Technology

Looking for an Expert to Calculate Long-Service Payments to Ensure Compliance with Hong Kong Accounting Standards? Valtech Valuation Offers Specific Solutions and Advice

Published

1 year ago

March 17, 2025

HONG KONG, March 17, 2025 /PRNewswire/ — There will be no more MPF offsetting from May 2025 in setting long service payments in Hong Kong. Beyond compliance, how can I more accurately predict long-service payment liabilities and annual expenses? Valtech Valuation offers specific solutions and advice if you consider appointing expert for compliance and better result.

For Companies, Hong Kong Subsidiaries of Multinational Corporations and NGOs

When calculating LSP liabilities or entrusting valuation to professionals, it is essential to avoid overly simplistic assumptions that overlook crucial actuarial factors. Common pitfalls include assumptions of zero layoff rates or zero mortality rates. Although some basic or even free online LSP valuation tools claim to meet “HKAS 19” requirements, finance and accounting departments must carefully verify whether these tools fully comply with the latest accounting standards under the new legislative framework.

Example of an Overly Simplistic Model: Consider an employee who is 40 years old with 5 years of service. Does your current valuation model only considers two exhaustive scenarios below.

Employee retires at age 65 and receives LSPNo long service payment

If the answer is yes, the probabilities will become

Probability of retiring at age 65 and”1 minus the probability of retiring at age 65″, resulting in zero long service payment

As you can imagine, how could the possible scenarios be so few? Furthermore, according to the law, long service payments are not necessarily paid only when you retire at the age of 65. This model is too simple and cannot meet the requirements of professional auditors and will have a significant risk of being questioned by regulatory authorities.

When seeking quotations from valuation service providers, companies and NGOs should specifically clarify the following matters (please feel free to copy the following 4 points directly):

Does the appraiser have a proven track record of successfully passing actuarial reviews by reputable accounting firms?Which parameters or scenarios are deliberately omitted or “considered but believing it is not insignificant and therefore not considering it in the calculation”?Does your model allow for non-zero layoff rates and mortality rates aligned with Hong Kong Government census statistics?Can the turnover rate be estimated by considering differences in age, gender or years of service?

Robust justification should be provided if you get “No” from any of the question above.

If the appraiser applies the insignificant or immaterial principle to simplify the calculation, he/she should first confirm with the auditor whether the judgment is reasonable. Responsibility for validating these assumptions should be clearly defined between auditors and management.

Important Observations – Inadequate Consideration of Loyalty Factor

Valtech Valuation has noticed that many companies or valuers fail to consider employees’ years of service or employee loyalty when making estimates. Generally speaking, estimates are made based on the company turnover rate as a whole or based on age, often ignoring employee seniority or employee loyalty. The impact can be huge. For instance, applying a same resignation rate to a 55-year-old new hire identically to a 55-year-old employee with 10 years of service may significantly distort the calculation. Obviously, overestimating the resignation rate will underestimate the potential long-service payment to be paid.

Advice for Employers with more than 1,000 employees

Valtech Valuation strongly recommends that large-scale companies actively build actuarial models to regularly recalculate and monitor the latest long-term service cost and liability levels. Employers with more than 1,000 employees generally have a mix of permanent and contract employees, which may involve complex calculations related to LSP, severance payments (SP), gratuities, and voluntary contributions, and other calculation issues arising from the differences between different types of jobs (such as different patterns for blue collar vs white collar workers). By establishing customized estimation programs, companies can perform regular recalculations to meet their financial statement preparation needs while also monitoring this increasingly important liability.

About Valtech Valuation

Valtech Valuation has performed professional valuations for many multinational corporations and well-known Hong Kong companies and is currently actively assisting clients with tens of thousands of employees to quantify their obligations for long service payments under the new ordinance. Valtech Valuation takes the valuation of long-term service liabilities very seriously and aims to raise the level of professionalism by sharing practical experience and important issues discovered during the development of its proprietary valuation program to increase the awareness of industry insiders, including corporate executives, accountants, auditors and regulators.

For more information, visit: https://valtech-valuation.com

Media Contact:
Max Tsang / Marvin Wong / Jimmy Wong
T: +852 23889262
Email: admin@valtech-valuation.com

Singapore:
Ritika Gupta
+65 84949455
admin-sg@valtech-valuation.sg

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SOURCE Valtech Valuation Advisory Limited

Technology

Asian Hall of Fame Heritage Gala Highlights Impactful Legacy

Published

5 hours ago

May 13, 2026

Benefit supported Women In Tech, Entertainment, Science & Sports Scholars

LOS ANGELES, May 13, 2026 /PRNewswire/ — Global ambassador Asian Hall of Fame highlighted positive messages of interracial synergy with its Heritage Gala on May 1, 2026 at the iconic Biltmore Los Angeles. CBS LA Anchor Suzie Suh served as Master of Ceremonies of the festive Asian Heritage Month celebration brought to life by vibrant heritage costumes representing Asia, Latin America, and the U.S. Virgin Islands. The intergenerational benefit funded Women In Tech, Entertainment, Science & Sports (WinTESS) scholarships for 103 applicants from all racial backgrounds.

Guests from California, Washington, Oregon, Hawaii, and New York applauded the Class of 2026 Official Announcement, including Asian Hall of Fame’s first-ever Major League Baseball Inductee Hideo Nomo, nominated by the Los Angeles Dodgers, and DTLA muralist Robert Vargas as Goodwill Ambassador.

