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The Bottomline - Hong Kong Division

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					The Bottomline
Hong Kong Division                                                                                             July 2007 Issue




                                         Presidential Message

                                 Dear members and                •        Develop strategies of student recruitment and
                                 students of CIMA Hong           support, especially in Tertiary Education Institutes through
                                 Kong Division                   providing a recruitment support framework in partnership
                                                                 with employers and educationalists that promotes and
It is with great pleasure that I write to you during the first   encourages competent students to become members.
week of my Presidency of the Hong Kong Division.                 Also encourage student enrolment at tertiary education
                                                                 institutes through scholarships and course subsidies.
I would like to thank Peter Choy FCMA for his third term
as President from 2006 - 2007. During Peter’s Presidency         •        Enhance the CIMA brand. CIMA members are
CIMA has achieved many milestones including a strong             highly regarded for their management and accounting
relationship with HKICPA and other professional bodies           competence and professional standards and it is of great
in Hong Kong. During the year CIMA Hong Kong Council             importance that we uphold this reputation. Through the
was invited by HKSAR to take part in two Trade Missions          Trade Missions held in Mainland China last year CIMA has
to Mainland China. Both of these missions are reported           successfully made connections with Mainland Chinese
on in this newsletter. Through these missions CIMA               companies and organizations. In the year ahead we will
members have had the opportunity to network with                 continue along this line to promote our image and build
Mainland Chinese companies, government departments               on our recognition as the authoritative voice on financial
and Universities with the view to promoting CIMA.                and business management issues in the region.

I would also like to take this opportunity to thank Kenneth      Last but not least I must emphasize that the success of
Chan FCMA as area representative to CIMA Council                 the Hong Kong Division is very much dependant on the
in London and his recent re-election to this position.           contribution from all CIMA members and therefore I will
Kenneth has provided the CIMA Council with up-to-date            strive to strengthen communication among all members
strategy information from the Council and has taken              throughout my term.
the lead role in the preparation of a proposal for a new
regional structure.                                              Hong Kong Division is very well positioned for the future
                                                                 and I look forward to working closely with the divisional
During my term as President I aim to:                            staff, council members, committees and all CIMA
                                                                 members to take our success to the next level.
•        Provide membership service to all members
in Hong Kong by promoting continuing professional
development that supports members in enhancing their             Yours sincerely
professional competence and also develop a technical
agenda which ensures that the CIMA voice is heard in
all spheres of influence, and which supports members in          Michael Chan FCMA
their career development.                                        President, CIMA Hong Kong Division
    CIMA Hong Kong contacts



                                                                                                                CIMA Hong Kong
     Hong Kong divisional council 2006/2007                                                                     23rd Annual General Meeting 2007
     President                                         Chan Yui Lung, Michael FCMA

     Deputy President                                  Cheung Wai Yin, Leo ACMA

     Vice President                                    Chan Kin Lok, Paul FCMA

     CIMA Council Member,
     Area 15                                           Chan Kai Chi, Kenneth FCMA

     Immediate Past President                          Choy Chak Wa, Peter FCMA

     Treasurer                                         Ho King Lam, Kingston FCMA

     Council Members                                   Cheng Sau Ying, Irene ACMA                               President Michael Chan FCMA presents Immediate Past
                                                       Iu Tak Meng, Teddy FCMA                                  President Peter Choy FCMA with the Past President’s
                                                       Lam Yuen May, Amy ACMA                                   Medallion.
                                                       Li Wing Sun FCMA
                                                       Pang Cheung Hing, Alex ACMA
                                                       Pun Kwok Wing, Jimmy FCMA
                                                       Sze Tak Chee, Sidney ACMA
                                                       Tsang Fan Fung, Andy FCMA


     Communications committee
     Chairman                                          Ho King Lam, Kingston FCMA

     Committee Members                                 Chan Nap Tuck, Anthony FCMA
                                                       Cheng Loi, Sammy FCMA
                                                       Ho Wai Ming, Harry
                                                       Kee Ying Sum, Sam ACMA                                   Peter thanks outgoing Councillor Mr Andy Lee for his
                                                       Lam Suet Fun, Katy                                       contribution to the HK Council
                                                       Suen Sen Yung, Daniel
                                                       Tsui Ming Yan, Kevin
                                                       Wibowo, Novianto

