HONG KONG
annual
review
2010 Creating sustainable
business growth
CIMA Hong Kong Annual Review 2010
2010 at a glance:
107,613
83,487
Exam papers taken
Members
252
99,264
Exam centres used
Students
£43.4m
208
Income
Countries
Member population
Student population
2010
83,487
2010
99,264
2009
79,757
2009
92,909
2008
76,363
2008
91,512
01 Welcome to CIMA 02 Divisional president’s message 03 Divisional director’s statement 04 An overview 15 Summary accounts 19 Contact details
CIMA Hong Kong Annual Review 2010
CIMA is where business and finance meet. Chartered Management Accountants are strategic leaders and business partners who enable organisations to make business-critical decisions. Organisations in the private, public and not-for-profit sectors turn to our members to build effectiveness; they cover broad issues such as enterprise performance, operations management and financial management and stewardship.
Our purpose The ever greater employability of Chartered Management Accountants. Our vision Chartered Management Accountants driving the world’s successful organisations. Our mission To be the first choice for employers in the qualification and development of management accountants. CIMA Hong Kong Annual Review 2010
Contents
01
Divisional president's message
02
A message from your president
Following on from the Hong Kong market review carried out in 2009, additional resources have been provided to promote the science of management accounting in Hong Kong. The promotion has resulted in strong growth for CIMA in Hong Kong on all fronts; seeing positive increase in our new student recruitment as well as overall growth in our student and membership population. The strategies set in 2009 are achieving encouraging results and we will continue to put further efforts in rolling them out in the forthcoming year to ride on their success.
Finance Director of Warner Bros), Amy Lam (Group Finance Director of Jardine Shipping Services), Irelan Tam (Regional Finance Director of Johnson & Johnson Hong Kong) and Jenny To (Managing Director of Pernod Ricard). They are amongst some of our many eminent female CIMA business leaders who have successfully overcome ongoing barriers in their career development and reached the top in Asia at the end. In the coming years, I have no doubt there will be many more successful stories of our lady members that we can share with you.
In the past, management accountancy was seen more as a male-orientated profession, perhaps ensuing from our historical costing and manufacturing origin. This perhaps, to a certain extent, was reflected in our membership structure with approximately 40% of our members being female and a relatively lesser representation of women than men occupying senior business positions. This issue was highlighted in one of CIMA thought leadership pieces 'Breaking glass - Strategies for tomorrow's leaders' during the year. From Hong Kong, I would like to take this opportunity to particularly thank four of our members who took part in this report; they are Theresa Chan (Corporate
As the Hong Kong economy becomes more interlinked with the mainland, we see more and more members and students working and travelling between the two places. This provides many challenges as well as opportunities to us. To prepare ourselves to cope with those demands, CIMA is transforming into a more regional organisation to take on those challenges and opportunities. With the directive from the CIMA Council, the global governance structure will move towards the formation of regional boards to provide the necessary speed, autonomy and empowerment essential for meeting the council's objectives. Closer to us, we will see the formation of three boards
CIMA Hong Kong Annual Review 2010
namely the Australasia Regional Board, the South East Asia Regional Board and the North Asia Regional Board later this year. The final details have yet to be confirmed and all our members will be kept informed of the latest development over time. It has been my honour to be the divisional president of the CIMA Hong Kong division this year. I would like to take this opportunity to thank all my divisional council members and the various committees for voluntarily and whole-heartedly helping to promote and grow the division together. Not only have they devoted their valuable time to CIMA, everyone has also given more than their best efforts in being the honourable ambassadors in this region to promote management accountancy and financial management for the institute. Last but not least, I would like to express my deepest gratitude to Leo Cheung, our immediate past divisional president, for his valuable service to the division as he will be retiring from the divisional council after the AGM in 2011. Thank you all.
Paul Chan FCMA Divisional President, Hong Kong
From the divisional director
In the past two years we have be concentrating our efforts on communicating the CIMA differentiation, to enable the public, employers, tertiary students and potential students to understand what management accountancy is and how our members differ from other accountants. This message has received good feedback especially from two groups; financial accountants wanting to expand their career horizons into other roles, and aspiring senior managers who would like to be more financially literate in-order to excel their career.
On a personal front this year been a very rewarding experience. I have been able to see how CIMA is able to help people’s careers not only upwards but also sideways. Members and students are moving into roles where the skill set learnt in the CIMA training equips them with the knowledge they need. CIMA is regarded as one of the most relevant to business qualifications as we update the syllabus every four years with feedback from over 2,000 employers. This reflects how our qualification trains people to go beyond accountancy and we now truly occupy the space where business and finance meet.
