28 - Hong Kong Institute of Certified Public Accountants

Institute News
New leaders elected
At the 32nd Annual General
Meeting of the Hong Kong
Institute of CPAs, Edward KF
Chow was elected president,
and Paul MP Chan and Mark
C Fong were elected vicepresidents.
Other newly elected members of the Council include Dr
Cho Lung Pui Lan, Stella, Leo
CM Lee, Doug Oxley, Carlson
Tong, Tsai W ing Chung,
Philip, Paul F Winkelmann
and Amy WS Yung.
The 32nd AGM in progress
Council election result
Elected candidates
Name
Paul MP Chan
Cho Lung Pui Lan, Stella
Leo CM Lee
Doug Oxley
Carlson Tong
Tsai Wing Chung, Philip
Paul F Winkelmann
Amy WS Yung
Category
P
N
N
N
P
P
P
P
No. of votes
3,520
2,354
2,192
2,392
2,226
2,752
2,146
1,933
Category
P
N
N
N
N
N
N
N
N
P
N
P
P
N
P
N
N
No. of votes
602
419
932
1,083
761
578
1,383
1,332
489
1,190
403
517
899
1,084
537
420
538
Other candidates
Name
Chan Po Fun, Peter
Cheng Kin Chung
Chew Fook Aun
Susanna Chiu
Choi Sau Yuk
Choy Chak Wa, Peter
Fok Ka Hing, Eric
Kung Yiu Fai, Elve
Lam Yiu Chau, David
Leung Wing On, Louis
Li Wai Keung
Anthony Nedderman
Pang Tsun Loy, Michael
Wong Ching Hung, Thomas
Wong Wang Tai, Ivan
Wu Shek Chun, Wilfred
Yam Chi Ming, Stephen
P: Those members who are in full time practice as certified public accountants (practising)
N: Those members who are not in full time practice as certified public accountants (practising), who
may or may not hold a practising certificate
6
THE HONG KONG ACCOUNTANT
JANUARY 2005
Institute News
The outgoing president Roger Best gave a vote of
thanks to fellow Council members, chief executive
& registrar and numerous committee members for
contributing to the overall success of the Institute
New president Edward Chow (centre) with the two The new leaders meeting the press after the
election
vice-presidents Paul Chan (left) and Mark Fong
Composition of the Council 2005
Elected Members
Edward KF Chow (President)
Paul MP Chan (Vice-President)
Mark C Fong (Vice-President)
Albert SC Au
Michael KH Chan
Cho Lung Pui Lan, Stella
Wilson Fung
Leo CM Lee
Doug Oxley
David Tak-kei Sun
Carlson Tong
Tsai Wing Chung, Philip
Paul F Winkelmann
Amy WS Yung
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
FCPA
CPA
FCPA
FCPA
Immediate Past President
Roger Best
FCPA
Appointed Members
Edward Wai Sun Cheng
CK Chow
Paul MY Chow
Sophia Kao
Co-opted Members
Chew Fook Aun
Susanna Chiu
Ex-officio Members
Gordon WE Jones
Representative of the Financial Secretary,
Government of the HKSAR
Chief Executive and
Registrar
8
FCPA
FCPA
Lucia Li
Director of Accounting Services,
Government of the HKSAR
FCPA
Winnie CW Cheung
FCPA
THE HONG KONG ACCOUNTANT
At the meeting, Council also appointed
two co-opted members, Chew Fook Aun
and Susanna Chiu.
For the first time, under the new Professional Accountants Ordinance, immediate past president Roger Best will continue
to serve on the Council for one more year
and the Chief Executive of the HKSAR has
appointed four non-accountants to the
Council. They are Edward Wai Sun Cheng,
Sir CK Chow, Paul MY Chow and Sophia
Kao.
Speaking at the AGM, the outgoing
president Roger Best said that the passage
of the Professional Accountants
(Amendment) Ordinance 2004 was the
most important accomplishment of the
year.
‘The Ordinance allowed us to change
our name, create a new brand, and give our
members an internationally recognised
designation,’ he said. ‘It also officially put
in place a host of regulatory reforms that
will help safeguard Hong Kong’s reputation
as an international financial centre.’
According to Mr Best, another worthy
development is that Hong Kong is now fully
converged with international standards of
accounting and ethics, signifying that Hong
Kong’s accounting profession is now
aligned with international best practice.
The new president, vice-presidents together with the chief executive and registrar met the media after the AGM to share
the Institute’s vision and new directions in
2005.
JANUARY 2005
Institute News
Profiles of the newly elected president, vice presidents and
prominent laypersons appointed to Council
In accordance with provisions contained
in the Professional Accountants
(Amendment) Ordinance 2004, the chief
executive of the HKSAR has appointed
four prominent laypersons to sit on
HKICPA’s Council for 2005. They are:
Edward Wai Sun Cheng, Sir CK Chow,
Paul MY Chow and Sophia Kao.
For members information the Institute
is pleased to introduce the newly-elected
president, two vice presidents and those
laypersons appointed to Council.
Mr Edward KF Chow (president)
Mr Edward KF Chow
is a fellow member
of the Hong Kong
Institute of Certified
Public Accountants
and chairman of
China Infrastructure
Group Holdings
PLC. He has been a
Council member of
the Institute since December 1996 and was
elected vice president in 2002 and 2004.
Mr Chow is actively involved in the
Institute’s work. He has served as chairman and deputy chairman of the
following committees and working groups
of the Institute:
• Corporate Governance Committee
(chairman)
• Professional Accountants in Business
Committee (chairman)
• Corporate Communications Strategy
Steering Committee(deputy
chairman)
• Editorial Board (deputy chairman)
• Ethics Committee (deputy chairman)
• Expert Panel on Listing (deputy
convenor)
• International Recognition Task Force
(deputy chairman)
• Mainland Affairs Committee (deputy
chairman)
Mr Chow also represents the Institute on
the following:
• IFAC’s PAIB Committee
• FSTB’s Corporate Governance
Working Group and the Advisory
Committee on Human Resources
10
THE HONG KONG ACCOUNTANT
Development in the Financial
Services Sector
• SFC’s Advisory Committee on
Investor Education
Outside of the accounting profession, Mr
Chow serves the following organisations:
• Chinese People’s Political
Consultative Conference – Zhejiang
Province (member)
• Election Committee of Hong Kong
SAR (member)
• Business and Professionals Federation
of Hong Kong (vice chairman)
• Hong Kong Institute of Directors
(deputy chairman)
• OECD/World Bank Corporate
Governance Roundtable (core
member)
Mr Paul MP Chan (vice president)
Mr Paul M P Chan
is a fellow member
of the Hong Kong
Institute of
Certified Public
Accountants. He is
managing partner
of Paul Chan &
Partners. He has
been a Council
member of the
Institute since December 1999 and was
elected vice president in 2003 and 2004.
Mr Chan is actively involved in the
Institute’s work. He has served as chairman
and deputy chairman of the following committees and working groups of the Institute:
• Small and Medium Practitioners Committee (chairman)
• Taxation Committee (chairman)
• GAAP for Small Business Working
Group (chairman)
• Member Innovation and Technology
Steering Board (chairman)
• Mainland Affairs Committee (deputy
chairman)
On the international scene, Mr Chan is a
member of IFAC’s SMP Permanent Task
Force, IASB’s Advisory Panel on Financial
Reporting by SMEs and in Emerging and
Transitional Economies, and the HK-UK
Business Partnership.