     By Invitation                                     Dr Agatha Fraser

     Editor                                            Margarret Fidow ACMA


     Staff contribution
     Juliee PL Tan
     Kieran Lam
                                                                                                                Peter thanks Immediate Past President Paul Yeung for
                                                                                                                his contribution to HK Council
     CIMA Hong Kong Division                          T.: +852 2511 2003
     Suites 1414-1415                                 F.: +852 2507 4701
     14th Floor, Jardine House                        E.: hongkong@cimaglobal.com
     Central, Hong Kong                               www.cimaglobal.com/hongkong



     Disclaimer: CIMA reserves the right to grant permission to reproduce articles. Opinions expressed
     in the Bottomline are the authors’ own and do not necessarily represent the policies of their
     employer or CIMA divisional council. CIMA accepts no responsibility for views expressed by
     contributors. The publisher reserves the right to refuse, cancel, amend or suspend any advert or
     insert. No liability is accepted for loss arising from non-publication, incorrect or late publication of
     any item. The inclusion of any advertising material does not imply that CIMA endorses the product,
     service etc advertised.

                                                                                                                Michael Chan thanks Peter Choy for his three terms as
                                                                                                                President, first in 2002 and again in 2006.
2     Bottomline
                                                         CIMA Hong Kong 23rd Annual General Meeting 2007




2007-2008 CIMA HK Council
L to R back: Mr Andy Lee, Mr Teddy Iu, Mr Alex Pang, Ms Amy Lam, Mr Andy Tsang and Dr Li Wing Sun
L to R front: Ms Irene Cheng, Mr Kenneth Chan, Mr Peter Choy, Mr Michael Chan, Mr Paul Chan, Mr Paul Yeung and
              Ms Judy Vulker (Interim Divisional Director)
Absent: Mr Kingston Ho, Mr Jimmy Pun, Dr Sidney Sze and Mr Leo Cheung

On Wednesday 20th June, Mr Michael Chan FCMA
was elected as the President of the CIMA Hong Kong
Division for 2007-2008. The Deputy President
Mr Leo Cheung ACMA and Vice President
Mr Paul Chan FCMA were also elected as Honorary
Officers for 2007-08.

The Chairman for the meeting, Mr Peter Choy FCMA
and outgoing President announced that a total of seven
members were to be elected to the Council with two
vacancies serving a two year tem and five vacancies
serving a three year term. The elected members are:
Mr Kingston Ho FCMA, Mr Teddy Iu FCMA,
                                                                   L to R: Mr Robin Ching, Mr Patrick Yeung, Mr Joseph Lai and
Mr Jimmy Pun FCMA, Dr Li Wing Sun FCMA,
                                                                   Mr Kenneth Chan
Dr Sidney Sze ACMA, Ms Irene Cheng ACMA and
Ms Amy Lam ACMA.                                                   leadership over the last 2 years. Long serving Council
                                                                   members Dr Joseph Yau FCMA and Mr Andy Lee FCMA
Outgoing President Peter Choy stated ‘It was indeed                were acknowledged for their contribution to CIMA’s
my honor to be CIMA Hong Kong Division President                   success in Hong Kong.
for 2006-07. As you all know this is my third term as
President and I am appreciate the work done our Area               New President Mr Michael Chan also noted that there
Representative Mr Kenneth Chan and our Divisional                  were many challenges for CIMA Hong Kong this year
Manager Juliee and her secretariat team who has given              and he would focus the work of Council on member
a lot of support in the last year’.                                services, particularly in relation to networking with
                                                                   other members in Mainland China, increasing brand
Mr Michael Chan thanked Peter Choy and Paul Yeung                  awareness through improving employer relationships
FCMA, Immediate Past President for their excellent                 and improving student services.
    Visit to Zhengzhou



    Invitation by PRC Ministry of Trade for
    CIMA Hong Kong to visit Zhengzhou

     CIMA Hong Kong Division was invited by the China
     Council for International Investment Promotion
     (Ministry of Commerce Bureau) to join the Second
     Expo Central 2007. The event was held from 25 - 29
     April 2007.

