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.
  • Amendments
  • 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.
  • Effectiveness
  • First reading will be on May 18, 2022.

Regulators HK PRL
Entity Types Auditor; Corp
Reference PR, ACCT/2/1/2C, Bill, 5/12/2022
Functions Accounting; Compliance; Financial; Legal; Reporting
Countries Hong Kong
Products Corporate
Regions AP
Rule Type Proposed
Rule Date 5/12/2022
Effective Date 5/18/2022
Rule Id 137595
Linked to
Reg. Last Update 5/12/2022
Report Section International

Last substantive update on 05/13/2022