quality professional services and alignment with international standards. The qualifications of Hong Kong accountants have always been internationally recognized. Currently, the Institute has mutual recognition or exemption arrangements with 11 overseas accounting organizations. In the future, the Institute will negotiate cooperation with more international accounting organizations to seek more opportunities for member exchanges and mutual recognition agreements. The Institute will also actively participate in international and regional conferences to bring Hong Kong’s voice to the international stage.
Additionally, the Institute will strengthen connectivity with Mainland China. The Council will lead a delegation to Beijing in May to visit various entities, including the Ministry of Finance, the China Securities Regulatory Commission, and the Chinese Institute of Certified Public Accountants, to share the latest developments in Hong Kong’s accounting industry and explore opportunities for deepening industry cooperation. The Institute will also continue to expand the List of accounting firms helping Mainland enterprises go global to leverage Hong Kong accountants’ international vision and rich experience to help Mainland enterprises expand their overseas presence and seize more opportunities.
