2026 Issue 1 Volume 22 DRIVING BUSINESS SUCCESS SPECIAL INTERVIEW Interview with IESBA Chair Gabriela Figueiredo Dias MEMBERS FROM THE MAINLAND Members from Chinese Mainland share their paths to career success SECOND OPINIONS How significant is the skills gap or resistance to change when it comes to digital transformation? PLUS: As the new President, Stephen Law is determined to make the Institute more proactive while equipping members to navigate change EMBRACING DIVERSIFICATION
Case Studies and Success Stories Digital Transformation Hub Training Programme Digital Transformation Roadmap One-stop resource platform Resource Library Discover more! hkicpa.org.hk/digitalhub to equip SMPs and SMEs with cutting-edge tools, knowledge, and inspiration to excel in a digital-first world Strategic framework, organized into 6 key stages: to empower SMPs and SMEs in navigating change with confidence, unlocking unprecedented Efficiency, Innovation, and Growth
PRESIDENT’S MESSAGE APLUS DEAR MEMBERS 2026 Issue 1 1 “ It is a privilege to serve our profession, and I am committed to upholding the integrity, trust and excellence that define Hong Kong CPAs.” As I begin my term as President of the Hong Kong Institute of CPAs, elected in November 2025, I would like to extend my warmest greetings to all of you. It is a privilege to serve our profession, and I am committed to upholding the integrity, trust and excellence that define Hong Kong CPAs. The recent fire in Tai Po has affected many families and households, and it has also reminded us of the importance of strong community support. I would like to reaffirm the Institute’s commitment to assisting members and the wider community. Through our communications, we set out the Institute’s immediate actions, including a HK$100,000 donation through the HKICPA Charitable Trust and outreach to members residing in Wang Fuk Court to provide emergency financial help, counselling and practical resources. At the request of the Agency for Volunteer Service, we also mobilized members to register as volunteers. More than 700 members responded to the call and we’re now planning to form a permanent volunteering platform for members. This impressive level of participation reflects the sense of civic responsibility within our community and our longstanding commitment to the public interest. The same commitment was evident during the recent Legislative Council election for the Accountancy Functional Constituency. Voter turnout reached 34.9 percent, which was more than four percentage points higher than in 2021. I would like to express my sincere appreciation to all members who exercised their right to vote. I also extend my warm congratulations to Webster Ng on his election to represent our constituency. My earnest thanks go to Edmund Wong for his dedicated service during his term and for his contributions to the profession. The Institute also welcomed the Accounting and Financial Reporting Council’s public consultation on the proposed regulatory framework for sustainability assurance in Hong Kong. This is an important milestone, and as I remarked in the Institute’s statement, the consultation is timely and reinforces Hong Kong’s position as an international financial centre that is aligned with global standards. The Institute stands ready to contribute our professional expertise to support the development of a robust and internationally consistent sustainability assurance framework. Supporting members in new areas remains a key priority. In January, the Institute issued guidance on the application of HKFRS Accounting Standards to cryptocurrencies and stablecoins. This reflects our commitment to helping members navigate the rapidly evolving digital asset landscape. We expect to release two further resources in the first half of 2026, and I encourage members to watch for updates. We were also pleased to welcome the International Ethics Standards Board for Accountants (IESBA), led by Chair Gabriela Figueiredo Dias in January. The visit provided a valuable opportunity to discuss shared priorities and recent developments in sustainability reporting and assurance. We facilitated closed door sessions with firm practitioners, chief financial officers and senior professional accountants in business to gather feedback on the Non-Compliance with Laws and Regulations (NOCLAR) provisions and related matters. Maintaining close engagement with international bodies such as IESBA ensures that Hong Kong’s perspectives continue to contribute meaningfully to global standard setting and the wider public interest. We also hosted a delegation from the Guangzhou Municipal Commerce Bureau on 28 January. The meeting strengthened our connections within the Greater Bay Area and supported discussions on how regional cooperation can benefit our members. On the same day, the Institute held a press conference to announce its proposals for the government’s budget for the 2026-27 fiscal year. This annual submission highlights the profession’s role in providing analysis and recommendations for effective public policy. We look forward to the budget address and will keep engaging with the government on matters important to Hong Kong and our members. On 21 January, the Institute hosted a reception celebrating the 20th anniversary of our “Rich Kid, Poor Kid” financial education programme. We were honoured to welcome Joseph Chan, Under Secretary for Financial Services and the Treasury, as guest of honour. The event brought together about 100 partners from the education, social welfare and financial sectors, as well as many of our Accountant Ambassadors. Over the past two decades, the programme has reached more than 200,000 students, with over 460 ambassadors delivering more than 1,200 free seminars. I expressed my appreciation to all ambassadors and partners whose commitment has contributed to the programme’s success. As we look ahead, I remain committed to working closely with our members and stakeholders to strengthen our profession’s relevance, uphold our public responsibilities and support Hong Kong’s position as a global leader in accounting and assurance. I look forward to the year ahead and to the progress we will make together. Stephen Law, President
