HONG KONG
UPCOMING EVENTS CIMA supported seminar on ‘Personal productivity basics’ by CPA Australia Now more than ever, people are being called upon to deliver 'more with less.' Today’s busy professionals need solid organisational systems, productive routines and clarity of priorities in order to get things done well and on time. Join this workshop and accelerate your journey to improved personal effectiveness. This program helps participants understand the strengths and weaknesses of their current approach to getting things done. Course outline • Consider the personal and business cost of overload • Understand the six steps to achieving Calm Control • Identify personal productivity strengths and weaknesses • Make an action plan for improving personal efficiency and effectiveness Date: Venue: Rundown: Language: Fee: Certification: CPD: Registration:
Tuesday 30 August 2011 CPA Australia, 20/F Tai Yau Building, 181 Johnston Road, Wanchai 3.00 – 3.30pm (registration) 3.30 – 5.30pm (workshop) English HKD300 Certificate of attainment will be issued to participants for completing the workshop Two CPD hours Please download the registration form here or contact May Wong (CPA Aust.) at 2891 3312.
CIMA supported Continuous professionals training (CPT) series in finance by HKU SPACE CIMA is supporting a Continuous Professionals Training (CPT) programme being held by HKU SPACE. This programme provides a comprehensive overview of private equity, Basel III and structured products. Case studies are used to illustrate each course. Courses include: • 30 August 2011: Selection criteria of private equity and venture capital investing in China – speaker: Marvin Lai, Co-Chairman of the Venture Committee of Hong Kong Venture Capital and Private Association (HKVCA). • 6 September 2011: Implications and challenges of Basel III in Hong Kong – speaker: Mr Daniel Au, Vice President, Compliance and Operational Risk Management, Wells Fargo Bank. • 20 September 2011: Concepts and instruments of structure products – speaker: Mr Kwok Wai Kong, Director, Asia Pacific Head of Transaction Review (structured products), Barclays Capital. Venue: HKU SPACE Admiralty Learning Centre Language: English Fee: HKD1600 for each course (20% off for CIMA members – HKD1280) CPD: Three CPD hours/ course Registration: Please download and complete registration form here Course Details: http://hkuspace.hku.hk/prog/cpt-in-finance Enquiries: Please contact 2867 8332 or email to cpt@hkuspace.hku.hk. Please find course details on the HKU SPACE website.
CIMA HONG KONG
CIMA Hong Kong Newsletter July 2011
JULY 2011
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NEWS Apocalypse H20: accounting for the true value of water Water is more essential to industry and daily life than oil. But fresh water, like many other natural resources once considered abundant, is running low: the World Bank says global demand for water is doubling every twenty one years and the UN estimates that by 2025 two-thirds of the world could face water ‘stress’ situations. Many organisations have therefore started to respond seriously to water risk. This report focuses on two companies that are leading the way in the area of water management and valuation. In May 2011, Puma was the first organisation to put an economic valuation of the ecological impact caused by water consumption and greenhouse gas emissions along its value chain. Meanwhile Rio Tinto, one of the world’s largest mining and resources companies, began in 2005 to take a more strategic view of water, including accounting for the value of water. You can now read more about these two case studies in the latest CIMA report Apocalypse H20. Further details are online: http://www.cimaglobal. com/en-gb/Thought-leadership/Research-topics/Sustainability/Apocalypse-H20-accounting-forthe-true-value-of-water/
CIMA World Conference The theme of the CIMA World Conference 2011 is ‘Business in tomorrow’s world – a sustainable future’ and will feature a number of high profile speakers including Mervyn King, the International Integrated Reporting Committee, Bunker Roy, social activist and educator, and Steve Berry, author of Strategies of the Serengeti. The conference will address best business practices and global humanitarian concerns through sustainable social responsibility and is expected to attract up to 600 attendees from around the world. The event will be held at Cape Town International Convention Centre, Cape Town, South Africa on 24-25 October 2011. Further details are online: www.cimaglobal.com/ worldconference
CIMA on demand CIMA, in association with BPP, launched CIMA on demand, a new suite of online courses, at the end of February 2011. These can be found at www.cimaondemand.com The courses cover a wide range of topics including management accounting, financial reporting, business skills and strategic management and run for either one or one and a half hour. Each course incorporates an end of course knowledge check and feedback survey. There is also the facility to print the course slides and/or transcript. The benefits of the courses are: • Flexibility – can be accessed at work, home or whilst travelling, 24/7. • Competitive pricing – low price per course per person with discounted individual and corporate packaged rates. • Cost saving – cheaper than attending a face-to-face course. • Highly experienced speakers – often Mastercourses speakers with extensive industry experience. • Extensive range – courses are constantly reviewed and updated with new technical and soft skill courses added throughout the year and included within the annual package at no extra cost. • Environmentally sustainable – lower carbon footprint by reducing travel to and from external courses. • Tailored online CPD courses for CIMA members according to their needs as researched in member and CPD surveys. The courses can be purchased online, either individually or in packages of five, ten or 20, allowing members to self select the courses they would like in their package.
