CIMA Hong Kong June 2012 newsletter

HONG KONG

UPCOMING EVENTS Joint CIMA and CMA Canada monthly networking lunch This networking lunch is open to all members and students of CIMA and CMA Canada.

It’s a chance to catch up with old friends and meet new ones, so help us make this event enjoyable and bring your friends along too!

Date: Time: Venue: Fee: Registration:

Wednesday 11 July 2012 1.00 – 2.00pm 12/F The Chinese Club, 21 - 22 Connaught Road Central, Hong Kong Chinese lunch at HKD120 per person. Please settle your own bill.

A table is reserved under Mr Yau Yin Kwan, Joseph of CMA Canada.

If you are interested in joining us, please email hongkong@cimaglobal.com.

CIMA supports IFRS/HKFRS updates seminar organised by CGA-HK This seminar is conducted by Mr. Nelson Lam, one of the popular speakers and advisors in IFRSs and HKFRSs. He is going to update members on the major changes introduced by the new and amended IFRSs and HKFRSs and their impact on the financial statements for 2008 and 2009.

The sharing of the seminar includes: Presentation of financial statements (IAS 1 or HKAS 1 revised in 2007) Operating segment (IFRS 8 or HKFRS 8 revised in 2007) Consolidation (IAS 27 or HKAS 27 revised in 2008) Business combinations (IFRS 3 or HKFRS 3 revised in 2008) Date:

Time:

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CPD:

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Wednesday 11 July 2012 7.00 – 9.00pm Auditorium, 1/F Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong Cantonese HK$100 (CIMA member)\ HK$180 (Non-member) 2 hours CGA-HK Please download the form here 2858 1712

CIMA supports HK MBA & Postgraduate Fair At this fair, the latest information on over 50 MBA, Master, Doctorate programmes and professional qualifications from top universities and institutions will be provided.

Date: Time: Venue: Registration: Enquiries:

Thursday 12 July 2012 4.00 - 9.00pm Worldwide Executive Centre, 10/F World-wide House, 19 Des Voeux Road Central,Hong Kong Please go to www.a-performers.com/mba14 3181 3833

CIMA HONG KONG

CIMA Hong Kong Newsletter June 2012

JUNE 2012

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UPCOMING EVENTS CIMA supports MBS Business Summit 2012 - World Economic Outlook: What’s Next?

The European financial crisis not only impacted the western economies over the past year but it has also deeply affected the confidence of global markets. In view of this timely economic issue, the MBS Business Summit-cum-luncheon aims to provide insights on the current and medium term outlook for the world economy, risks and potential opportunities for investors and the trend of emerging Asian economies.

Date: Time: Venue: Fee: CPD: Organiser: Registration: Enquiries:

Thursday 12 July 2012 9.00am - 2.00pm Meeting Room S421, Hong Kong Convention and Exhibition Centre HK$1,800 (CIMA member) \ HK$2,300 (Non-member) 3 hours Manchester Business School Alumni Association (China) Please register online here Please email fionang@chamber.org.hk or call Ms Fiona Ng at 2823 1230.

CIMA supports HKICS Biennial Corporate Governance Conference 2012 The 8th biennial Corporate Governance Conference: The 21st Century Board – Thoughts and Trends of Corporate Governance, is a conference that has an excellent reputation amongst members, regulators and other professionals throughout the region. Sir CK Chow, Chairman, The Hong Kong Exchanges and Clearing Limited will be the keynote speaker of the conference this year. It also brings together distinguished experts from all corners of the world to exchange views and make insightful comments on issues and challenges facing the 21st Century Board.

Date: Time:

Venue: Fee: Organiser: Registration: Enquiries:

Friday 5 and Saturday 6 October 2012 8.45am - 5.00pm (Friday) and 8.45am – 1.30pm (Saturday) JW Marriott Hotel, Hong Kong.

HK$3,900 (HK$3,200 for CIMA members registering before 31 August 2012) Hong Kong Institute of Chartered Secretaries Please download the registration form here For enquiries, please contact HKICS Secretariat at (852) 2881 6177 or email to ecpd@hkics.org.hk or visit www.cgc2012.org.hk.

NEWS New tools developed by AICPA and CIMA Be first to get a sneak preview of two new tools developed by AICPA and CIMA; the Cost of Losing Talent© (COLT©) and the Cost of Replacing Talent© (CORT©). Simply enter your top line financial and operational data and produce instant outputs. It’s completely anonymous. You will also be helping to validate the existing tools before their official launch on the CGMA website. These tools have been developed to address an urgent need to measure the cost to companies for losing and replacing talent. Total costs are surprisingly large, come straight off the bottom line, and yet remain largely unknown.

These tools will generate an absolute measure, allowing you to assess the cost of losing and replacing high, middle, and low performing personnel at three seniority levels in the business. They will facilitate collaboration between finance and HR colleagues, and help develop your organisation’s talent management strategy.

