We are excited to share the success of SuitSwitcher 2024, a work-wear recycling campaign organized by the Career Centre of Hong Kong Baptist University (HKBU). SuitSwitcher 2024 aimed to collect donations of work attire to assist students in need. We are pleased to have participated by contributing unused garments from our colleagues. It is our hope that these donated items will find a new purpose and pose a positive impact on HKBU students.
 
Through initiatives like SuitSwitcher 2024, we are dedicated to creating a positive impact and aiding those in need as part of our continuous endeavors to promote sustainable fashion and lifestyle choices.
 
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AVISTA's CSR Initiative – SuitSwitcher 2024 Work Attire Recycling Campaign by HKBU Career Centre

Sabrina has over 9 years of substantial experience in sustainability, climate and risk management advisory for Hong Kong listed companies, IPO applicants and asset managers, with a focus on ESG disclosure and compliance, ESG strategy and impact enhancement, sustainability governance, ESG and climate risk management, sustainable investment, decarbonization roadmap and ESG assurance.
 
In her new role, Sabrina will continue her leadership and leverage her extensive expertise on risk management advisory services to bring value to AVISTA’s next-level growth.
 
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Congratulations to Ms. Sabrina Lam, who has been promoted to Director of Risk Management Advisory team in AVISTA Hong Kong.

Our Managing Partner, Mr. Vincent Pang had the honor of being invited once again as a speaker by the Hong Kong Institute of Certified Public Accountants (HKICPA) to participate in their Business Valuation Programme. The programme aims to provides participants with a basic understanding of valuation and insights into the valuation of various assets, including an understanding of valuation techniques commonly used for transaction purposes and fair value measurement requirements for financial reporting purposes.
 
The webinar titled “Financial Instrument Valuation and Biological Assets Valuation”. During the webinar, Mr. Pang delivered an insightful presentation focusing on the valuation of financial instruments such as employee share options, convertible bonds, preferred shares and the valuation of biological assets. Through practical examples and valuable insights, Mr. Pang shared his expertise with fellow professionals, enriching their understanding of these intricate valuation methodologies.
 
Drawing upon our deep expertise in business valuation and extensive industry experience, AVISTA Group is grateful for the opportunity to contribute to the advancement of the accounting profession through collaborations with the HKICPA. We eagerly anticipate future partnerships and opportunities to further enhance industry knowledge and practices.
 
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As a Speaker of Hong Kong Institute of Certified Public Accountants (HKICPA) Business Valuation Programme

On September 16, 2024, the Hong Kong Institute of Certified Public Accountants ("HKICPA") issued Exposure Drafts for HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures, seeking market comments. The HKICPA has proposed full convergence of HKFRS S1 and S2 (HKFRS Sustainability Disclosure Standards) with the IFRS S1 and S2 standards set by the International Sustainability Standards Board (ISSB), effective from August 1, 2025.
 
The application of HKFRS S1 and S2 will remain voluntary until mandated by relevant authorities, with publicly accountable entities (PAEs), including listed companies and regulated financial institutions in Hong Kong, prioritized for implementation. As outlined in FAQ 1 of the explanatory memorandum accompanying the Exposure Drafts (addressing "Which entities must apply the HK Standards and by when?"), relevant authorities/regulators authorities, including HKEX, HKMA, SFC, MPFA, and IA, will conduct their consultations soon to determine the approach and timeline for adopting HKFRS S1 and S2. Entities required to prepare sustainability disclosures will continue to follow the regulations, guidelines, or rules specified by these authorities.  Until further decisions are made by the relevant authorities/regulators, entities preparing sustainability disclosures have the sole discretion to decide whether sustainability disclosures should be prepared in accordance with the HK Standards or other frameworks.
 
This alignment is crucial for Hong Kong as a global financial center, facilitating the integration of global capital with local businesses in Hong Kong, mainland China, and beyond.
 
AVISTA Group has submitted comments on the Exposure Drafts, including feedback on the proposal to fully align HKFRS S1 and S2 with IFRS S1 and S2, along with other relevant comments. We are committed to actively contributing to the enhancement and advancement of the industry market, leveraging our expertise, experience, and dedication to excellence to drive positive change and progress within the industry.
 
For further information, please refer to the exposure drafts document: <a title="https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/Sustainability-Reporting" href="https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/Sustainability-Reporting" data-outlook-id="03ea1a45-a56b-4d51-a74d-475864bf726b">https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/Sustainability-Reporting</a>
 
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