Focus July - September 2002   1
Message from John Miller, Head of Singapore and New Market (ASEAN) Development         4
                                                                                           The Official Journal of ACCA Singapore
The Business Times interview with Anthea Rose , Chief Executive                        5
ACCA Appoints New Set of Officers                                                     7
                                                                                           The Executive Committee
                                                                                           Don M Ho (President)
In Brief
                                                                                           Ernest Kan (Vice-President)
SAA Annual Dinner                                                                     8
                                                                                           R Jayapal (Honorary Treasurer)
                                                                                           Helen Hee (Honorary Secretary/
News & Views                                                                               International Assembly)
Why Do Most Multinationals Find Success in China so Elusive?                          10
                                                                                           Kaka Singh (Council)
Enron: The Views of ACCA                                                              12
                                                                                           Belinda Young (International Assembly)
                                                                                           Quek Shi Kui (Immediate Past President)
Updates                                                                                    Lim Lian Soon
New Members                                                                           16   Ng Song Piak
                                                                                           Barry Wee
Events                                                                                     Yim Kam May
ACCA Business Navigator                                                               18   Gerard Teo
ACCA Women’s Interest Group - Launch                                                  19
                                                                                           ACCA Singapore
Noticeboard                                                                                435 Orchard Road
Events Calendar 2002                                                                  20   #12-03 Wisma Atria
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The Proposed Improvements to International Accounting Standards                  21        e-mail:
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    For the latest information visit

2     Focus July - September 2002
Singapore Funding
John Miller, Head of Singapore and New Market (ASEAN) Development

At the recent Singapore Branch AGM, members were interested in the “Branch Grant” item in the accounts of Seacron Pte Ltd. (the local company
through which these funds are operated). They were concerned that, although the Singapore membership is growing, the grant from ACCA to the
Branch appeared to have been reduced. The corollary of this might be that the Branch would need to charge members more to attend events.

The purpose of this letter is to explain in more detail about the financing of ACCA’s Singapore operations.

The position is that the contribution which is shown in the Seacron accounts is only one part of the financial support provided by ACCA. In addition
to the grant to the Branch, ACCA supports the local office at a total cost of £310,000 (S$775,000) per annum. This is split between:

           staff costs                   £200,000              (S$500,000).
           office costs                  £80,000               (S$200,000)
           promotion                     £30,000               (S$75,000).

The twice yearly graduation ceremonies are organised on a self-financing basis.

In addition, Singapore members receive accounting & business magazine and a full range of web-based services, at a cost of some £75,000
(S$187,500). This means that, altogether, the total direct spending each year for the benefit of Singapore members is some £385,000 (S$962,500)
or just over £100 (S$250) per person.

The remainder of the subscription goes towards the costs of the corporate activities which maintain the standing and reputation of the ACCA
qualification and ensure that members operate to the same consistent high standards throughout the world. ACCA estimates that the cost of this
aspect of its activities is around £100 (S$250) per member.

This means that the £150 currently paid by a member in Singapore is actually somewhat less than the total attributable expenditure (£100 + £100
= £200). In other words, Singapore members are getting more for their subscriptions than they actually pay.

I hope that this information will reassure members that ACCA continues to provide an appropriate level of financial support to ACCA Singapore.

                                                                                                                 Focus July - September 2002      3
The Business Times Interview with ACCA’s Chief
Executive, Anthea Rose
                                                    According to Anthea Rose, chief executive of         other clients. You just can’t offer them to your
                                                    ACCA, accounting is a lucrative profession. In       audit clients,” Ms Rose said.
                                                    Singapore, new ACCA members in an audit firm
                                                                                                         “Young people still seem to want to come into
                                                    typically earn between $2,000 and $2,500 a
                                                                                                         this profession – audit is just one facet of the
                                                    Even with Enron, membership is expected to go
                                                    up this year, said Ms Rose, who was in
                                                    Singapore this week. The situation is the same       Added John Miller, head of ACCA Singapore

                                                    in the world body, founded in 1904 and based         responsible for new market (ASEAN)

                                                    in London - it expects new members this year         development: “In reality, when one graduates,

                                                    to exceed last year’s record intake of 56,000        the first route is usually to one of the audit firms

                                                    which was itself an increase of 21 per cent over     but even then, it does not necessarily deter the

                                                    2000. Total ACCA world wide membership is            best and the brightest.”

                                                    some 300,000.

                                                                                                         He added: “The people I’ve spoken to said you

                                                    Perhaps the current recession has something to       either have an aptitude or you don’t. And it still

                                                    do with people choosing the profession.              is an incredibly lucrative direction to take into
ACCOUNTING STILL AN ATTRACTIVE,                     Accountants’ employability is generally              the profession.”
LUCRATIVE JOB                                       regarded as high as they have skills suited for
Good starting pay, high employability cited as      many management jobs.
reasons                                                                                                      The Business Times on 15 - 16 June
By Siow Li Sen                                                                                               2002
                                                    To be a full ACCA member requires completing
                                                    a minimum 3-year practical or working stint.
You would have thought the Enron/Andersen           There is an annual fee of £150 (S$395).
debacle and the continuing reports of companies
misstating or restating their accounts might have
dented the reputation of accountants. But more      One of the effects of Enron has been to separate
people are joining the profession.                  audit and consulting, which some Singapore
                                                    accountants argued against because that might
                                                    deter the best and brightest from joining the
As of yesterday, the Singapore Branch of The        profession as audit is not “sexy”.
Association of Chartered Certified Accountants
(ACCA) has seen an 11 per cent rise in membership
to 4,279 from a year ago.                           “There is a point that youngsters may find there’s
                                                    not enough scope. But I don’t think you should
                                                    lose sight of the fact that these services, like
Since 1999, ACCA membership in Singapore has        corporate finance, can certainly be offered to
risen some 40 per cent.

