Dear members,
As I begin my term as President of the Hong Kong Institute of CPAs, elected in November 2025, I would like to extend my warmest greetings to all of you. It is a privilege to serve our profession, and I am committed to upholding the integrity, trust and excellence that define Hong Kong CPAs.
The recent fire in Tai Po has affected many families and households, and it has also reminded us of the importance of strong community support. I would like to reaffirm the Institute’s commitment to assisting members and the wider community. Through our communications, we set out the Institute’s immediate actions, including a HK$100,000 donation through the HKICPA Charitable Trust and outreach to members residing in Wang Fuk Court to provide emergency financial help, counselling and practical resources. At the request of the Agency for Volunteer Service, we also mobilized members to register as volunteers.
More than 700 members responded to the call and we’re now planning to form a permanent volunteering platform for members. This impressive level of participation reflects the sense of civic responsibility within our community and our longstanding commitment to the public interest. The same commitment was evident during the recent Legislative Council election for the Accountancy Functional Constituency. Voter turnout reached 34.9 percent, which was more than four percentage points higher than in 2021. I would like to express my sincere appreciation to all members who exercised their right to vote. I also extend my warm congratulations to Webster Ng on his election to represent our constituency. My earnest thanks go to Edmund Wong for his dedicated service during his term and for his contributions to the profession.
The Institute also welcomed the Accounting and Financial Reporting Council’s public consultation on the proposed regulatory framework for sustainability assurance in Hong Kong. This is an important milestone, and as I remarked in the Institute’s statement, the consultation is timely and reinforces Hong Kong’s position as an international financial centre that is aligned with global standards. The Institute stands ready to contribute our professional expertise to support the development of a robust and internationally consistent sustainability assurance framework.
Supporting members in new areas remains a key priority. In January, the Institute issued guidance on the application of HKFRS Accounting Standards to cryptocurrencies and stablecoins. This reflects our commitment to helping members navigate the rapidly evolving digital asset landscape. We expect to release two further resources in the first half of 2026, and I encourage members to watch for updates.
“It is a privilege to serve our profession, and I am committed to upholding the integrity, trust and excellence that define Hong Kong CPAs.”
We were also pleased to welcome the International Ethics Standards Board for Accountants (IESBA), led by Chair Gabriela Figueiredo Dias in January. The visit provided a valuable opportunity to discuss shared priorities and recent developments in sustainability reporting and assurance. We facilitated closed door sessions with firm practitioners, chief financial officers and senior professional accountants in business to gather feedback on the Non-Compliance with Laws and Regulations (NOCLAR) provisions and related matters. Maintaining close engagement with international bodies such as IESBA ensures that Hong Kong’s perspectives continue to contribute meaningfully to global standard setting and the wider public interest.
We also hosted a delegation from the Guangzhou Municipal Commerce Bureau on 28 January. The meeting strengthened our connections within the Greater Bay Area and supported discussions on how regional cooperation can benefit our members.
On the same day, the Institute held a press conference to announce its proposals for the government’s budget for the 2026-27 fiscal year. This annual submission highlights the profession’s role in providing analysis and recommendations for effective public policy. We look forward to the budget address and will keep engaging with the government on matters important to Hong Kong and our members.
On 21 January, the Institute hosted a reception celebrating the 20th anniversary of our “Rich Kid, Poor Kid” financial education programme. We were honoured to welcome Joseph Chan, Under Secretary for Financial Services and the Treasury, as guest of honour. The event brought together about 100 partners from the education, social welfare and financial sectors, as well as many of our Accountant Ambassadors. Over the past two decades, the programme has reached more than 200,000 students, with over 460 ambassadors delivering more than 1,200 free seminars. I expressed my appreciation to all ambassadors and partners whose commitment has contributed to the programme’s success.
As we look ahead, I remain committed to working closely with our members and stakeholders to strengthen our profession’s relevance, uphold our public responsibilities and support Hong Kong’s position as a global leader in accounting and assurance. I look forward to the year ahead and to the progress we will make together.
Stephen Law
President
