With more than 25 years under his belt as a seasoned tax professional, Wilson Cheng is ready for his new role as chairman of ACCA Hong Kong.
‘I’m deeply honoured to take on the role,’ Cheng says. ‘We’ve been fortunate to have exceptional leaders serve as chairmen before me, including Financial Secretary Paul Chan. As I look forward to guiding this professional body’s continued growth, I’m mindful of the significant responsibility it carries.’
Tech evolution
Hong Kong SAR’s economy is in transition. While traditional sectors such as tourism and real estate are still finding their footing post-pandemic, some new growth areas are gaining momentum. Family offices have emerged as a bright spot, thanks to government incentives that are drawing wealthy families from across Asia. Yet retail continues to struggle, caught between shifting consumer habits and the digital revolution.
With the economy in flux, Cheng stresses how important accountants are in helping businesses navigate these shifting sands. He sees artificial intelligence as one of the biggest game-changers. ‘AI is transforming our profession in profound ways, and ACCA is committed to embracing these technological changes,’ he says. ‘We’re going beyond simply examining AI’s impact on work distribution and drilling down into how private proprietary AI platforms are reshaping accounting practices at their core.’
‘Accountants will be key in making Hong Kong a green finance hub’
With the roll-out of IFRS Sustainability Disclosure Standards in January 2024, sustainability is also high on the agenda. ‘As businesses across Asia adapt to these new requirements, accountants are broadening their expertise from financial reporting to climate disclosure and sustainability risk assessment,’ he says. With Hong Kong setting its sights on becoming a green finance hub, Cheng believes accountants will be key in achieving this goal.
Redefining accountancy
‘With over 120 years of global presence, ACCA is far from old,’ he says. ‘It stays agile and forward-focused by thinking ahead to anticipate the future.’
Cheng is particularly excited about the global launch of the future ACCA qualification in 2027. The redesigned qualification, which reflects the transformation of the accounting profession itself, will put a strong emphasis on technology and sustainability. Current students will continue with the existing curriculum and receive full support to ensure a smooth transition once the new one is implemented.
The redesigned qualification covers the spectrum of skills needed to succeed
‘The current talent shortage primarily comes from a disconnect between available talent and required skills,’ Cheng points out. ‘Our approach is to support our existing members while preparing future professionals with enhanced capabilities. The future ACCA qualification is designed to help students apply their knowledge in real-world contexts, boosting their competitiveness in line with current market demands.’
The redesigned qualification covers the spectrum of technical, business and professional skills that modern accountants need to succeed. Cheng stresses the focus on employability and career impact through the new Essential Employability modules, which dive into all the bases, from business fundamentals and entrepreneurship to the cutting-edge world of economics, AI, technology, ethics and sustainability.
Tax modernisation
As ACCA Hong Kong celebrates its 75th anniversary this year, Cheng highlights the organisation’s firm presence and influence in the local landscape, and the importance of maintaining strong relationships and communication with the government and professional bodies – be it the Inland Revenue Department, the Financial Services and the Treasury Bureau, or advocacy groups and thinktanks.
‘Through ongoing consultations and policy advocacy work, we’ve established ourselves as a valuable resource,’ he says. ‘Some policy advocacy bodies or thinktanks may lack tax and public finance expertise and rely on professional organisations like ACCA for guidance on fiscal frameworks. We’re also pleased the government has consistently valued and acted on our input over the years.’
‘We want to tackle issues that will shape the future of our industry’
ACCA Hong Kong’s flagship events – its annual conference and tax conference – will continue to evolve. ‘We’ve invested considerable effort in broadening their appeal beyond traditional finance and accounting topics to include macroeconomic perspectives and research insights,’ Cheng explains.
The recently concluded 2025 annual conference, for instance, delved into the emerging field of virtual assets. ‘We want to tackle issues that aren’t just important right now, but will also shape the future of our industry,’ Cheng says.
Drawing on his extensive experience in handling tax disputes, Cheng believes there is room to modernise Hong Kong’s tax policies and reduce conflicts. ‘A lot of the friction stems from clashing viewpoints and tax policies that haven’t kept up with the times,’ he says. ‘While the OECD’s BEPS 2.0 Pillar Two mostly impacts large corporations, ACCA has been pushing for a comprehensive review to make our tax system more competitive across the board.’
New horizons
Looking ahead, Cheng sees ACCA Hong Kong as instrumental in supporting members as they grapple with the challenges of IPOs, restructuring and cross-border transactions. When it comes to integrating with the Greater Bay Area, Cheng believes the key to success lies in tapping into the right talent pool.
He highlights the importance of knowledge sharing, recognising each other’s strengths and forging robust collaborative networks. ‘Since 2021, we’ve been hosting the ACCA GBA CFO Summit, which brings together top minds within the GBA region to trade insights and share their experiences,’ he says.
‘My aim is to put ACCA on the map’
‘This creates a two-way benefit. ACCA members who operate businesses in the Greater Bay Area are well positioned to support and serve other members in the GBA. When mainland Chinese companies look to expand globally, Hong Kong can step in as a powerful intermediary and “super-connector”, drawing on our extensive experience in professional services like law, accounting and banking.’
Going forward, Cheng’s primary focus is to put ACCA on the map and make sure people from all walks of life understand the work of the organisation. ‘I aspire to build connections with various stakeholders, including those who might not be familiar with our work yet. Ultimately, we aim to expand our reach and make the ACCA qualification accessible to more students and professionals.’