Outside the accountancy profession,
he is chairman of Breakthrough Limited,
a part-time member of the Central Policy
Unit of the HKSAR, a member of the
Board of Review (Inland Revenue), the
Transport Advisory Committee and the
Beat Drugs Fund Association. He is also a
subject specialist of Hong Kong Council
for Academic Accreditation and serves on
the advisory committee of a number of
universities/educational institutes. He is
also a member of the Chinese People’s
Political Consultative Conference –
Qingdao city.
Mr Mark C Fong (vice president)
Mr Mark C Fong is
a fellow member of
the Hong Kong Institute of Certified
Public Accountants
and senior partner
of Moores Rowland
Mazars. He has
been a Council
member of the Institute since December 1998.
Mr Fong is actively involved in the
Institute’s work. He has served as chairman and deputy chairman of the
following committees and working
groups of the Institute:
• Ethics Committee (chairman)
• Registration and Practising
Committee (chairman)
• Continuing Professional
Development Committee (deputy
chairman)
• Small and Medium Practitioners
Committee (deputy chairman)
On the international scene, Mr Fong is a
member of IFAC’s Ethics Committee. He
is also an executive committee member
of Moores Rowland International (MRI),
and the chairman of MRI Asia Pacific.
Mr Fong also serves as member of the Advisory Committee on Accounting and
Finance of the Hong Kong Polytechnic
University, member of Election Committee of Hong Kong SAR, and independent
non-executive director of two listed
companies.
JANUARY 2005
Institute News
Edward Wai Sun Cheng
Sir CK Chow
Mr Cheng is currently chief executive of USI
Holdings Limited and the co-chairman of SUNDAY Communications Limited.
Mr Cheng’s career spans more than 20
years in business, law and finance. He graduated from Cornell University with a bachelor
degree in political science and economics,
and Oxford University with a bachelor degree
in jurisprudence and a master degree. He was
qualified as a solicitor in the United Kingdom
and Hong Kong and spent some time with the London law firm,
Slaughter & May, specialising in corporate finance and mergers and
acquisitions.
In Hong Kong Mr Cheng worked with Hutchison’s China
operations, setting up joint ventures and infrastructure projects
in the Mainland. At Wharf, he oversaw the finance, operations,
mergers and acquisition of its hotel business in the US and Asia
Pacific, and subsequently became the finance director and executive director of Wharf.
Since 1995, Mr Cheng has founded and grown a portfolio of
new businesses and brands in apparel, property, hospitality and
telecommunications, under USI Holdings and SUNDAY
Communications.
Mr Cheng has many years of public service experience in finance,
housing, corruption prevention, technology and education. He is
the chairman of the Urban Renewal Authority, a member of the
Hong Kong SAR Government’s Steering Committee on Innovation
& Technology, the Advisory Committee on Corruption of the Independent Commission Against Corruption, the Council of City University of Hong Kong, and the Securities and Futures Commission’s
Takeovers and Mergers Panel and the Takeovers Appeal Committee.
Sir C K became the chief executive officer
of Mass Transit Railway Corporation Limited (MTRC) in December 2003.
Sir C K is a chartered engineer with a
Bachelor of Science degree in chemical
engineering from the University of Wisconsin and a Master of Science degree in the
same field from the University of California.
He holds an MBA degree from the Chinese
University of Hong Kong and is a graduate
of the Advanced Management Program of Harvard Business
School. He was awarded an honorary Doctor of Engineering degree by the University of Bath.
From 1997 to 2001, Sir C K was chief executive of GKN PLC, a
global manufacturing company based in the United Kingdom.
Prior to joining MTRC, he was chief executive officer of Brambles
Industries PLC, a global support services company with dual listings in the United Kingdom and Australia.
Sir C K was knighted in the United Kingdom in 2000 for his
contribution to industry.
Sir C K has been a non-executive director of Standard Chartered PLC since 1997. In July 2004, he was appointed as chairman
of Standard Chartered Bank (Hong Kong) Limited. He is member of the Hong Kong Tourism Board and member of the Council of the Chinese University of Hong Kong.
Paul MY Chow, JP
Mr Chow was appointed chief executive of
HKEx in May 2003. In this capacity, he is also
an ex-officio member of the board of HKEx
and chairman and director of various subsidiaries of HKEx.
Mr Chow holds a Bachelor of Science
degree in Mechanical Engineering, a Diploma in Management Studies and an MBA
degree from the University of Hong Kong,
and a Diploma in Finance (Distinction)
from the Chinese University of Hong Kong. Mr Chow is also a
Distinguished Fellow of the Hong Kong Computer Society.
Mr Chow was the chief executive of Hong Kong Securities Clearing Company Limited from 1989 to 1991. In November 1991, he
became chief executive of the Stock Exchange until 1997 when he
became chief executive, Asia Pacific ex-Japan Region of HSBC Asset Management (Hong Kong) Limited.
Mr Chow holds various Government committee and community appointments, including:
Member of the Digital 21 Strategy Advisory Committee of the
Government of the HKSAR, the Advisory Committee of the
Securities and Futures Commission, the Standing Committee on
Company Law Reform, and the Council and the Court of the University of Hong Kong. He is also a director of the Board of
Cyberport Management Limited, and the Community Chest of
Hong Kong. He has been a director of the World Federation of
Exchanges since May 2003.
JANUARY 2005
Sophia Kao, JP
A fellow member of the Hong Kong Institute
of Human Resource Management, Ms Kao left
full-time employment in 1999 to become a voluntary community worker. Her current public and community service includes the
following:
• Women’s Commission – member
• Community Investment and Inclusion
Fund Committee – member (Assessment
Subcommittee – chairperson)
• Advisory Committee on Social Work Training and Manpower
Development – member
• Central Policy Unit – part-time member
• Lingnan University – member of the University Council
• United Christian Hospital – member of the Hospital Governing
Committee
• Hong Kong Federation of Women – vice chairperson
• Hong Kong Women Professionals & Entrepreneurs Association
– board member
• YWCA – member of Audit Committee and Human Resources
Committee
• Hong Kong International School – member of Human Resources
Committee
• The Society of Hong Kong Academy of Performing Arts – joint
president
• Action for Vision Eye Foundation Limited – director and member of Executive Committee
• Good Citizens Movement – member of Executive Committee
Prior to devoting her energies to community work, Ms Kao had over 25
years experience heading the human resources function in companies
including the former Hong Kong Telephone Company Group/Hong
Kong Telecom and the Hong Kong Airport Authority, where she was
the director for human resources and administration until 1999.
THE HONG KONG ACCOUNTANT
11
Institute News
Annual Dinner 2004
The then president Roger Best addresses guests at the Annual Dinner
The Hong Kong Institute of CPAs held its
annual dinner in the splendid surroundings of the InterContinental’s ballroom
on 25 November 2004.