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CIMA Hong Kong Newsletter July 2011
NEWS Top CMGA student Johnson Electric ( ) (SEHK: 0179) one of the world's largest providers of motors, solenoids, microswitches, flexible printed circuits and control systems is no stranger to the Hong Kong public as it is one of the territories’ leading enterprises. With headquarters in the Shatin science park, Johnson Electric has an annual production capacity of over one billion units and manufactures products in more than a dozen countries on four continents. Amit Chhabra, Vice President and Controller at Johnson Electric, has just taken the CIMA T4 final exam in May 2011 and hopes to become a member as soon as he finishes writing up his practical working experience. 'An accountant in business needs skills not only in conventional accounting related areas like statutory compliance, audit, tax and financial planning and analysis, but also in partnering with the business operations. As business partners, professional accountants are increasingly expected to contribute in decision making and the creation of value while remaining within the risk appetite of the business. The CIMA qualification prepares you well in these critical areas' says Amit. As an MBA graduate Amit took the CMGA in May 2010 and scored the highest mark globally, he also passed all the Strategic Level exams (E3, P3 and F3) in November 2010 and again ranked first in Hong Kong. At a recent ceremony he was awarded this accolade in the presence of the CIMA president who flew into Hong Kong for this occasion.
Amit Chhabra Vice President & Controller Johnson Electric
The CMGA was introduced in 2010, it provides a fast track to MBA holders from reputable Universities to become CIMA members. On completing this gateway assessment students would only need to complete 4 more modules before becoming a Chartered Management Accountant. 'The CMGA examination is challenging but one that is very suited to managers that are keen to look at methodical ways on how to improve business performance' say Amit. 'It’s not a conventional professional accounting qualification. It gives you financial tools to use in the business and builds on commercial experience.' The CIMA qualification in structured in three pillars that covers core financial accounting, management accounting tools and some general business knowledge similar to a mini MBA in strategy.
STUDENT SERVICES Preparatory courses launching in September CIMA Hong Kong is organising a series of preparatory courses for students taking the professional examination. As seats are limited applications will be treated on a first come first served basis. Please submit your application and cheque to CIMA Hong Kong offices on/before 29 August 2011. Schedule Topics Date E1 enterprise Wed 24 Aug operations Thu 15 Sep Thu 22 Sep Thu 29 Sep Thu 6 Oct Thu 13 Oct Thu 20 Oct
Duration 8.15-9.45pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm
Course Overview Session 1 Session 2 Session 3 Session 4 Session 5 Session 6
Lecturer Ms Dorina Liu
E2 enterprise management
Tue 23 Aug Sat 17 Sep Sat 24 Sep Sat 8 Oct Sat 15 Oct Sat 22 Oct Sat 29 Oct
6.30-8.00pm 10.00am-2pm 10.00am-2pm 10.00am-2pm 10.00am-2pm 10.00am-2pm 10.00am-2pm
Overview Session 1 Session 2 Session 3 Session 4 Session 5 Session 6
Dr Petrus Choy
F3 financial strategy
Wed 24 Aug Wed 14 Sep Wed 21 Sep Wed 28 Sep Wed 12 Oct Wed 19 Oct Wed 26 Oct
6.30-8.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm
Overview Session 1 Session 2 Session 3 Session 4 Session 5 Session 6
Mr Joseph Chu
CIMA Hong Kong Newsletter July 2011
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STUDENT SERVICES Schedule Topics Date P3 performance Thu 25 Aug strategy Mon 19 Sep Mon 26 Sep Mon 3 Oct Mon 10 Oct Mon 17 Oct Mon 24 Oct T4 Thu 25 Aug Tue 20 Sep Tue 27 Sep Tue 04 Oct Tue 11 Oct Tue 18 Oct Tue 25 Oct (The above schedule and venue are subject to change) Venue: Fees: Registration:
Duration 6.30-8.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm
Course Overview Session 1 Session 2 Session 3 Session 4 Session 5 Session 6
Lecturer Mr Frederick Woodier
8.15-9.45pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm 6.30-10.00pm
Overview Session 1 Session 2 Session 3 Session 4 Session 5 Session 6
Mr Frederick Woodier
CIMA Hong Kong – Suite 2005, Tower One, Times Square, Causeway Bay, HK. Overview: Free of charge Sessions: HKD2500/paper Please download the brochure and registration form here. Contact Yannie Lau at 3741 1957 or email yannie.lau@cimaglobal.com for further information.