     CIMA was the only Accounting Body in Hong Kong
     to be invited to join the event. The other group
     of Hong Kong delegates (HK Trade Development
     Council) was led by HKSAR Chief Executive
     Mr Donald Tsang. As delegates were scattered
     throughout the Southern Part of China, we began
     our journey from 3 different places (Hong Kong,
     Shenzhen and Guangzhou).                                 (L to R) Mr Peter Choy, Mr Edwin Yeung, Mr Chen Jian and
                                                              Mr Tenny Leung
     On April 25, we met the Assistant Minister of
     Commerce Chen Jian together with the delegation
     from Hong Kong Commerce, Industry & Technology
     Bureau and business circles who came to Zhengzhou
     to attend the Expo Central China 2007, capital city of
     Henan Province.

     After the ceremony, we attended the Central China
     Business Summit 2007 together with Vice Premier
     Wu Yi, Minister of commerce Bo Xilai, HKSAR Chief
     Executive Mr Donald Tsang, Macao Chief Executive
     Mr Edward Ho.

     During the Summit, we met Ms Zhao Lei – Director
     Investment Group, Mr Wang Hui – Deputy Director          Mr Paul Yeung (L) with Professor Xue Yu Lian (R) of Henan
     – General of EAD, Head of Commercial Office,             University of Finance and Economics
     The Government of the Hong Kong Special                  room where a group of 30 postgraduate students
     Administrative Region Ms Yvonne Choi – Permanent         in Accounting were waiting. We briefed the group
     Secretary for Commerce, Industry and Technology,         about the background of CIMA and shared our
     The Office of the Government of the HKSAR in             experience as professional management accountants.
     Bejing, Mr Thomas Tso – Director and Hong Kong           Some Q & A followed around the areas of how to
     Economic and Trade Office in Shanghai                    join CIMA and take the exams in China.
     Mr Patrick Chan Director.
                                                              This is the first time in the past few years CIMA Hong
     Later in the afternoon CIMA IPP Paul Yeung and           Kong Division officially visited China. We are glad
     Mr WS Li (an ex-CIMA HK Division Council member)         that we had been treated as one of their important
     attended a visit to the Henan University of Finance      delegates and have been invited to stand in the main
     and Economics on the afternoon of 27th April             stage and met a lot of government officials both
     (Friday) in Zhengzhou (provincial capital of the Henan   locally and HKSAR representatives. Also we have
     Province).                                               the opportunity to join HKSAR Shanghai Economic
                                                              & Trade Office and Beijing Office in their coming
     We were greeted by the Head of the Accounting            activities so our Hong Kong members have a better
     Dept, Professor Zhe, and Director of Foreign Affairs     chance to explore their opportunities in mainland
     Office, Mr Yuan Dong Li. Having briefed both of          China.
     them about CIMA and our desire to understand more
     about their institute, we were led to a conference       Peter Choy FCMA and Paul Yeung FCMA
4     Bottomline
                                                                                 Trade mission to Liangyungang



Trade Mission to Lianyungang (連雲港)
The Hong Kong Economic and Trade Office in
Shanghai of the Government of the Hong Kong
Special Administrative Region organized a Hong Kong
business delegation to Lianyungang City, Jiangsu
Province from 24 May to 26 May 2007 . I joined
the Delegation as the representative of CIMA and
would like to share with my fellow members of the
knowledge and experience from this visit.

Lianyungang, located in the middle of China east
coast and in the northeast of Jiangsu Province, has a
total land area of 7,444 square kilometers and water
area of 1759.4 square kilometers. Lianyungang Port
is one of ten largest ports in China. It is a natural
ideal port since it is non-freezing, not silty, deep       Mr Gu Jian, Vice-Director Chief, Jiangsu Foreign Affairs Office,
enough and able to shelter from wind. The port has         Hong Kong and Macau Affairs Division (L) and Ms Irene Cheng (R)
established navigation relationship with almost 1,000
ports in over 160 countries and regions.

The delegation had a total of 18 representatives
from different professions, including delegates from
professional institutions/firms, logistic companies,
banks and large conglomerates.