CONTENTS 2026 Issue 1 NEWS 01 President’s message 04 Institute news 07 Business news FEATURES 08 Getting down to business Stephen Law, President of the Institute, on how his career across corporate leadership and public service will inform his presidency 14 Unshakeable values Gabriela Figueiredo Dias, Chair of the International Ethics Standards Board for Accountants, on the organization’s key projects for this year 20 Members from the Mainland: Their way to the top Institute members from the Chinese Mainland on the impact of the HKICPA qualification on their careers SHORT PROFILES 30 Q&A with a PAIB Louise Tsang, Vice President at a Hong Kong-listed digital asset company 31 Q&A with a PAIP Jimmy Zhou, Partner, Audit and Assurance at Deloitte 40 Young member of the month Andrew Lau, Audit Principal at Zhonghui CPA Limited COLUMNS 26 Thought leadership: Herbert Yung The Director of Sustainability at the Institute on key lessons from the first phase of the Institute’s carbon reduction journey 27 Thought leadership: Charbon Lo The Council member of the Institute on the outcomes of his experience in the Ministry of Finance’s high-level finance and accounting talent programme In a special interview with Gabriela Figueiredo Dias, the Chair of the International Ethics Standards Board for Accountants talks about the role of ethics in a time of uncertainty, and Hong Kong’s ethical landscape 30 Q&A with a PAIB 31 Q&A with a PAIP 14 Unshakeable values
Five professionals, five journeys, one qualification: Institute members from Chinese Mainland share how the Qualification Programme transformed their careers DRIVING BUSINESS SUCCESS About our name A Plus stands for Accounting Plus. It represents a profession that is rich in career options, stays relevant amid rapid changes, and adds value to business. This magazine strives to present the global mindset and varied expertise of Institute members – Accountants Plus. Editor Gerry Ho Email: gerry.ho@mandl.asia Managing Editor Jemelyn Yadao Registered Office 2/F Wang Kee Building, 252 Hennessy Road, Wanchai, Hong Kong Advertising enquiries Advertising Director Derek Tsang Email: derektsang@mandl.asia ISSN 1815-3380 President Stephen Law Vice Presidents Jasmine Lee Calvin Tse Acting Chief Executive and Registrar Elaine Chung Director of Corporate Communications Rebecca Tam Publication Manager Michael Wong Editorial Coordinator Maggie Tam Office Address 37/F, Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong Tel: (852) 2287-7228 Fax: (852) 2865-6603 Member and Student Services Counter 27/F, Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong Website: www.hkicpa.org.hk Email: hkicpa@hkicpa.org.hk 28 Second opinions How significant is the skills gap or resistance to change when it comes to digital transformation? 42 Institute insights: Elevate your career with HKICPA and CIMA’s strategic partnership A close look at the HKICPA and CIMA collaboration, and the benefits for members SOURCE 33 What’s new with CPD requirements? A n overview of the latest updates to the continuing professional development journey for Institute members 34 Succession and legacy of CPAs in Hong Kong K ey factors for small and mediumsized CPA firms to consider in different succession approaches 36 ESG integration in business valuation: an overview The latest developments and drivers of the integration of ESG factors in valuation frameworks 38 Technical news 40Young member of the month A Plus is the official magazine of the Hong Kong Institute of Certified Public Accountants. The Institute retains copyright in all material published in the magazine. No part of this magazine may be reproduced without the permission of the Institute. The views expressed in the magazine are not necessarily shared by the Institute or the publisher. The Institute, the publisher and authors accept no responsibilities for loss resulting from any person acting, or refraining from acting, because of views expressed or advertisements appearing in the magazine. © Hong Kong Institute of Certified Public Accountants 2026 Issue 1. The digital version is distributed to over 47,000 members, and around 12,000 students of the Institute and stakeholders every quarterly. 20 Members from the Mainland: Their way to the top
The Institute hosted the International Ethics Standards Board for Accountants (IESBA), led by Chair Gabriela Figueiredo Dias, on 20 January. The visit provided a valuable platform for dialogue on shared priorities, including the Institute’s strategic direction, IESBA’s forward strategy and work plan, local developments in sustainability reporting and assurance, and continued collaboration. Closed door sessions with firm practitioners, chief financial officers and senior professional accountants in business were also held with IESBA to seek feedback on the Non-Compliance with Laws and Regulations (NOCLAR) provisions and beyond. President Stephen Law stated, “Accountants in Hong Kong play an important role in contributing regional perspectives to the global ethics agenda, and maintaining close dialogue with IESBA enables the Institute to better support them as new standards continue to evolve. We appreciate IESBA’s visit, which strengthens our partnership and highlights the value of Hong Kong’s practical and globally relevant insights.” The strategic engagements continued on 21 January as the IESBA delegation met with the Institute’s Ethics Committee, Small and Medium Practices Committee and firm representatives. The Institute also supported IESBA’s broader engagement with Hong Kong’s ecosystem during the visit, including meetings with regulators such as the Securities and Futures Commission and the Independent Commission Against Corruption. New Institute leadership elected Stephen Law was elected the Institute’s President for the 2025/26 Council, following the 53rd annual general meeting (AGM) held on 13 November 2025, Jasmine Lee and Calvin Tse as Vice-Presidents. Find the full composition of the Council here. The minutes from the AGM are now available. Institute welcomes AFRC consultation on sustainability assurance On 30 December 2025, the Institute welcomed the Accounting and Financial Reporting Council’s (AFRC) public consultation on the proposed regulatory framework for sustainability assurance in Hong Kong. Institute President Stephen Law said, “The consultation is timely and important in reinforcing Hong Kong’s position as an international financial centre aligned with global standards. As Hong Kong’s statutory accountancy body, the Institute stands ready to contribute its professional expertise to support the development of a robust, credible and internationally consistent sustainability assurance framework.” Read the press release for details, and the consultation will close on 30 March. Institute members complete national highlevel accounting talent programme On 11 December 2025, Past President Roy Leung, and Council members Frank Lam, Michael Li, Charbon Lo and Parco Wu, alongside five other Institute members, completed the Ministry of Finance’s High-level Finance and Accounting NEWS Institute news Business news 4 2026 Issue 1 HKICPA hosts IESBA leadership visit for strategic dialogue on ethics and standards The Institute hosted the International Ethics Standards Board for Accountants during its visit to Hong Kong in January.
