Action Plan Developed by HONG KONG INSTITUTE OF CPAs

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					                                                                                                            Action Plan Developed by
                                                                                                     HONG KONG INSTITUTE OF CPAs



BACKGROUND NOTE ON ACTION PLANS

Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC
Compliance Self-Assessment Questionnaires. They form part of a continuous process within the IFAC Member Body Compliance
Program to support the ongoing development and improvement of the accountancy profession around the world.

Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and
challenges specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their
differing national environments and stages of development, and will be subject to periodic review and update.

Refer to to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self- Assessment
Questionnaire for background information on each member and associate their environment and existing processes. These responses
may be viewed at: http://www.ifac.org/ComplianceAssessment/published_surveys.php

Use of Information
Please refer to the Disclaimer published on the Compliance Program website.

ACTION PLAN

IFAC Member/Associate:                 Hong Kong Institute of Certified Public Accountants
Approved by:                           Chief Executive
Date Approved:                         July 2009
Date Published:                        July 2009




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                                                                                                       Action Plan Developed by
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GLOSSARY

AASC           Auditing and Assurance Standards Committee (HKICPA)
CPD            Continuing Professional Development
FRC            Financial Reporting Council
FRSC           Financial Reporting Standards Committee
HKFRSs         Hong Kong Financial Reporting Standards
HKICPA         Hong Kong Institute of Certified Public Accountants
HKSAs          Hong Kong Standards on Auditing
IAASB          International Auditing and Assurance Standards Board
IAESB          International Accounting Education Standards Board
IASB           International Accounting Standards Board
IEIPS          Information Papers from the International Accounting Education Standards Board
IEPS           International Education Practice Statements
IES            International Education Standards
IESBA          International Ethics Standards Board for Accountants
IFRS           International Financial Reporting Standards




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Action Plan Subject:          SMO 1 Quality Assurance
Action Plan Objective:        Continue to use best endeavors to ensure high standard of quality control and quality assurance review
                              system for members and member firms performing statutory audits and other related assurance services

 #       Start                          Actions                         Completion      Responsibilit             Resource
         Date                                                             Date               y

Background:

The quality assurance system is operated by the HKICPA and has two components: The Practice Review Programme and the review of
published financial statements of companies listed on the Stock Exchange of Hong Kong Limited.

HKICPA's practice review programme is operated under the Professional Accountants Ordinance ("PAO"). The Practice Review
Programme monitors compliance by practice units with professional standards including Hong Kong Standard on Quality Control 1.
Practice review includes reviews of completed audit and assurance engagements, including audits of financial statements of listed
entity clients.

The professional standards monitoring programme, monitors the compliance with professional standards of the Institute's members
who are engaged in the audit or preparation of the financial statements of companies listed on the Stock Exchange of Hong Kong
Limited.

Practice Review was started in 1993 and the new Practice Review Programme adopting a risk-based approach commenced in March
2006.

More detailed information regarding HKICPA’s Quality Assurance Programme is available on its website (www.hkicpa.org.hk) under
Quality Assurance.


Maintaining Ongoing Processes

1.    Ongoing       Continue to ensure that the HKICPA Practice        Ongoing            Executive     HKICPA staff
                    Review program is operating effectively and in                        Director,
                    line with SMO1 requirements. The program is                          Standards &

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         Date                                                              Date            y
                    subject to scrutiny and oversight by the Practice                   Quality
                    Review Committee and the Standards & Quality
                    Accountability Board.

2.    Ongoing       Continue to develop the professional standards       Ongoing       Executive      HKICPA staff
                    monitoring program (review of published                            Director,
                    financial statements of listed companies) to                      Standards &
                    ensure an effective mechanism for monitoring                        Quality
                    and maintaining the quality of financial reporting
                    in Hong Kong.


Review of HKICPA’s Compliance Information

3.    Ongoing       The IFAC self-assessment questionnaires will be      Ongoing       Quality        HKICPA staff
                    reviewed regularly and updated as necessary by                    Assurance
                    the staff responsible for the relevant area of                    Department
                    activity.