On the first day of the visit, we were introduced
to the senior officials of the various levels of
government authorities: the Secretary of the
Communist Party for Lianyungang, the Vice Major
of the Municipal Government of Lianyungang, the
Director of Lianyungang Foreign Affairs Office and
the Vice-Director Chief of Jiangsu Foreign Affairs
Office. We were given in-depth introduction about
the development of Lianyungang including its
technological and economic development zone,
transportation network (via ocean, railway, river, road
                                                           Mr Patrick Chan Chi King, Director, Hong Kong Economic and
etc.), resources (such as electricity, freshwater, land,   Trade Office in Shanghai, the Government of the Hong Kong
solar and wind energy, human resources etc) as well        Special Administrative Region (L) and Ms Irene Cheng (R)
as tourist resort. We were also given comprehensive
                                                           悟空 was born. This mountain has been appraised as a
analyses of the investment environment, opportunities
                                                           national 4A grade scenic spot.
as well as preferential policies for investing in the
technological and economic development zone.
                                                           With a population of over 4.7 million and as one of
                                                           the first 14 coastal cities opening to the outside world
On the second day, we had a whole morning
                                                           in China, Lianyungang impressed the Delegation of
discussion session with the relevant leaders of the
                                                           its predominant location and enormous development
investment promotion bureau, business promotion
                                                           potential. We believe that it will become a regional
bureau, economic and trade bureau etc. about the
                                                           international business center, a beautiful tourist city, a
opportunities of different industries/businesses in
                                                           modern communications hub and an international harbor
Lianyungang. In the afternoon, we went to sight-
                                                           city in the near future.
seeing at the Flower & Fruit Mountain 花果山, the
place where the Chinese legendary Monkey King 孫            Irene Cheng ACMA
    Spring Dinner and Certificate Presentation Ceremony



     Welcome Speech                                          (MEPE) agreement with The Hong Kong Institute
     Mr Peter Choy Chak Wa                                   of Certified Public Accountants. The agreement,
                                                             effective as of 1 July 2006 and in force until 30 June
     President CIMA HK Division                              2011, provides mutual exemptions of examination
                                                             papers (MEPE) for a member of one body to become
                                                             a member of the other. We will continue our co-
     Good evening, CIMA International President John         operation with HKICPA to develop more CPD courses
     Coghlan, Mrs Coghlan, Distinguished Guests,             on management accounting to members of both
     Fellow Members and Students, Ladies and                 Institutes.
     Gentlemen. It is a great pleasure to welcome you all
     to the Spring Dinner of CIMA HK Division.               4) Under the Chairmanship of CIMA Area
                                                             Representative Mr Kenneth Chan, CIMA
     Although it is a little late but I still wish you all   International is now working towards an Asia Pacific
     health and success in the Year of the Pig. I know       Regional Governance Project. This will provide a
     little about the Chinese horoscope and cannot           platform for our members to be directly involved in
     tell fortunes, but to the Chinese mind, the pig is a    the governance of the Region. Further details will be
     symbol of good fortune and abundance.                   given to you all in a later stage.

     I hope, as the New Year begins, the whole               5) Finally, CIMA has again been deemed a Business
     community can embody these characteristics in           Super brand for 2007 by the UK Super brand
     enjoying wealth and happiness harmoniously in our       organization. This is the second time in last three
     flourishing economy.                                    years; CIMA has been recognized as a stand-out
                                                             brand in the B2B field along with other international
     Looking over the past year, we have quite a few         brands such as FT, PWC, Shell, Sony and IBM.
     things to celebrate –
                                                             Dear Fellow Members with the continued co-
     1) CIMA members and students in Hong Kong have          operation and support from CIMA International,
     reached the number of 2,000. Tonight we have            I can guarantee CIMA Hong Kong Division will
     over 30 Best Award recipients some of them have         continue to give full support to our members and
     also achieved International Prize Awards, which         students in both Hong Kong and China.
     demonstrates the standard of Hong Kong students
     are quite distinguished as compared with other          Finally, I hope you all enjoy your dinner tonight.
     candidates throughout the world.                        Thank You