To facilitate these groups of prospective students, in 2010 we introduce a special gateway assessment designed to assess MBA graduates and members of other accounting bodies for direct entrance into the strategic level papers. The assessment looks at different areas taken from the operational and managerial level and serves as a safeguard to ensure that the students will be able to pass the final papers. We are grateful to Hong Kong University SPACE, our partners who have designed a preparatory course for these students to aid their studies. In the coming years we will expect to see more students joining CIMA via these routes.
Hong Kong has continued to shine within CIMA. Our student Amit Chhabra from Johnson Electric scored the highest mark globally in the gateway assessment. Alan Wong from Jardine Matheson came third globally in the performance strategy paper and Richard Bellingham came sixth globally in the financial operations paper. In general the passing marks for the operational and managerial papers in Hong Kong have been higher than the global average for the second year running. This has been achieved by not only attracting students that are capable but also the additional student support resources that have been invested in
the past few years. In the CIMA Global Business Challenge where over 2,000 groups of international university students compete in a business case study, the Hong Kong team won the accolade for the second year running, demonstrating again that the territory is producing some of the finest financial leaders in the world. Lastly, I would also like to thank the divisional council for their direction and my devoted team in Hong Kong for all their enthusiasm and hard work in delivering the excellent services to all our stakeholders.
Damian Yip Divisional Director, Hong Kong
CIMA Hong Kong Annual Review 2010
Divisional director’s statement
03
04
Member services
Activities 8 - 10 January 2010 Pearl River Delta trip CIMA together with other accounting bodies joined a study trip to PRD organised by the Accounting Resources Centre. A group of 41 participants visited government and CICPA to network, build contact points and exchange views on the region.
12 January 2010 Fellow application workshop A fellowship application workshop was conducted by Mr Richard Kenworthy FCMA, Divisional Vice President. ACMAs who were interested to become fellow members of the institute where able to hear directly from the ex-assessor on the requirements and benefits of becoming a fellow. 23 February 2010 CIMA Hong Kong spring cocktail A spring cocktail reception was organised at the British Consulate to celebrate the year of Tiger.
CIMA Hong Kong Annual Review 2010
20 March 2010 Joint networking trip with CMA Canada A leisure hiking to High Island Geo Trail was jointly organised with CMA Canada. 8 April 2010 CIMA annual dinner To mark this special occasion the CIMA president, Mr Aubrey Joachim was able to fly in from Australia to be with us. Mr Frankie Lam ACMA, Acting Deputy Director of Accounting Services, The Treasury of HKSAR was our honourable guest for the night. Other guest included Mr Chai, Division Chief of the Central Government Liaison Office, and other representatives from the educational institutions and professional bodies, all of which added more colours to the event.
25 June 2010 CIMA Hong Kong 26th Annual General Meeting At the CIMA 26th Annual General Meeting Mr Paul Chan, Mr Richard Kenworthy and Dr Li Wing Sun were elected as the Divisional President, Divisional Deputy President and Divisional Vice President of CIMA Hong Kong for the term 2010-2011 respectively. Ms Rachel Cheung, Mr Francis Chiu, Ms Jackie Ko and Ms Amy Lam were elected to the divisional council serving a three year term.
9 July 2010 CIMA-Polytechnic University of Hong Kong reunion The night bought together many members who had studied at the Polytechnic University of Hong Kong. Members were able to meet up with many ‘old’ friends and also meet some newer ones. 11 July 2010 Joint networking trip with CGA A leisure boat trip to Sai Kung was jointly organised with CGA.
Member services continued
4 September 2010 Joint networking trip with CGA A leisure Firefly night was jointly organised with CGA.
11 March 2010 Supported by CIMA the ‘International tax planning solutions’ forum was organised by the China Economic Review.
9 April 2010 Joint CPD seminar with HKICPA on ‘The future of governance in Asia’ by Mr Aubrey Joachim, CIMA President.
7 December 2010 CIMA Hong Kong Christmas party The party was held at the Rosedale Hotel in Causeway Bay, selected members were invited to join the party as a token of appreciation for their contribution to the division in 2010.
26 March 2010 Joint seminar with IBM on ‘A scorecard management approach in manufacturing’ by Dr WS Li, divisional council member.
10 April 2010 Joint seminar with CUHK SCS on ‘Global perspective on governance: lessons from east to west’ by Mr Aubrey Joachim, CIMA President.
