For once, accountants have a happy problem - how to deal with excess reserves of US$50 million
Many members of the Hong Kong Institute of Certified Public Accountants are seeking a refund, but the institute has called for a vote on March 2 to decide what should be done
Hong Kong Institute of Certified Public Accountants (HKICPA) has a problem of plenty. It has accumulated such huge reserves – HK$390 million (US$49.86 million) – that members are clamouring for a refund.
The institute, which covers about 43,000 accountants in Hong Kong, will hold an extraordinary general meeting on March 2 to vote on whether it should refund half of the cash reserves to its members, according to a circular posted on the institute’s website.
The demand came from nearly 100 members calling for the meeting.
“It is a nice problem to have to deal with on how to handle the huge reserves,” said Eric Tong, newly elected president of HKICPA, in an interview with the South China Morning Post. “We would be happy to let the members express their views at the EGM. The council will listen to their views and then decide how to handle the reserves.”
Tong, however, said the institute would need to keep a reasonable amount of the reserves for day to day activities, future expansion and introduction of the planned digital platforms.
Refunds could also be offered in the form of free courses for its members.