Amidst a striking break from
tradition, guests were treated to a sumptuous display and colourful decoration
based on the evening’s theme – ‘A Dash
of Red’ originating from the Institute’s
new brand. The event this year was always
going to be memorable if only because it
was celebrated under the new name of
Hong Kong Institute of Certified Public
Accountants, but of course it was much
more than that. As the then president
Roger Best noted in his address to the
more than 570 guests and the guest of
honour Graham Ward, the newly elected
IFAC president, annual dinners are,
amongst other things, a time for
reflection. HKICPA members had much
to be satisfied about as Mr Best recounted some of the more significant
achievements of the past year including
the passing of the Professional Accountants (Amendment) Bill in July 2004.
‘This watershed event brought profound
changes that will significantly strengthen
the foundations of the accounting and
auditing profession in Hong Kong,’ he
said before listing measures that had
been undertaken to win back public trust
in a post-Enron business environment
that included:
12
THE HONG KONG ACCOUNTANT
•
President of IFAC Graham Ward commends the HKICPA’s achievements in
2004
Increased lay representation at the
Council level
• Created lay majorities and lay
chairpersons on the investigation and
disciplinary committees
• Divided investigations into public and
non-public interest categories
• Started the transition of the practice
review process from being
educational to an integral part of the
regulatory regime
• Agreed to establish a new statutory
body to oversee the investigations into
the audits of publicly listed
companies, as well as the creation of a
Financial Reporting Review Panel
• And mandated continuing
professional development
Setting out the Institute’s vision for 2005
and beyond Mr Best said that the ‘profession will need to move:
• From serving clients’ interests to
serving the public interest first and
foremost
• From the comfort of historical costbased accounting to the economic
reality of fair value accounting
• From market customisation of
accounting, auditing and ethical
standards to global convergence,
because global market expect globally
consistent benchmarks
Mr Best was happy to announce that further important developments for the
Institute and the profession would start
from 1 January 2005, when Hong Kong’s
financial reporting standards would be
fully converged with International Financial Reporting Standards.
In recognition of the momentous
achievements of the past year, the Institute
was delighted to welcome IFAC president
Graham Ward as guest of honour. And he
was equally pleased to commend the
HKICPA for its work past and present.
‘When I think about the Hong Kong
Institute of CPAs, three words come to
mind. Leadership. Professionalism.
Dedication,’ he began. Mr Ward went on
to praise the Institute warmly, saying ‘your
organisation’s unwavering commitment to
professionalism is exemplified in all that
you do – from your qualification
programme for entry level students, to your
promotion of high ethical and technical
standards for all accountants, to your regulatory initiatives. It is clear to IFAC, and I
think, clear to the world, that the HKICPA
is an organisation that both promotes and
adheres to professional standards.’
Looking to the future of the global
accounting profession Mr Ward lay down
the gauntlet by insisting that there are
three areas in which the profession must
choose to act:
• We must clarify and strengthen the
international profession’s public
interest role
JANUARY 2005
Institute News
•
•
We must deliver quality in all we do
We must do all we can to support
development throughout the
profession worldwide
After the speeches, guests were treated to
an excellent slideshow, which brought vividly to life the milestone achievements of
HKICPA during 2004.
Best Corporate Governance
Disclosure Awards
The presentation of the HKICPA Best Corporate Governance Disclosure (BCGD)
Awards, has in recent years, provided a
platform for corporate governance
excellence at the Institute’s annual dinner,
and 2004 was no exception.
Media Partners International Holdings
Inc became the first winner (Diamond
Award)in the new Growth Enterprise Market (GEM) category of the BCGD Awards.
The Hong Kong Exchanges and
Clearing Ltd (HKEx) picked up two
awards – the Significant Improvement
Diamond Award for the second successive
year. The other two winners in this category were HSBC Holdings plc (Platinum
Award) and Li & Fung Ltd (Gold Award).
In the Non-Hang Seng Index
category, HKEx, Hysan Development Co
Ltd, and Standard Chartered PLC were
winners of the Diamond, Platimum and
Gold Awards respectively.
Airport Authority Hong Kong, the Securities and Futures Commission, and
Hong Kong Chinese Orchestra were the
Diamond, Platinum and Gold Award
winners, respectively, in the Public Sector/Not-For Profit category.
Organised annually by HKICPA since
2000, the Awards competition aims to encourage voluntary disclosures in annual
reports to shareholders that go beyond
the minimum legal and regulatory
requirements, to set benchmarks for best
practices and to acknowledge those companies and organisations that are taking
major strides to improve their corporate
One of the main purposes of the different categories is to facilitate comparisons
and identify role models amongst different peer groups. It was pleasing,
therefore, to be able to select the first
Diamond Award winner in the new GEM
category. It was also a welcome surprise
to be able to give an award, on merit, to a
smaller government-funded organisation
in the Public Sector/Not-For-Profit
category.’
Mr Edward Chow, chairman of the
HKICPA Corporate Governance
Committee, pointed out, ‘The judges
found that, for the best organisations,
corporate governance had become a
core value’. He noted that they were, for
example, including more information
on directors’ remuneration in their annual reports and, in some cases, the
emoluments of individual directors on a
named basis. Additional information on
the role, composition and operation of
governance committees was being
provided.
Outstanding Accountant
Ambassadors Awards
Proud winners of the BCGD Awards gather on stage with Panel Judges and IFAC president
Graham Ward
Award and Diamond Award, in the NonHang Seng Index category. Other
first-time awardees were Johnson Electric
Holdings Ltd and PCCW Ltd (both for
Significant Improvement Award: Hang
Seng Index category), reflecting further
progress in corporate governance standards in Hong Kong.
In the Public Sector/Not-For-Profit
category, the Hong Kong Chinese
Orchestra, competing in a category that
also covers large financially powerful
corporations, became the first public
sector organisation of its type to win an
award, claiming the Gold Award.
In the Hang Seng Index category,
CLP Holdings Ltd was the winner of the
JANUARY 2005
governance standards.
For the 2004
Awards, the annual reports of 155 companies
and organisations were
reviewed, a 19 per cent
increase over the 2003
competition.
Mr Jim wardell,
chairman of the 2004
Awards Organising
Committee said: ‘We
are happy with the
good response to this
year’s competition and
happy also to see various ‘firsts’ this time.
Year after year, Hong Kong’s accounting
profession has demonstrated its compassion for the less fortunate in our society.
Last year six such members of HKICPA
were named Outstanding Accountant
Ambassadors in the Institute’s Outstanding Accountant Ambassador Awards 2004,
they were:
• Executive chairman of Union Alpha
CPA Ltd Mr Lau Sai Yung
• Assistant manager of KPMG Mr Lau
Wai Fat, Paul
Outstanding Accountant Ambassador Awards pose proudly
with Paul Tang (centre), Roger Best (fourth right) and Kennedy
Liu (fourth left)
THE HONG KONG ACCOUNTANT
13
Institute News
•
Partner of PricewaterhouseCoopers
Mr Wan Kam To, Peter
• Managing director of Wong Lam
Leung & Kwok CPA Ltd Dr Wong
Lung Tak, Patrick, JP
• Partner of S Y Yang & Company Mr
Yang Chuen Liang, Charles, JP
• Financial planning manager of Asia
Satellite Telecommunications
Company Ltd Mr Yu Chak Kwan
The Judging Panel, which comprised the
chairman of the Hong Kong Council of
Social Service Hon Bernard Chan, JP
(chairman), director of Social Welfare
Mr Paul Tang, JP, executive director of
the Hong Kong Federation of Youth
Groups Dr Rosanna Wong Yick-ming, JP,
Former LegCo representative of the Accountancy Functional Constituency Dr
Eric Li Ka-cheung, JP, then president of
HKICPA Mr Roger Best, JP, and chairman of HKICPA Community Services
Committee Mr Kennedy Liu (secretary),
was most impressed by the exemplary,
long-standing and dedicated voluntary
services of the six accomplished Outstanding Accountant Ambassador
Awardees 2004. Many of them have
spent their last 15 to 20 years initiating
and serving unceasingly in a wide array
of voluntary projects for a variety of nonprofit organisations spanning social
service, charitable, educational, rehabilitation and environmental protection
sectors, etc, in addition to the HKICPA
Accountant Ambassadors Programme.