APLUS Talent Quality Improvement Project (Third cohort of Young and Middleaged Talent Cultivation – CPA Class). This three-year programme is jointly organized by the Chinese Institute of Certified Public Accountants and Shanghai National Accounting Institute. Since 2022, the Institute’s participants have joined 35 peers from across Mainland China for intensive training in 10 cities – including Shanghai, Beijing, and Xiamen – combining classroom study with field visits, debates, presentations, and case competitions. Read the press release for details. Institute signs MoU with ACCA The Institute signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants (ACCA) on 10 November 2025, to reinforce shared values and contribute to the advancement of ethical standards within the accounting profession. The collaboration will focus on mutually promoting ethics-related learning and development, and launching joint initiatives to foster a culture of integrity, accountability, and responsible practice across the profession. Under the MoU, both HKICPA and ACCA will also explore other areas of potential collaboration, including continued expansion of the range of continuing professional development course offerings available to members. Read the press release for details. Empowering GBA businesses: accounting bodies launch tripartite initiative In a strategic move to deepen regional cooperation, the Institute, the Guangdong Institute of Certified Public Accountants, the Hong Kong Association of Registered Public Interest Entity Auditors, and the Union of Associations of Professional Accountants of Macau have established the “Alliance of CPA Firms Dedicated to Financial and Tax Guidance for Businesses” on 31 October 2025. This alliance is designed to significantly expand the impact of the Institute’s “List of accounting firms helping Mainland enterprises go global” by creating a powerful, collaborative network. The core mission of this tripartite initiative is to strengthen crossborder cooperation and provide a comprehensive suite of services to fuel enterprise growth and global expansion from the Greater Bay Area (GBA). Learn more about the alliance’s initiatives here. Best Corporate Governance and ESG Awards 2025 The winners of the Best Corporate Governance and ESG Awards 2025 were announced at a press briefing on 27 October 2025, with a recordbreaking 39 awards presented to listed companies and public sector organizations, including nine firsttime awardees and two new winners of the prestigious Most Sustainable Organization Awards, the highest accolades in the competition. The presentation luncheon ceremony took place later on 31 October 2025, marking the 25th anniversary of the competition. Visit the dedicated webpage for the full awardee list, the Judges’ Report, the press release and photos. Alongside the awards, the Institute conducted a brief study on carbon emissions reporting by the 105 constituent companies of the Hang Seng Composite LargeCap Index, to understand about their preparedness for the new climate-related reporting requirements in the ESG Code under the listing rules. Read the report for insights into the findings. Annual report 2025 published Themed “Sustainable impact, Enduring value,” the Annual Report 2025 reflects the Institute’s long-standing commitment to the public interest and the profession’s meaningful contributions to society. Read the report to learn more about our initiatives and efforts for supporting sustainable development, as well as our key achievements in FY 2024/25. Council meeting minutes The abridged minutes from the October, November and December (Strategy Day) 2025 Council meetings are now available. (From left to right) Jasmine Lee, Vice-President; Stephen Law, President; and Calvin Tse, Vice-President at the AGM on 13 November 2025 2026 Issue 1 5
A new initiative designed to meet the growing demand for interdisciplinary and professional accounting talents Why should you apply for CAB ? • Verifiable credentials for future-ready skills • A strategic checkpoint in your career journey • Flexible learning pathways to fit your own pace • Showcase your achievement and elevate your profile Current HKICPA members are entitled to claim your CAB e-credentials until 30 June 2026 Apply now
NEWS Business US$395 million The amount luxury conglomerate LVMH agreed to sell its DFS Greater China travel-retail business in Hong Kong and Macau to China Tourism Group Duty Free. The transaction highlights a strategic recalibration of the luxury group’s regional exposure and reflects ongoing consolidation in the duty-free sector amid shifting travel patterns and consumer spending in Greater China. Gold prices surged beyond US$5,000 per ounce for the first time on 25 January, driving gains in mining stocks across Hong Kong and Chinese Mainland. Zijin Mining rose 7.1 percent in Hong Kong, while Zhongjin Gold surged 10 percent in Shanghai. Analysts attributed the rally to geopolitical tensions, United States shutdown risks and heightened safe-haven demand. 2026 Issue 1 7 800 million users The scale OpenAI says justifies testing advertising in the free version of ChatGPT, according to its Chief Financial Officer Sarah Friar. Speaking at the World Economic Forum in Davos, Friar defended ads as a “strong business model” needed to democratize access to artificial intelligence. The potential valuation of CK Hutchison’s global telecommunications assets under a proposed dual listing in London and Hong Kong. The group is weighing the move as early as the third quarter of 2026 following spinoff preparations. The plan follows regulatory approvals being cleared for its Vodafone-Three UK merger, and is aimed at unlocking shareholder value through capital market separation. Hong Kong’s economic growth rate in 2025, accelerating from 2.5 percent the previous year despite persistently weak retail consumption. Financial Secretary Paul Chan said growth was driven by strong exports and domestic demand, with merchandise exports rising 18.8 percent year-on-year in November 2025. The unemployment rate held at 3.8 percent, though pressure persisted in construction and food services. 