But we please need your help to finalise these tools. Your feedback is a vital part of the development of these tools and will provide useful benchmarking data to make them more effective. Please visit www.cgma.org/talent to get started. Any questions/ further feedback you then have can be sent to talent@cimaglobal.com 2

CIMA Hong Kong Newsletter June 2012

NEWS How to set the right performance targets: a 10 step target setting tool Targets are frequently used as a motivational technique. Founded on well-established theories of achievement motivation, targets that are specific and perceived achievable can help to focus managerial action, encourage people to succeed and drive superior performance.

But setting the right targets is tricky and has become a real issue for many organisations.

Based on a two-year study and interviews with nearly 100 sales people the report identifies the common barriers to setting effective targets, and developed a 10-step tool that to help improve the target setting process.

10-step target-setting tool This target-setting tool will help you better understand and implement sales targets. It is divided into 10 steps and presented in the form of a wheel to illustrate its cyclical nature.

Global professional standards guidance line How would you feel if you were uneasy about something happening at work compromising your professional standing? CIMA has joined with Expolink to provide an anonymous and confidential service for you to discuss a concern and consider next steps.

You can contact Expolink (+800 3838 4000) free from any telephone in your country 24 hours a day, 7 days a week (except 25 December).

The service is there to support and prompt you in deciding next steps with regard to an ethical concern and guide you to other potential areas of support. The content of the call will not be recorded or reported and no action will be taken on the basis of the call. It is not a substitute for technical or legal advice.

Visit our helplines and support page: www.cimaglobal.com/helplines.

Hot jobs for the month Financial Controller Hanson Metal Factory Established in 1967 the Hanson Metal Factory started its business in stainless steel watches OEM for top Swiss brand, and later on top brand jewelleries OEM. With the rapid business growth in composing metal components of smart phones in recent years, they now have four factories with a total of 12,000+ workers, expecting to go up to 20,000 by 2013. They are now looking for high calibre as financial controller/director of the company with requirement as follow: • qualified accountant (ACMA/FCMA preferred) • 10+ years of A&F experience from manufacturing or similar industries • experience in warehouse, manufacturing, finance operations, strategic planning, tax and regulations • experience in setting up reporting and processing mechanisms for offices and manufacturing sites • familiar with PRC custom, ERP systems • station in PRC (2-3 days a week) Salary package - Approx. HK$80K/month + allowances Interested candidates are welcomed to send in their CV and application to hanson_lam@hanson.com.hk

CIMA Hong Kong Newsletter June 2012

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STUDENT SERVICES T4 - Part A (Professional Experience Record PER) Workshop Have you completed all your CIMA examinations but yet to submit your membership application? Do you know that you can submit your T4 - Part A (Professional Experience Record PER) as soon as you finish all of your strategic level exams? Do you want some tips for writing up your PER? CIMA Hong Kong is going to organise a PER workshop on 10 July 2012. The workshop will be hosted by Mr. Samuel Li, ACMA, CGMA, Study Support and Learning Specialist.

Date: Time: Venue: Language: Fee:

Registration: Enquiries:

Tuesday 10 July 2012 7.00 – 8.30pm CIMA Hong Kong Office, 2005, 20/F Tower One, Times Square, Causeway Bay Cantonese Gratis Please email your name and Contact ID to Joanna.cheung@cimaglobal.com 3741 1957

Exam technique workshop for Strategic level and T4 - Part B CIMA Hong Kong is going to organise the exam technique workshop for the Strategic level in July and T4 - Part B in August.

It is aimed at helping students to get well prepare for the upcoming exams. The workshop is hosted by Mr. Samuel Li, CIMA Study Support and Learning Specialist and the workshop will cover useful exam techniques such as time management, good answer planning and other exam tips.

Date:

Time: Venue: Fee: Registration: Enquiries:

Thursday 26 July 2012 - Strategic level Thursday 2 August 2012 - T4 Part B 7.00 – 8.30pm CIMA Hong Kong Office, 2005, 20/F Tower One, Times Square, Causeway Bay Gratis Please email your name and contact ID to Joanna.cheung@cimaglobal.com 3741 1957

August 2012 Strategic level re-sits and T4 Part B on PC There is an extra diet of examination on PC for the students who require to re-sit any of the strategic level papers (students who must attempt for the strategic level paper in the previous diet) and the T4 Part B Case Study will also be available for all students who have completed the Strategic level.

The deadline for entries to all of these exams is Friday 20 July 2012, there forms will be sent out to all eligible students in July, but please mark down these important dates.

For enquiries, please contact hongkong@cimaglobal.com for information on how to enter.