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                                                                                                      Action Plan Developed by
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Action Plan Subject:          SMO 2 and International Education Standards
Action Plan Objective:        Continue to notify HKICPA members of documents issued by the IAESB and to use best endeavors to
                              ensure that all IES requirements are incorporated into the HKICPA professional accountancy education
                              system

 #       Start                           Actions                         Completion       Responsibility             Resource
         Date                                                              Date

Background:

HKICPA uses its best endeavors to comply with SMO 2 and the International Education Standards. For more information regarding
admission requirements, please visit the organization website (http://www.hkicpa.org.hk/). The below actions focus principally on New
Developments in the HKICPA Qualification Programme, Specialist Qualifications and CPD.


New Developments


Qualification Programme (QP)

1.    Ongoing       Perform peer review, including IES compliance,       Ongoing        Executive Director    Chartered Accountants
                    with other Institutes in the Chartered Accountants                                        Group and Institute
                    Group, an informal group of top tier accountancy                                          staff
                    bodies. Given a clean report by the Institute of
                    Chartered Accountants in Ireland in its 2007
                    review.
2.    2007 and      Commissioned a top tier accountancy institute to     April 2009     Director, Student     External consultants
      2008          undertake an independent review on the QP            Completed         Education &        and Institute staff
                    qualifying programme benchmarked against all                        Training, overseen
                    IES requirements and international best practice.                     by Executive
                    Further engaged a HR consultant to validate                              Director
                    proposed competency requirements to ensure
                    they meet relevant employers’ and market needs.

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         Date                                                              Date

Specialist Qualifications

3.    2009          Responded to the IAESB on its strategic plan and     Ongoing         Director,        Institute staff
                    requested that guidance be given to the                             Professional
                    development of specialist qualifications. We are                    Development
                    pleased to learn that this will be happening soon.
                    We are in the process of developing specialist
                    designation in 2-4 areas and will review the
                    existing IAESB documents for relevant guidance
                    as appropriate.

CPD

4.    May 2009      Review IES 8, IEPS 1 -3 and IEIPs for relevant       Ongoing         Director,        Institute staff
                    CPD developments and maintain an ongoing                            Professional
                    process of review.                                                  Development

Maintain Ongoing Processes

5.    Ongoing       Maintain an ongoing process to ensure that           Ongoing      Director, Student   Institute staff
                    members are notified of all relevant IAESB                          Education &
                    publications relating to the CPA qualification.                       Training
6.    Ongoing       HKICPA education requirements are in full            Ongoing      Director, Student   Institute staff
                    compliance with all IESs, and beyond in some                        Education &
                    areas. Continuously review new IESs and EDs in                        Training
                    preparation of the action plan for incorporation
                    where necessary.
7.    Ongoing       Maintain an ongoing process to ensure that           Ongoing         Director of      Institute staff
                    members are notified of all relevant IAESB                          Professional
                    papers relating to CPD.                                             Development

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 #       Start                          Actions                       Completion    Responsibility             Resource
         Date                                                           Date

Review of HKICPA's Compliance Information

8.    Ongoing       Perform periodic review of HKICPA's response      Ongoing      Executive Director   Institute staff
                    to IFAC Compliance Self-Assessment
                    questionnaires and update sections relevant to
                    SMP 2 as necessary. Once updated inform IFAC
                    Compliance staff about the updates in order for
                    the Compliance staff to republish updated
                    information.




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Action Plan Subject:          SMO 3 International Auditing and Assurance Standards
Action Plan Objective:        Convergence with IAASB Pronouncements

 #      Start                            Actions                      Completion     Responsibilit           Resource
        Date                                                            Date              y
Background

The HKICPA Council and its Auditing and Assurance Standards Committee (AASC) adopted the policy of converging all Hong Kong
Standards on Auditing (HKSAs) with International Standards on Auditing (ISAs) issued by the IAASB in 2001. Fully converged
HKSA were issued in 2004 and 2005. HKSAs are approved by the HKICPA Council and AASC. HKSAs are identical to ISAs.