All in all the Judging Panel acclaimed the Awardees for their spirit of
giving and devotion to serve selflessly in
both the Accountant Ambassadors
Programme and external community
service projects in contribution to the
society at large. The Judging Panel members extended their heartiest
congratulations and recognition to all
Awards winners.
The following are some of the memorable moments taken at the annual dinner:
Paul F Winkelmann (left), Edward Chow, IFAC president Graham
Ward and Gordon Jones raise a glass for the future of HKICPA
IFAC president Graham Ward and Roger Best pose for the camera
with one of the costumed entertainers
Director of Audit Benjamin Tang, Winnie Cheung and
HKICPA Council member Wilson Fung pose for the camera
Toasting a successful evening
14
THE HONG KONG ACCOUNTANT
JANUARY 2005
Institute News
Council member Michael Chan adds colour to
the night by playing harmonica
2004 Council members and Mr Ward toasting for a prosperous New Year of the Hong Kong Institute of CPAs
Albert Au and Susanna Chiu, chairman
and deputy chairman of the Corporate
Services Committee, the event’s
organising body
All styles of music were catered for at this
year’s Annual Dinner
Past presidents reunite
Director of Social Welfare and
judge of the OAA Awards Paul Tang
Let’s rock and roll
Musicians add harmony to a splendid evening
JANUARY 2005
THE HONG KONG ACCOUNTANT
15
Institute News
HKICPA Financial Accounting Standards Committee chairman Paul
Winkelmann (left) and the ex-technical director (financial reporting) Simon
Riley, announce the completion of convergence of HKFRS with the IFRS
HKICPA past president Peter Wong (right) and chief executive & registrar
Winnie Cheung introduce the IFAC’s global study on international
accounting standards convergence
Convergence of accounting standards
completed
The Institute held a press conference on 9
December 2005 to announce that, with the
publication of five Hong Kong Accounting
Standards, the suite of financial reporting
standards applying in Hong Kong will be
fully converged with the International Financial Reporting Standards (IFRS) issued
by the International Accounting Standards
Board (IASB) effective for financial reporting periods that begin on or after 1 January 2005.
The five Standards are: HKAS 17 Leases,
HKAS 23 Borrowing Costs, HKAS 24 Related
Party Disclosures, HKAS 31 Investments in Joint
Ventures, and HKAS 40 Investment Property.
While the Hong Kong Financial Reporting Standards (HKFRS) will be in all material respects fully converged with IFRS, it
should be noted that there is one remaining exception that applies only to Hong
Kong companies in terms of which entities
are regarded as being subsidiaries for the
purpose of preparing consolidated financial statements. The issue, as regards the
definition of ‘subsidiary’ in consolidated
financial statements, is the result of a different definition being applied in the Hong
Kong Companies Ordinance and is currently being addressed in a Bill before the
Legislative Council.
Commenting on the achievement of
full convergence with the IASB’s standards,
16
THE HONG KONG ACCOUNTANT
HKICPA Financial Accounting Standards
Committee chairman Paul Winkelmann
said, ‘This is a significant milestone in corporate financial reporting in Hong Kong.
With Hong Kong companies - especially
those companies with securities traded publicly - the investing public and other users
of financial statements will now have information that is regarded as being on a par
with international standards. This will facilitate comparison with other companies
not only in Hong Kong but in the many
other jurisdictions around the world that
apply the IASB’s standards. We hope that
preparers and users of financial statements
will continue to embrace this change in the
public good for Hong Kong.’
Global study
On the international front, the Institute
also plays a key role. A global study led by
its past president Peter Wong and commissioned by IFAC pointed out global challenges and recommended action for
achieving convergence to international
standards for financial reporting.
Released in Hong Kong in early November 2004 at a press briefing presided over
by Mr Wong and the Institute’s chief executive and registrar Winnie Cheung, the
study identified the following six primary
challenges:
1. The need for standards that can be
more easily translated and a high quality translation to accommodate the
needs of non-native English speakers
2. Complexity and structure of standards
3. Frequency, volume and complexity of
changes to the standards
4. Challenges for small and medium-sized
entities and accounting firms
5. The potential knowledge shortfall
among those responsible for implementing the standards
6. Lack of a universal understanding of
the meaning of international convergence
‘There is no question that globally consistent and uniform financial systems would
provide cost-efficiencies to business and
greater safeguards to the public. This is the
reason we are focusing on creating globally
consistent standards. The study points out
that achieving this will need a concerted
effort from all those involved in the financial reporting process,’ Mr Wong said.
Mr Wong’s team travelled extensively
for the project to conduct numerous focus
group sessions and interviews and review a
number of responses to questions. The participants represented a broad range of
regulators, standard setters, preparers from
entitles of various sizes, auditors from large
and small accounting firms, and investment
professionals.
JANUARY 2005
Institute News
Proposals for 2005/06 Budget
The Institute held a press conference on
3 December 2004 to announce its package
of proposals for the 2005/06 Budget entitled
‘In Focus – The Core Strengths of Hong
Kong’s Tax System’ submitted to Financial
Secretary.
Speaking at the press conference on behalf of the Institute were vice-president and
Taxation Committee chairman Paul Chan,
and technical director (business members &
specialist practices) Peter Tisman.
The Institute pointed out that on the
revenue side, the narrowness of the tax base
and reliance on direct taxes on profits and
income, the bulk of which were paid by a
very small proportion of taxpayers, needed
to be addressed.
The international trend is to move away
from direct forms of taxation towards consumption taxes, such as goods and service
tax (GST). The Institute believes that this
is also the right approach for Hong Kong.
The Institute’s recommendations also
include a ‘tax amnesty’ that would allow the
government to collect more tax now and
encourage greater compliance in the future.
Other proposed tax incentive measures include concessions for regional offices that provide management and
consultancy services, group relief, a 50 per
cent profits tax reduction
for a specified period for
the manufacturing sector,
and abolish estate duty.
