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Appointments to Advisory Committee of Accounting and Financial Reporting Council
     The Government announced today (July 29) the appointments made by the Financial Secretary to the inaugural Advisory Committee of the Accounting and Financial Reporting Council (AFRC) for a term of two years from August 1, 2022, to July 31, 2024, in accordance with the Financial Reporting Council Ordinance (Cap. 588). 
     The members are:
Mr Clement Chan Kam-wing
Ms Ivy Cheung Wing-han
Mr Stephen Fung Sing-hong
Mr Edward Lau Fu-keung
Ms Elizabeth Law
Mr Patrick Law Fu-yuen
Ms Doris Lian Shaodong
Mr Low Chee-keong
Mr Webster Ng Kam-wah
Dr Christopher To Wing
Ms Flora Wang Fang
Ms Daisy Yeung

     In announcing the appointments today (July 29), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The appointed members of the Advisory Committee comprise practitioners, service users and other stakeholders of the accounting profession. With the professional knowledge and practical experience of these members, the Advisory Committee will render constructive advice on the implementation of the new regulatory regime of the accounting profession, and serve as an important conduit between the AFRC and the profession, whereby assisting the AFRC in the effective discharge of its various regulatory functions."
     The new regulatory regime of the accounting profession will commence on October 1, 2022. Under the new regime, the Financial Reporting Council will be renamed as the AFRC and will become a full-fledged independent regulatory and oversight body with expanded statutory functions, including the issuance of practising certificates to certified public accountants; registration of accounting practice units and local Public Interest Entities auditors; and inspection, investigation and discipline of the accounting profession. The AFRC is also tasked to help promote the development of the accounting profession and oversee the performance of the Hong Kong Institute of Certified Public Accountants (HKICPA) in the Institute's various statutory professional functions.
     In order to facilitate the AFRC's regulatory work under the reformed new regime in relation to a variety of areas in accounting, audit and assurance, the statutory Advisory Committee is established to advise the AFRC on matters of policy regarding any of the AFRC's objectives and functions. 
     The appointed members of the Advisory Committee will also be empowered to second nominations of candidates in the HKICPA's Council elections under the Professional Accountants (Amendment) Ordinance 2022, which will come into effect on November 1, 2022.
     In addition to the members appointed by the FS, the inaugural Advisory Committee also consists of the Chairperson and the Chief Executive Officer of the AFRC.
Ends/Friday, July 29, 2022
Issued at HKT 11:00
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