ACCA Hong Kong’s new chairman, Danny Po, wants to continue creating value for members during the continuing journey towards a new normal in the wake of the Covid-19 pandemic.
‘As the world moves to a new normal with its various challenges, I hope to mobilise resources to help members,’ says Po.
He emphasises that ACCA has the wide reach of a global network and resources that can empower members in multiple ways, helping them to create value. And adds that a variety of global reports are published to help members explore outlooks and the underlying dynamics of markets.
He also cites innovative resources for knowledge, including the well-received ACCA and CFA Institute Climate Finance course, which was included in the Hong Kong SAR government’s Pilot Green and Sustainable Finance Capacity Building Support Scheme. Eligible candidates can apply for up to an 80% reimbursement of the course.
‘We face a talent drain in the accounting profession, especially among the younger generation’
This is a step forward for ACCA Hong Kong in its ongoing efforts to proactively support and contribute to environmental, social and governance (ESG) capacity building, and marks significant recognition from the Hong Kong government.
‘When facing different market expectations and requirements, ACCA can help our members be more competitive and stay ahead,’ says Po.
Talent drain
Well-trained accounting professionals can adapt to the constant changes of markets and respond to challenges efficiently. But one challenge that Po has frequently heard from members is the recurrent manpower shortage.
‘We face a talent drain in the accounting profession, especially among the younger generation,’ says Po.
The government has rolled out talent schemes, but Po thinks it is important to help members find purpose and meaning in the profession – for themselves and their community.
‘We are good at numbers, systems and processes, which are the foundations of digital transformation’
From climate change to the evolving role of the global public sector, from shaping the future of regulation to driving sustainable growth in economies, there are many opportunities ahead for the profession.
But Po is adamant that it’s important to help professionals acquire the necessary skillsets in areas such as AI and big data because some of the older methods are no longer effective or efficient.
He also believes accounting professionals are well-placed with regards to digital transformation. ‘Digital transformation is related to data and information management. We are good at numbers, systems and processes, which are the foundations of digital transformation,’ he says.
Po believes this gives accounting professionals a competitive edge in the digital age as they can better grasp information for analysis and facilitate a company’s operation and decision-making.
‘Digital transformation is not just about the IT department. It is a thing that accounting professionals could be more involved in and help companies develop,’ he says.
During his term, ACCA Hong Kong will continue ramping up its efforts in this direction. And Po hopes members from different industries and firms will help ACCA Hong Kong develop more activities.
‘ACCA Hong Kong also cooperates with different organisations and offers in-demand knowledge to members to learn the state of the art in terms of technology,’ he says.
Challenges and opportunities
Po has over 30 years of experience in tax and business advisory services. He was once the Deloitte Asia-Pacific & China M&A tax leader. Within ACCA Hong Kong he co-chaired the tax sub-committee and the student affairs sub-committee.
‘Hong Kong, as a super-connector, has lots of opportunities ahead’
With his experience in tax advisory, Po says recent market and tax developments might bring both challenges and opportunities for professional accountants. ‘Hong Kong, as a super-connector that connects both mainland China and global markets, has lots of opportunities ahead,’ he says.
Po thinks accountants have a lot of potential in exploring new ways to deal with ever-changing environments. ‘Accountants are always considered as prudent, but accountants are also good at risk management. And risk management is not equal to risk avoidance,’ he says.
Identifying and evaluating risk, and finding solutions are key attributes of accounting professionals. ‘With these three processes, I believe we can help organisations move to the new normal and bring creativity into business,’ says Po.
Tax compliance
As Hong Kong continues to move towards alignment with the global tax regime, there is a greater need for tax compliance. At the same time, information exchanges between countries are more frequent.
‘Many companies in Hong Kong are taxpayers in a global market and need to comply with global standards,’ says Po. ‘As professional accountants, we need to help them with this.’
Hong Kong has been agile and resilient in the face of a variety of challenges
To support members and their clients, ACCA Hong Kong constantly communicates with the Financial Services and the Treasury Bureau and the Inland Revenue Department, which conduct consultation sessions to keep professional bodies updated on the latest tax developments.
Continuous support
As an externally oriented economy, Hong Kong has been agile and resilient in the face of a variety of challenges. Such agility is reflected in ACCA Hong Kong’s continuous updating of its curriculum to meet market needs, with ESG and digital transformation additions.
As well as the qualification curriculum, Po is keen to highlight the fact that ACCA Hong Kong has numerous CPD programmes offering the opportunity to delve into industry hot topics and upskill, and ultimately equip members with the skills and knowledge to act as trusted advisers to businesses and clients.