Maintaining Ongoing Convergence with ISAs/ISQC 1 and Contribution to Standard Setting Activities of IAASB

1.    2005          The HKICPA is committed to ongoing                Ongoing         HKICPA         Members of AASC and staff
                    convergence with ISAs/ISQC 1. Specific                           Council and     of Standard Setting
                    activities in this respect are shown below.                        AASC          Department




New Developments – Adoption of Clarified Standards, Update of Education and Training Activities, and Technical Support
Guidance.
2.    January       HKICPA AASC adopts it own clarity project         December        HKICPA         Members of AASC and staff
      2007          whereby all Statements on Auditing Standards      2009           Council and     of Standard Setting
                    will be redrafted using the format of the IAASB                    AASC          Department
                    and will be based on and identical to IAASB
                    standards (ISAs and ISQC 1).
3.    Ongoing       Update of the Members' Handbook for adoption      Ongoing         Director -     Members of AASC and staff
                    of newly issued/revised Standards by the IAASB                    Standard       of Standard Setting
                    and continue to ensure that any changes made to                    Setting       Department
                    adopt ISAs are in line with the IAASB Policy
                    Position on Modifications to IAASB Standards.


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        Date                                                              Date             y
4.    Ongoing       Review of IAASB agenda materials, exposure         Ongoing        Director -   Members of AASC and staff
                    drafts and making submissions:                                     Standard    of Standard Setting
                    - Invitation to comment                                             Setting    Department
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /assurance/exposuredraft/exposuredraft.php >
                    - Submission
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /assurance/submission/submission.php >.
5.    November      Correspondence with members of IAASB               2011           Director -   Staff of Standard Setting
      2008          Prospectuses Task Force.                                          Standard     Department, sub-committee
                                                                                       Setting     members

       Education and Training Activities

6.    Ongoing       Review training strategies on both new and         Ongoing        Director -   Staff of Standard Setting
                    existing HKSAs.                                                   Standard     Department
                                                                                       Setting

7.    Ongoing       Development of Technical Update Evening            Ongoing        Director -   Staff of Standard Setting
                    Seminars                                                          Standard     Department
                    < http://www.hkicpa.org.hk/professionaltechnical                   Setting
                    /assurance/submission/submission.php >, Annual
                    Auditing Conference, Forums.


       Technical Support

8.    Ongoing       Development of guidance such as Practice Notes     Ongoing        AASC and     Staff of Standard Setting
                    and Circulars.                                                    Director -   Department
                                                                                       Standard
                                                                                        Setting

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        Date                                                               Date             y
9.    Ongoing       Provides guidance and assistance on adoption of     Ongoing        Director -   Staff of Standard Setting
                    ISAs through the following channels:                                Standard    Department
                    - Technical Enquiry System                                           Setting
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /policy/content.php >
                    - APlus < www.hkicpa.org.hk/APLUS.php >
                    - TechWatch
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /techwatch/techwatch.php >.

10.   Ongoing       Development and updates of the HKICPA Audit         Ongoing        Director -    Members of SMP panel and
                    Practice Manual                                                   Member and     staff of Standard Setting
                    < http://www.hkicpa.org.hk/APM.pdf >.                              Corporate     Department
                                                                                       Services
11.   June 2009     Analyze and issue Summary of Impact on the          September      Director -    AASC and Staff of Standard
                    standards as revised by the ISAs Clarity Project.   2009           Standard      Setting Department
                                                                                        Setting
12.   Ongoing       Continue to provide training on quality control Ongoing            Director -    Members of SMP Panel and
                    via "A Guide to Quality Control"                                  Member and     staff of Standard Setting
                    < http://www.hkicpa.org.hk/membership/smp/acti                     Corporate     Department
                    vities/2009/OF-QualityControl.pdf >.                               Services


Review of HKICPA's Compliance Information

13.   Ongoing       Perform periodic review of HKICPA's response        Ongoing         Executive   Director & staff of Standard
                    to IFAC Compliance Self-Assessment                                  Director-   Setting Department
                    questionnaires and update sections relevant to                    Standards and
                    SMP 3 as necessary. Once updated inform IFAC                       Regulations
                    Compliance staff about the updates in order for
                    the Compliance staff to republish updated

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                    information.