12 December 2010 Leisure trip for CIMA students and members A leisure trip and BBQ lunch was organised for CIMA members, students and their relatives and friends in Tai Po and Fanling area. 26 March 2010 Joint CPD seminar with HKICPA on ‘Key processes of a company listing and the role of the Non-Executive Director’ by Mr. Harby Janagol FCMA, Mr. Derek RothBiester and Mr. Dennis Ow.
CPD events
17 April 2010 Joint seminar with AIA, CGA, CMA Canada, BDO and Hong Kong Polytechnic University on ‘New Hong Kong financial reporting standard (HKFRS) for private entities – are you prepared for this new financial reporting option?’ by Mr Stephen Chan, Partner and Head of Technical and Training, BDO Limited CPA.
4 March 2010 Joint CPD seminar with StepStone on ‘How to recruit a right candidate in the selection process’ by Dr Aidan Goddard, divisional council member and Dr Erik Schmit, Managing Director of StepStone China. 29 March 2010 Supported by CIMA PolyU SPEED organised a seminar on ‘Hong Kong as a risk management system for sustainability: a symposium’.
CIMA Hong Kong Annual Review 2010
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Member services continued
28 June 2010 Joint CIMA-Bradford University networking seminar on ‘Economics in business: how understanding modern micro-economics can help managers’ by Mr Simon Delay organised with RDI.
9 September 2010 Joint seminar with ICAC on ‘From corruption prevention to ethics management’.
18 October 2010 Joint CPD seminar with HKICPA on 'The emerging strategic role of the management accountant' by Mr Aubrey Joachim, Immediate Past President of CIMA. 19 October 2010 Joint CPD seminar with HKICPA on 'The finance professionals role in risk management' by Mr Aubrey Joachim, Immediate Past President of CIMA.
13 September 2010 CPD networking event on ‘Private and commercial uses of private trust’. 28 July 2010 Supported by CIMA the ‘Post-expo economy’ organised by the China Economic Review. 31 July 2010 Joint seminar with AIA, CGA on ‘Resolving shareholder disputes - negotiation mediation litigation’.
17 September 2010 Supported by CIMA the ‘Practitioner Forum - Islamic Finance & Dubai Debt Issues’ organised by CUHK SCS. 29 September 2010 Joint seminar with IBM on 'Optimising Finance - driven Performance Management by Consolidation - Reporting and Analytics'.
CIMA Hong Kong Annual Review 2010
19 October 2010 Joint seminar with CPA Australia and HKU SPACE on 'The role of finance in business strategy' (Professional Seminar Series) by Mr Aubrey Joachim, Immediate Past President of CIMA.
Newsletter Seven issues of the CIMA Hong Kong Division e-newsletter were sent to all CIMA members and students to keep them posted on local news and events.
Student support Induction seminars
T4 case study session
To facilitate better understanding of CIMA among all news students, four induction seminars were conducted in February and August. The sessions provided information on CIMA, the study aids available and the administrative procedures for examinations.
A T4 case study session for students to better prepare for the examination was conducted by Ms Cindy Yeung, Manager, Finance Department of Cable TV and Mr Jasper Chung ACMA, management accountant, Richemont Asia Pacific.
Courses CIMA revision courses for CIMA Paper P3 and T4 were jointly organised by CIMA and HKICPA in April and October. Preparatory courses on papers E1, E2, E3, F1, F2, F3 were held at CIMA office in March, September. In addition to these courses organised by CIMA, students also enrolled on the joint courses offered by The CUHK SCS and CIMA.
Overview session CIMA organised free overview sessions on Paper E2, E3 and F3 for all students in which, the lecturers gave an overview of all the topics for each paper and brief them on how topics are inter-related. These sessions are intended to help student make a study plan at least three months before the examinations.
Study materials The division continues to offer bookpurchasing service on the official learning materials which include the CIMA learning system, exam practice kit and revision card published by CIMA Publishing with Elsevier. Students were also encouraged to us the online study modules cimastudy.com
Practical experience requirement workshop A practical experience requirement workshop was organised on 18 May and 26 August. The workshop helped students to understand the requirements of work experience required for membership and the procedure needed when applying for membership. Mr Richard Kenworthy, Divisional Vice President and Mr Henry Lau, ACMA were invited to share their experience with all CIMA strategic level students.