     2) The opening of the CIMA Shanghai Office last
     August demonstrates the importance of Mainland
     China to CIMA. The rapid development of the
     Mainland presents a myriad of opportunities as
     well as challenges. The fast growing economy
     in China actually creates a very high demand of
     qualified accountants. We also understand that
     other than those practicing accountants which
     assist Mainland companies to list on the Hong Kong
     Stock Exchange actually the enterprise also requires
     Professional Management Accountants like us to
     assist them in operating their enterprises. We hope
     with the CIMA Shanghai Office opening that CIMA
     Hong Kong members can contribute more to our
     country through this platform.
                                                             (L to R) Mr Peter Choy, Honorary Legco Member Ms Mandy Tam
     3) We have also strengthened our ties with other        and Mr John Coghlan
     Professional Institutes. In last September we have
     signed a mutual examination paper exemptions



6     Bottomline
                                                                  Mandarin Oriental Hotel 19 March 2007




Council Members toasting session to all guests


                                                             A Most Successful Celebration
                                                             The CIMA Hong Kong Annual Dinner, arranged at short
                                                             notice to coincide with the visit on the International
                                                             President of CIMA, Mr John Coghlan, was a great success.
                                                             The staff of CIMA office and co-opted help really ‘pulled
                                                             out all the stops’ for this event.

                                                             Attending this event were members, students, local
                                                             academics and other invited guests. Judging by the
                                                             enthusiasm with which people joined in the dancing led
                                                             by the students with Mr and Mrs Coghlan, this was the
                                                             most lively event yet organised by CIMA Hong Kong. The
                                                             entertainers kept the momentum going and the singer
                                                             was popular with all the guests. Dinner was superb
(L to R) Mrs Joan Coghlan presenting a lucky draw prize to   and the many table prizes and lucky draw prizes were
Ms Margarret Fidow                                           appreciated by all, even those who were not lucky enough
                                                             to win.

                                                             The speech by our Mr Coghlan was inspirational. The fact
                                                             that the President is himself from, Ireland, another island
                                                             division not part of the United Kingdom, resonated with
                                                             CIMA members and students in Hong Kong. Presentation
                                                             of certificates and prizes showed that, while the student
                                                             body is not large, it is very active. Students present
                                                             obviously enjoyed the celebratory atmosphere and
                                                             contributed to powerful feeling of the energy built up by
                                                             CIMA students and members.

                                                             Guests expressed their appreciation of the lively
                                                             atmosphere, as well as the good food, and were happy
                                                             that they had accepted their invitations to attend.
                                                             Networking was obviously productive for all concerned,
                                                             leading to further invitations to further occasions.
Jardine trainees support
                                                             Margarret Fidow ACMA
    CPD


    Doing business in China - a cultural                      Past President and Chairman of Mainland Affairs
    perspective                                               Committee, HKICPA and Managing Director of PCP
                                                              CPA Limited presented ‘Doing business in China
                                                              - a cultural perspective’. Topics include A Nation of
                                                              Longest Continuous History, Lessons from the History,
                                                              History in Recent 200 Years, Recent 30 Years, Reform
                                                              Approach, Geographic Differences, Rural and City
                                                              Differences, Current State of Poverty, Ownership
                                                              Structure of the Chinese Economy and Ownership
                                                              Structure of Businesses. It was really an eye-opener
                                                              for most of the audiences as Paul shared his own
                                                              experiences and relevant stories that he gathered over
                                                              the past years. It is the tip of the iceberg and beneficial
                                                              to realise that cultural differences do exist amongst
                                                              the Chinese from different countries. Paul highlighted
Organiser and co-organisers posing with guest speaker         the following issues in doing business in China: know
Mr Paul MP Chan (5th from left)                               that its a government led mindset; official support is
                                                              extremely important particularly for big business or
                                                              investment; building trust and relationships; beware of
    A joint seminar with CMA Canada on 19 May 2007            the limitation of the system; beware of the protocol;
    attracted a crowd of 228 participants despite a heavy     know the power structure; read between the lines and
    thunderstorm. Guest speaker Mr Paul MP Chan,              be realistic about what is possible.




    What can CFOs learn from                                  practical issues.
    private equity?
                                                              Judging from the many questions raised during the Q
    A CPD cocktail and networking session was held at         & A session, the audience appeared to find the topic
    The Ritz Carlton Hong Kong Ballroom on 23 April.          interesting. After a highly interactive session,
    Members, students and Passed Finalists began arriving     Dr Fahy thanked everyone for coming and invited them
    at 6.30pm. The President of CIMA Hong Kong,               to enjoy the buffet. Following the CPD event, many
    Mr Peter Choy, warmly welcomed everybody shortly          members requested for Dr Fahy’s presentation slides.
    after 7.15pm and introduced the speaker for the
    evening, Dr Martin Fahy, Director of Development, Asia
    Pacific CIMA.

