The first meeting between the Financial Services and the Treasury Bureau, the Financial Reporting Council (FRC) and the Institute was held this month to kick start preparation for the transitional arrangements, and to discuss the implementation of the new regulatory regime. The FRC will be developing its own guidelines, and the Institute will seek to offer its expertise and experience.
In November we hold important annual events of our Institute, including two major conferences and one of our major outreach events.
Supporting our small and medium practices (SMPs) and helping them to develop is an important task of our Institute. Providing training opportunities and updates on the latest developments helps SMPs to prepare for the future. At the 2021 SMP Symposium, held as a virtual conference on 26 November, we discussed topics of importance to our SMPs including the latest developments at the International Federation of Accountants, the regulatory reform, important issues for Trust or Company Service Provider licensees, taxation matters, financial reporting and auditing standards, digitalization and practice reviews. A recording of the symposium will be available at a later date if you missed out on the live event.
The Young Members Conference was held as another virtual conference on 6 November. The discussions at the conference covered the skill sets young CPAs need in the artificial-intelligence-enhanced world, where automation carries out mundane tasks and there is a growing emphasis on the corporate social responsibility of organizations. It is important for all of us – no matter what stage of our career we are at – to continue to develop the skills we need to serve our employers or clients. The world continues to change, and we must change with it.
The annual Mentorship Programme is back for 2022-23. Since its launch in 2015, the programme has paired over 1,400 mentors and mentees together to learn from one another. Join as a mentor or as a mentee to develop yourself. More details are available on the Institute’s website.
The HKICPA Business Case Competition promotes our profession to university students. The competition sees students from Hong Kong, Mainland China and Macau, and this year for the first time from overseas universities, compete in two competitions for attractive cash prizes and internship opportunities. The competition tests entrants’ academic competencies and business know-how to solve real-life challenges. This year we had over 650 entrants taking part in the two competitions, over 250 in the Hong Kong competition and over 400 in the Mainland, Macau and overseas competition. It is good to see the competition continues to attract so many students, and it was a wonderful experience to be part of the judging panel for the Hong Kong part of the competition, and crown the winners.
You may notice some changes to A Plus this issue. We’ve introduced two new Q&A profiles of two members, one in business and one in practice, asking five questions about their careers. I hope you enjoy these new features.
The Council election is an important exercise for our Institute. 2022 will be a transformative year for the Institute with the development of the regulatory reform, and Council playing a vital role in directing the activities of the Institute and helping the profession to develop and excel. I urge you to exercise your right to choose by voting for those candidates. Voting closes at 5:30 p.m. on 6 December.
Also do consider viewing the annual general meeting (AGM), starting at 5:30 p.m. on 9 December. The meeting will be livestreamed, and you can submit your questions to the Institute before the meeting, with answers posted online afterwards.
More details about how to vote in the Council election or watch and take part in the AGM are available on the Institute’s website.
Raymond Cheng FCPA (practising)
“2022 will be a transformative year for the Institute with the development of the regulatory reform, and Council playing a vital role in directing the activities of the Institute and helping the profession to develop and excel.”