The bill introducing the further regulatory reform of the accounting profession continues its legislative journey. This month, ahead of the 7 September meeting of the Bills Committee on Financial Reporting Council (Amendment) Bill 2021, the Institute’s submission on the bill was published on the committee’s webpage.
The submission set out how these proposals will have a significant impact on the role and responsibilities of the Institute and result in major reorganization with potential operational and financial implications for the Institute. The response reiterates the views of members and students, as expressed through the survey regarding the regulatory reform, and reports 11 key issues to the Bills Committee that have been under consideration. It also proposed six amendments for the committee’s consideration.
The outcome of the extraordinary general meeting on 30 September will play a part in the Council’s considerations for determining what further action should be taken. Members will be notified of the Council’s plans in due course. The Institute will also continue to communicate to members any important developments in the legislative process.
We held a briefing in late September for the judges of the Best Corporate Governance and ESG Awards 2021. The awards were revamped this year to highlight the increasing expectations regarding environmental, social and governance (ESG) performances. I gave introductory remarks to the judging process to the judging panel, explaining what is expected from them and highlighting the new awards for the Most Sustainable Companies/Organizations. These awards aim to recognize those that have performed to a high standard in both corporate governance and ESG, and that are taking steps to integrate these two elements within their strategy and operations. I also emphasized the point that the awards are not about reporting, but about the underlying performances and practices.
I’m looking forward to the Institute’s annual dinner which will take place on 12 November at JW Marriott Hotel Hong Kong. I hope you will join us at this event, in celebration of the accounting community and how we have weathered the recent disruption to our working lives. It truly will be an auspicious celebration of our profession, and a great chance to socialize. More details, including sponsorship opportunities, will be announced soon.
“I’m looking forward to the Institute’s annual dinner which will take place on 12 November at JW Marriott Hotel Hong Kong. I hope you will join us at this event, in celebration of the accounting community and how we have weathered the recent disruption to our working lives.”
Before we celebrate the annual dinner there are plenty more events for us to enjoy and learn at.
The first event to look forward to is the 72nd National Day Celebration for the Accountancy Profession on 28 September. Jointly co-hosted by the Institute, the Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants this year will bring together the accounting community to celebrate the profession, promote unity within it and create solidarity.
The CPA Conference 2021 is also fast approaching. I look forward to meeting members at our first conference for both CPAs in business and practice on 2 October, which provides a platform for speakers to share and inspire Institute members on the latest trends and developments relating to the accounting profession and the business world. Join us there to hear from leading members of the business community and learn how to transform your organization, and yourself, for the digital future ahead.
After this, the annual IT Conference will take place on 23 October as a virtual conference. The event will consider the new reality we are now in. The conference will bring together renowned speakers to discuss important topics including the modernization of finance in the new normal, virtual/augmented reality technologies, innovative trends and best practices on the future of work.
I do hope you will join one of these upcoming events.
Raymond Cheng FCPA (practising)