CIMA and the Hong Kong Institute of Certified Public Accountants (HKICPA) entered into a new five-year agreement to widen opportunities for accounting and finance professionals of both designations.
The agreement between the accounting bodies looks to accelerate growth by approving mutual examination paper exemptions from CIMA’s CGMA Professional Qualification and the HKICPA Qualification Programme, according to a news release. CIMA and HKICPA members have to meet their own professional body’s membership requirements.
Andrew Harding, FCMA, CGMA, chief executive–Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, said the agreement will develop highly skilled professionals who “can drive sustainable success for their organisations”.
Margaret Chan, chief executive and registrar of HKICPA, said in the release: “This advanced agreement further opens up opportunities for HKICPA members to become CIMA members, easing their path to gain another world-leading qualification and strengthening their competitiveness.”
CIMA’s annual conference and dinner will be hosted in Hong Kong on 25 November to discuss the organisations’ position and plans around digital finance transformation with artificial intelligence. Registration is free for AICPA & CIMA members.
UKEB draft comment letters on recent IASB exposure drafts
The UK Endorsement Board (UKEB) published several draft comment letters on recent exposure drafts issued by the IASB, a news release said.
The UKEB is supportive of the IASB’s drafts on Climate-Related Risks and Other Uncertainties in the Financial Statements and Amendments to IFRS 19, Subsidiaries Without Public Accountability: Disclosures, while asking the IASB to consider other requirements and minor enhancements in some areas.
Also, the UKEB announced a call for comments following the publication of their Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Amendments to the Classification and Measurement of Financial Instruments, the release said.
Comments can be submitted online or sent to UKEndorsementBoard@endorsement-board.uk, the release said. The deadlines for comments differ by project and can be sourced within the release.
IASB reviews IFRS 15
The IASB, in a news release, said it concluded its post-implementation review of IFRS 15, Revenue From Contracts With Customers, and found that the standard is working as intended, with some application issues to consider.
According to the release, the overall verdict is positive, but the IASB has identified a few application issues to consider in its next agenda consultation, expected in late 2025, which includes:
- How companies decide whether they are the main seller or an agent in a transaction;
- How to report on payments to customers; and
- How IFRS 15 works alongside several other IFRS accounting standards.
IFRS and World Bank look to make emerging economies sustainable
The IFRS Foundation and World Bank Group announced their commitment to expand the coverage of their existing partnership to the adoption of sustainability standards in emerging markets and developing economies (EMDEs), a news release said.
The commitment, announced during New York Climate Week, “builds on the long-standing partnership between the World Bank Group and the IFRS Foundation that helped deliver the adoption of IFRS accounting standards in EMDEs globally”, the release said.
They will expand the coverage of existing memorandums of understanding to support the adoption of ISSB standards and work in partnership with relevant public and private sector stakeholders on capacity building, the release said.
AICPA & CIMA conference looks to define baseline for good company culture
An upcoming conference from AICPA & CIMA will explore how companies can improve their organisation culture. The conference will be held in Glasgow, Scotland, on 25 October.
Speakers, panellists, and interactive roundtables will cover the impact of good organisational culture, finance’s role in shaping and driving culture, culture’s role in sustainability, and the role of technology and artificial intelligence.
An early registration, by midnight Sunday, can offer discounted rates.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