    Dr Fahy delivered a presentation on the key lessons
    that CFOs could derive from the private equity
    model to a captive audience of 45. He explored
    the uncomfortable messages which private equity
    firms offer to CFOs who are looking to increase the
    efficiency and effectiveness of their organizations.
    Dr Fahy surmised that the private equity model could
    indeed offer practical suggestions on how to build a
    leaner organization and make it work when others
                                                              Welcome remarks by Mr Peter Choy, President of
    struggle. He spoke about the primacy of cash flow and     CIMA Hong Kong
    managing for value in private equity settings including
    the role of leverage and the changing nature of capital
    structure; core and non-core finance activities in the
    private equity setting; governance arbitrage and other



8     Bottomline
                                                                                                                       CPD


CIMA Finance Transformation seminar                          of a concern for companies in Asia Pacific than their
                                                             counterparts in EMEA and USA.
CIMA hosted a Finance Transformation Seminar                 However, performance management remains the
Luncheon at the Hong Kong Chamber of Commerce                greatest challenge for the finance team followed by
(HKGCC) for HKGCC members and CIMA members on                driving profitability proactively. Dr Fahy noted that
7 June 2007.                                                 drivers of change behind finance costs are exactly those
                                                             that make up shared services. These drivers of change
The conference room was fully packed with 53                 include process simplification and standardization,
professionals who hailed from varied business, finance       leverage of new technology and re-alignment of the
and human resource functions across diverse industries       organisation.
including banking, property, energy and IT. Dr Martin
Fahy, Director of Development Asia Pacific, CIMA,            Based on the survey findings, the focus of finance
shared some of his learnings from conversations              improvement also appears to be shifting from
with CFOs in the region and insights to drive their          transactional operation activities to improving the
organisations’ finance development in today’s dynamic        analytical and more knowledge-intensive activities
business environment. Finance managers are going             such as planning, analysis and insight. Better strategic
beyond the traditional role of book keeper to playing        management processes may be the only form of
a key role in driving shareholder value and steering         sustainable competitive advantage in the long run.
the organisation forward. This finance transformation
has placed increased demands and expectations on             Dr Fahy concluded his talk with key lessons for CFOs
finance managers to implement finance development            which included managing for value, focusing on
programmes while meeting increased compliance and            execution and effective governance, hiring the best,
business partnering pressures.                               maximising or ‘sweating’ company assets and making
                                                             sound decisions on capital allocation.
Dr Fahy summarised the major business pressures of
market, technology and society and the key challenges
facing CFOs. He spoke about the reality of finance
systems and processes, elements of world class
finance and finance transformation, finance business
partnering, and concluded his presentation with key
lessons for CFOs.

Dr Fahy also shared key findings from the CIMA
Finance Transformation Asia Pacific survey which he
and Christopher Fuller carried out in 2006. Improving
the quality of decision support to executives and
driving value proactively were rated as the most
important challenges currently facing the finance
                                                             Dr Martin Fahy, Director of Development, Asia Pacific, CIMA,
function. Interestingly, reducing costs appear to be less
                                                             spoke to a packed room of 53 professionals

HKICPA CPD event
CIMA and HKICPA co-organized a CPD seminar on
8 June 2007 which was delivered by Dr Martin Fahy,
CIMA Director of Development Asia Pacific. The seminar
was titled ‘What can CFOs learn from private equity?’
Dr Fahy illustrated challenges in the 21st century, the
significance of ‘value’, the private equity model, and its
strategic-making process in relation to private equity.