3.2% APLUS US$20 billion The model proposed under Shenzhen Qianhai’s 2026 action plan to deepen cooperation with Hong Kong. Released in January, the blueprint positions Qianhai as a strategic partner rather than a competitor and aims to attract Hong Kong companies, including unicorns, by enabling cross-border deployment of capital, data and talent. Officials said the initiative supports closer integration with national development priorities while reinforcing Hong Kong’s role as a global finance and innovation hub. Dual headquarters 560 The number of overseas and Mainland companies InvestHK helped establish or expand operations in Hong Kong in 2025, up 4 percent year on year. The projects attracted an estimated HK$69.4 billion in investment and created more than 10,700 jobs across finance, logistics, technology and tourism. Officials said the performance reflected sustained international investor confidence and Hong Kong’s role as a regional business and financial hub. ¥200 billion The expanded size of the Hong Kong Monetary Authority’s RMB Business Facility following full utilization of its initial quota of ¥100 billion. Launched in October 2025 under a currency swap arrangement with the People’s Bank of China, the facility provides banks with lower-cost renminbi (RMB) funding for trade finance and corporate lending, reinforcing Hong Kong’s position as the leading offshore RMB business hub. The share of South-East Asian respondents who view taxation as a contribution to society, according to a December 2025 global survey by ACCA, IFAC, CA ANZ and the OECD. The study found public trust remains strongest in Asia, supported by digital public services and transparency, contrasting with wider confidence gaps across Europe and Latin America. 64.7%
PROFILE Stephen Law 8 2026 Issue 1
APLUS New President Stephen Law is channelling his multifaceted experiences to supercharge member services, foster innovation, and position the Institute as a proactive force in Hong Kong’s evolving economic landscape. He talks to Jemelyn Yadao about his plans for the Institute Following the devastating Tai Po fire incident, Stephen Law found himself deeply moved by the accounting profession. In addition to a HK$100,000 donation through the HKICPA Charitable Trust and outreach to affected members, more than 700 members registered as volunteers within a week of the Hong Kong Institute of CPAs sending out a recruitment email. “It was so unexpected. We got so many members interested in helping those in need, and they signed up within days,” says Law, the new Institute President, before revealing a fresh initiative. “We’re going to turn this passion into something permanent.” This year, the Institute will launch the “HKICPA Volunteer Team” to deliver various forms of volunteering work, says Law. The idea is to not only do good for society, but also serve Institute members in a meaningful new way. “I believe each one of our members is kind-hearted and want to help others, but they are also busy. That’s why the Institute has to take a lead, to remind people that you can do this outside your working hours and contribute to society,” says Law. Building on this commitment to member wellbeing, the Institute also launched the Member Assistance Programme, providing members and students with 24/7 telephone counselling among other resources. As the first professional accountant in business to lead the Institute in over a decade – and its first president who serves as a National Committee member of the Chinese People’s Political Consultative Conference (CPPCC) – Law brings extensive experience from private equity deals, IPO negotiations, and leadership roles at several companies, to transform how the Institute serves its members. He plans to draw from these varied roles to make the Institute more responsive amid Hong Kong’s evolving economic landscape. “We want to be more proactive to serve our members better, in terms of technical resources and support, like digital asset guidelines, and in terms of member services,” he explains. Positioning Hong Kong for the future Law’s private equity background gives him fluency in emerging technologies. As Managing Director of ZhongYi Investment Managers Limited, his focus is on investing in “only the new things,” including digital assets. He breaks down digital assets into five categories: cryptocurrencies led by Bitcoin, which he describes as “digital gold”; real world assets as tokenized securities; utility tokens currently without regulatory oversight; stablecoins as payment alternatives; and central bank digital currencies, such as China’s digital RMB or e-CNY. Following Hong Kong’s stablecoin legislation having taken effect on 1 August 2025, Law expects that three to five licenses will be issued in the first half of 2026. “After the stablecoin there are only two things Hong Kong requires to complete the ecosystem: custodian services and over-the-counter exchanges for general Photography by Jocelyn Tam GETTING DOWN TO BUSINESS 2026 Issue 1 9
PROFILE Stephen Law public. After issuing those two licenses, we will more or less have a complete picture. Hong Kong is on course to becoming a bonafide digital asset hub.” Members will need to navigate this complexity, he stresses. “A lot of our members are not sure how to do accounting for digital assets,” he says. “Eventually there will be more companies using some type of stablecoins for transactions, and our members will need to know how to book those transactions and know the risks of those transactions.” In January, the Institute issued guidance on which HKFRS Accounting Standards apply to cryptocurrencies and stablecoins. There are also two upcoming resources: one for auditors’ independent attestations on licensed stablecoin issuers, and another for auditors of digital asset-related businesses, addressing common challenges and incorporating relevant guidance from overseas accounting and auditing bodies. A new flagship training programme on artificial intelligence (AI), data analytics, cybersecurity, ESG tech and emerging technologies will also be launched this year by the Institute, as well as the second phase of the Institute’s Digital Transformation Roadmap, including a hub with case studies. Law emphasizes that digital transformation is no longer an option. “We are helping our members to do transformation, especially small and medium enterprises and practices (SMEs and SMPs). Everyone