Stanley Ho FCCA assumes the chairmanship of ACCA Hong Kong with a bold vision to steer the organisation towards new growth areas and tackle pressing challenges facing the accounting profession.
This year marks a milestone for ACCA as it celebrates two momentous occasions: its 120th anniversary and surpassing 250,000 members worldwide. ACCA Hong Kong will also celebrate its own 75th anniversary next year.
‘I’m truly honoured to take on the role of ACCA Hong Kong chairman during this pivotal time of growth and change,’ says Ho. ‘I look forward to commemorating these occasions together with our members. It’s their contributions that have helped bring us this far over the decades.’
Upskilling for the future
Ho has set forward-thinking goals to build on ACCA’s position as a truly global organisation. ‘The theme of "Accounting for a Better World" really resonates with me,’ says Ho as he pinpoints sustainability, artificial intelligence (AI) and talent development as the three key pillars that ACCA will continue to focus on in the coming year.
The global accounting profession is facing rapid changes brought on by climate change, digital transformation and a rising call for transparent non-financial disclosures from all stakeholders. Ho recognises the importance of green finance to Hong Kong’s economy and aims to amplify ACCA Hong Kong’s role in facilitating the transition to sustainability.
For ACCA members in Hong Kong specifically, Ho’s top priority is providing even more continuous professional development opportunities in this area. For example, ACCA has launched a Certificate in Sustainability for Finance to equip professionals with skills for evaluating environmental, social and governance risks and opportunities.
'Accounting demands the application of professional judgment that technology cannot replicate'
Ho sees AI as a handy tool rather than a replacement for accountants. ‘Accounting demands the application of professional judgment and higher-level skills that technology cannot replicate,’ says Ho, expressing his hope that ACCA Hong Kong can help fill this gap under his leadership.
Since 2023, ACCA Hong Kong has hosted a series of networking events on AI’s impact. Ho wants to ride on ACCA’s tagline of ‘Think Ahead’ by equipping the next generation of finance professionals with the skillsets needed to thrive and succeed in this day and age – from ethics and communication to risk management and protecting against online scams.
Policy influence
Another focus for ACCA Hong Kong is to bolster its advocacy role and influence government policy to better support its members, while ‘developing Hong Kong’s business environment and improving people’s quality of living’, says Ho.
In its 2024/25 Budget recommendation to the Hong Kong government, ACCA Hong Kong suggested reviewing the tax system, while proposing incentives to attract more family offices by expanding available investment options. The organisation also recommended refining the talent acquisition policy to include accountancy and help resolve persistent labour shortages.
‘We will work closely with tax authorities to craft simpler, clearer tax laws’
As a tax partner at KPMG China, Ho is keen to positively impact policy changes. ‘We will continue to regularly collect feedback from our members and work closely with tax authorities to craft simpler, clearer tax laws that minimise potential disputes down the road,’ he says. ‘Equally important is supporting our members’ compliance with regulations.’
Changing perceptions
With a talent drain threatening the long-term viability of the accounting profession, Ho says the problem has been exacerbated by an obsolete perception of the industry. For far too long, accounting has been seen primarily as number-crunching focused on debits and credits. But, as Ho notes, the reality is much different.
‘Today’s accountants can utilise their diverse skillsets across many industries and positively impact society through their work,’ says Ho, adding that ACCA Hong Kong will focus on rebuilding the profession’s image. ‘Integrity and considering the long-term public interest remain the core values that underpin our organisation.’
To bridge the perception gap, Ho says that ACCA regularly convenes industry roundtables to bring together business leaders, university students and early-career professionals. There, they analyse workforce trends and develop ideas around driving competitiveness and cultural change from within.
New paths
With ACCA's 252,500 members across 180 countries and a wide network of 117 offices, Ho says that ACCA Hong Kong is well-positioned to leverage the Special Administrative Region’s role as a super-connector and super-value-adder between China and international markets to unlock new opportunities for its members.
Ho says ACCA Hong Kong will continue partnering with government bodies like the investment development agency InvestHK and the Financial Services Development Council as well as deepening cooperation with local accounting associations through conferences on topics such as Islamic finance and renminbi internationalisation.
‘We need to remain agile and open-minded to change with the times'
ACCA was the first global accountancy body to establish a presence in mainland China back in 1988. Ho underscores Greater Bay Area integration as another priority. For instance, ACCA Hong Kong led a member delegation to visit industries in Zhuhai and Qianhai to understand local policies on high-tech, automotive and talent recruitment. ‘It’s a way for both sides to learn from each other and broaden members’ perspectives,’ Ho explains.
While expressing cautious optimism about Hong Kong’s future amid geopolitical tensions and the 2024 super-election year, Ho says that the latest ACCA and IMA Global Economic Conditions Survey shows a slight uptick in sentiment and confidence among accountants and financial professionals worldwide.
‘Hong Kong’s accounting industry is well-equipped with strong analytical abilities, business acumen and communication skills; we have a solid base to tackle current challenges head-on,’ he says. ‘We need to remain agile and open-minded to change with the times.’
