Hong Kong’s Accountants Push Back After Government Power Grab
- Hong Kong moves to hand full accounting oversight to FRC
- Government seeks changes without formal public consultation
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The staid accounting profession is the latest to be rattled by the chaotic changes sweeping through Hong Kong.
The government, via a blog post, this month proposed putting all accountants in the city under the supervision of its Financial Reporting Council, cutting out the self-regulating body that’s held sway for almost five decades. It also moved to take licensing power away from the Hong Kong Institute of Certified Public Accountants, building on reforms from 2019 to tighten oversight and bring the city closer to international standards.