Dedicated San Marino philanthropist and Board of Governors Chairwoman Melinda Rogers was honored as the 2026 Woman of the Year, with a moving speech presented by her younger brother William Rogers. Chairwoman Rogers highlighted the endearing impact of family, and delighted audiences with her custom Korean hanbok, designed alongside Anna Kim at her Koreatown boutique.

Distinguished philanthropist Loida Nicolas Lewis (Inductee 2007) shared an inspiring fireside chat with stories of family legacy and community empowerment. Guests received commemorative autographed memoirs, and complimentary gifts from Nan Yang Delight and SUP. Inductees in attendance were Marc Anthony Nicolas, Kristen Lui, incoming Inductees Kitty Lo and Maggie Tseng, Official Design Partner of the 2026 Season.

The dramatic Heritage Costume Show, sponsored by Meridien Vacation Homes, presented pageant holders including a Rose Pageant Princess, Miss Asia USA, Miss Teen Latina Global, Hi-Teen USA, Miss International U.S. Virgin Islands, Miss Taiwanese American, and Mrs. Asia Glamour.

Maki Mae performed from her upcoming album release with pianist Jason Lo and cellist Ryan Phipps. Walter Nishinaka and Los Angeles Taiko Collective kicked off raffle drawings, including an 18-carat gold ring donated by long-standing supporter Vartan Kazanjian, owner of Estate Jewelers of South Pasadena.

ABOUT ASIAN HALL OF FAME
Established in 2004, Asian Hall of Fame strengthens interracial synergy by advancing mainstream recognition of Asian and Native legacy. Inductees include Connie Chung, Kristi Yamaguchi, Margaret Cho, amongst others. Contact: press@asianhalloffame.org, (626) 600-9418, www.asianhalloffame.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/asian-hall-of-fame-heritage-gala-highlights-impactful-legacy-302771594.html

SOURCE Asian Hall of Fame

Technology

Notice of Data Privacy Incident

Published

5 hours ago

May 13, 2026

MOUNT STERLING, Ill., May 13, 2026 /PRNewswire/ — Brown County

Brown County, Illinois provides notice of a data privacy incident involving personal information of certain county constituents and staff.

What Happened? On April 3, 2025, we received alerts of unusual activity in one of our email accounts. We launched an immediate investigation, and retained independent cyber incident response specialists to assist. The investigation determined that two email accounts experienced unauthorized access. We have no evidence of fraud or identity theft from this incident.

What Information Was Involved. The information involved varied by individual, and may have included a first and last name along with a Social Security number, driver’s license number, government issued identification number, medical information, or health insurance information.

What We Are Doing. In addition to the above, we are offering complimentary credit monitoring and identity protection services to individuals whose Social Security numbers were believed to be involved.

What You Can Do. Generally, it is best practice to remain vigilant for incidents of identity theft and fraud from any source by reviewing your account statements and credit reports for suspicious activity and errors. If you discover any suspicious or unusual activity, promptly contact your financial institution or service provider.

Individuals are entitled to one free credit report annually from each of the three major credit reporting bureaus, TransUnion, Experian, and Equifax. To order a free credit report, visit www.annualcreditreport.com or call 1-877-322-8228.

Individuals may further learn about identity theft, fraud alerts, credit freezes, and the steps to take to protect personal information by contacting the credit reporting bureaus, the Federal Trade Commission (FTC), or state Attorneys General. The FTC encourages those who discover that their information has been misused to file a complaint with them. It may be reached at 600 Pennsylvania Ave. NW, Washington, D.C. 20580; www.identitytheft.gov; 1-877-ID-THEFT (1-877-438-4338); and TTY: 1-866-653-4261.

For More Information, you may contact us at 1-800-405-6108, Monday through Friday, 8:00 a.m. to 8:00 p.m. EST for further assistance.

View original content:https://www.prnewswire.com/news-releases/notice-of-data-privacy-incident-302771596.html

SOURCE Kennedys CMK LLP

Technology

SharkNinja Set to Join S&P MidCap 400; Flowers Foods and F&G Annuities & Life to Join S&P SmallCap 600

Published

5 hours ago

May 13, 2026

NEW YORK, May 13, 2026 /PRNewswire/ — S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:

SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18. NEC Corporation (TSE: 6701) is acquiring CSG Systems Intl in a deal expected to close soon, pending final closing conditions.F&G Annuities & Life Inc. (NYSE: FG) will replace Mister Car Wash Inc. (NASD: MCW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, May 19. Leonard Green & Partners L.P. is acquiring Mister Car Wash in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name

Action

Company Name

Ticker

GICS Sector

May 18, 2026

S&P MidCap 400

Addition

SharkNinja

Consumer Discretionary

May 18, 2026

S&P MidCap 400

Deletion

Flowers Foods

FLO

Consumer Staples

May 18, 2026

S&P SmallCap 600

Addition

Flowers Foods

FLO

Consumer Staples

May 18, 2026

S&P SmallCap 600

Deletion

CSG Systems Intl

CSGS

Industrials

May 19, 2026

S&P SmallCap 600

Addition

F&G Annuities & Life

Financials

May 19, 2026

S&P SmallCap 600

Deletion

Mister Car Wash

MCW

Consumer Discretionary

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/sharkninja-set-to-join-sp-midcap-400-flowers-foods-and-fg-annuities–life-to-join-sp-smallcap-600-302771602.html

SOURCE S&P Dow Jones Indices