CIMA Hong Kong Annual Review 2010
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08
Promoting and developing the science of management accounting
Scholarship awards CIMA scholarships have been awarded to the City University of Hong Kong, Hong Kong Baptist University, Hong Kong Community College, Hong Kong Institute of Vocational Education, Lingnan University, The Hong Kong Polytechnic University and The University of Hong Kong for students achieved the highest scores in ‘Cost Accounting’ or ‘Management Accounting’ subjects in their courses. Representatives from CIMA were invited to join the following prize presentation ceremony. 19 March 2010 Staff attended the City University of Hong Kong scholarship and prize presentation ceremony.
24 April 2010 Mr Leo Cheung, Divisional President, CIMA Hong Kong attended the innovative entrepreneur of the year 2010 opening ceremony 2010 organised by the City Junior Chamber .
Activities 19 January 2010 Information session on the ‘Professional programmes in management accounting’ jointly offered by CIMA and CUHK SCS.
19 June 2010 The IVE - accounting software applications competition for secondary school students prize presentation ceremony by Ms Irene Cheng, divisional council member. 12 July 2010 Staff attended the City University of Hong Kong’s prize presentation ceremony. 17 July 2010 The MEP final presentation day by Ms Amy Lam, divisional council member. 29 November 2010 Staff attended the 2010 Prize Presentation Ceremony of the Faculty of Business and Economics, the University of Hong Kong.
25 January 2010 Career talk for the University of Hong Kong students. 26 January 2010 CIMA roundtable discussion for Human Resources professionals on ‘Recruiting finance and accounting talent’. 27 January 2010 Career talk for Lingnan University students.
25 March 2010 Staff attended the scholarship presentation of Hong Kong Polytechnic University. 12 April 2010 The Lingnan University scholarship presentation ceremony by Mr Richard Kenworthy, Divisional Vice President.
CIMA Hong Kong Annual Review 2010
27 January 2010 Information session on the ‘Professional programmes in management accounting’ jointly offered by CIMA and CUHK SCS. 29 January 2010 Career talk at Caritas in Tsuen Wan and Fanling.
Promoting and developing the science of management accounting continued
1 February 2010 Career talk for the Hong Kong Polytechnic University students. 2 February 2010 Career talk for the Open University of Hong Kong students. 3 February 2010 Information session on the Certificate in Islamic Finance programme jointly offered by CIMA and HKU SPACE. 6 February 2010 Seminar on ‘Career beyond accounting’ at the Hong Kong Convention and Exhibition Centre. 8 February 2010 Career talk for the Hong Kong University of Science and Technology students. 9 February 2010 Career talk for the City University of Hong Kong students. 24 February 2010 Information session on the Certificate in Islamic Finance programme jointly offered by CIMA and HKU SPACE.
17 March 2010 Information session on the ‘Professional programmes in management accounting’ jointly offered by CIMA and CUHK SCS. 18 March 2010 Staff participated in the ‘networking day with the business professionals’ at Lingnan University. 25 March 2010 Staff attended the ‘Perfect matchgraduate recruitment and employer branding’ at the City University of Hong Kong. 1 April 2010 Career seminar for HKU SPACE Community College students. 15 April 2010 Career talk for Hong Kong College of Technology students. 22 April 2010 CIMA – CUHK SCS information session on management accounting programmes.
26 May 2010 CIMA-CUHK SCS information session on management accounting programmes. 12 June 2010 CIMA booth at HKUSPACE open day. 18 June 2010 CIMA booth and seminar at the HKTDC entrepreneur day at the Hong Kong Convention and Exhibition Centre. 19 June 2010 Global Business Challenge (GBC) Hong Kong regional final. The Global Business Challenge (GBC) is a competition for all full time undergraduates of Hong Kong university degree programs. It is designed to provide an opportunity for students to analyse and evaluate a special business situation and apply management accounting concepts. It also helps CIMA in promoting the science of management accounting to next generation of business leaders. In Hong Kong the competition started in February 2010, it attracted more than 140 teams from all universities.
6 May 2010 Career seminar for CUHK SCS students.
2 March 2010 Career talk for the Hong Kong Polytechnic University students.
7 – 10 May 2010 Global Business Challenge press conference at The Chinese University of Hong Kong.
11 March 2010 CIMA participated career talk and exhibition at the University of Hong Kong.
12 May 2010 Career talk for Caritas students.
CIMA Hong Kong Annual Review 2010
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10
Promoting and developing the science of management accounting continued
6 July 2010 Career talk for Manchester Business School students. 6 July 2010 CIMA participated in the A-performers Greater China talent management summit 2010.