‘Community measures’ include incentives for employers to recruit workers
who have been unemployed for a certain period,
and increasing the ceiling
on redundancy/severance HKICPA vice-president and Taxation Committee chairman Paul
Chan (right) and technical director (business members &
payments that are treated specialist practices) Peter Tisman, announce the Institute’s
as non-taxable by the IRD. package of proposals for the 2005/06 Budget
Regarding cutting pubarising from issues such as the taxation of
lic expenditure, the Institute suggests conunrealised profits, the handling of offtracting out services, where appropriate,
shore profits and non-Hong Kong-employand expanding the ‘matching’ scheme,
ment claims, and the ‘assess first, audit
through which universities have succeeded
later’ IRD approach.
in raising significant private donations, to
‘Apart from low tax rates, clarity and
other sectors. Also more privatisations and
certainty are strengths of the system. If these
bond issues can encourage efficiencies and
strengths are compromised, Hong Kong
generate revenue and/or improve control
could lose some of its competitiveness in the
over cash flow. The Institute cautions,
region. Our rivals are seizing the opportuhowever, that given Hong Kong’s aging
nity to lower taxes and offer incentives and
population, it is important that a means be
concessions,’ said Paul Chan.
found to fund healthcare services in the
The full package of proposals can be
long term.
accessed from the Institute’s website at www.
At the press conference, the Institute
hkicpa.org.hk/professionaltechnical/
also voiced concerns about increasing unarchived/budget_proposal_2005_2006.pdf.
certainty for businesses and investors,
IFAC praises Hong Kong accounting profession
On the invitation of the Institute, the newly elected International
Federation of Accountants (IFAC) president Graham Ward came
to Hong Kong to attend the HKICPA Annual Dinner as the Guest
of Honour.
During his meeting with the press on 26 November 2004, he
commended the Hong Kong accounting profession for advancing its regulator y framework and adopting international
standards, adding that such moves would lead to the economic
development of the SAR.
Mr Ward said Hong Kong’s new accounting laws would bring
far-reaching reforms for the oversight of the profession and its
regulatory activities, and stronger corporate governance on the
part of Hong Kong listed companies.
He said Hong Kong’s convergence to international standards,
completed on 1 January 2005, was another boon to the territory.
‘It’s well documented that high-quality accounting standards
ensure the credibility of information upon which investors
depend,’ Mr Ward said. ‘When that credibility is there, money
and economic growth usually follow.’
18
THE HONG KONG ACCOUNTANT
IFAC president Graham Ward (centre) meeting the press together with
the Institute’s chief executive & registrar Winnie Cheung and the newly
appointed IFAC Board member Eric Li
JANUARY 2005
Institute News
Board of Review annual luncheon
On behalf of the Institute, Edward Chow
(president for 2005) (second left, back row
in the photo) attended the annual luncheon of the Board of Review (Inland Revenue Ordinance) in early November 2004.
Attending the luncheon also included financial secretary Henry Tang (second left,
front row), secretary for Financial Services
and the Treasury Frederick Ma (second
right, front row), permanent secretary for
Financial Ser vices and the Treasur y
(Treasury) Alan Lai (first left, back row),
commissioner of Inland Revenue Alice Lau
(centre, back row), Board of Review chairman Ronny Wong (centre, front row),
deputy chairmen Anna Chow (second
right, back row), Kenneth Kwok (first left,
front row) and Benjamin Yu (first right,
front row), and member Wong Kwai-huen
(first right, back row).
The annual luncheon provided a valuable opportunity for the Institute to meet
with the Board of Review and the Government to discuss matters of common concern.
Visitor to the
Taxation Committee
The HKICPA Taxation Committee received
a visitor, Prof Richard Krever of Deakin
University, Australia on 23 November 2004.
Issues discussed included the taxation systems in Hong Kong and Australia as well as
the HKICPA budget proposals for the Hong
Kong Government for the year 2005/06.
On behalf of the Committee, deputy chairman Yvonne Law presented a souvenir to
Prof Krever after the meeting.
PRC Accounting Law and Practice is a comprehensive and practical guide
for Lawyers, Accountants and Professionals involved in the preparation of
financial information in accordance with PRC accounting standards.
Each chapter includes essential commentary on PRC accounting practice,
comprehensive accounting entries and accounting examples.
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• Fully bilingual PRC accounting standards, accounting entries and
accounting examples
• Clear guidelines for the preparation of financial accounting information
from various PRC documents and invoices
(Fully Bilingual)
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• Fully cross-referenced to sources of PRC accounting standards including
legislation, regulations and IAS
• Examination of various accounting practices in PRC
• User-friendly index of PRC accounting standards and International
Accounting Standards
For more information, please call Customer Service Hotline
on (852) 2863 2668
www.sweetandmaxwellasia.com
JANUARY 2005
THE HONG KONG ACCOUNTANT
19
Institute News
The Institute’s booth at the Expo
World SME Expo
The Hong Kong Institute of CPAs set up
a booth at the World SME Expo (
!"#$) organised by the Hong
Kong Trade Development Council
(HKTDC) on 16-18 November 2004, to
promote the professional services offered by CPA practices in Hong Kong to
local and overseas enterprises. Taking
this opportunity, members of the Small
Free consultation services provided to a visitor
and Medium Practitioners Committee
(SMPC) volunteered to provide free consultation service to visitors.
A 30-minute SME Service Presentation entitled ‘The Difference Between
P&L is often CPA’ `m^ !=
!" was delivered by Mr Gary
Wong, Project Director (Innovation &
Technology) to introduce the professional
services that the CPA practices offer, as
well as the role of the Institute in assisting
Gary Wong, HKICPA Project Director
(Innovation & Technology) at the presentation
the profession. The session also gave a
preview of the Institute’s planned service,
CPA Source - an online search engine targeting exclusively Hong Kong CPAs for
prospective employers and customers.
HKICPA team participates in the fund raising
walk of the Hong Kong Coalition of Professional
Services
Walk for Coalition
Letters to the Editor
Do you have any questions about
the accountancy profession?
Send your thoughts to the Editor,
The Hong Kong Accountant,
20/F Sunning Plaza, 10 Hysan Avenue,
Causeway Bay, Hong Kong.
Fax: 2520 6646
e-mail: [email protected]
Your full name and address must be included for verification.
Letters may be edited for sense and style.
20
THE HONG KONG ACCOUNTANT
A team of more than 30 people comprising
HKICPA Council members, Accountant
Ambassadors as well as their families and
friends, participated in the Hong Kong Coalition of Professional Services Fund Raising
Walk at the Peak on 28 November 2004.
Being an active member of the
Coalition, the Institute was also a platinum
sponsor of the event, which aims to develop
projects for the exploration of mainland
and global opportunities for young
professionals, enhancing and upholding
high professional standards, and those
projects aimed at creating collective synergy
for professionals.
The Walk was officiated by the Chief
Executive Tung Chee Hwa and Secretary
for Justice Elsie Leung as well as the Hon
CY Leung, chairman of the Coalition.
JANUARY 2005
Institute News
Disciplinary finding
A Disciplinary Committee constituted under section 33(3)(a) of the Professional
Accountants Ordinance (the Ordinance)
heard a complaint made by the Practice
Review Committee (the Complainant)
against Mr. Chan Lai Cheung (membership
no. A05118), a professional accountant
(subsequently a certified public accountant
from 8 September 2004), on 26 August
2004.
Mr. Chan is the sole proprietor of Alex
Chan & Company. After considering the
audit deficiencies identified during the second practice review of Mr. Chan’s audit
practice, the Practice Review Committee
concluded that Mr. Chan failed or neglected to observe, maintain or otherwise
apply appropriate professional standards in
his audits of the financial statements of
three companies. The Practice Review
Committee therefore lodged a complaint
(the Complaint Letter) against Mr. Chan
under section 34(1)(a)(vi) of the Professional Accountants Ordinance.