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Action Plan Subject:          SMO 4 IFAC Code of Ethics
Action Plan Objective:        Convergence with IESBA Pronouncements

 #      Start                            Actions                       Completion    Responsibilit            Resource
        Date                                                             Date             y
Background

The HKICPA Council and its Ethics Committee adopted the policy of converging the HKICPA Code of Ethics for Professional
Accountants with the Code of Ethics issued by the IFAC. Parts A, B and C of the HKICPA Code are identical to the IFAC Code.
Additional Part D is included in the HKICPA Code as additional guidance to members to reflect local circumstances.



Maintaining Ongoing Convergence with IFAC Code of Ethics and Contribution to Standard Setting Activities of IFAC

1.    2005          The HKICPA is committed to ongoing                 December       HKICPA         Members of EC and staff of
                    convergence with the IFAC Code of Ethics.          2005          Council and     Standard Setting Department
                    Specific activities in this respect are shown                       EC
                    below.                                             Completed



2.    Ongoing       Review of IESBA agenda materials, exposure         Ongoing         Director -    Members of EC and staff of
                    drafts and making submissions:                                     Standard      Standard Setting Department
                    - Invitation to comment                                             Setting
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /ethics/exposuredraft/exposuredraft.php >
                    - Submission
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /ethics/submission/submission.php >.




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         Date                                                            Date            y
New Developments – Adoption of revised Code of Ethics, Update of Education and Training Activities and Technical Support
Guidance.
3.    Ongoing       Update of the Members' Handbook for adoption       Ongoing       Director -     Members of Ethics
                    of newly issued/revised Code of Ethics by the                    Standard       Committee and staff of
                    IFAC.                                                             Setting       Standard Setting Department


       Education and Training Activities

4.    Ongoing       Review training strategies on both new and         Ongoing       Director -     Staff of Standard Setting
                    existing IESBA pronouncements.                                   Standard       Department
                                                                                      Setting

5.    Ongoing       Raise members' awareness on emerging issues        Ongoing       Director -     Staff of Standard Setting
                    and develop educational activities to enhance                    Standard       Department
                    members' knowledge of newly issued IESBA                          Setting
                    pronouncements through Technical Update
                    Evening
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /TUE/menu.php >


       Technical Support

6.    Ongoing       Provides guidance and assistance on adoption of    Ongoing       Director -     Staff of Standard Setting
                    HKICPA Code through the following channels:                      Standard       Department
                    - Technical Enquiry System                                        Setting
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /policy/content.php >
                    - APlus < http://www.hkicpa.org.hk/APLUS.php
                    >

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 #       Start                          Actions                        Completion   Responsibilit             Resource
         Date                                                            Date            y
                    - TechWatch
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /techwatch/techwatch.php >.



Review of Compliance Information

7.    Ongoing       Periodic review of HKICPA response to the          Ongoing       Executive      Staff of Standard Setting
                    IFAC Compliance Self-Assessment                                  Director-      Department
                    questionnaires and update sections relevant to                  Standards &
                    SMO 4 as necessary. Once updated inform IFAC                    Regulations
                    Compliance staff about the updates in order for
                    the Compliance staff to republish updated
                    information.




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                                                                                                           Action Plan Developed by
                                                                                                    HONG KONG INSTITUTE OF CPAs

Action Plan Subject:          SMO 5 International Public Sector Accounting Standards
Action Plan Objective:        To address the standard setting issues in public sector and not-for-profit entities

 #      Start                            Actions                           Completion      Responsibilit              Resource
        Date                                                                 Date               y
Background

IPSAS have not been formally adopted in Hong Kong. HKICPA supports and facilitates dialogue on the desirability of introducing
such a framework. HKICPA also supports the development of financial reporting standards for not-for-profit-entities.


