HKICPA issues exposure drafts of inaugural Hong Kong Sustainability Disclosure Standards
On 16 September, the Hong Kong Institute of Certified Public Accountants published the Exposure Drafts for HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures (HKFRS Sustainability Disclosure Standards) for public consultation. The deadline for comments was on 27 October.
Following extensive engagement with a wide range of stakeholders over the past few years, the Institute proposed full convergence of HKFRS S1 and HKFRS S2 with IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (ISSB Standards), to be effective from 1 August 2025.
The Institute believes that Hong Kong’s full convergence with the ISSB Standards has global significance as it would bolster the connection of global capital with local businesses as well as those in Mainland China and other regions.
“The issuance of exposure drafts of HKFRS Sustainability Disclosure Standards marks a significant leap forward for Hong Kong’s sustainability disclosure landscape. This demonstrates the Institute’s unwavering commitment to supporting the sustainable development of Hong Kong,” said Roy Leung, President of the Institute. “HKFRS S1 and S2 are crucial in aligning Hong Kong’s sustainability reporting with the global baseline. By enhancing consistency and comparability, these standards will better meet the needs of investors seeking reliable sustainability information.”
As indicated in the government’s Vision Statement, the application of HKFRS S1 and S2 will prioritize publicly accountable entities including listed entities and regulated financial institutions in Hong Kong.
The HKICPA welcomes latest Policy Address
The Institute welcomes the diversified initiatives outlined in the Policy Address announced by the Chief Executive on 16 October to boost the local economic development. The Institute was pleased to see that certain policy proposals from the Institute were adopted by the Chief Executive.
The Institute’s President Roy Leung said, “We expect that sustainable development and innovative technologies will become new impetuses for economic growth. We welcome the diverse initiatives in the Policy Address regarding the relevant aspects and solidify the existing edges of the financial services industry. These initiatives will further strengthen the sustainability of Hong Kong’s economic development. In view of this, the Institute will continue its close co-operation with stakeholders to foster development of the accounting profession, building capacity in the area of sustainability for various society sectors, with the aim of strengthening Hong Kong’s status as a leading international financial centre.” Read the press release to learn more about the Institute’s responses.
Cross-straits, Hong Kong and Macau Accounting Profession Conference 2024
The annual Cross-straits, Hong Kong and Macau Accounting Profession Conference returned after a long hiatus on 28 October. With the theme “New Mission of Accounting Profession – Leading a Sustainable Future”, the event brought nearly 400 business and accounting professionals from across the cross-straits, Hong Kong and Macau.
The opening ceremony was officiated by distinguished guests including Michael Wong, the Deputy Financial Secretary of Hong Kong, Jiang Yong, Secretary-General of the Chinese Institute of Certified Public Accountants, Lee Meng- Shiou, Vice Chairman of the Taipei CPA Association, Iong Weng Ian, President of the Union of Association of Professional Accountants of Macau, and Roy Leung, President of the Institute.
Hua Jingdong, Vice-Chair of the International Sustainability Standards Board, kicked off the engaging discussions at the conference with his sharing on “Building a sustainable future together”.
Keynote speeches and panel discussions covered essential topics like global economic trends, sustainability, and the role of small-and medium-sized practising firms. Leaders and experts shared invaluable insights, fostering collaboration and knowledge exchange across the region.
Renewing membership for 2025
The 2025 renewal notice was issued to all members on 2 October. To complete the renewal process, members should take the following steps on or before 15 December: (i) submit the Annual Return for membership renewal, which includes your continuing professional development declaration and fit and proper declaration; and (ii) pay the annual fee online. Visit here to renew or check your renewal status.
National Day Celebration Dinner for the Accounting Profession
The Institute, in collaboration with the Association of Hong Kong Accounting Advisors, Hong Kong Association of Registered Public Interest Entity Auditors Limited, Hong Kong Business Accountants Association, and The Society of Chinese Accountants and Auditors, hosted a National Day Celebration Dinner to celebrate the 75th anniversary of the founding of the People’s Republic of China on 27 September. More than 500 guests and members joined the event together with the three guests of honour Christopher Hui, Secretary for Financial Services and the Treasury, Wang Song-miao, Secretary-General of the Central Government’s Liaison Office in HKSAR, and Liu Xiaoming, Counselor of the Commissioner’s Office of China’s Foreign Ministry in the HKSAR.
CPA Community Launch Ceremony
The Institute held the CPA Community Launch Ceremony on 17 October to kick off the CPA Community, a centralized hub designed to recognize and engage select members who have shown dedication to the Institute’s vision and mission to promote the profession. The aim of the initiative is to amplify the key messages identified by the Institute through curated information and updates.
Mentorship Programme Homecoming Night
To mark the 10th anniversary of the Institute’s Mentorship Programme this year, the Institute gathered over 110 current and past mentors and mentees on 9 October for a special evening. The night featured a heartfelt welcome from the Mentorship Programme Support Group Convenor, special recognition for mentors and mentees with more than eight years of dedication, engaging games, and networking over light refreshments.
Since 2015, the programme has matched nearly 1,900 mentor-mentee pairs, with over 750 mentors and over 1,100 mentees benefiting from this enriching experience. Applications for the 2025-26 cohort will open in late November.
QP Top Student and BAFS Student Award Ceremony 2024
The Institute hosted the QP Top Student and BAFS Student Award Ceremony 2024 on 21 September. Marking the 25th anniversary of the Qualification Programme (QP), the event honoured outstanding students of the QP and presented scholarships to deserving recipients.
For the first time at this annual event, the Institute included BAFS secondary school students, celebrating the winners of the HKICPA Accounting and Business Management Online Quiz, along with students who achieved outstanding results in the BAFS mock exam and HKDSE exams. There was also experience sharing from top QP students and secondary school participants of the work shadowing scheme under the Experiential Learning Activity Series. Under Secretary for Financial Services and the Treasury Joseph Chan was the guest of honour.
Council meeting minutes
The abridged minutes from the June, July and September 2024 Council meetings are now available.