The Complaint Letter drew attention
to the following findings of significant audit deficiencies identified during the second practice review:
(a) The practice unit did not attend
physical stock-takes in the second
practice review although the
Committee had recommended the
practice unit to attend client stocktakes in its report on the first practice
review.
(b) The practice unit performed inadequate audit work in a file involving the
audit of construction contracts. The
practice unit failed to address issues
concerning revenue and profit recognition of individual contracts.
(c) The practice unit did not perform sufficient audit work for the profit and loss
account items.
Upon hearing the complaint, the Disciplinary Committee was satisfied by the evidence
adduced before it that the complaint was
proved and that Mr. Chan failed or neglected to observe, maintain or otherwise
apply appropriate professional standards in
breach of section 34(1)(a)(vi) of the Ordinance in that in his audits of the financial
statements of three companies, Mr. Chan
failed or neglected to:
(a) obtain sufficient appropriate audit evidence to enable him to draw reasonable conclusions on which to base his
audit opinion, thereby failing or
neglecting to maintain, observe or otherwise apply paragraph 2 of SAS 400
‘Audit evidence’; and
(b) adequately document his work, thereby
failing or neglecting to maintain, observe or otherwise apply paragraph 2
of SAS 230 ‘Documentation’.
Having taken into account the evidence
and circumstances of the case, which included the extent of Mr. Chan’s lack of
appropriate audit work, his disregard for
improvement since the first practice review
and the need to send a signal to Mr. Chan
that he has to follow professional standards
in conducting audits, the Disciplinary Committee ordered that:
(1) Under section 35(1)(b) of the
Ordinance, Mr. Chan be reprimanded.
(2) Under section 35(1)(c) of the
Ordinance, Mr. Chan do pay a penalty
of HK$200,000 to the Hong Kong Society of Accountants (HKSA).
(3) The costs and expenses of and incidental to these proceedings incurred by the
Complainant and the HKSA be borne
and paid by Mr. Chan.
The Council ordered that the findings of
the Disciplinary Committee be published
in the Institute’s journal referring to Mr.
Chan by name.
Mr Albert SC Au, Council member and
chairman of Corporate Services Committee, at
the opening ceremony
A get-together before the final matches
Professional Associations Cup 2004
The Professional Associations Cup was held
on 12 December 2004 at Stanley Ho Sports
Stadium, University of Hong Kong. It was
the first football competition jointly
organised by four local professional bodies:
HKICPA, Hong Kong Dental Association
(HKDA), Hong Kong Institute of Surveyors (HKIS) and Hong Kong Medical Association (HKMA).
22
THE HONG KONG ACCOUNTANT
The kick-off ceremony
The exhilarated HKICPA team members after
the winning score
JANUARY 2005
Institute News
Congratulations to the HKICPA
team which won the championship
after two exciting matches. The
HKMA team missed narrowly and won
the 1st runner-up award. HKDA and
HKIS teams came third and fourth
respectively.
HKICPA team and their supporters
The representative from team IRD receiving
the Charles Mar Fan Cup from Mr Albert SC
Au (left), the officiating guest
The cheerful champion team - IRD with their
supporters
The runner-up team - KFS
HKICPA 2004 Football Competition
Twenty-two teams took part in the HKICPA
2004 Football Competition. Matches in 7a-side format were held between October
and December 2004 at the Kowloon Tsai
Park or Junction Road Park. On 4 December 2004, the two teams that reached the
final competed for the Charles Mar Fan
Cup and the third- and fourth-place teams
for the Special Award.
Mr Fong Hup (right), convenor of the HKICPA
golf team, receiving the trophy
Inter-Professional
Golf Competition
2004
The 6th annual competition between
HKICPA and the Hong Kong Medical Golfers Association (HKMGA) was held on 8
December 2004 at Clearwater Bay Golf and
Country Club. The HKICPA team, formed
by 20 elite golfers, won the competition.
Congratulations!
JANUARY 2005
A 9-Yard Kick Game was held on the
final match day to add more fun to the
competition. Mr Albert SC Au, Council
member and chairman of Corporate Services Committee officiated at the prize presentation ceremony.
The Winners
Champion team
• IRD
Runner-up team
• KFS
Winning team of Special Award
• 3+
Winning team of 9-Yard Kick Game
• IRD
Top Scorers
(in the preliminary round)
• Mr Lui Ming Leung
(a team member of IRD)
• Mr Ting Wai Man, Raymond
(a team member of PAUFGA)
Speedy Scorer
(in the preliminary round)
• Mr Ho Yan Kit
(a team member of BDO McCabe Lo & Company)
THE HONG KONG ACCOUNTANT
23
Institute News
Team captains exchanging souvenir flags
The HKICPA team joined by Mr Kevin Yuen, deputy
chairman of Corporate Services Committee (CoSC) and
Mr Gabriel Tam, member of CoSC (fourth and first from
left, 2nd row)
The champion team – Guangzhou
Institute of CPAs – holding aloft the cup
Football Competition in Guangzhou
The HKICPA football team took part in a
competition hosted by the Guangzhou
Institute of Certified Public Accountants
(GzICPA) in Guangzhou on 18 and 19
December 2004. Two matches were played
and the GzICPA team won the championship.
This was the sixth year that a football
competition was held between accountants
in Hong Kong and practitioners in the
Mainland. The event provides a very good
opportunity for our members to show their
team spirit, as well as to meet their Mainland
counterparts.
Come join as our Trainers
The Council is pleased to appoint the
following member practices and members
as our Authorised Employers (‘AE’) and
Authorised Supervisors (‘AS’) respectively
to train future CPAs. If you or your practice
have not yet joined us as a trainer, please
complete and return the relevant AE/AS
application form which is available from
the ‘Members – Registration Matters –
Membership Registration – Admission
Authorised Employers
Appointment from 8 November 2004 to
31 December 2009
PRICEWATERHOUSECOOPERS !"#$%&'(
Appointment from 2 December 2004 to
31 December 2009
C.K. LIU & COMPANY !"#$%&
C.T. CHIU & CO. = !"#$%&
CATHERINE CHEUNG & CO. !"#$%&
CHAN & LEE C.P.A. CO. LIMITED !"#$%&'()
CHAN AND CHAN = !"#$%
A HO SUNG & CO. = !"#
CHAN CHAK CHUNG & CO. = !"#$%&
AGRICULTURAL BANK OF CHINA, HONG KONG BRANCH
!"#$%&#
CHENG, KWOK & CHANG !"#$%&
ALBERT WONG & CO. !"#$
24
Requirements’ section in our website at
www.hkicpa.org.hk. You are most welcome
to contact our Membership Section at
telephone number: 2287 7228 for more
details.
CHEUNG KAM SING & CO. = !"#$%&
ANDREW HUNG & CO. !"#$%&
CLEMENT C. W. CHAN & CO. – CERTIFIED PUBLIC ACCOUNTANTS
(PRACTISING) !"#$%&
BLES & COMPANY== !"#
CONPAK AND COMPANY !"#$%
BRIGHT TALENT CONSULTANTS LIMITED = !"#$
DOUGLAS CPA & CO. !"#$%
C.C. TAM & COMPANY = !"#$%&
F.S. LI & CO. !"#$%&
C.F. CHU & CO. = !