Free online study resource on cimastudy.com for E1 and E2 We will be offering free access to cimastudy.com on Enterprise papers (E1 and E2) during the month of September 2011 as a trial period. Cimastudy.com is a comprehensive online study tool with 24 hour access that allows you to flexibly manage your study time. It has interactive tools and exercises that offer a dynamic and engaging way to learn, reinforce learning to aid retention of key points and make exam preparation easier. To gain free access, please email your name and contact ID to yannie.lau@cimaglobal.com
CMGA preparatory course with HKU SPACE HKU SPACE is the sole provider of a 36 comprehensive examination preparatory course for the CIMA CMGA/CGA, which on passing will be awarded the CIMA Advanced Diploma in Management Accounting. The arrangement of preparatory course for November intake of CMGA/CGA examination is as follow: Course Code: AC41-806-11/11 Dates: 26 August to 11 November 2011 (Fridays) Time: 7.00 – 10.00pm Venue: HKU SPACE Po Leung Kok Campus in Causeway Bay Enquiries: CIMA - Scott Lee at 2511 2003 or email scott.lee@cimaglobal.com HKU SPACE – Agnes Hung at 2867 8474 or email agnes.hung@hkuspace.hku.hk For more information you may download the preparatory course flyer here.
President’s reception – 20 July 2011 To welcome the visit of Mr Harold Baird, new CIMA president elected in June this year who comes all the way from Northern Ireland to Hong Kong, the division and divisional council organised a cocktail reception at the British Consulate General on 20 July 2011. We were also delighted to have the presence of Mr John Woodruffe, Deputy Trade Commissioner of UK Trade and Investment, and Mr Richard Kenworthy, Divisional Chairman of CIMA Hong Kong, who is also newly elected in June this year to attend the event. This was a wonderful evening with near 50 members and students participated. The wonderful speeches given by John and Harold were followed by a lucky draw which gave lucky surprises to members and students. It is worth mentioning that two of the biggest prizes were won by big names who are no stranger to you – Mr. Paul Tsui FCMA, Executive Director and Group CFO of Wheelock and Mr Patrick Yeung FCMA, CFO and Executive Chairman of Asian Capital who is also the divisional past president of CIMA Hong Kong. Thank you very much for supporting CIMA, we hope you enjoyed the champagne! 4
CIMA Hong Kong Newsletter July 2011
HONG KONG PAST EVENTS CIMA Global Business Challenge Global final – 23/24 July 2011 CIMA is proud to announce that team Scions from the Philippines emerged victorious from the Global Business Challenge (GBC) competition, which took place on the 23-24 July in Chengdu. The global winners from 17 winning regional teams entered the final competition from: the UK, Ireland, Sri Lanka, India, Mainland China, Malaysia, Pakistan, Hong Kong, Singapore, South Africa, Philippines, Bangladesh, Australia, Indonesia, Middle East, Russia and Vietnam. During the global final, it attracted audiences of over seven hundred and was sponsored globally by Barclays. All the regional teams presented a business case to a judging panel of high ranking experts from organisations across the globe including: Barclays, Shell, L'Occitane en Province, Tangs Department Store, TRW and CIMA. The GBC is an international competition designed to bring out the best in potential business leaders among young people. Leader of Hong Kong team Dreams, Rose Li said ‘To all four of us, the GBC 2011 journey will be one of the most unforgettable experiences throughout our university life. During all the report writing and presentation preparing process, we found there is always something about the case you can get to learn by doing more research and improvement, either the industry knowledge or our suggestions, are endless. Participating GBC to study the almost-real case is a good way to bring idealistic dreams down to the earth. And we can take the opportunity to learn from those intellectual competitors from different countries and regions around the world.’ Having spent months preparing for the competition they are glad it is over and the team members who are undergraduates will be returning to the University of Hong Kong to continue their studies. Preparation for 2012 CIMA Global Business Challenge has just begun and a series of promotional activities and seminars within universities are expected to commence by the end of this year, we anticipate a much fervent and vigorous incoming participation.
Other past events and engagements Staff attended MBA and Postgraduate Fair Staff conducted the CMGA seminar Staff attended Greater China talent management summit Ms Amy Lam, council member of CIMA Hong Kong division, attended IVE Accounting software applications competition prize presentation ceremony Dr Aidan Goddard, council member of CIMA Hong Kong division, attended CPA Australia’s Anniversary Cocktail Reception Staff attended HKICPA dinner for China liaison office Staff conducted the CMGA seminar Mr Harold Baird, CIMA President and staff visited Crossroads Foundation
5 July 2011 7 July 2011 8 July 2011 9 July 2011 14 July 2011 18 July 2011 19 July 2011 21 July 2011
CONTACT US CIMA Hong Kong Division Suites 2005 Tower One Times Square 1 Matheson Street Causeway Bay Hong Kong T. +852 2511 2003 F. +852 2507 4701 E. hongkong@cimaglobal.com www.cimahongkong.com Opening hours 9.30am-5.30pm (Monday-Wednesday, Friday) 9.30am-7.00pm (Thursday)
CIMA Hong Kong Newsletter July 2011
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