5 August 2010 CIMA Global Business Challenge Global Final. The Hong Kong winning team Starlight from the University of Hong Kong entered the Global Final at the Taylor’s University in Kuala Lumpur, Malaysia and competed with 13 other country finalists from UK, Ireland, Sri Lanka, India, mainland China, Malaysia, Pakistan, Singapore, South Africa,UAE, Philippines, Bangladesh and Australia. Starlight eventually won the global final and became world champion for the competition, it was also the second time Hong Kong representatives seized the grand trophy.
CIMA Hong Kong Annual Review 2010
26 October 2010 Information session at City University of Hong Kong conducted by Mr Kingston Ho, Divisional Council member. 3 November 2010 CMGA information seminar at HKU SPACE.
16 December 2010 CMGA information seminar at HKU SPACE.
17 July 2010 Career talk for City University of Hong Kong students.
30 July 2010 CIMA-HKU SPACE information seminar on Certificate of Islamic Finance joint programmes.
5 October 2010 Information seminar on professional programmes in management accounting jointly organised by CIMA-CUHK SCS.
27 November 2010 CMGA information seminar at HKU SPACE.
7 July 2010 CMGA information seminar at HKU SPACE.
29 July 2010 Career seminar for Bradford University students.
28 September 2010 CIMA booth at A-Performers MBA and Postgraduate Fair at the Worldwide Executive Centre.
28 August 2010 Information seminar on professional programmes in management accounting jointly organised by CIMA-CUHK SCS. 6 September 2010 CIMA booth at Hong Kong Careers Fair of Oxford, Cambridge, LSE, Imperial College at British Council.
Other divisional engagements 21 January 2010 Dr Aidan Goddard, divisional council member, CIMA Hong Kong attended the budget consultation group meeting organised by the Financial Services and the Treasury Bureau. 21 January 2010 Mr Kenneth Chan, CIMA council member attended the HKICS annual dinner. 21 January 2010 Staff attended the thematic workshops in Asian financial forum 2010 at the Hong Kong Convention and Exhibition Centre. 26 January 2010 Mr Leo Cheung, Divisional President, Mr Richard Kenworthy, Divisional Vice President, and Mr Kenneth Chan, CIMA council member and staff attended the Anthony Chan Co. annual dinner.
1 February 2010 Staff attended HKIHRM/SCMP People Management Awards 2009 Presentation Ceremony luncheon. 4 March 2010 Mr Leo Cheung, Divisional President attended the ACCA Hong Kong Spring Dinner. 5 March 2010 Staff attended the HKU SPACE Community College 10th anniversary dinner. 11 March 2010 Mr Leo Cheung, Divisional President, attended the HKICPA spring dinner. 16 March 2010 Staff attended the annual symposium on risk management organised by Kornerstone.
28 January 2010 Dr Aidan Goddard FCMA, Mr Steve Au Yeung FCMA, Ms Irene Cheng ACMA, Dr Artie Ng FCMA and Mr KY Wong FCMA participated in the budget consultation group meeting.
18 March 2010 Mr Leo Cheung, Divisional President and Mr Kenneth Chan, CIMA Council member attended the Society of Chinese Accountants & Auditors Spring Dinner 2010.
1 February 2010 Mr Paul Chan, Divisional Deputy President attended the conference on 'Best practices in internal audit' organised by Pacific Conference and supported by CIMA.
24 March 2010 Mr Richard Kenworthy, Divisional Vice President, attended the scholarship presentation ceremony and donors’ tea reception of the Hong Kong Baptist University.
26 March 2010 Mr Leo Cheung, Divisional President, attended the AIA annual dinner. 26 March 2010 Dr WS Li, Divisional Council Member, presented at the CIMA - IBM joint sharing session on ‘A scorecard management approach in manufacturing’. 30 March 2010 Dr Aidan Goddard, divisional council member, attended the briefing on the white book of Guangzhou international business development 2010. 15 April 2010 Staff attended the official launch of HKIHRM HR professional standards gala dinner. 22 April 2010 Mr Richard Kenworthy, Divisional Vice President, attended the Hong Kong Polytechnic University's donors' reception. 26 April 2010 Mr Leo Cheung, Divisional President, attended the ACCA 60th anniversary cocktail reception. 30 April 2010 Dr Artie Ng, divisional council member, attended the seminar on 'Innovation and technology policy for Hong Kong’ organised by the Economic Analysis Division, Economic Analysis and Business Facilitation Unit, Financial Secretary’s Office, HKSAR.