HKICPA and CIMA will co-operate to deliver more CPD
for members of both bodies in the future, especially
after the MEPE (Mutual Examination Paper Exemption)
Agreement with CIMA. Should anybody have missed
such golden opportunity do keep an eye on our
upcoming activities. The next event at HKICPA will be
                                                             (L to R) Mr Gary Wong, HKICPA Director, Member Services;
held on the 18th September with Vice President of
                                                             Dr Martin Fahy, CIMA Director of Development, Asia Pacific
CIMA, Mr Aubrey Joachim presenting. Keep an eye on           and Mr Louis Chow, Executive Director, Head of Legal and
the Hong Kong page of the CIMA website for further           Compliance, KBC Financial Products who was Chairman for the
updates: www.cimaglobal.com/hongkong                         CPD session.
 Future events
 29 – 31 August                 CIMA and NZICA Asia /Pacific Business Leaders Conference in Auckland
 18 September                   Narrative Reporting by Mr Aubrey Joachim FCMA
 September / October            Social Outing
 5 October                      Risk and Control Strategy by Mr Anton Fernando
 6 -7 October                   Revision Course for P3 at HKICPA
 10 October                     Face-to-face membership assessment for Passed Finalists
 November                       Management Accounting in Mainland China by Dr Neale O’Connor
 December                       Christmas Party




      Congratulations                                         Welcome
      New Associates
                                                              New students
      Boyle, Alexander                                        Chan, Heidi
      Ng, Yuk Fung Peter                                      Chan, Ho Wa
      Rogers, Stacey                                          Chan, Man Yan
      Tsang, Hin Fai                                          Chau, Shu Yan
      Wu, Yuen Kat Priscilla                                  Chen, Yun Kai
                                                              Chiu, Wilson
      New Fellows                                             Chong, Siu Wing
                                                              Chow, Ho Man
      Bulmer, Benjamin                                        Choy, Wing Fun
      Cheng, Kam Sing                                         De Castro, Steve
      Leung, Tai On                                           Fong, Yuk Hang
                                                              Fung, Ka Kit
                                                              Ip, Yun Hing
                                                              Kong, John
                                                              Kwan, Yuen Yee Emily
                                                              Lam, Ho Shan
 Editor’s Note                                                Leung, Kam Sing
                                                              Leung, Yuet Chiu
 While our recent batch of students are awaiting              Liu, Chi Sang
 their results we need to encourage them to prepare           Ng, Kam Fai
 for the next diet. We need to ensure that time is            Ortega Torrado, Teotiste
 not wasted because the current preparation time is           Polk, Thomas
 all too short when students wait for results before          Shoom, Chin Wan
 continuing.                                                  Shum, Eve
                                                              Sit, Hing Ho
 If there are members who would like to contribute            Tak-ka, Man
 to the success of the next generation of CIMA                Tam, Ka Fai
 members, then joining the ‘study buddy’ scheme as            Tang, Pak Ho
 a mentor would be a valuable contribution because            Tse, Koon Pong
 of the wealth of experience possessed by each and            Wong, Chi Kwong
 every member. Please contact the office if you are           Wong, Lok Man Anthony
 interested in contributing a few hours, it is not an         Yeung, Chi Tit
 onerous commitment and is very flexible.                     Zhang, Jing


 For more information, please visit
 www.cimaglobal.com/hongkong




10   Bottomline
                                                             Presidential engagements
Certificate in Business Accounting
(CBA) test dates                                             9 January     Budget consultation for 2007-08 by the
                                                                           Financial Services and the Treasury Bureau
CIMA students taking the CBA exam should enrol
                                                             15 January    Public Lecture ‘Liberalization of China’s
with the British Council directly. For more details,                       Capital Markets: Achievements and Issues’ by
please contact Ms Clara Chung at +852 2913                                 Professor Zhang Weiguo, Chief Accountant
5177 or +852 2913 5171                                                     and Director General of Department of
                                                                           International Affairs China Securities
CBA test dates in 2007 for your selection:                                 Regulatory Commission

                                                             16 January    HKICS (Hong Kong Institute of Chartered
        9                 6               3                                Secretaries) Annual Dinner 2007
       July             August        September
                                                             23 January    Council of Hong Kong Professional
       29                6                3                                Associations’ Cocktail Reception: Hong Kong
     October          November                                             Expert Database
                                      December
                                                             8 February    HKIAAT (Hong Kong Institute of Accredited
http://www.britishcouncil.org/hongkong-exams-                              Accounting Technicians) Annual Dinner and
professional-and-academic-exams-cima2.htm                                  Prize Presentation Ceremony

