The Financial Reporting Council (Amendment) Bill 2021 was passed by the Legislative Council on 26 October. Ahead of becoming effective, subsidiary legislation will be introduced to provide for the transitional arrangements and other remaining technical details. The Institute will continue to engage with the Financial Reporting Council (FRC) as we prepare for the implementation of the new regulatory regime under the renamed Accounting and Financial Reporting Council.
As I told the media after the bill passed, our Institute has 48 years of history and it is difficult to transfer the current system and experience to others in a short period. I hope that a tripartite platform will be formed with the Financial Services and the Treasury Bureau and the FRC to ensure a smooth transition.
The functions to be transferred to the FRC are currently handled by over 60 Institute staff. It may be beneficial if these staff continue to perform the relevant functions on behalf of the FRC during the transition period.
Thanks to the members who took part in the Extraordinary General Meeting on 30 September. The two resolutions were passed by members who voted in person and by proxy, and the government has been informed of this. The minutes from the meeting are available now in the Members’ area of the Institute’s website. Council will pursue follow up actions in due course.
While the roles and responsibilities of the Institute will change when the amended ordinance becomes effective, we will continue our work in helping members to prepare for the future.
One of the ways we help members to prepare for the future is through professional development. One of these events was the CPA Conference 2021, which was held on 2 October. Congratulations to the team for putting in the hard work required to organize the conference. We had such an exciting and insightful day, and it was brilliant to be able to hold a full-scale face-to-face event. The past year has demonstrated that while virtual is definitely an important part of the future, there is something irreplaceable about holding physical events. In this month’s magazine, you can read two articles (morning session and afternoon session) on the panel discussions that took place during the conference. The event was also recorded and will be turned into an e-Seminar soon as well. Look out for that if you weren’t able to catch it first time.
Another physical event we were able to hold this month was the QP Top Student Award and Scholarship Presentation Ceremony 2021. Although delayed by two weeks due to Tropical Storm Lionrock, it was great to be able to come together and celebrate the achievements of some of the next generation of our profession. We welcomed Joseph H.L. Chan, JP, Under Secretary for Financial Services and the Treasury as guest of honour of the event. I would also like to thank the sponsors for their ongoing involvement in helping us to recognize the achievements of our young future members over many years. During the event, I shared with the young people receiving their awards some career advice and why joining our profession was the right decision for them.
It’s not long to go until the Annual Dinner 2021. The event will take place on Friday, 12 November, where we will be coming “Together for the profession.” We will be celebrating how our fellow members support the development of the profession, and Hong Kong. We will celebrate the dedicated altruism of members who devote their time to assisting with the Institute’s Qualification Programme, professional development courses and events, mentorship programmes, and corporate social responsibility programmes. I do hope that you will join us for the event.
Raymond Cheng FCPA (practising)
“While the roles and responsibilities of the Institute will change when the amended ordinance becomes effective, we will continue our work in helping members to prepare for the future.”