FAN, CHAN & CO. !"#
C.K. KONG & CO. !"#$
FERRIER HODGSON LIMITED !"#$
THE HONG KONG ACCOUNTANT
JANUARY 2005
Institute News
Appointment from 2 December 2004 to 31 December 2009 (continued)
FOK & CHAN CPA LIMITED !"#$%&'()
MICHAEL YAM & COMPANY = !"#$
FRANK HO & CO. !"#$%&
NESTLE HONG KONG LTD. !"#$%
FRANK R. MULLENS & CO.
OLIVER WONG & COMPANY = !"#$%&
FUNG LAU & CO. !"#$
PANG, CHENG & CO. = !"#$%
GEORGE YU & COMPANY !"#$
PHILIP P.L. CHOI & CO. = !"#$
GRANT THORNTON = !"#
PHILIP POON & PARTNERS CPA LIMITED !"#$%&'(
H.H. LAM & CO. !"#$
PY CHIU CPA LIMITED = !"#$%&'(
H.T. WONG & CO. !"#$%&
RUBY C. Y. SIU & CO. = !"#$%&
HELEN KUN & CO. !"#$%&
S.K. PANG & COMPANY = !"#$%&
HERMAN H.Y. NG & CO. !"#$
SECURITIES AND FUTURES COMMISSION !"#$%&'()
HLM & CO. !"#
STELLA W.M. KWOK & CO. !"#$
HO, SNEDDON, CHOW, C.P.A. LIMITED !"#$%&'()*
STEPHEN W.B. CHAN CO., LTD. !"#$%&'()*
HONG KONG BAPTIST UNIVERSITY = !"#
STEVEN LI & CO. !"#$
HORWATH HONG KONG CPA LIMITED
SUZANNE WONG & CO. !"#$
HUA QIN & CO CPA = !"#$%
T.M. HO SO & LEUNG CPA LIMITED
= = !"#$%&'(
JACK C.Y. YIM & CO. = !"#$%&
JAMES NGAI & PARTNERS CPA LIMITED !"#$%&'()*
JENNINGS T.H. WONG & COMPANY !"#$
JOHN K.H. LO & CO.== !"#$%&
K P LAW & COMPANY !"#$%&
K. M. CHAN & COMPANY = !"#$%&
K.F. LEUNG & CO. !"#$%&
K.K. YAM & CO. !"#$%&
K.W. CHUA & CO. !"#$%&
KAM CHING YU CPA LIMITED !"#$%&'(
KELVIN CHONG & PARTNERS !"#$%&
LAM & CHUI CPA LIMITED !"#$%&'
LAU CHAN AND COMPANY !"#$%&'()
LI, TANG, CHEN & CO. = !"#$%&
M.T.L. PANG & CO. !"#$%&
T.N. LUI & CO. !"#$%&
T.S. LAM & CO. !"#$%&
TING HO KWAN & CHAN !"#$%
TYRONE CHIU C.P.A. LIMITED = !"#$%&'()*
UNION CPA LIMITED !"#$%&'()
VINCENT LAM AND COMPANY !"#$
VINCENT MAK & COMPANY !"#$
VISION C.P.A. LIMITED !"#$%&'
W.K. MAK & CO. = !"#$%&
W.M. YUEN & COMPANY = !"#$%&
W.S. WONG & CO. !"#$
WALLACE KO & CO. = !"#$%&
Y. M. HON & CO. = !"#$
Y.F. PANG & CO. !"#$%&
Corrigendum
In the November issue under the ‘New registrations’, there was a typographical error in the name of the sole proprietor of the firm
BENSON CHAN & CO., CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) !"#$%, the correct name of the sole
proprietor should read Chan Kwok Hong instead of Chan Kwok Hung.
JANUARY 2005
THE HONG KONG ACCOUNTANT
25
Institute News
Authorised Supervisors
Appointment from 2 December 2004 to 31 December 2007
26
Mr. BEATTIE, Richard Montgomery
Ms. HUNG, Lo Shan, Lusan
Mr. LEUNG, Ming Fai
Mr. SUM, Wai Man*
Mr. CHAN, Chi Bor*
Mr. IP, Chak Lam
Miss LEUNG, Wai Yee, Winnie
Mr. SZE, Wing Kin, Pierre
Mr. CHAN, Chiu Yin, Michael*
Mr. KAM, Chi Kan, Elson*
Mr. LI, Fat Chung*
Ms. TAM, Yin Ling
Mr. CHAN, Kai Kwok
Ms. KAM, Man Yi, Margaret
Mr. LI, Siu Hong*
Mr. TANG, Ka Ming, Nelson
Mrs. CHAN, Kam Yan, Eliza*
Ms. KAN, Pui Yan
Mr. LI, Wing Sum, Steven*
Mr. TONG, Ka Wing, Carl
Mr. CHAN, Kin Chung
Miss KONG, Chai Ying*
Mr. LI, Yuk Yu, Edwin*
Mr. TSE, Ping Shing
Ms. CHAN, Mi Har
Mr. KONG, Muk Yin
Mr. LO, Chi Yuen
Ms. TSOI, Ching Wan
Miss CHAN, Wai Man*
Ms. KWAN, Kam Sau, Denise
Mr. LO, Kam Fat*
Mr. WAN, Sai Kit, Ricky
Mr. CHAN, Wang Kei*
Mr. KWOK, Ka Yiu*
Mr. LO, Kok Wai
Miss WAN, Wing Sze, May
Miss CHAN, Wing Yan
Ms. KWOK, Pik Lin*
Miss MA, Chui Sze
Mr. WONG, Ka Keung
Mr. CHEN, Mau Wai, William
Mr. KWOK, Siu Nam, Dave*
Mr. MA, Ho Wo
Mr. WONG, Lui
Mr. CHIEN, Hoe Yong, Henry
Ms. KWOK, Wing Mei, Stella*
Mr. MA, Kwok Hung
Mr. WONG, Rex Josephat
Mr. CHING, Chun Chung*
Miss KWONG, Hang Fong, Janet
Mr. MAK, Yuk Tong, Garrick
Ms. WONG, Sau Wai, Sophia*
Mr. CHOI, Ho Yin
Miss LAI, Fung Choi
Mr. MAN, Wai Chuen
Mr. WONG, Shiu Kee*
Mr. CHOI, Yi Kwong
Miss LAM, Chi Tung, Becky
Mr. MOK, Pui Hong
Mr. WONG, Wan Hing
Miss FAN, Chi Fun
Mr. LAM, Kwing Yung
Ms. MOK, Sau Man, Joanna
Mr. WU, Kwok Lam
Mr. FONG, Fu Yin, Albert*
Mr. LAM, Sing Hung*
Mr. NG, Hoi Yue, Herman*
Ms. XIA, Xiaoyan
Mr. FUNG, Ho Yin
Mr. LAM, Wai Pong
Mr. NG, Par Gain
Mr. YAN, Wing Cheung
Mr. FUNG, Kun Cheong*
Mr. LAM, Yuet Wah
Mr. NG, Siu Hong
Mr. YAU, Ka Fai*
Miss FUNG, Wai Wah
Mr. LAU, King Tang
Mr. NG, Siu Ping
Mr. YEUNG, Kai Cheung, Patrick
Mr. FUNG, Yiu Fai*
Ms. LAU, Wing Shan*
Mr. NG, Tsz Wing
Mr. YEUNG, Shun Kee, Edward
Mr. HO, Chi Wai
Mr. LAW, Chi Yuen
Mr. POON, Chun Shing, Edwin
Ms. YEUNG, Siu Hung*
Mr. HO, Chi Wai, Terence
Mr. LEE, Chuen Kei*
Mr. POON, Kwok Wah, Allan
Mr. YEUNG, Tin Ming*
Mr. HO, Hin
Miss LEE, Hok Kwan, Doris
Mr. POON, Wang Cheong*
Mr. YIU, Hon Lam*
Mr. HO, Wai Keung
Mr. LEUNG, Chi Tat
Mr. SIU, Kai Lau, James
Ms. YUEN, Suk Ching*
Ms. HO, Yuen Pik, Stella
Miss LEUNG, Chui Wan
Mr. SO, Tak Kwong
* Practising certificate holder for 2005
Mr. HUI, Tat Yan
Ms. LEUNG, Kwok Yi, Jo
Ms. SO, Wai Yin
THE HONG KONG ACCOUNTANT
JANUARY 2005
Institute News
Statistics update
Removal of CPA Practices
As of 15 December 2004, the Institute’s statistics were as follows:
The Council recently approved the de-registration applications
from the following member practices and their names have been
removed from the Institute’s register:
22,837
Members
3,369
Practising Certificate Holders
1,114
Firms
Firms
Removal Date
Corporate Practices
ALEX C.K. CHEUNG & CO.