                                                             12 February   Hong Kong Youth Institute’s Opening
                                                                           Ceremony of Hang Seng Bank Social
CPD for members – studying for a                                           Entrepreneurial Programme
Masters Degree
                                                             1 March       HKICPA Spring Cocktail Reception
Qualifications play a strong role in the CIMA CPD of-
                                                             6 March       SCAA (The Society of Chinese Accountants
fering. Often members wish to develop vocationally                         and Auditors) Spring Dinner 2007
with an additional qualification that is relevant to their
specific area of work or general development. CIMA has       7 March       ACCA (Association of Chartered Certified
developed a number of routes to additional qualifica-                      Accountants) Spring Dinner
tions, many of which offer a fast-track route or exemp-
tion arrangements for CIMA members based on their            16 March      Hong Kong Jockey Club (HKJC) Employer’s
CIMA qualification.                                                        Federation Spring Lunch 2007

MSc Lille, France                                            30 March      AIA (Association of International Accountants),
CIMA associate and fellows are required to complete                        Hong Kong Branch Annual Dinner 2007
the professional thesis only.
                                                             12 April      PolyU (Hong Kong Polytechnic University)
                                                                           Outstanding Alumni Award 2007 Presentation
Deakin MBA                                                                 Ceremony and Dinner
The Deakin-CIMA MBA is run in partnership with Dea-
kin University, Australia. This MBA programme has been       13 April      ITAccountants Association Thank You Dinner
exclusively negotiated to give CIMA members access to
a fast-track global MBA programme which is available         25-29 April   PRC Central Government, Ministry of
via a distance learning option to all CIMA members                         Commerce’s Invitation to attend a conference
regardless of location. Members do not need to travel to                   in Zhengzhou
Australia to access this qualification.
                                                             30 April      HKBU (Hong Kong Baptist University) Society
                                                                           of Accountancy Inauguration Ceremony
Cranfield MBA
                                                                           2007-08
CIMA members can benefit from a new offer which
helps towards obtaining an MBA. Cranfield University         9 May         Discussion with SCAA on the National Day
School of Management, a leading provider of MBA                            cum 10th Anniversary of the Establishment of
programmes nationally and outside the UK, is offering                      HKSAR Celebration Dinner
members scholarships. CIMA members who meet the
University’s entry requirements will be eligible to ap-      12 June       CMABC, Canada - Hong Kong Branch Annual
ply for a generous scholarship towards tuition fees – a                    Dinner 2007
significant benefit to those managers who are serious
about developing themselves and improving existing           21 June       Hong Kong Exchanges and Clearing Limited
performance at work.                                                       Cocktail Reception

                                                             25 June       The Hong Kong Economic and Trade Office in
For more information on how to access these offers, log                    Shanghai, Government of the HKSAR cocktail
on to the CIMA website CPD Centre:                                         reception cum opening ceremony of a roving
www.cimaglobal.com/CPD                                                     exhibition to celebrate the 10th Anniversary of
                                                                           the establishment of the HKSAR
                            B l e n d i n g of b u s i n e s s w or l d s




ASIA PACIFIC BUSINESS LEADERS
CONFERENCE – Auckland, 29-31 August 2007
About the conference                                   CIMA, the Chartered Institute of Management
The businesses of the Asia Pacific are as diverse      Accountants, and the New Zealand Institute of
as the region itself, with its dazzlingly wide range   Chartered Accountants are proud to be co-hosting
of economies, cultures and societies. Those that       the first Asia Pacific Business Leaders Conference
succeed on the world stage have one thing in           in New Zealand.
common; superb business leadership.
                                                       From managing for innovation and creativity to
Business leaders from around the Asia Pacific          leadership in finance; from business ethical
region are invited to join their peers in Auckland,    dilemmas to a global economic update; this
New Zealand, to share experiences, listen to           conference has something for every business leader.
thought-provoking addresses from senior business
and political leaders and commentators, and            Register today to be part of this landmark event:
exchange ideas for business leadership excellence      www.nzica.com/asiapacific2007
and business growth.



Co-hosts




                           the power of financial                   Proudly sponsored by Gold Business Partners of the
                           management in business                      New Zealand Institute of Chartered Accountants

				
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