The Association of Chartered Certified Accountants is pitching recommendations in response to the public consultation on the Hong Kong Special Administrative Region’s first Five-Year Plan for Economic and Social Development.
The move comes in a bid to help shape Hong Kong’s future through new thinking and new models.
Among the recommendations across five key dimensions to accelerate the enhancement of Hong Kong’s overall competitiveness are:
Establishing rules and testing grounds for AI deployment in accounting and auditing – Implement a ‘General Rule for AI Application in the Accountancy Profession’ alongside a dual-track regulatory sandbox, moving from defensive compliance to proactive surveillance.
Elevating the accountancy profession into valuation, M&A, and RWA domains – Establish a Hong Kong professional standard for valuation and M&A advisory, adopt the International Valuation Standards (IVS), and shift the profession from ‘back-office support’ to ‘front-office strategy’.
Opening two-way flows of data and talent in the Greater Bay Area – Deepen the application of ‘data crossing the river’ to corporate data and promote the mutual recognition of professional qualifications across the region.
Transitioning from ‘introducing’ to ‘serving’ capital – Pool diverse international capital to empower start-ups and host international accounting professional conferences to enhance Hong Kong’s professional discourse power.
Closing the AI and green talent gaps – Double the Continuing Education Fund (CEF) ceiling to HK$50,000, expand the scope of recognised courses, such as AI and green finance, extend coverage from physical courses to accredited digital learning platforms, and integrate ESG qualifications into the Hong Kong Qualifications Framework.
Promoting responsible AI application across enterprises – Apply a ‘three-tier framework’ to advance government-industry-academia-research collaboration, establishing an enterprise AI application capability assessment framework linked to government funding.
