December 2012 CIMA Hong Kong 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 9 January 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.

CIMA supports Asian Financial Forum Seeing the lingering sovereign debt crisis in the Eurozone, a tepid recovery in the US, and the slowdown in emerging markets continue to have profound impact on the global economy, today and tomorrow. The 6th Asian Financial Forum (AFF) will focus on how Asia can provide fresh impetus to world recovery, and what business strategies companies may adopt under this new economics order.

Date: Venue: Fee: Organiser: Language: Registration: Enquiries:

Monday 14 and Tuesday 15 January 2013 Hong Kong Convention and Exhibition Centre HKD 2960 (60% discount for CIMA members please use registration code MFS01S) HKTDC English Please register online For more information, please visit here

CIMA Social event CIMA Hong Kong is going to organising a tour at the former forbidden area at Sha Tau Kok The mysterious Sha Tau Kok has been isolated from the rest of Hong Kong for 60 years. Part of the border zone is now opened to the public and you can discover its secret history with this one day tour.

The restricted zone was established by the colonial government in 1951. The zone was intended as a bulwark against people fleeing the mainland. Today, you’ll find wildlife, walking trails and traditional village houses in varying states of abandonment and disrepair—there are some great photo opportunities to be had there.

Date: Time: Venue: Itinerary:

Free: Quota: Language: Registration:

Sunday 27 January 2013 8.45am – 5.00pm Sha Tau Kok and Lau Fau Shan 8.45am Coach departs Admiralty Centre, MTR Exit A or 9.15am Coach departs Kowloon Tong, Kent Road at Romance Hotel 10.00am Visit an organic dairy farm with free tasting of fresh milk 10.45am Visit the biggest bee exhibition centre in Hong Kong 11.30am Visit the villages at Sha Tau Kok 1.30pm Seafood lunch at Lau Fau Shan and visit the Lau Fau Shan market 3.45pm Depart for Kowloon Tong and then at Admiralty HKD50 (CIMA members/students); HKD180 (Guests) 50 places Cantonese tour guide Please click here to download the registration form and send to Ms Joanna Cheung at joanna.cheung@cimaglobal.com before 16 January 2013 CIMA Hong Kong Newsletter December 2012

DECEMBER 2012

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UPCOMING EVENTS CIMA supports Governance, risk and compliance for internal audit conference Adverse economic conditions and increased complexities of business environments have put pressure on organisations to take digital mediarelated issues into greater account. There is a pressing need for increased cross-functional collaborations in internal audit and to ensure that data security and privacy remain within an organisation.

This event seeks to provide auditors with a managerial overview of the emerging trend, proven and integrated governance, risk and compliance (GRC) best practices to mitigate potential risks in a local business context, as well as practical tips to deal with significant issues at hand.

Date: Time: Fee: Organiser: Registration: Enquiries:

Thursday 31 January to Friday 1 February 2013 9.00am – 5.20pm SD2195 (CIMA members get 10% discount) Pacific Conferences Please register online Please visit the event website or email daphne@conferences.com.sg

NEWS Renewal of the Mutual Recognition Agreement with CPA Australia CIMA has renewed its mutual recognition agreement with one of the world’s largest accounting bodies, CPA Australia. This agreement, first established in January 2009, allows qualified members of both CPA Australia and CIMA to gain reciprocal membership. It also identifies areas for joint initiatives – including research and advocacy – and gives members heightened access to international job markets.

The agreement, which takes effect from November 2012, is for another four-year term and details how members can gain reciprocal membership with each organisation.

The continuance of this successful relationship further strengthens the standing of both bodies in the global accounting profession. It has also assisted in enhancing members’ roles within Australia and CIMA’s core markets internationally.

New NARB members & HK Branch committee members The North Asia Regional Board (NARB) is the primary governance structure for CIMA in North Asia.

Its formation was agreed and approved by CIMA’s Council at its meeting in July 2011. The responsibility of NARB is to contribute to the development of North Asia strategy in the context of the approved CIMA corporate strategy and objectives.

The following members have been elected as a NARB member to serve from 1 January 2013 for a period of three years:Mr Yang Yichao for Mainland China electorate (re-elected) CFO, Yuanyu Radio Dr Aidan Goddard for Hong Kong electorate CFO - Asia Pacific, L’Occitane en Provence Ms Ko Yung Lai for North Asia electorate Deputy General Manager - Finance, Yue Xiu Enterprises (Holdings) The following Hong Kong branch committee members have also been elected to serve from 1 January 2013 for a minimum period of two years in following.

Mr Chung Wun Tung, Jasper Regional Financial Analyst, Richemont Asia Pacific Ltd Mr Albert Hung Head of College of Business and Finance, The Hong Kong University SPACE Mr Walton WL Luk (re-elected) Agency Manager, Ageas Insurance Co (Asia) Ltd Dr Artie WC Ng (re-elected) Head of Cluster (Business), College of Professional & Continuing Education, The Hong Kong Polytechnic University Congratulations to them all!

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CIMA Hong Kong Newsletter December 2012

NEWS Risk 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.

The event, held in London, was part of a series of events celebrating of the 20th anniversary of the Balanced Scorecard. It features Prof. Regine Slagmulder discussing the findings of her report ‘Integrating risk into performance: Reporting to the board of directors’.

