News Centre

​The Financial Reporting Council (“FRC”) welcomes the passage of the Financial Reporting Council (Amendment) Bill by the Legislative Council today. 

Under the newly enacted legislation, the FRC will assume the following regulatory functions from the Hong Kong Institute of Certified Public Accountant (“HKICPA”) in respect of the accounting profession in Hong Kong:
 

i. issuance of practising certificates to certified public accountants (CPAs);

ii. registration and inspection of practice units;

iii. investigation and discipline of all CPAs, certified public accountants (practising) and practice units; and

iv. overseeing the remaining statutory functions of the HKICPA:

 
a)    setting of requirements for and provision of continuing professional development;
b)    setting of standards of professional ethics, and setting of accounting and auditing standards; and
c)    registration of CPAs including conducting qualifying examinations for CPAs and mutual and reciprocal recognition of accountants with overseas accountancy bodies.
 
Dr Kelvin Wong, Chairman of the FRC, said, “The enactment of the new legislation marks the genesis to the healthy development of the accounting profession in Hong Kong.  I am confident that the FRC will be ready to take on the additional functions and challenges with a view to promoting a market that is good and fit for long-term sustainable development, thereby strengthening Hong Kong’s position as an international financial centre.”
 
For details, please click here​.