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August 4, 2022updated 29 Jul 2022 9:23am

Hong Kong’s FRC to transition into AFRC

The HKSAR Government has announced the establishment of the Advisory Committee (ADC) of the Accounting and Financial Reporting Council (AFRC) and the appointment of the 12 members.

With the establishment of the new regulatory regime of the accounting profession on 1 October 2022, Hong Kong’s Financial Reporting Council will transform to become a full-fledged independent regulatory and oversight body of the accounting profession. The ADC will serve as a conduit between the AFRC and the profession.

The 12 members are:

  • Clement Chan Kam-wing
  • Ivy Cheung Wing-han
  • Stephen Fung Sing-hong
  • Edward Lau Fu-keung
  • Elizabeth Law
  • Patrick Law Fu-yuen
  • Doris Lian Shaodong
  • Low Chee-keong
  • Webster Ng Kam-wah
  • Christopher To Wing
  • Flora Wang Fang
  • Daisy Yeung

Members from the ADC include practitioners, service users and other stakeholders of the accounting profession to ensure the diversity of expertise relevant to the AFRC’s prevailing regulatory work focus. The ADC will provide advice on matters of policy in relation to any of AFRC’s objectives and functions.

In addition to the members appointed by the Financial Secretary, the ADC also consists of the AFRC chair Kelvin Wong and CEO Marek Grabowski.  

Grabowski said: “The establishment of the ADC provides a two-way communication channel between the AFRC and relevant stakeholder groups. I look forward to working closely with Members of the ADC.”

Wong added: “On behalf of the FRC, I welcome the Government’s appointments of the members of the ADC. The breadth of their experience and the depth of their collective wisdom will assist the AFRC in the effective discharge of its various regulatory functions under the new regime.”

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