Thumbnail: 

The Hong Kong Institute of Certified Public Accountants is investing a total of HK$28 million over the next two years in four projects that aim to sharpen the skills sets of members and students, and to maintain the institute’s international competitiveness.

The projects include comprehensive training of members and the public on financial reporting, auditing, and ethics standards; establishment of a learning support centre; and the upgrading of QP resources for students beginning September 2010. To boost thought leadership and international competitiveness, the institute will be hiring additional staff to research and write papers on subjects such as guidance for governance, fraud reporting, sustainability and public policy and legislative development.

Meanwhile, in a gesture to ease the effect of the financial crisis on members, the institute is issuing one-off fee rebates of HK$380 to all members as of June 30, 2009. Many accountancy firms in Hong Kong have cut salaries and bonuses, required unpaid leave and even laid off staff. Members may choose to donate their rebates to the HKICPA Trust Fund to help members in need or have the amount deducted from their 2010 subscription. The institute has already injected an additional HK$3 million into the HKICPA Trust Fund which previously only had a little over HK$1 million.