Hong Kong’s Financial Reporting Council (FRC) transitioned to become the Accounting and Financial Reporting Council (AFRC) at a launch ceremony on 29 September.

As of 1 October 2022, the AFRC will become a full-fledged independent regulator of the accounting profession in Hong Kong. The further reform extends the AFRC’s regulatory power to auditors of all entities in Hong Kong, and all accounting professionals and to oversee all statutory functions of the Hong Kong Institute of Certified Professional Accountants. Given the expanded duties, the AFRC will spearhead and lead the accounting profession to constantly raise the level of quality of professional accountants, and thus protect the public interest.

At the launch ceremony, HKSAR Government financial secretary Paul Chan Mo-Po said: “Accountants and auditors are gatekeepers of financial reporting in Hong Kong. They play a critical role in underpinning the credibility of our businesses and financial markets. And, hand-in-hand with the new AFRC, they will ensure that the profession, and its regulation, align with international standards and developments, serving the best public interest.”

The ceremony was attended by over 350 guests who were welcomed through a ‘Time Tunnel’ exhibition that presented the archives of the transformation of the AFRC since it was established in 2006. A corporate video was released at the ceremony to commemorate the FRC’s 16-year journey and to inaugurate the launch of the AFRC.

FRC CEO Mark Grabowski said: “Our purpose is to shape a competitive environment that will nurture and promote the success of the profession. We aim to achieve this through a combination of dialogue, understanding and collaboration, defending the law, leveraging the power of governance and providing thought leadership. As a financial regulator, we expect our regulatory action to create positive ripple effects in the business environment that will bring benefits to the accounting profession, to the economy and to Hong Kong. These ripple effects are visually reflected in the letter ‘F’ of our new logo.”

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By GlobalData