Promote the use of IPSASs

1.    Ongoing       Continue to support the research on IPSASs.           Ongoing            Director -     Members of FRSC and staff
                                                                                             Standard       of Standard Setting
                                                                                              Setting       Department
2.    Ongoing       Continue to use best endeavors to monitor the         Ongoing            Director -     Members of FRSC and staff
                    development of financial reporting standards on                          Standard       of Standard Setting
                    public sector and not-for-profit entities, such as                        Setting       Department
                    IPSASs and issue further papers to decide
                    whether to set financial reporting standards on
                    such.


Review of Compliance Information

3.    Ongoing       Periodic review of HKICPA response to the             Ongoing            Executive      Staff of Standard Setting
                    IFAC Compliance Self-Assessment                                          Director-      Department
                    questionnaires and update sections relevant to                          Standards &
                    SMO 5 as necessary. Once updated inform IFAC                            Regulations
                    Compliance staff about the updates in order for
                    the Compliance staff to republish updated
                    information.


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                                                                                                          Action Plan Developed by
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Action Plan Subject:          SMO 6 Investigation and Discipline
Action Plan Objective:        An effective and transparent system of investigation and discipline that commands public confidence

 #       Start                           Actions                           Completion      Responsibilit              Resource
         Date                                                                Date               y

Background:

The Institute deals with complaints concerning the ethical and professional conduct of its members, member practices and registered
students. Complaints involving listed entities that appear to be “relevant irregularities” as defined in the Financial Reporting Council
Ordinance are outside the jurisdiction of the Institute and are investigated by the Financial Reporting Council.

The investigatory and disciplinary powers of the HKICPA are set out in the Professional Accountants Ordinance. Disciplinary
Proceedings Rules were revised in 2005 to bring a greater degree of independence to the disciplinary process.

More detailed information regarding HKICPA’s Investigation and Discipline policies is available on its website (www.hkicpa.org.hk)
under Compliance.


Significant changes since the submission of the assessment questionnaire in 2006

1.    July 2007     The Financial Reporting Council (FRC), an             N/A                Executive      No resource demands on
                    independent body the function of which is to                             Director,      HKICPA except for
                    investigate complaints of suspected accounting or                       Standards &     managing the interface
                    auditing irregularities in the financial statements                       Quality       between HKICPA and FRC.
                    of listed companies, commenced operations in                                            HKICPA staff.
                    July 2007. As a result the scope and extent of the
                    Institute’s investigation responsibilities and
                    functions have reduced.
                    The FRC has no disciplinary powers, therefore
                    adverse findings from an FRC investigation will
                    be referred back to HKICPA for disciplinary
                    action.

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         Date                                                             Date            y
                    The HKICPA was instrumental in developing the
                    proposals for structure, function and funding of
                    the FRC reflecting the ongoing commitment to an
                    effective and transparent audit oversight
                    mechanism.


Maintaining Ongoing Processes

2.    Mid 2007      In 2007 the HKICPA commenced a review of the        2010          Executive      HKICPA staff
                    complete complaints handling, investigation and                   Director,
                    disciplinary process. One of the first changes                   Standards &
                    made was the establishment of the Professional                     Quality;
                    Conduct Committee (PCC) which has taken on                        Director,
                    the functions of the previous Complaints                         Compliance;
                    Oversight Committee and has had some powers                        General
                    delegated to it by Council to allow complaints to                  Counsel
                    be more effectively and efficiently dealt with.
                    There has been no dilution of the strength of
                    powers available to HKICPA.
                    As the review may produce recommendations
                    that would require legislative changes the final
                    completion of the review will not be until late
                    2010.

                    This action will be explained in more details at
                    the 12-month review & update of the Action
                    Plan.


