February 2013 Hong Kong newsletter

HONG KONG

UPCOMING EVENTS Recruitment seminar for CIMA x CUHK SCS joint programme About 200 new students have joined CIMA X CUSCS joint programme and we are organising an information session to further promote and facilitate the understanding of the programme. If you have friends or colleagues who would like to start studying CIMA and would like to have more information regarding this, please invite them to the below session: Date: Time: Venue: Enquires: Registration:

Tuesday 19 February 2013 7.00pm – 8.00pm Chinese University SCS Centre, Room 112, Bank of America Tower, Admiralty Birdy NG at 3741 1956 Please e-mail contact details to birdy.ng@cimaglobal.com

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 20 February 2013 1.00pm – 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 to hongkong@cimaglobal.com

CPD networking seminar - Sustainable Cost Control It is not possible to create a framework for on-going profit improvement by continuing to chop at costs or drive costs down, down, down. The ultimate result will be poor quality, increased remedial costs, damaged reputation and dissipated brand value, or worse.

So what should be done? To really understand sustainable cost control delegates need to attend this seminar to discover why it’s not about cost cutting, it’s not about cost control, it’s not about reducing the cost base: It’s about creating a new future, every day, through the application of people and processes working at optimum effectiveness. The seminar will address the following points:• Exploring the ‘Pick & Mix’ approach to costing systems and techniques to achieve the most practical benefits for your business; • Drawing out practical tips from Lean Accounting processes; • Continuous process regeneration: Chopping will destroy; • Cradle to Grave Supply Chain Focus on every product; • Getting planning & budgeting processes right and optimized; • In-depth examination of the hidden ‘Secret Costs’ that every company does not know about.

Date: Time: Venue: Language: Fee: CPD: Registration: Speaker:

Tuesday 26 February 2013 6.30pm (cocktail reception), 7.15pm (presentation) Regus, 35/F, Central Plaza, 18 Harbour Road, Wanchai English Gratis 1.5 hours Please email your name, CIMA ID number and contact number to Ms Joanna Cheung at joanna.cheung@cimaglobal.com Mr Francis Rowlands FCMA, CIMA Council member CIMA Hong Kong Newsletter February 2013

FEBRUARY 2013

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UPCOMING EVENTS Joint CIMA and CMA Canada - Food and Wine Pairing Workshop In this workshop, food and wine pairing knowledge will be shared with the participants. In particular, specialty dishes from various regions of Switzerland, and a unique array of Swiss premium wines from different producers will be crossly matched. Mr. Thomas Egloff, certified and Swiss Trained Executive Chef and Alumni of Hotel School Lausanne, will look into the magical array of ingredients and techniques to cover some truly inspiring dishes, from simple street food to more elaborate meals. Sample of following food items with fine wines will be tasted in this workshop: • Typical Swiss cold/hot salad • Geneva Style Perch filets • Old fashioned “Chaes Schnitte” (Cheese bread) Emmenthal/Gruyere Style • Zueri Geschnetzeltes (Veal Emince Zurich Style) with Roesti • Vegetable Selection Swiss Style Date: Time: Venue:

Fee: Registration:

Enquiries:

Saturday 16 March 2013 2.00pm – 4.00pm Vinoteca Lab, THB218, Basement Level 2 (Hotel Icon), School of Hotel & Tourism Management, 17 Science Museum Road, Tsim Sha Tsui East, Kowloon.

HKD250 Early bird discount on or before 20 February; HKD300 from 21 February on.

Please send your Name, CIMA ID number and mobile number to Joanna.cheung@cimaglobal.com ; the cheque payable to “Chartered Institute of Management Accountants” and send to CIMA Hong Kong office: Room 2005, 20/F, Tower 1, Times Square, 1 Matheson Road, Causeway Bay, Hong Kong 3741 1957

A certificate will be provided to all participants who have attended and completed the workshop.