is using AI, so we will help guide them on this and introduce tools that they can use for transformation,” he says. Advancing sustainability As the sustainability disclosure standard setter of Hong Kong, contributing to the development of the city’s sustainability disclosure ecosystem is still a core mission. This year, the Institute will prioritize capacity building, and this includes promoting the HKICPA Certificate on Sustainability Reporting to ESG practitioners. The certificate was designed to empower professionals and companies with essential knowledge and skills for implementing HKFRS S1 and S2. “We are doing training courses for more professionals in this field so that Hong Kong can be at the top in terms of sustainability, ESG, and also sustainability assurance. Our Sustainability Disclosure Standards will be adopted first by listed companies, and then by other industry players in Hong Kong. So we will hopefully be at the top of the world ranking for green finance,” says Law. This year, the Institute will issue HKFRS S2 amendments to reflect changes to greenhouse gas emissions disclosure requirements in IFRS S2 Climate-related Disclosures. These amendments respond to application challenges and will be released upon completion of the Institute’s due process. “We recently reached out to more than 200 listed companies and industry associations to gather feedback on the International Sustainability Standards Board’s proposed revisions to SASB Standards for high-emitting industries. Our aim is to ensure that industry-specific disclosures remain both practical and decision-useful,” notes Law. At the end of 2025, the Institute welcomed the Accounting and Financial Reporting Council’s public consultation on the proposed regulatory framework for sustainability assurance in Hong Kong. In the press release, Law stated that the Institute “stands ready to contribute its professional expertise to support the development of a robust, credible and internationally consistent sustainability assurance framework, supporting Hong Kong’s transition towards a more sustainable and resilient economy.” Strengthening the talent pipeline In the profession’s ongoing fight to attract and retain talent, Law views the Qualification Programme (QP) as crucial. He says the Institute will continue focusing on promoting the QP as the best choice for students who seek to stand out in their future careers. “We will reach out to young people and attract them with a message: You don’t have to be an accountant forever, but it is certainly a powerful foundation wherever your ambitions take you. If you want to go into business or finance, the QP really is the best qualification,” he says. Law highlights the Institute’s Certificate in Accounting and Business (CAB) as an initiative designed to make the profession more attractive and accessible. Launched last year, CAB offers students with diverse backgrounds, including nonfinancial professionals and aspiring entrepreneurs, a flexible pathway towards becoming CPAs. After completing the CAB, students could continue through the QP. It emphasizes competences that are highly valued across different sectors, he adds. “When running a business, you need financial knowledge. You need to understand what is behind financial statements,” Law says. “This certificate can show employers that you have sufficient knowledge to run a business. And this is going to be a key focus for us to promote, the CAB in addition to our normal QP.” Building adaptive professionals For the next generation of accountants, Law stresses versatility and global awareness. “ We are doing training courses for more professionals in this field so that Hong Kong can be at the top in terms of sustainability, ESG, and also sustainability assurance.” 10 2026 Issue 1
APLUS Stephen Law is the Institute’s first president who is a professional accountant in business in over a decade, with a career spanning Big Four auditing, IPO orchestration, private equity deals, and executive leadership at MTR. “Of course, you need to understand the accounting basics. But beyond that, you must have an interest in your own industry, and in new developments around the world, including the United States and Chinese Mainland– the global superpowers. If they catch a cold, we will, at the very least, feel the fever rising. So we need to observe those two superpowers closely,” says Law. The Institute launched a Public Affairs Series last year to broaden members’ perspectives. “We bring in regulators and well-known people to talk about what is happening in the world including in the Chinese Mainland,” Law explains. “For example, how China’s five-year plan will affect Hong Kong.” This global outlook serves the Institute’s ambition to promote Hong Kong internationally. “We intend to organize more overseas trips for Council members, and we want to showcase two things: Hong Kong is an international financial centre, and accountants play a vital role in this. Whether you come here to set up a small business or large business, or for tax advice, or for an IPO for fundraising, accountants play a major part,” says Law. A key focus this year is to promote the unique advantages of Hong Kong’s accounting services to Mainland enterprises through its “List of accounting firms helping Mainland enterprises go global,” a resource that aims to connect Chinese Mainland enterprises with the right accounting firms to support Chinese companies in their overseas expansion. As of end-2025, the list included 87 Hong Kong firms. “It’s not just accounting firms – all accountants play a major role in Mainland companies going overseas,” Law says. “Whenever there’s a transaction, a finance person is always involved. From calculating the investment return to fundraising, to understanding the overseas tax laws and regulations, all this work from start to finish is done by the accountant.” Law raised another example of a longer-term initiative focused on establishing professional support for valuation work. “Valuation requires professional judgement and many accountants are already engaged in this work,” he notes. “We want to study this specialization with the ultimate aim of fostering innovation and creating meaningful opportunities for members to lead and excel in valuation in the years ahead.” He is also keen on enhancing membership perks by leveraging the Institute’s scale. “We have 48,000 members, which is sizable enough for us to attract commercial organizations to work with us, and to get discounts,” he says. Reshaping business models Law’s journey began with a degree in civil engineering, but he was drawn to accounting and the idea of keeping doors open. “Something I always say is, if you’re an engineer, you will always do engineering. If you’re a lawyer, you will always do legal work. But as an accountant, you have a diversifying career ahead of you,” says Law. He emphasizes this versatility as a key selling point for the profession. 2026 Issue 1 11
