The Financial Reporting Council (Amendment) Bill 2021 was passed by the Legislative Council. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcome the passing of the bill, which he said would enhance the regulatory regime of the accounting profession in Hong Kong.

The amended Ordinance enables the Financial Reporting Council (FRC) to become a full-fledged independent regulatory body for the accounting profession. In the new name of Accounting and Financial Reporting Council under the new regime, the FRC will perform expanded statutory functions, including the issuance of practising certificates to certified public accountants; registration of accounting practice units and Public Interest Entities auditors; and inspection, investigation and discipline work of the accounting profession. The FRC will oversee the Hong Kong Institute of Certified Public Accountants’ performance in its various statutory professional functions as well.

Government as the secondary legislation is developed to provide for the transitional arrangements and other technical details of the new regime, and with the HKICPA to ensure a smooth transfer of functions to the FRC. 

You can get more information by going to www.frc.org.hk/en-us/enews/202111/21103103-FRC-eNewsLetter_EN.PDF.