CIMA Hong Kong Annual Review 2010
An overview
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Other divisional engagements continued
1 May 2010 Staff attended the 45th anniversary celebration opening ceremony of the School of Continuing and Professional Studies, Chinese University of Hong Kong. 10 May 2010 Staff attended the sharing session from Mr. Thomas Mehrmann, CEO of Ocean Park Corporation organised by Bradford University. 13 May 2010 Ms Amy Lam, divisional council member, attended the seminar on ‘Transfer pricing with the State Administration of Taxation’ organised by the Inland Revenue Department, HKSAR. 14 May 2010 Staff attended the IBM cognos finance forum 2010. 26 May 2010 Staff attended the Manchester Business School seminar on ‘How to turn your social network into business capital and assets’ by Professor Gilbert Wong . 31 May 2010 Staff attended the Hong Kong General Chamber of Commerce cocktail reception and AGM.
CIMA Hong Kong Annual Review 2010
31 May 2010 Mr Leo Cheung, Divisional President and Mr Damian Yip, Divisional Director, attended the professional institutions in Hong Kong cocktail reception organised by UK Trade & Investment. 3 June 2010 Staff attended the promotional symposium & luncheon of the 14th CIFIT and World Investment Forum 2010. 3 June 2010 Staff attended the CIMA-CUHK SCS Professional Diploma Programme in Management Accounting graduation dinner. 11 June 2010 Staff attended KPMG executive breakfast briefing on IFRS update: impairment and amortised cost? 11-16 June 2010 Mr Leo Cheung, Divisional President, attended the Shanghai world expo study trip organised by Accounting Resource Centre, CIMA, ACCA, AIA, AWAHK, CGA, CMA Canada, CPA Australia, IAE, CA, SCAA, TIHK. 22 June 2010 Mr Leo Cheung, Divisional President attended the luncheon organised by the Accounting Resource Centre.
9 July 2010 Staff attended the open day of Caritas. 31 July 2010 Mr Leo Cheung, Divisional Immediate Past President, attended the innovation entrepreneur of the year 2010 judging day organised by the City Junior Chamber. 19 August 2010 Mr Leo Cheung, Divisional Immediate Past President attended the innovation entrepreneur of the year 2010 award presentation ceremony organized by the City Junior Chamber. 20 August 2010 Staff attended the 10th anniversary dinner of IT Accountants Association (ITAA). 15 September 2010 Mr Leo Cheung, Divisional Immediate Past President, Ms Jackie Ko, Divisional Council member and Mr Damian Yip, Divisional Director attended the inauguration ceremony of The Reanda International Network. 16 September 2010 Mr Paul Chan, Divisional President and Mr Damian Yip, Divisional Director of CIMA Hong Kong attended the CICPA inauguration ceremony and luncheon.
Other divisional engagements continued
16 September 2010 Mr Paul Chan, Divisional President attended The Institute of Financial Accountants’ IFASE inauguration ceremony and dinner. 28 September 2010 Mr Richard Kenworthy, Divisional Deputy President attended the Annual Dinner of CMA Canada. 15 October 2010 Staff attended the cocktail reception of The Manchester Business School Alumni Association (China)’s AGM. 29 October 2010 Mr Richard Kenworthy, Divisional Deputy President attended the CPA Congress 2010 in Hong Kong – ‘Navigate the New’ organized by CPA Australia. 2 November 2010 Dr Li Wing Sun, Divisional Vice President, attended the CGA-Annual Dinner. 6 November 2010 Mr Paul Chan, Divisional President, attended the Anniversary Banquet 2010 of the Open University of Hong Kong. 8 November 2010 Mr Richard Kenworthy, Divisional Deputy President, attended the opening ceremony of the 'River of Wisdom- Animated Version of the Riverside Scene at Qingming Festival' organised by the Leisure and Cultural Services Department, HKSAR.
10 November 2010 Staff attended the Hong Kong General Chamber of Commerce’s luncheon. 10 November 2010 Staff attended the HKU SPACE Alumni Social Enterprises e-Society (SEES) launching ceremony. 11 November 2010 Staff attended the Congregation of City University of Hong Kong.
13 December 2010 Mr Paul Chan, Divisional President attended the 20th Anniversary Seminar cum Annual Luncheon of HK College of Technology’s Information Service Centre of Professional Studies. 13 December 2010 Mr Paul Chan, Divisional President attended the HKIHRM’s Annual Luncheon 2010.
19 November 2010 Staff attended the China Enterprises Economic Research Study Centre’s luncheon. 29 November 2010 Staff attended the 2010 Prize Presentation Ceremony of the Faculty of Business and Economics, The University of Hong Kong. 1 December 2010 Staff attended the CFO Innovation Asia Forum. 8 December 2010 Staff attended the 45th Anniversary Banquet of CUSCS. 10 December 2010 Mr Richard Kenworthy, Divisional Deputy President, attended the HKIRD Sports Association’s Annual Dinner.