CIMA Annual Dinner Date: Time: Venue: Fee: Registration:

Enquiries:

Monday 25 March 2013 6.30pm (cocktail reception), 7.00pm (dinner) The Hong Kong Bankers Club, 43/F Gloucester Tower, 11 Pedder Street, The Landmark, Central, H.K. HKD380/head for CIMA members and students; HKD490/head for non-member Seats are limited so please download and complete registration form by clicking this link with cheque payable to ‘The Chartered Institute Please email to Joanna.cheung@cimaglobal.com

CIMA supports Finance Transformation for Effective Performance Management & Risk Governance The financial crisis and economic challenges in recent years have reshaped the global business environment, expanding the roles of the finance function. Not only do finance professionals have to improve their processes through advanced performance management, the added responsibility of risk governance is taking a toll on them. With a shift in focus from pure transactional efficiency towards more strategic, higher value-add functions, finance has to be relooked at from an organisational process, system and people perspective. The need for finance transformation has never been greater.

Date: 13-14 May 2013, Monday & Tuesday Time: 9.00 am – 5.10 pm Venue: Regal Hong Kong Hotel Language: English Fee: Early Bird – SGD1, 895 Regular Fee – SGD2,195 Registration: Please register online Enquiries: For more information, please contact Karen Soh at karen@conferences.com.sg or Daphne Poon at daphne@conferences.com.sg

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CIMA Hong Kong Newsletter February 2013

NEWS Global business too easily spooked by short-term economic uncertainty Global business is too easily knocked off course by short-term economic crises, such as the current US debt crisis, according to a global survey of finance and business leaders who hold the Chartered Global Management Accountant (CGMA) designation. CIMA and AICPA surveyed over 1,300 members for their perspectives on how economic crises affect long-term business planning.

Key findings include: • Only 31% of respondents believe the ongoing US debt crisis will ultimately push the global economy towards recession.

• Despite this more than half (53%) expect higher US interest rates and 70% anticipate a weaker dollar.

• 60% of respondents said that business is too sensitive to economic crises.

• 57% agreed that their organisation must seek new ways to be resilient and less susceptible to macro-economic volatility.

Charles Tilley FCMA, CGMA, Chief Executive of CIMA, said: “There will always be another US debt crisis, Arab Spring or Eurozone disaster just around the corner.

'This uncertainty simply cannot drive business strategy. These ‘grey swans’, as some business commentators have termed them, are prompting organisations to cut spending and investment at a time when innovation is absolutely vital to our economic health.

'Indeed the seizing of opportunities is key to long-term survival and so we must all plot a suitable course between risk and innovation, managing the approach and mitigations put in place to address these uncertainties.”

Barry Melancon CPA, CGMA, Chief Executive Officer of AICPA, said: 'The repercussions of US debt ceiling and spending decisions will reverberate across the global economy and may touch many of the world’s businesses. Management accountants are bracing for short and long-term implications, even as they look for ways to make their businesses less vulnerable to the pulses of geo-political forces.'

Five top tips for business leaders to build resilience It is vital for organisations to adjust their risk radar and anticipate the impact of such scenarios on investment and future growth without being diverted from creating a suitable long-term strategy. This will build resilience in the face of ongoing economic uncertainty.

• Understand your business model. What creates, and could potentially destroy, value in your business?

• Harness the power of transparency. Create a line of sight between capital sources and how it will be invested in the sustained success of the business, beyond the short-term.

• Ensure robust information flows. Build confidence in the right information that drives investment and risk mitigation decisions.

• Go beyond defining a risk appetite. Have a risk attitude that empowers all in the business to take appropriate risks that drive growth and opportunity.

• Be clear on the skills and talents you need now for tomorrow. Identify and close potential skills gaps you may have when considering your future business model, markets and innovation agenda.

Finance’s expanding role Our latest video provide insights and perspectives on finance’s expanding role at the heart of the business strategy and the value management accountants bring in supporting the wider business from the finance directors of a multinational, a midsized and a small company.

