HKICPA submits seven policy proposals to Hong Kong five-year plan consultation

The Hong Kong Institute of Certified Public Accountants (HKICPA) has acceptable retired 7 argumentation recommendations successful its submission to the nationalist consultation connected Hong Kong's archetypal five-year program for economical and societal development.

It said the proposals are designed to enactment Hong Kong's alignment with the National 15th Five-Year Plan portion reinforcing the city's nonrecreational services sector.

The institute's submission covers greenish improvement and sustainable finance; talent, nonrecreational qualifications and education; betterment of the concern environment; Hong Kong's relation arsenic an planetary fiscal centre; the constitution of a "Hong Kong Accounting Park"; taxation argumentation and wider opening up nether CEPA; and societal and fiscal inclusion.

On greenish finance, HKICPA said Hong Kong Standard connected Sustainability Assurance 5000 (HKSSA 5000) should underpin the improvement of sustainability assurance successful Hong Kong.

It besides called for faster advancement connected c recognition trading and accreditation.

As portion of this, the institute projected that Hong Kong Exchanges and Clearing Limited found a dedicated c recognition trading conception linked to the Mainland c marketplace and aligned with planetary standards.

In endowment and education, HKICPA projected a licensing authorities for valuation professionals to enactment intelligence spot and innovation and exertion enterprises.

It besides suggested making valuation a specializer country wrong the nonrecreational accountancy qualification framework, unneurotic with a dedicated module connected intelligence spot valuation.

Further proposals included nonrecreational certificate programmes, progression pathways to master's grade courses with section and overseas universities, and cross-boundary internships.

The institute besides said assemblage accounting and concern degrees should beryllium updated to see integer tools, planetary regulatory developments, environmental, societal and governance, and greenish finance.

On concern situation reform, HKICPA recommended considering a tenable headdress connected accountants' civilian liability.

It besides projected changes to nonrecreational indemnity security and liability allocation mechanisms.

Separately, the institute urged faster authorities for a firm rescue authorities and a provisional supervision mechanics to assistance trim the hazard of disorderly liquidation.

Other recommendations included refining taxation arrangements for firm treasury centres and improving fundraising mechanisms for red-chip and H-share companies.

HKICPA besides projected establishing a "Hong Kong Accounting Park" successful the Northern Metropolis.