PROFILE Stephen Law Law is the Managing Director of ZhongYi Investment Managers Limited with a focus on private equity investments. He is also an appointed member of the Chinese People’s Political Consultative Conference National Committee. 12 2026 Issue 1
APLUS Talent attraction and retention is one of the Institute’s key work focuses for this year. In 2025, the Institute reached over 60 faculties of universities, organized 60 QP talks (reaching around 4,300 students) and nine career workshops. In Chinese Mainland, it organized 26 QP talks across accredited or the Institute’s New Partnership Scheme universities. “Even in CPA firms, you could do tax, consultancy, and outside CPA firms, you could do accounting, corporate finance, investment banking, be a CEO, or investing like me,” he says. His career path ended up representing the diversification he champions. After starting at a Big Four firm in the United Kingdom and Hong Kong, he sought more impactful roles. “I was looking for opportunities to apply my skills beyond auditing, and create impact in new areas,” he explains. A turning point came two years after he joined Hong Kongbased property group Wheelock and Company in 1995 to work in investment controls. “We started to partner up with international companies and formed joint ventures, then brought them to Hong Kong, the Mainland, and other Asian countries, so that we could diversify,” says Law. “I went from back-end to front-end: negotiations, setting up new entities, and also adding value to the entities, so that the business could improve.” In 1997, Wheelock transferred Law to Wharf Cable (now i-cable), where he recognized untapped potential in its extensive but underutilized fibre network. “I conducted a business study to enhance the network so that it could become two-way interactive,” he recalls, enabling the company to launch broadband internet and voice‑over‑IP services just as the early internet era accelerated in 1999. This resulted in a dual-listing on Nasdaq and the Hong Kong Stock Exchange. Law notes that the experience taught him the full arc of corporate finance, “from a business model to the listing, and then post‑listing, working with research analysts.” After this successful stint, Law became a director of Morningside Ventures, focusing on achieving attractive returns for investors in their venture capital investments. He then joined TPG, one of the world’s largest private equity firms. As a managing director, he was responsible for private equity investments in Asia and led key deals across different industries, securing many IPOs and subsequent exits in Hong Kong, the U.S. and Vietnam. Law likens the process of mergers and acquisitions to courtship, where a target may have multiple suitors at the same time. “The challenge,” he says, “lies in convincing the company to choose you: demonstrating how serious you are, getting to know each other better, and showing why your partnership creates the strongest future.” He often recounts the “war stories” that shaped him as an investor: deals worth billions that looked doomed but somehow prevailed at the eleventh hour, and others that seemed like sure wins until they crumbled right at the buzzer – and everything in between. “Those situations teach you humility,” Law says. “I always tell my juniors: don’t get complacent when you think you’re at the peak, but don’t lose heart when things look tough.” He notes that navigating these ups and downs sharpened his instincts for solving problems under pressure, negotiating complex deals, and navigating the human dynamics that shape every deal. Law also credits his successful investment track record to his CPA training. “I lean on the full spectrum of my CPA background – from structured analysis to sound governance, strategic thinking, and a deep understanding of how businesses create value, all of it,” he says. “CPAs have all the ingredients to add real strategic value.” Law’s four years at MTR provided perhaps his most valuable education in navigating complexity. At the time, MTR’s High-Speed Rail project was met with budget overruns, with discussions centred on which party should bear the increased costs. “This is how I came to understand the Hong Kong political environment,” he explains. These experiences shaped his understanding of public expectations – perspectives that now inform his approach as President of the Institute, helping guide how the profession and the Institute contribute to broader trust and confidence in business and society. Today, in addition to being a member of the National Committee of the CPPCC, Law is a Ministry of Finance-appointed Hong Kong accounting advisor. He was also appointed as a Justice of the Peace for Hong Kong on 27 July 2022. Diverse interests Like his career, Law’s interests are multifaceted. His board positions at Cyberport and XtalPi, a company using AI, quantum physics, and automation for drug discovery, are opportunities to stay current with technology. He is also a proud board member at the Hong Kong Dance Company. “Now that I’m older, I’ve become more interested in the arts.” Interacting with different groups of people, he notes, is something he both enjoys and finds professionally valuable. “You learn a lot from meeting and talking to different people. I have often found the people we meet in our personal lives can become valuable partners in our professional lives, and vice versa. For me, work and life are intertwined,” he says. Law now wants to execute plans that can help members be diverse in their knowledge, believing this to be the best approach for navigating the quick-changing environment, and reinforcing Hong Kong’s role as a leading international financial centre. “I’ve got a lot of dreams,” he laughs. “Life is not straightforward these days. So I think being diverse is going to be essential, more essential than ever before.” “ Whether you come here to set up a small business or large business, or for tax advice, or for an IPO for fundraising, accountants play a major part.” 2026 Issue 1 13
