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4 May 2013
The global evolution of corporate reporting has taken another significant step
for ward with the release last month of the international integrated reporting
framework consultation draft.
The International Integrated Reporting Council launched the framework in
15 cities, including Hong Kong, where the kick-off event was organized by the
Hong Kong Institute of CPAs and HSBC on 16 April.
“ The IIRC aims to create a framework that is fit for purpose in order to help
businesses communicate value in the 21st century,” said Chris Joy, executive
director of the Institute.
The IIRC is calling on Institute members and all stakeholders across the world
to read the draft and respond with comments by 15 July. “Discuss and understand
what it means for you and respond to the draft,” IIRC chairman Paul Druckman
said in a videotaped address at the launch. “This is your chance to shape the
future of reporting.”
In 2011, CLP Holdings and HSBC agreed to be the Hong Kong-listed pilot compa-
nies adopting the IIRC’s framework on corporate reporting and incorporated the
social and env ironmental aspects of its business into its annual report. The IIRC was
established in 2010 and the pilot programme is being implemented in 25 countries.
According to the IIRC, the framework creates the foundations for a new
reporting model to enable a business to provide a concise communication of how
it creates and maintains value in the short, medium and long term. A n integrated
report, it says, should be prepared primarily for providers of financial capital in
order to support their financial capital allocation assessments.
“Integrated reporting allows us to give a coherent report to our shareholders
and stakeholders,” said Robert Kwok, group accounting and compliance manager
at CLP Holdings, which produces a 230-page annual report.
Institute, IIRC launch draft of
integrated reporting framework
Invitation to respond issued to stakeholders
Hong Kong chief executive
visits Institute’s Beijing office
Chief executive C.Y. Leung led a team of senior govern-
ment officials to visit the Institute’s Beijing office on 26
April. On behalf of the Institute, vice president Clem-
ent Chan briefed them about the Institute’s recent
meeting with the Ministry of Finance on the HKFRS
and Chinese Accounting Standards convergence proj-
ect, and the Institute’s various cooperation activities
with Chinese stakeholders.
Institute members make
a difference as mentors
The Institute concluded the Smart Way Forward
mentorship programme, co -organized with charity
Caritas Hong Kong, on 20 April. The six-month pro-
gramme featured an accounting project competition,
with the Institute president Susanna Chiu as chief
adjudicator. Under the Institute’s accountant ambas-
sador mentors, 11 secondary school teams presented
their business plans through drama performances.
This year, 26 CPAs joined as mentors and judges.
Choi Kwok-man, CPA (practising) and K.M . Choi &
Au Yeung Limited
Complaint: Failure or neglect to observe, maintain or
otherwise apply section 100 “Introduction and Fun-
damental Principles” and section 130 “Professional
Competence and Due Care” of the Code of Ethics for
Professional Accountants. Choi is the managing direc-
tor of the corporate practice. The Institute received
information about alleged deficiencies in the work of
the corporate practice regarding a compliance report
of an insurance broker issued by Choi on behalf of the
corporate practice. After considering the information
available, the Institute lodged complaints against
the respondents under section 34(1A) of the Profes-
sional Accountants Ordinance.
Decision and reasons: Choi and the corporate prac-
tice were reprimanded and ordered to pay to the
Institute a penalty of HK$50,000 and HK$49,640 to-
wards the costs of the disciplinary proceedings.
Details of the disciplinary findings are available at the
Institute’s website: www.hkicpa.org.hk.
The success ingredient feature in the April issue
of A Plus misquoted John Lo. The rate of inflation
in China should be “3-4 percent.”
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