CPA Annual Report : CPA Annual report 2012
Our members hold a qualification that is world-class and relevant, in part due to the Institute's commitment to keeping Hong Kong's accounting standards at the forefront of international ones. e business community and the general public respect and trust our members, because every CPA commits to the highest standards of work and ethics. In turn, the Institute is committed to helping members keep up with new standards and acting promptly when a member falls short. Standards and technical support e Institute maintains full convergence with international financial reporting, auditing and assurance and ethical standards. During the reporting period, we issued more than 10 updates to the members' handbook on revised standards and interpretations. We are fully engaged in the accounting profession internationally and world standard setters welcome and respect our views. In the reporting period we issued more than 10 comment letters on international proposals. Our other international activities this year included hosting a forum with the new IASB Chairman Hans Hoogervorst, attending the World Standard Setters' meeting in London and the International Forum of Accounting Standard Setters meetings in Vienna and Kuala Lumpur, and supporting the Institute's representative on the IFRS Advisory Council. We also co-hosted a forum with the ICAEW on the application of Standards & Regulation clarified HKSAs by SMPs. We attended the Asian-Oceanian Standard-Setters Group meetings and were elected as vice chair of the group -- a great opportunity to build on Hong Kong's reputation as an Asian hub of quality accounting skills. Since the introduction of the clarified HKSAs, we have focused on aligning locally developed guidance with the clarified HKSAs as well as keeping members up to date with new developments such as guidance to the auditor when responding to questions at an annual general meeting. On the Mainland, we met with the Ministry of Finance and also signed a joint declaration with our counterparts for convergence of Mainland and Hong Kong ethical standards. To help members understand and apply new standards, the Institute held more than 70 events during the reporting period, including technical update evenings, HKFRS for Private Entities workshops, training for audit staff, seminars on the revised code of ethics and forums on financial reporting and auditing. e effectiveness of the Institute's training was demonstrated when our staff were invited to run the HKFRS for Private Entities workshops with the IASB in Myanmar. We continued to make information on new standards accessible to members through several channels: the technical enquiry system, staff summaries on newly released standards, explanatory material published monthly in TechWatch, our weekly e-circular, our monthly magazine A Plus, our online resource centres and our technical alerts.