PROFILE Gabriela Figueiredo Dias When markets are volatile, ethics does not move, sa Gabriela Figueiredo Dias, Chair of the International Board for Accountants (IESBA). She tells Jemelyn Y the challenge of sustainability, and how the organiza its approach to standard Gabriela Figueiredo Dias is clear-eyed about the challenge accounting professionals are facing. The Chair of the IESBA cautions that in a world increasingly prone to shocks, companies might be tempted by a narrower focus. “There may be some perspectives or narratives saying that in these times of change and regulatory shifts, the focus should be on competitiveness and profitability, and that ethics matters less. But the facts say the opposite,” says Dias. As IESBA Chair, Dias is an important player in the debate over setting ethics for accountants amid regulatory shifts and rapid market transformation. “It’s one of the topics that has been keeping us busy at the IESBA, to reflect upon the role of ethics in the context of uncertainty and change. And the conclusion has been, over the last months, that it’s even more important than ever, because ethics plays a foundational and stabilizing role,” she explains. The reason also lies in the long-term nature of ethics, she says. “It does not change with the politics or with technology. It’s about principles and values, and it anchors the professional judgement of professionals, much beyond compliance. So when the rules are not anymore there, when the exigency of the rules and the regulation is lower, there is something which is common to all professionals globally, and secondly, stable, long term, and intrinsic, which is ethics.” Dias, who was initially appointed chair in 2022 and reappointed in January 2025, says the start of her second term coincided with significant external challenges. “It was necessary to go back, step back and think, where are the risks and the opportunities for this board? What are we doing, and how, and why?” she recalls. “Without the learning that I did during my first three years, it would have been very difficult to navigate the changing landscape we are in.” She describes IESBA as being in the business of hard ethics, drawing a crucial distinction. “Our role is not about setting Photography by Jocelyn Tam Unshakeable values “ The conclusion has been, over the last months, that it’s even more important than ever, because ethics plays a foundational and stabilizing role.” 14 2026 Issue 1
APLUS ays Ethics Standards Yadao about ation is rethinking moral rules. It’s not about being nice with people. It’s about professional ethics and the norms that guide the conduct of professionals when doing their job,” says Dias. “Accountants produce, audit or assure financial and non-financial information. They provide tax services. And this has to be done with integrity, but integrity can be subject to many different threats – Conflicts of interest, financial interests, excessive familiarity, lack of knowledge.” The role of IESBA, she adds, is to set norms that allow professionals to navigate these threats, and “solve ethical dilemmas in a way that is recognized globally as the right way to solve them, and on the other hand, is in the public interest and the interest of the profession.” IESBA’s International Code of Ethics for Professional Accountants (the Code), adopted or otherwise used in more than 130 jurisdictions, is crucial in preventing reporting failures and even worse problems, such as financial fraud, notes Dias. “If the integrity of financial information is affected and you are the accountant who has that in your hands, you need to make a decision, whether to accept or not accept it. There are a number of 2026 Issue 1 15
PROFILE Gabriela Figueiredo Dias Before taking on the position of Chair of the International Ethics Standards Board for Accountants (IESBA) in 2022, Gabriela Figueiredo Dias was the executive chair of the Portuguese Securities Market Commission. paths that you can take, and the Code guides you through these paths,” she explains, bringing up the framework Responding to Non-Compliance with Laws and Regulations, known as NOCLAR, as an example of how standards assist accountants facing difficult situations. “If taken seriously, these standards can prevent many problems, because with a very light and simple action, you may stop something, which is still small from becoming a big problem.” Bridge building As Chair, Dias sees her role as fundamentally about connection. “My role is to set the strategic direction of the board, and to decide on the path to take amid many requests, concerns, and changes,” she says. “But I also see it as a role of bridging different interests, different people, different groups of stakeholders. That’s probably the most exciting and the most challenging role, making sure that these bridges are built and are working for everyone.” The challenge stems from the ethics organization’s position at the intersection of multiple competing interests. “A global standard setter is surrounded by many people, many groups, many interests, not only because we are global, but also because we are in between the profession and its interests and the public interest,” she says. Her approach involves active listening. “I need to listen to people, and make sure that the board is working and delivering its products based on what we hear,” Dias says. “That does not mean that we take on board everything and go in the direction of what we hear. It means that we need to be very attentive to everything around us to make sure that when we set standards, make a speech, produce some thought leadership, this is the result of a composition of interests, and of a strategic reflection of the board, based on these different interests, perspectives, and facts.” That attentiveness forced IESBA to revisit its Work Plan 2025-2026, eventually updating it in