Dr David Norton, co-creator of the Balanced Scorecard then responds to the research. This is followed by a panel discussion chaired by BBC Economics editor Stephanie Flanders.

Economic value added adoption in China’s state-owned enterprises Led by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), the Chinese government has adopted a residual income (RI) index since 2010 when assessing the performance of the 129 state owned enterprises (SOEs) under direct administration of Central Government, known as central SOEs, after a three-year trial.

This study explored how actors interact during the new index adoption process. The actors include SASAC as an agent of state interests and the scheme promoter, and the management of SOEs at both group and business unit level.

A case study approach is used to interview key officials in charge of performance evaluation, the chief financial officers (CFOs) and the business unit managers of four case companies.

STUDENT SERVICES November 2012 exam results released The exam results for the November 2012 diet will be announced in the mid of January 2013.

Students please login to “MYCIMA” and click to “my communication preference” under “My details”, you could select to receive the exam results by email or you could view your exam results under “My exam”.

Should you have any problems to access “MYCIMA”, please contact Ms Joanna Cheung at 3741 1957

New Student Induction To welcome all newcomers and let you know more about CIMA, an induction seminar will be held in February. 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 Date: Time: Venue: Registration: Enquiries:

Thursday 7 February 2013 6.30 – 8.00pm CIMA Hong Kong Office, 2005, 20/F Tower One, Times Square, Causeway Bay Please email your name, telephone number and contact ID to Joanna.cheung@cimaglobal.com 3741 1957 CIMA Hong Kong Newsletter December 2012

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STUDENT SERVICES CIMA Gateway Assessment preparatory course with HKU SPACE HKU SPACE is the sole provider of a 36-hour comprehensive examination preparatory course for the CIMA Gateway Assessment, which on passing will be awarded the CIMA Advanced Diploma in Management Accounting.

The arrangement of the preparatory course for May intake is as follow: Course Code: AC41-806-11/12 Dates: 15 February to 10 May 2013 (12 classes on Fridays) Time: 7.00 – 10.00pm Venue: Room 801, 8/Fl, HPCC Campus, 66 Leighton Road, Causeway Bay, Hong Kong Enquiries: CIMA – Ms Joanna Cheung at 3741 1957 or email Joanna.cheung@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; the registration deadline is 8 February 2013

2013 February/March 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 must have attempted for strategic level papers 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 23 January 2013, the forms will be sent out to all eligible students in January, please mark down these important dates.

Paper Exam date T4 26 February E3 27 February P3 28 February F3 1 March For enquiries, please contact Ms Joanna Cheung at Joanna.cheung@cimaglobal.com for information on how to enter.

OTHER PAST EVENTS AND ENGAGEMENTS CIMA China Awards Ceremony 2012 & CFO Forum

The 2012 CIMA Annual Awards and CFO Forum was an enormous success. Known as "Oscar Award in Finance", CIMA Annual Awards and CFO Forum is a major event in the finance sector. More than 300 finance leaders shared their experience in practice. The winners of the Annual Awards walked the red carpet and share their respective best practices with well-known economists, think-tanks and leaders of the media on popular and hot topics, laying the foundations for a more dynamic China. Mr. Richard Kenworthy, Chairman of CIMA North Asia Council, was the vice president of award committee.

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CIMA Hong Kong Newsletter December 2012

OTHER PAST EVENTS AND ENGAGEMENTS CPD seminar “Kaplan & Norton: Contemporary Performance Management” This year, the Balanced Scorecard is 20 years old. To mark the occasion, CIMA Hong Kong organised the last CPD networking seminar on 27 November 2012 at the Hong Kong University – SPACE. At the seminar Mr William Chu the manger for PRC Development at CLP provided some insight on how his company implemented the Balanced Scorecard into 2 departments. Following this Ms Irelan Tam, Regional Finance Director of Johnson & Johnson Medical Asia Pacific, highlighted the process that she took in developing a performance management system at her company.

The event was well attended with nearly 140 participants from CIMA, CPA Aust, CMA Can and HKU SPACE.

CIMA/MBS Christmas Networking Drinks As we get close to the yearend we were invited by Manchester Business School to host a Christmas networking drinks night at their campus on 6 December 2012. With over 50 participants, CIMA members were able to network with MBS alumni over drinks at food. At the latter part of the evening we also invited one of our fellow members to give the participants some sharing.

OTHER EVENTS Staff conducted the Exam technique workshop for the Strategic level

1 November 2012

Staff attended 2012 Asia-Pacific Fraud Conference

4-6 November 2012

Staff conducted the Exam technique workshop for the T4 Part B

6 November 2012

Staff conducted the Student Induction

15 November 2012

Staff conducted the information session at CU

17 November 2012

Staff conducted the information session at Hong Kong College of Technology

4 December 2012

Staff conducted the information session for GMGA at HKU Space

19 December 2012

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)

CIMA Hong Kong Newsletter December 2012

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2978 5021 | jason@rdihongkong.com 7/F South China Building, 1-3 Wyndham Street, Central, HK 6

CIMA Hong Kong Newsletter December 2012