CIMA Hong Kong Annual Review 2010
An overview
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2010 - An overview
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Media coverage 12 January 2010 - CFO Innovation Asia Interview with Charles Tilley, CIMA Chief Executive on the management accounting and CIMA professional business qualification. 19 January 2010 - Jiu Jik and Jiu Jik online Interview with Damian Yip, Divisional Director of CIMA Hong Kong, regarding CIMA Global Business Challenge 2011. 19 February 2010 - Recruit Interview with Damian Yip, Divisional Director of CIMA Hong Kong on changing mindset of accounts and to strengthen management accounting skills. 15 May 2010 - A Plus Interview with Aubrey Joachim, CIMA President on urging management accountants to lead governance change and help companies focus on bigger picture rather than concentrating on technical details in order to provider real information to their bosses and influence strategy. 30 June 2010 - Jiu Jik 15 July 2011 - Sing Tao Daily 15 July 2011 - Oriental Daily Article reporting the Global Business Challenge Hong Kong final where students from the University of Hong Kong has won the competition, and is competing with other winners in Malaysia August 2011. 8 July 2010 - Metrodaily Interview with CIMA and the University of Hong Kong School of Professional and Continuing Education (HKU SPACE) on the offering of the first Islamic Finance certificate and advanced certificate courses in Greater China.
CIMA Hong Kong Annual Review 2010
10 July 2010 - Talent Management Introduction of CIMA, our professional qualification and course information. 12 August 2010 - Metrodaily An article interview on CIMA Masters Gateway Exam with Damian Yip, Divisional Director of CIMA Hong Kong and Albert Hung, Associate Head of College of Business and Finance, HKU SPACE. 13 August 2010 - Tai Kung Pao 13 August 2010 - Ming Pao 13 August 2010 - Metrodaily 13 August 2010 - Headline 13 August 2010 - Sing Tao Daily 13 August 2010 - Sing Pao Press conference held the day before regarding students from HKU winning the CIMA 2010 Global Business Challenge Grand final. 6 September 2010 - HK Economic Times Interview with Damian Yip, Divisional Director of CIMA Hong Kong on how MBA holders can help formulating strategies and quantify performance via pursuing the CIMA professional qualification. 17 September 2010 - Mingpao Jump Article on the co-branded professional diploma programmes jointly organized by CIMA and the School of Continuing and Professional Studies, The Chinese University of Hong Kong (CUHK SCS). 28 September 2010 - AM730 An interview on professional diploma programmes with Damian Yip, Divisional Director of CIMA Hong Kong and Dr. Brandon Ng, Associate Director of CUHK SCS.
19 October 2010 - The Standard An article interview with Damian Yip (CIMA) and Albert Hung (HKU SPACE) on 'Getting to the heart of business decision making'.
Divisional council, committee members and representatives Meetings attended by members of the divisional council (January 2010 to December 2010) Name Chan Kai Chi Kenneth Chan Kin Lok Paul Cheung Wai Yi Rachel Cheung Wan Yin Leo Chui Francis Goddard Aidan Ho King Lam Kingston Kenworthy Richard Ko Yung Lai Jackie Lam Yuen May Amy Li Wing Sun
Divisional Executive 6/7 5/5 3/7 3/5 3/3 6/7 5/5 1/3 5/7 7/7 4/5 6/7 3/5 2/3 6/7 2/2 5/7 3/3
Name Ng Wai Cheong Artie To Man Chau Gordon Tsui Hung Sang Hudson Yeung Chun Pong Paul Luk Wai Leong Walton Honorary Officers Divisional President Divisional Deputy President Divisional Vice President Divisional Immediate Past President
Divisional 6/7 1/7 5/7 5/7 5/7
Executive
Paul Chan Richard Kenworthy Li Wing Sun Leo Cheung
Members and students services committee Chairman Vice Chairman
Cameron Hon Jackie Ko Alan Lam Leong Khai Kong Samuel Ng Andy Tsang Ng Wai Cheong Artie Wong Suk Fun
Amy Lam Artie Ng Nicholas Allard Jasper Chung Rachel Cheung Francis Chiu Rebecca Chu Aidan Goddard
Past divisional presidents R Smith Joseph M Lai K K Yeung William Parker R Smith Joseph M Lai P D Morgan H K Poon W G N Manning Kenneth K C Chan Patrick K C Yeung P M Kam Julian C W Leung W G N Manning Stanford Miller Michael Y L Chan
1973-1974 1974-1975 1975-1976 1976-1978 1978-1979 1979-1980 1980-1981 1981-1982 1982-1983 1983-1984 1984-1985 1985-1987 1987-1988 1988-1989 1989-1992 1992-1993
Ellena Y K Au Jimmy K W Pun Louis N H Lee Simon T W Leung Peter W M Wong Anthony N T Chan Roger M Y Ho Alan C M Wong Teddy T M Iu Peter C W Choy Paul Yeung Albert Y K Law Peter C W Choy Michael Y L Chan Leo WY Cheung