Wayne Close from BUPA International, Nigel Marsh from Reed and Spencer Kendrick from Sybersolve Solutions speak to CGMA professionals on the value of a partnering approach in finance.

CIMA Hong Kong Newsletter February 2013

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NEWS Integrating risk into performance: Reporting to the board of directors This research investigates companies’ practices in performance and risk reporting to the board of directors.

It seeks to analyse the content and level of sophistication of management reporting to the board and their determining factors, such as board involvement in the company’s strategy process.

Although performance and risk management have traditionally used separate information flows originating from different organisational functions, there is a growing tendency to link them, for example by integrating risk indicators into the company’s balanced scorecard.

The research also looks to: • document and analyse how performance and risk are integrated in management reporting to the board of directors • identify leading practices of enhancing performance management with risk to enable board members to perform their strategic monitoring role.

Member on the move Mr. Law Albert Yu Kwan FCMA, CGMA Mr. Law has been appointed as an Executive Director of the South China group. He is also an independent non-executive director and the chairman of the audit committee of Guangzhou Automobile Group Company Limited. Previously, Mr. Law held various positions including the managing director of A. A. and Associates Consulting International Limited; financial controller of K. Wah Construction Materials Limited and managing director of K.K. Yeung Financial Management Consultants International Limited. Mr. Law had also served as the president of the UK Chartered Institute of Management Accountants (Hong Kong Division) in 2006 and 2007.

Please e-mail us your new details at hongkong@cimaglobal.com if you are also on the move.

Assessors wanted for the 2013 Global Business Challenge competition The CIMA Global Business Challenge (GBC) is a unique international business competition developed with the aim of discovering and nurturing undergraduates around the world to become the future business leaders.

Its success has made it one of CIMA’s annual flagship events and 2013 will be the fifth Global Business Challenge to date.

The competition is based on the CIMA T4 final exam. Participants are to write a business report based on the given scenario and the winning team will represent its university and Hong Kong to compete against representatives from other 24 regions at the global final in South Africa.

Reports submitted in March will be marked by a panel of assessors who are CIMA members. Each assessor would need to mark around 10 reports and a briefing session would be given on how the marking should be done. After the marking of assessors at the first stage of competition, five teams will be shortlisted in April to proceed to the Hong Kong regional final in June.

With the rigours marking from previous HK assessors, two of GBC finals have been won by a Hong Kong team. So if you want to share your management accounting experience and be part of selecting the team that represents Hong Kong, become an assessor by contacting Cherry Chu for more details at cherry.chu@cimaglobal.com or 2511 2003.

STUDENT SERVICES Enter May 2013 exams All eligible students may enter for the main global exams in May 2013. Paper based exam entry is now open until 17:00 GMT on 14 March 2013.

To enter: 1.) Read the instructions for exam entry online user guide 2.) Log into your MY CIMA account to enter online and and make payment.

3.) You should receive confirmation of your entry by email within 24 hours. If you do not, check your exam entry in MY CIMA. 4.) Admission advice is available via MY CIMA approximately 1 month before the exam. You must print and bring this to your exam.

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CIMA Hong Kong Newsletter February 2013

STUDENT SERVICES Study planner 2013 At CIMA, we’re here to help you through every step of your CIMA journey. Use this study planner to help plan your exams, work and personal commitments. We hope you find it useful! Be sure to visit www.cimaglobal.com/studyhelp for more help, tips and study supports. Good luck in your exams!

Self Study Guide - Operation Level The CIMA Study Support Team has put together a “Self Study Guide” for paper E1, P1 and F1. It is a 15- week programme to prepare students for examination. It includes study tips, links to past exam questions (by learning outcomes) and links to useful CIMA technical articles.

Full version of the guide can be downloaded here: E1, P1, F1

Free Masterclasses by Kaplan Take part in FREE Kaplan Masterclasses and get expert advice from Kaplan Tutors for the CIMA paper(s) you’re studying towards. Please visit http://financial.kaplan.co.uk/TrainingandQuals/Accountancy/CIMA/courses/Pages/free-cima-masterclasses.aspx for the registration.