June 2025 to support ethical leadership in a time of uncertainty. “By the end of 2024 and early 2025, we realized we needed to stop and think about ourselves, about our role, our purpose, and the way we serve the public interest,” says Dias. “We had some deadlines, some milestones that we were planning to achieve. But suddenly, the world changed around us. At the same time, there was an element of standard setting fatigue. Professionals, professional organizations, even regulators were making efforts to embed, implement, adopt all the standards that we had issued.” After the pause, IESBA concluded that while its mission and objectives should remain unchanged, it was necessary to adjust how it was working. “We needed to make some refinements and improvements in terms of making sure that what we deliver has the greatest impact and effectiveness. And because of that, in June 2025, the board made some decisions.” Refreshing the work plan One element included in the updated work plan is the launch of the SMART framework – which stands 16 2026 Issue 1
APLUS for simplification, mobilization, adoption, responsiveness, and targeted action – to guide IESBA’s work. “This is a framework that we are implementing internally for all the projects. This means that, for every project, we need to confirm or check, if what we are doing is simple enough, or could be done in a simple way, if it helps and drives adoption, if it is responsive to what we hear,” she explains. The framework also emphasizes tailoring engagement to stakeholders. “It’s not about having 100 meetings a year,” says Dias. “We decided to take a more structured approach to outreach and stakeholder engagement, in terms of making sure that all the relevant stakeholders are listened, heard, included in the process, but also that we are close to the stakeholders who need us most.” Dias notes that the framework also increases accountability. “This means that we will be scrutinized by our stakeholders, against what we say that we are doing. We want to improve our transparency and our ability to explain, why we are doing things in a certain way, and not in another way,” she says. Another significant decision was to slow down new standard-setting and focus on supporting global adoption and implementation of recently issued standards. IESBA made a commitment not to issue any new major standards before 2027, with the last being the ethics standards for sustainability issued in January 2025. “This means that we are giving stakeholders a very significant period of time to take care of all the standards that we issued over the last few years,” says Dias. “To be honest, IESBA has issued a lot of standards over the last six years, most of them in the area of independence, which is a more difficult area for the professionals to implement, because they need to change the systems and change the policies. We are all aware of that. So the purpose of the IESBA is not to issue standards, just for the purpose of issuing standards. We need these standards to be properly adopted, implemented, and enforced.” The IESBA Adoption and Implementation Working Group, which was established in July 2024, plays a key role in the organization’s shifted priorities. “The working group was something completely new for the IESBA,” says Dias. “We are now very much focused on providing support to stakeholders in the adoption and implementation of the standards. We are not just issuing standards and waiting for someone else to take care of them, but taking care of it ourselves, taking care of the baby.” This introspection, she adds, does not prevent the IESBA from engaging with others. “It’s not limiting us from getting closer to stakeholders, on the contrary, it helps us listen more, be more open, and engaging in a more meaningful way.” The sustainability challenge IESBA’s sustainability standards represent what Dias calls “a unique situation and achievement in all of IESBA’s history.” Developing an ethics framework for sustainability reporting and assurance took two years of intense work. “It’s about conviction. It’s about purpose, and it’s about intense dialogue, bridging the profession and regulators, and being completely sure that we needed to deliver this product in a certain time frame,” says Dias. The urgency was driven by a call, around 2022, from the regulatory community, that on top of sustainability reporting, the world needed global rules for assurance of non-financial information as well as ethics rules to support both. That led to the development of the International Standard on Sustainability Assurance (ISSA) 5000 by the International Auditing and Assurance Standards Board, and of the International Ethics Standards for Sustainability Assurance (IESSA) and related revisions to the Code by IESBA. Both were concluded in 2024 – an important achievement for both boards. “The world was moving, and the worst result that we could have, and it’s still a risk, is a fragmented world in terms of regulation and standards. Our stakeholders told us that we needed to be fast and bold in developing one ethics and independence framework for sustainability,” says Dias. For IESBA, the topic was largely unfamiliar territory, she says, and the process involved unprecedented stakeholder engagement. “The nature and profile of the stakeholders needed to be much more diverse than before, with the issuance of other standards. We needed to include the civil society, investors and specialists to have the peace of mind of having done everything that we could to make sure the standards are of the highest quality possible.” Now the focus is on making those standards work. Supporting materials for adoption and implementation range from short videos about the basics of sustainability reporting and sustainability issues, to sophisticated technical documents. The Adoption and Implementation Working Group is also creating jurisdictional profiles to identify priority regions for focused support. “This can involve organizing joint initiatives, providing technical support, having one-on-one conversations. “ The world was moving, and the worst result that we could have, and it’s still a risk, is a fragmented world in terms of regulation and standards.” 2026 Issue 1 17
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