1993-1994 1994-1995 1995-1996 1996-1997 1997-1998 1998-1999 1999-1999 (Dec) 2000-2001 2001-2002 2002-2004 2004-2005 2005-2006 (Apr) 2006-2007 2007-2009 2009-2010
Staff in Hong Kong (as of May 2010) Divisional Director Senior Executive, Business Operations
Damian Yip Cherry Chu
Senior Executive, Member & Student Services Yannie Lau Marketing & Development Manager Scott Lee CIMA Hong Kong Annual Review 2010
Summary accounts
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16 Independent auditor's report to the members of the Chartered Institute of Management Accountants (Hong Kong division) We have audited the financial statements of the Division set out on pages 17 to 18, which comprise the balance sheet as at December 31, 2010, and the income and expenditure account, statement of changes in head office funds and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Divisional council's responsibility for the financial statements The Institute's constitution and by-laws require the Divisional Council to prepare financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, and for such internal control as the Divisional Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' responsibility Our responsibility is to express an opinion on these financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with the Institute's constitution and by-laws, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Division's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Division's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Divisional Council, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the state of the Division's affairs as at December 31, 2010, and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards.
ANDREW MA DFK (CPA) LIMITED Certified Public Accountants YAU WAI HING, STEPHEN Practising Certificate No. P03392 Hong Kong, 28 February 2011
CIMA Hong Kong Annual Review 2010
The Chartered Institute of Management Accounts (Hong Kong division) Balance sheet As at 31 December 2010 (Expressed in Hong Kong dollars)
2010 2009 Note HK$ HK$ Non-current assets Property, plant and equipment 3 -- 48,586 Current assets Inventories 4 40,327 23,513 Accounts receivable 5 25,743 56,741 Amount due from Head Office 6 72,338 -Deposits and prepayments 274,149 305,149 Cash and bank balances 458,850 270,546 871,407 655,949 Current liabilities Accrued expenses 48,381 42,267 Net current assets 823,026 613,682 823,026 662,268 Financed by : Head Office funds 823,026 662,268 Approved by the Divisional Council
Treasurer
Divisional President
Divisional Director
CIMA Hong Kong Annual Review 2010
Summary accounts
17
18 The Chartered Institute of Management Accounts (Hong Kong division) Income and expenditure account Year ended 31 December 2010 (Expressed in Hong Kong dollars)
2010 2009 HK$ HK$ Income Subvention from Head Office
2,025,937
952,004
9,275
78,843
--
52
79,019
81,160
2,114,231
1,112,059
Expenses
1,952,473
1,794,440
Workshop and seminar income, net of seminar wxpenses Bank interest income Sundry income
Surplus/(Deficit) for the year
161,758
(682,381)
Total comprehensive income transferred to Head Office Funds
161,758
(682,381)
The Chartered Institute of Management Accounts (Hong Kong division) Statement of changes in head office funds Year ended 31 December 2010 (Expressed in Hong Kong dollars)
General General Fund Reserve HK$ HK$ Balance at December 31 2008
The Past President Award Fund HK$
Total HK$
1,338,149
5,000
3,000
1,346,149
--
--
(1,500)
(1,500)
(682,381)
--
--
(682,381)
655,768
5,000
1,500
662,268
--
--
(1,000)
(1,000)
Total comprehensive income for the year
161,758
--
--
161,758
Balance at December 31 2010
817,526
5,000
500
823,026
Fund applied to award student for the year Total comprehensive income for the year Balance at December 31 2009 Fund applied to award student for the year
CIMA Hong Kong Annual Review 2010
Contact details
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CIMA Hong Kong Annual Review 2010
Summarydetails accounts Contact
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Chartered Institute of Management Accountants CIMA Hong Kong Suite 2005, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong T. +852 2511 2003 F. +852 2507 4701 E. hongkong@cimaglobal.com CIMA Hong Kong Annual Review 2010 www.cimahongkong.com
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