Preparatory course on paper P3, F3, E3 and T4 Part B CIMA Hong Kong is organizing a series of preparatory courses for students who are taking the CIMA professional examinations. Interested parties please submit your application and cheque to CIMA Hong Kong offices as soon as possible. There are a limited number of seats left and application will be treated on a first come first served basis.

Venue: CIMA Hong Kong – Suite 2005, Tower One, Times Square, Causeway Bay Fee: HKD2500/paper Registration: Please register by email Joanna.cheung@cimaglobal.com Enquiries: Please contact Joanna Cheung at 3741 1957 or email Joanna.cheung@cimaglobal.com Paper F3 Financial Strategy P3 Performance Strategy E3 Enterprise Strategy T4 Part B Competence in Management Accounting

Date March 21, 28, April 11, 18 and 25 April 6, 13, 27 March 19, 26, April 9, 16 and 23 To be confirmed

Time 6.30 - 10.00pm 9.30am - 1.00pm & 2.00 - 5.30pm 6.30 - 10.00pm To be confirmed

OTHER PAST EVENTS AND ENGAGEMENTS CIMA supports Asian Financial Forum As like previous years CIMA was invited to supply material to be present at the Asia Financial Forum which was held during 14-15 January 2013 at the HK Convention and Exhibition Centre. This year’s speakers included Guo Shuqing, Chairman of the China Securities Regulatory Commission, Wayne Swan, Deputy Prime Minister and Treasurer of Australia, and Charles L Evans, President and CEO of the Federal Reserve Bank of Chicago. Some 2,000 finance, business and government leaders from all over the world took part in this year’s AFF. Another highlight of the event was a session by the Charles W Eliot University Professor at Harvard University’s Professor Lawrence Summers. He served in the Obama administration as Assistant to the President for Economic Policy and Director of the National Economic Council, Secretary of the Treasury during the Clinton Administration, and prior to that as Chief Economist of the World Bank. If you would like to hear what he had to say about the global economy you can review his interview here.

CIMA Hong Kong Newsletter February 2013

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OTHER PAST EVENTS AND ENGAGEMENTS CIMA social event CIMA social event, the tour at Sha Tau Kok and Lau Fau Shan was held on 27 January 2013. Our Hong Kong Branch Committee Chairman Dr LI Wing Sun led a group of 60 members with their families and friends to spend an enjoyable day in an organic dairy farm, one of the biggest bee exhibition centres in Hong Kong. In the tour, we had the chance to walk into the tradition village houses which had been isolated from the rest of Hong Kong for 60 years. The tour was then followed by a tasty seafood lunch at Lau Fau Shan and all the participants were shopping happily in the Lau Fau Shan seafood market.

CIMA attends the 23rd HKTDC Education & Careers In order to promote the career opportunities of a management accountant CIMA attended this year’s expo during 31 January to 3 February 2013, the largest one in Hong Kong. The event attracts an array of visitors from school leavers to young working adults.

As part of our program to increase the awareness of management accounting to the younger public, attendees were encouraged to take photos and ‘like’ the CIMA event page. To see the happy faces please visit https://www.facebook.com/ events/536341716384694/

A Hong Kong Branch meeting was held A North Asia Board meeting was held CIMA HK Branch Chairman Mr WS Li attended the Annual Dinner of the Hong Kong Institute of Chartered Secretaries CIMA support a breakfast briefing organised by GSM CIMA staff attended the Hong Kong Baptist University Employers' Luncheon 2013 CIMA HK Branch member Mr Richard Kentworthy attended the Spring Dinner of The Institute of Chartered Accountants in Australia CIMA supported the Governance, Risk & Compliance for Internal Audit 2013 Conference organised

by Pacific Conferences

18 January 2013 20 January 2013 24 January 2013 29 January 2013 29 January 2013 30 January 2013 31 January 2013

CONTACT US CIMA Hong Kong Office 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 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 February 2013