!"#$
31 December 2004
GARETH Y.S. TANG & CO.
!"#$%&
1 January 2005
JOSEPH S.T. YU & CO.
!"#$
1 January 2005
K.Y. YEUNG & COMPANY
!"#$%&
16 December 2004
KAN, IP & CHENG
!"#$%&
12 October 2004
LO YUN KUN & CO.
!"#$%&
1 January 2005
LUK WAI CHEUNG & CO.
!"#$%&
1 January 2005
M K HO & COMPANY, CERTIFIED
PUBLIC ACCOUNTANTS
16 December 2004
J. NGAI, CHAN & CO.
!"#$%&'()*
1 January 2005
TAI, KONG & COMPANY
!"#$%
31 December 2004
W. F. PUEN & CO.
!"#$%&
31 December 2004
YEUNG CHI HUNG & CO.
!"#$%&
31 December 2004
Corporate Practice
Removal Date
HO & IP CPA LIMITED
!"#$%&'()*+,-
16 December 2004
164
Early closing
The Institute’s office and library will close at 4pm on 8 February 2005 for the Lunar New Year’s eve.
New registrations
The Council recently approved the registration of the following
corporate practices effective in November and December 2004:
Corporate Practice
Name of Directors
ACCULES CPA LIMITED
!"#$%&'()
Cheng Sing Wai
Hong Kin Choy
ERIC NG C.P.A. LIMITED
!"#$%&'()*
Ng Kwok Wai, Eric
Lau Tsui Chu
(Non-Member Director)
HOPKINS CPA LIMITED
!"#$%&'()
Lam, Albert Man Sum
Ngai Wai Chung
KATON CPA LIMITED
!"#$%&'
Lee Kit Wah
Mo Mang Ping
(Non-Member Director)
VENTURE PARTNERS CPA LIMITED
!"#$%&'()
Cheung Ching Ching, Daisy
Kwong Chi Kit, Victor
VICTOR LING & PARTNERS
(C.P.A.) LIMITED
!"#$%&'()*
Ling Kam Tong, Victor
Ling Chi Kin, Joseph
Corrigendum
In the Outstanding Accountant Ambassadors Awards pamphlet distributed at the annual dinner, the title of Lai Ka Yin, Elie,
nominator of awardee Lau Wai Fat, Paul was wrongly quoted as senior partner of KPMG. Ms Lai’s correct title should be senior
manager of KPMG. The Institute offers its sincere apologies for any inconvenience caused.
28
THE HONG KONG ACCOUNTANT
JANUARY 2005
Institute News
HKAAT news
Outstanding performer of the
June 2004 Examinations
Professional Bridging
Examinations
Ng Luk Pan
Mr Ng graduated from the University of
Hong Kong, majoring in Mathematics.
He completed all four papers of the Professional Bridging Examinations in one
sitting in the June 2004 diet. Due to his
outstanding performance, he has been Mr Jon Chau shared his joy in joining the Association’s
and his experience in preparing the
awarded the scholarship granted by the activities
examinations.
Hong Kong Institute of Certified Public
Accountants (HKICPA) to study the CPA
Qualification Programme (CPA QP). He is
Student Orientation Programme
now an IT/Audit Supervisor at Catherine
The first Student Orientation Programme
Cheung and Company.
for new students who joined the Association in 2004 was organised on 25 SeptemAccounting Technician Examinations
ber 2004, from 2:00 pm to 4:00 pm at the
Chan Kwok Yueng
Association’s multi-purpose room. The
Mr Chan is the first graduate to pass all eight
Orientation aims to introduce to new
papers at one sitting. He registered with the
students: (i) the roles of being an HKAAT
Association in July 2003 and was sitting the
student; (ii) relationship between HKICPA
Accounting Technician Examinations for
and HKAAT; and (iii) the Association’s
the first time. He is now studying for the
Diploma in Accounting Studies at the Hong
Kong School of Commerce.
examinations and student ser vices
provided. Around 40 applications were
received.
The orientation was divided into
parts. At the beginning, participants had
a chance to make friends with those with
similar goals during the refreshment and
game section. In the sharing session, a
top student and some AAT graduates and
students gave much valuable advice and
recommendations and shared their examination experience with the new
students. Finally, student benefits and
activities were introduced to the
participants. Participants enjoyed an informative and fun Saturday afternoon.
Most of them said that the orientation
helped them learn more about the Association and would recommend other students to join the orientation in future.
The Association would like to take this
opportunity to thank Mrs Christine Leung
and Ms Winnie Kwok from the Student Affairs Committee, Messrs Jon Chau (AAT
graduate), Ronald Ling (AAT graduate)
and Ms To Wing Yi (top student) for their
kind support.
Study Buddy Group
The Association organised the first Study
Buddy Group for the Accounting Technician Examinations Papers 5 – 8 in December 2004 Diet. It was aimed at introducing
students who are taking the same paper to
each other so that they could form a small
study group to help, support and motivate
each other in learning and understanding
the various topics of a specific paper.
Around 159 applications were received.
Students who took the same paper were
then grouped together. For each paper, students were further divided into groups of
4 – 5 members according to their residential addresses. A first meeting of the Study
Buddy Group was held by the Association
to introduce students to each other on 18
September 2004. During the meeting, students were encouraged to formulate a study
plan with their members. After the
meeting, students then ran their study
buddy groups by themselves. A co-ordinator
will follow up with the leader of each group
to check its progress. Many groups are now
running smoothly in preparation for their
examinations.
JANUARY 2005
THE HONG KONG ACCOUNTANT
29