The HKICPA introduces HKFRS 1 and HKFRS 2
Following the Hong Kong government’s publication of the Roadmap on Sustainability Disclosure in Hong Kong on 10 December 2024 (see our response here), the Institute published the HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures (HKFRS Sustainability Disclosure Standards or HKFRS SDS) on 12 December 2024. The HKFRS SDS are fully aligned with the IFRS Sustainability Disclosure Standards (ISSB Standards), with an effective date of 1 August 2025.
“The publication of the HKFRS SDS marks an important milestone in the sustainability development journey in Hong Kong. The HKFRS SDS provides a standardized framework for enhancing the consistency and comparability of corporates’ sustainability reports. The HKFRS SDS is fully aligned with the lSSB Standards; this is critical to maintaining and enhancing Hong Kong’s competitiveness in international capital markets. The HKICPA will dedicate its efforts in the coming year to capacity building to enable the successful implementation of the HKFRS SDS. We will also continue to contribute to the holistic development of the local sustainability reporting ecosystem in order to solidify Hong Kong’s status as a leading international financial centre and a green and sustainable finance hub,” said Institute President Edward Au.
As part of the Institute’s continued commitment to contribute to capacity building and to address key comments raised by stakeholders, the Institute is developing a comprehensive sustainability capacity building programme to help stakeholders understand the impact of the HKFRS SDS and to facilitate the application of the standards. Read the press release and this issue’s source article to learn more about HKFRS SDS..
Institute announces tax policy and proposals for 2025-26 Budget
Under the theme “Building a sustainable future – fiscal stability, and economic and social development,” the Institute put forward proposals for the government’s 2025-26 budget under four main themes, covering “driving economic growth and stimulating investment”, “attracting and retaining talent”, “sustaining public finances”, and “sustainable development”, to help Hong Kong start a new chapter and cement its position as one of the best places in the world to live, work and visit. A press briefing was held on 23 January to announce the proposals. Read the budget proposals and the press release to learn more.
New Institute leadership elected
Au Chun Hing, Edward was elected the Institute’s President for the 2024/25 Council, following the 52nd annual general meeting (AGM) held on 28 November 2024, and Law Cheuk Kin, Stephen, JP and Lee Shun Yi, Jasmine as Vice-Presidents. Click here for the full composition of the Council.
The minutes from the Institute’s 52nd AGM are now available.
Institute participates in Asian Financial Forum 2025
The Institute participated in the Asian Financial Forum 2025 on 13-14 January, to promote Hong Kong’s sustainable development and the implementation of the HKFRS SDS. On day one of the forum, President Edward Au participated in the panel discussion titled “Setting Global Milestones in Sustainability”, under the Global Spectrum seminar series, sharing insights on the importance of the HKFRS SDS and how enterprises can be assisted in implementing these standards. To showcase its journey in setting HKFRS SDS, the Institute had also set up a booth to engage with participants of the forum. Read the press release for more details.
Best Corporate Governance and ESG Awards 2024
The winners of the Best Corporate Governance and ESG Awards 2024 were announced at a press briefing on 21 November 2024, with a record 38 companies and public sector organizations recognized for their outstanding efforts. Among the winners were five first-time awardees and three new winners of the Most Sustainable Companies and Organizations Awards. The full awardee list can be found in the Judges’ Report and the press release. The presentation luncheon ceremony, featuring Carlson Tong, Chairman of Hong Kong Exchanges and Clearing Limited as the guest of honour, took place on 25 November 2024. Click to see the photos and press release.
Alongside the awards, the Institute conducted research on the prevalence and quality of information technology and cybersecurity-related disclosures in annual and sustainability or ESG reports, among the 82 Hang Seng Index companies. Read the cybersecurity report for insights into this research.
Annual report 2024 published
Themed “Building Community,” the Annual Report 2024 highlights our commitment to fostering a valued and connected environment for our members and stakeholders. Read the report to learn more about our various efforts and initiatives for building a more cohesive community, as well as our significant milestones and achievements in 2024.
Annual dinner 2024
With the theme “Building Community: Engage, Embrace, Elevate,” the annual dinner 2024 saw over 350 members and guests gathered to connect and celebrate our shared journey over the past year on 22 November 2024. Christopher Hui, Secretary for Financial Services and the Treasury, was the guest of honour. See the photos and video highlights.
Strategic agreement for accounting
On 11 December 2024, the Institute signed the Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry (2024) with the Guangdong Institute of Certified Public Accountants, Hong Kong Association of Registered Public Interest Entity Auditors, and the Union of Associations of Professional Accountants of Macau, to deepen collaboration in five key areas. Through the agreement, the participants seek to jointly facilitate the high-quality development of the accounting profession, participate in the development of the “Belt & Road Initiative”, and to contribute to the development of the Guangdong-Hong Kong-Macau Greater Bay Area. Read the press release to learn more.
MoU signed between HKICPA and BICPA
The HKICPA and the Beijing Institute of Certified Public Accountants (BICPA) renewed their Memorandum of Understanding (MoU) on 4 December 2024 to foster cooperation in member services, professional knowledge exchange, and talent cultivation, strengthening exchanges between the accounting professions in Beijing and Hong Kong. Learn more from the press release.
Council meeting minutes
The abridged minutes from the October and November 2024 Council meetings are now available.