Review of HKICPA’s Compliance Information

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 #      Start                           Actions                        Completion   Responsibilit      Resource
        Date                                                             Date            y
3.    Ongoing       The IFAC self-assessment questionnaires will be   Ongoing        Compliance HKICPA staff
                    reviewed regularly and updated as necessary by                   Department
                    the staff responsible for the relevant area of
                    activity.




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Action Plan Subject:          SMO 7 International Financial Reporting Standards
Action Plan Objective:        Convergence with IASB Pronouncements

 #      Start                            Actions                       Completion   Responsibilit            Resource
        Date                                                             Date            y
Background

HKICPA Council and its Financial Reporting Standards Committee (FRSC) adopted the policy of converging all Hong Kong Financial
Reporting Standards (HKFRSs) with the International Financial Reporting Standards (IFRSs) issued by the International Accounting
Standards Board (IASB). HKFRS are identical to IFRSs.



Maintaining Ongoing Convergence with IASB Pronouncements and Contribution to Standard Setting Activities of IASB

1.    2005          The HKICPA is committed to ongoing                 December       HKICPA        Members of FRSC and staff
                    convergence with IASB pronouncements.              2005          Council and    of Standard Setting
                    Specific activities in this respect are shown      Completed       FRSC         Department
                    below.


2.    Ongoing       Review of IASB discussion papers, exposure         Ongoing        Director -    Members of FRSC and staff
                    drafts and making submissions:                                    Standard      of Standard Setting
                    - Invitation to comment                                            Setting      Department
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /accounting/exposuredraft/content.php >
                    - Submission
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /accounting/submissions/submissions.php >

New Developments – Adoption of new and revised Financial Reporting Standards, Update of Education and Training Activities and
Technical Support Guidance


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 #      Start                           Actions                         Completion   Responsibilit           Resource
        Date                                                              Date             y
3.    Ongoing       Update of the Members' Handbook for adoption       Ongoing        Director -   Members of FRSC and staff
                    of newly issued/revised Standards and                              Standard    of Standard Setting
                    Interpretations by the IASB.                                        Setting    Department


       Education and Training Activities

4.    Ongoing       Review training strategies on both new and         Ongoing        Director -   Staff of Standard Setting
                    existing HKFRSs.                                                  Standard     Department
                                                                                       Setting
5.    Ongoing       Raise members' awareness on emerging issues        Ongoing        Director -   Staff of Standard Setting
                    and develop educational activities to enhance                     Standard     Department
                    members' knowledge of newly issued financial                       Setting
                    reporting standards and gather their views on
                    proposed Standards and Interpretations issued by
                    IASB through the following channels:
                    - Technical Update Evening
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /TUE/menu.php >
                    - Financial Reporting Forum
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /events/>
                    - Annual Accounting Update


       Technical Support

6.    Ongoing       Provides guidance and assistance on adoption of    Ongoing        Director -   Staff of Standard Setting
                    HKFRSs through the following channels:                            Standard     Department
                    - Technical Enquiry System                                         Setting
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /policy/content.php >
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 #       Start                          Actions                        Completion   Responsibilit             Resource
         Date                                                            Date            y
                    - TechWatch
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /techwatch/techwatch.php >
                    - Financial reporting and auditing alert
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /financialauditing/FRAA.php >
                    - Staff Summary of Financial Reporting
                    Standards
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /financial/report_standards.php >
                    - SMP and SME Resource Centre
                    < http://www.hkicpa.org.hk/professionaltechnical
                    /SSRC/SS_ResourceCentre.php >.


Review of Compliance Information

7.    Ongoing       Periodic review of HKICPA response to the          Ongoing       Executive      Staff of Standard Setting
                    IFAC Compliance Self-Assessment                                  Director -     Department
                    questionnaires and update sections relevant to                  Standards &
                    SMO 7 as necessary. Once updated inform IFAC                     Regulation
                    Compliance staff about the updates in order for
                    the Compliance staff to republish updated
                    information.




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