PDF《Development/Member Support》

s Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagement and Other Services, and the Implications for the IAASB'

s International Standards. Comments are requested by

28 February 2017. 4. International Updates ? The IAASB published the 2016-2017 Handbook of International Quality Control, Auditing Review, Other Assurance, and Related Services Pronouncements. ? The IAASB'

s meeting on

9 December

2016 is available on podcast. Ethics 5. International Update The International Ethics Standards Board for Accountants'

meeting held on 12-15 December

2016 is available on podcast. Financial Reporting 6. Institute'

s Financial Reporting Standards Committee Meeting Minutes The minutes for the 232nd FRSC meeting held on

18 October

2016 is available. 7. Institute'

s Letter to IASB Chairman The Institute wrote a letter to the IASB Chairman to seek clarification on two key areas of the IASB'

s recent tentative decisions on the forthcoming insurance contract standard. 8. Reporting Reminders A number of new and major accounting standards will be effective soon. The Financial Reporting and Auditing Alert includes reporting reminders that members and entities should be aware of in relation to these standards. This document outlines: ? Standards and Interpretations that are applicable to

31 December

2016 year ends;

and ? Standards, Interpretations and Amendments that were issued but are not yet effective.

3 Issue

171 ? January

2017 9. International Updates ? The IASB research forum held in October

2016 is available on webcast. The forum covered discussions on Conceptual Framework, definition of assets and liabilities, IFRS adoption and IFRS convergence. ? The December

2016 IASB Update and podcast covers IASB'

s deliberations on financial instruments with characteristics of equity, Conceptual Framework, and primary financial statements. ? The IASB work plan as at

16 December

2016 is available. Major milestones expected in Q1 of

2017 include a research summary on Share-based Payment and a standard on Insurance Contracts. An exposure draft on the definition of materiality and a discussion paper on the principles of disclosures are expected in Q2 of 2017. ? The IASB issued several amendments to IFRS standards as a result of its Annual Improvement Project, an IFRIC interpretation and amendments to IAS

40 Investment Property which are effective

1 January

2017 or 2018. Technical Learning and Support 10. New Programmes and Audit Practice Manual Click on the titles below to register: ? TUE Session: Understanding the revised auditor'

s report and treatment of Key Audit Matter (available on

7 February 2017) ? Refresher Course on Current Auditing standards (multiple sessions available in February 2017) ? The HKICPA Audit Practice Manual (2016 edition) is now available for sale. This edition includes a number of new programmes and checklists together with revised guidance notes and sample audit files that cover the latest auditing and disclosure requirements. Useful Resources 11. Institute'

s Technical Resource Centres Access the Institute'

s comprehensive resource centres: ? New and Major Standards ? ICAEW'

s International Accounting, Audit and Ethics Content ? New Companies Ordinance ? HKFRS for Private Entities ? SMP and SME 12. LinkedIn Click here to follow the LinkedIn page of the Institute'

s Standard Setting Department and also join in on our discussions. You will receive prompt updates on the latest standards and developments in financial reporting, auditing and ethics. 13. Publications ? The ICAEW'