a. Members take part in Standard Chartered Marathon
Around 440 CPA runners participated in the Standard Chartered Marathon on 21 January. Members of the leadership team and past presidents ran in the 10 km race of the Corporate Challenge Chairman Cup, and 12 elite runners participated in the Corporate Challenge Marathon Cup in all three race categories. All CPA runners are welcome to attend the post-marathon drinks in March where trophies will be presented to those with outstanding results. More details soon.
HKFRS 17 Insurance Contracts released
On 12 December 2017, the Institute approved the issuance of Hong Kong Financial Reporting Standard (HKFRS) 17 Insurance Contracts. HKFRS 17, a word- for-word application of International Financial Reporting Standard (IFRS) 17 issued by the IFRS Foundation, represents a fundamental change to existing practice for most entities issuing insurance contracts. In view of the magnitude of the change, the Institute will support implementation of HKFRS 17 through a variety of activities – including establishing a Hong Kong Insurance Implementation Support Group (HKIISG) to provide a forum for the industry to discuss or address challenges in implementing HKFRS 17.
The objectives of the HKIISG are to:
a. Solicit, analyse, and discuss stakeholder questions raised regarding implementation of HKFRS 17;
b. Provide a forum for stakeholders to follow the discussion of questions raised;
c. Identify implementation issues which need to be brought to the attention of the International Accounting Standards Board’s (IASB) Transition Resource Group on IFRS 17 Insurance Contracts;
d. Identify areas of focus for educational activities; and
e. Provide recommendations for the Institute’s Financial Reporting Standards Committee to consider, which may include submitting a question to the IFRS Interpretations Committee or writing to the IASB.
Membership of the HKIISG will be announced in early February.
Institute releases guidelines on disciplinary orders
The Compliance Department released the Guideline to Disciplinary Committee for Determining Disciplinary Orders which provides a consistent and structured approach for Disciplinary Committees when determining sanctions and costs.
Institute to host Extraordinary General Meeting
The Institute will host an Extraordinary General Meeting (EGM) on 2 March at 7:00 p.m. in the Auditorium, 27th floor, Wu Chung House. The EGM will consider three resolutions raised by members. More details are available on the Institute’s website: www.hkicpa.org.hk.