Exam date 29 Aug 30 Aug 31 Aug 1 Sept

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CIMA Hong Kong Newsletter June 2012

Paper T4 Part B E3 Enterprise Strategic P3 Performance Strategic F3 Financial Strategic

STUDENT SERVICES New student induction To welcome all newcomers and let you know more about CIMA, an induction seminar will be held in August. The seminar covers the following areas: • the administrative procedures and important dates • the examination structure and regulations • the overview of the syllabus • the ideal study pathway • the study resources available • other support services from Hong Kong and UK Date:

Time:

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Language: Registration: Enquiries:

Thursday 16 and Thursday 23 August 2012 6.30 – 8.00pm CIMA Hong Kong Office, 2005, 20/F Tower One, Times Square, Causeway Bay Cantonese (16 August) and English (23 August) Please email your name and contact ID to Joanna.cheung@cimaglobal.com 3741 1957

HONG KONG PAST EVENTS CIMA 2012 Global Business Challenge – Hong Kong final The CIMA Global Business Challenge Hong Kong final was held successfully on 2 June. It was a fruitful and enjoyable day with five shortlisted teams presenting in front of a judging panel which included representatives from Barclays, Pizza Hut Hong Kong and HKU SPACE. After intense competition from over 170 teams in Hong Kong, the Hong Kong final yielded the following results: Champion: 1st runner up: 2nd runner up: 3rd runner up:

Midas – The University of Hong Kong Versa Vice – The Chinese University of Hong Kong Essenza – The Hong Kong University of Science and Technology Companic – The Hong Kong Polytechnic University Sjc – The University of Hong Kong Best business report: Sjc – The University of Hong Kong Best presentation material: Versa Vice – The Chinese University of Hong Kong Best future business leader: Song Yuyue, Midas – The University of Hong Kong Lau Siu On, Essenza – The Hong Kong University of Science and Technology Congratulation to all the winners. Midas, the Hong Kong winning team, will represent Hong Kong and their university to compete with the winning teams from 21 other regions in Sri Lanka on 23/24 July. These include teams from the UK, Australia, Bangladesh, Mainland China, Ghana, India, Indonesia, Ireland, Malaysia, the Middle East, Nepal, New Zealand, Pakistan, the Philippines, Poland, Russia, Singapore, South Africa, Sri Lanka, Vietnam and Zambia.

This event cannot be successful without the support of our assessors, sponsors and judges. CIMA Hong Kong would like to take this opportunity to thank you members who took up the assessor role in the first round competition, and all the sponsors and supporting organisations which included Pizza Hut Hong Kong, Edu Plus, HKU SPACE, Furgo, VSC and Jardine Shipping.

More pictures of the event can be found on www.facebook.com/cimahongkong

CIMA Hong Kong Newsletter June 2012

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HONG KONG PAST EVENTS Chartered Global Management Accountants (CGMA) Cocktail reception With Mr Andrew Harding, CIMA Managing Director, visited Hong Kong in early June we have organised the first-ever local CGMA event at the Banker’s Club. During the evening fifty CIMA and AICPA professionals were welcomed to a cocktail reception where members from both associations were proactively networking with each other. Then we were glad to have Andrew presenting the new CGMA certificates to attendees who have successfully applied for it. The night concluded with a lucky draw session where ten lucky CIMA and/or AICPA members were able to take home CIMA souvenirs or wines.

Through this event we are hoping to make more and more members aware of this brand new, complimentary and powerful designation. In the near future we look forward to have more CIMA and AICPA members joining us at other CGMA events.

For ways of using the new designation and procedures in getting the CGMA certificate please do not hesitate to contact Ms. Joanna Cheung at 37411957 or email to joanna.cheung@cimaglobal.com More pictures of the event can be found on www.facebook.com/cimahongkong

Visit the new LegCo Complex On 17 June, 40 CIMA members and friends visited the new Legislative Council complex which was jointly organised by Paul M P Chan. The tour started on the ground floor where many pieces of art from local artist were displayed including “The People” by Cornelia Erdmann. Paul was able to give us many insights into the workings of the council and also take us into the Chamber and his office which is not possible with normal public tours. When visiting the Chamber many were able to take photos in Paul’s seat and also learn about how the seating was allocated, but this does not seem to be a problem as the design of the Chamber can seat a maximum of 120 legislative council members if needed.

Again, we thank Paul M P Chan for helping us to arrange this visit and hope that this can be done again in the future. So for those who did not get to join this time better luck next time.

More pictures of the event can be found on www.facebook.com/cimahongkong

Other past events and engagements Staff conducted an information session at HKU Space Staff conducted a talk at CU SCS Staff attended the Senior HR Forum Staff attended the Cocktail Reception organised by Financial Reporting Council Mr. Richard Kenworthy, Chairman of the HK Branch attended the annual dinner of CMA Canada Staff conducted a talk at HKU Space

6 June 2012 12 June 2012 13 June 2012 21 June 2012 21 June 2012 26 June 2012

CONTACT US CIMA Hong Kong Office 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)

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CIMA Hong Kong Newsletter June 2012