Hong Kong’s economy grew 3.3 percent in the second quarter year-on-year, according to the Census and Statistics Department, led by strong goods exports. It compares with the 2.8 percent growth in the first quarter. Goods exports rose by 7.6 percent from a year earlier, compared with a 6.8 percent in the first quarter. The government said “the economy should continue to grow in the remainder of the year, but performance of different economic segments may vary amid uncertainties.”
6
The limit on the number of board seats independent non-executive directors may hold, proposed by the Stock Exchange of Hong Kong Limited (Exchange) in a bid to improve board effectiveness. The Exchange issued on 14 June a consultation on its proposed enhancements to the Corporate Governance Code and related Listing Rules. Starting from January 2025, listing applicants would be barred from appointing a director who already sits on six boards if the proposal is implemented.
US$2.3 billion
CBiz, the only publicly traded accounting firm in the United States, said it would pay US$2.3 billion to acquire U.S. firm Marcum. The combined group would reportedly become the seventh-largest U.S. accounting firm with annual revenues of US$2.8 billion. Marcum audits hundreds of U.S. public companies, including special purpose acquisition companies.
PwC
The Accounting and Financial Reporting Council said on 10 July that it had not found evidence to support the allegations by whistleblowers against PwC Hong Kong made over the firm’s work for collapsed property developer Evergrande. The investigation into the quality of the audits is still ongoing.
7
The number of Financial Action Task Force (FATF) members that fell below the score of 50 percent in the FATF’s Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption, which assesses the actions that FATF members have taken to apply important aspects of the FATF Recommendations to lawyers, accountants, trust and company service providers, and real estate agents. Hong Kong was ranked among the highest for technical compliance.
99%
The percentage of United Kingdom-based accountants who have used artificial intelligence (AI) to assist clients and improve business operations over the last 12 months, showing that accountants are embracing AI to boost efficiency, according the 2024 Intuit QuickBooks Accountant Technology Survey. Data entry and processing, real-time financial insights, and financial forecasting top the list of client services where AI is leveraged.
“As we embark on our new two-year work plan that will see us strengthen and build out the global baseline of sustainability-related financial disclosures, I am grateful to our partners in the sustainability reporting landscape for their commitment to delivering an efficient, effective sustainability disclosure system for capital markets.”
– International Sustainability Standards Board (ISSB) Chair Emmanuel Faber. In June, the ISSB published its Feedback Statement as it embarks on a new two-year work plan. During the next two years, the ISSB will deliver further harmonization and consolidation of the disclosure landscape in response to market demand.
55%
The percentage of chief financial officers who cite long-term planning and resource allocation as a top priority for the finance function, according to a recent survey report by McKinsey, up from 30 percent in the 2023 survey. Similarly, 60 percent of CFOs now say strategic planning is a top priority, compared to 38 percent who said the same last year.
