HK PRL Professional Accountants Bill
On May 12, HK PRL issued professional accountants (amendment) bill.
- HK PRL published the professional accountants (amendment) bill 2022 in the gazette.
- Follows HK PRL Jul. 2021 financial reporting council amendment bill, see#111207
- Aims to amend the election mechanism of the council of the Hong Kong institute of certified public accountants (HKICPA) and enhance its administrative procedures.
- Raise HKICPA nominations from 2 to 10 including 1 proposer and 9 seconders.
- Candidate will also need to obtain nomination from 2 members of the advisory committee to accounting and financial reporting council (AFRC) as seconders.
- Align the election cycle of all 14 elected council members of the HKICPA to biennially.
- Extend the term of the 7 council members elected in end-2020, the term of the president and vice-presidents elected in end-2021 to until end-2023 for transition.
- Amend provisions in PA by-laws on general meetings procedure to be more flexible.
- Extend the time frame for lodging of nomination papers for election from 7 to 14 days.
- First reading will be on May 18, 2022.
||PR, ACCT/2/1/2C, Bill, 5/12/2022
||Accounting; Compliance; Financial; Legal; Reporting
|Reg. Last Update
Last substantive update on 05/13/2022