4     Focus July - September 2002
Anthea Rose, Chief Executive

EVEN ENRON WON’T CHANGE US ACCOUNTING                    US accounting standards are legalistic and rules-      The Business Times on 15- 16 June
                                                         based, encourages those who wish to operate as
US expected to cling to its rule-based standards,
                                                         close to the line as possible, or even the test the
says UK accountant
By Siow Li Sen

                                                         They enable the exploitation of loopholes and is
US accounting standards may have been discredited        seen to devalue professional judgement.
by the collapse of Enron but arrogance in the world’s
richest economy is likely to stymie the effort to make
them more principles-based as in the rest of the         “Ideally the US should adopt the international
world, said an industry expert.                          standards but whether it will is another question
                                                         because they always think the American way is
                                                         the right way of doing things,” she said.
Many people thought that following the collapse of
Enron which put the spot light on the US rules-
based accounting system, moves to harmonise the          “They’ve built up, in a sense, a lot of intellectual
US standards and international accounting                capital, in learning how to get around these rules
standards would gain momentum, said Anthea               and that’s why in a way, they will be quite
Rose, chief executive of the Association of Chartered    reluctant to give them up.
Certified Accountants.
                                                         So despite the current spate of financial scandals
                                                         that have been uncovered which might be
                                                         expected to at least pull the US accounting
“Because the US model is the one that has lost
                                                         standards more towards the international
credibility, don’t forget that,” said the London-based
                                                         standards Ms Rose is not confident of that
Ms Rose in a recent interview with BT.

“We all thought after Enron this was bound to make
                                                         This is despite the fact that the US Financial
the US go the way of the rest of the world and even
                                                         Accounting Standards Board has a new
Harvey Pitt, the chairman of the US Securities and
                                                         chairman, Robert Herz, who was until recently
Exchange Commission, has talked about principles,”
                                                         a board member of the International Accounting
she said.
                                                         Standards Board.

The rest of the accounting world generally adopts
                                                         “What I am trying to say is that in the end, I don’t
international accounting standards – and follow
                                                         think they will because they are so used to doing
the principle of “substance over form”. By contrast
                                                         things, working the system if you like, in this
                                                         rules-based environment,” she said.

                                                                                                                     Focus July - September 2002    5
                             ACCA Appoints
                                              ACCA has a new set of officers. Jonathan
                                              Beckerlegge, who is a partner in CGA
                                              Accountancy in York has been elected ACCA

                                New Set of    President. Jonathan is the chairman of our Audit
                                              Committee and a long-standing member of
                                              ACCA’s bilateral groups. He also serves on the

                                   Officers   Ethics and Working Party of the Federation des
                                              Experts Compatables Europeens (FEE).

                                              The new Deputy President is Sam Wong, an
                                              audit partner with Ernst & Young in Hong Kong.
                                              Sam was the former chairman of ACCA Hong
                                              Kong and has been instrumental in raising the
                                              public profile of ACCA and strengthening its
                                              relationship with the new Hong Kong government
                                              as well as the education and media.

                                              Douglass Kerr, Group Finance Director of CPL
                                              Industries Pte Ltd based in Chesterfield, UK has
                                              been appointed Vice President for ACCA.
                                              Douglas is chairman of ACCA’s Finance
                                              Committee and has worked for British Airways,
                                              CWS Ltd and The Boots Company plc.

6   Focus July - September 2002
SAA Annual Dinner

           Focus July - September 2002   7
    ACCA Singapore congratulates SAA on another successful year. Below is the speech given by Mr Tan Boen Eng, ICPAS President and SAA
    Committee Chairman, given at SAA’s Annual Dinner on Monday, 24 June 2002.

    Ladies and Gentlemen,

    Good evening and welcome to our SAA Annual Dinner.

    The presence of so many SAA lecturers here is a reflection of your personal commitment and interest in assisting the Institute in the development
    of future quality accountancy professionals in Singapore.

    First of all, I would like to take this opportunity to share with you the success of SAA in the recent years. On the whole, the Academy has
    performed well. Based on the January 2002 intake, we saw a significant increase in the student enrolment for ACCA and CAT. The CAT
    enrolment for the January intake this year stands at 1,748 compared to 1,279 the same time last year. As for ACCA, the enrolment of over
    4,800 this January almost doubled last year’s January intake. The enrolment for ACCA has chartered a steady ascend since 2000, after
    enrolment fell during the 1997 economic crisis. The remarkable progress would not have been possible without the effort and hard work of our
    trainers and lecturers. And in view of such positive growth in the first half of the year, I urge that we strive even harder to attain and maybe even
    surpass the pre-crisis enrolment figure of 9,600 this year.

    Being the national body for accountants, we have continued to enhance our position.

    I am pleased to announce that in the recent ICPAS/ ACCA Joint Scheme December 2001 examination, SAA students achieved higher pass-rates
    in 10 papers out of 16 compared to the Singapore pass-rates. Special congratulations go out to the four SAA students who have attained top
    three worldwide placing in the Joint Scheme. They are Lee Sheue Ling, Heng Mei Chuen, Quah Bee Leng and Zhao Yu. Again, due credit for the
    good performance of all students should be attributed to all the lecturers of the Academy.

    As you may be aware, we recently turned Angsana 4 into a lecture theatre, complete with modern teaching equipment. The theatre has a capacity
    of up to 200 students. Some of our lecturers have already had the experience of mass lecturing in that theatre. As for those who have not, this
    is an aspiration you can look forward to achieving.

    Apart from the improvements made to Angsana 4, the SAA office will be renovated shortly. Members and students will not have to wait long to
    be attended to as the new office will be designed in an open concept with all the staff serving the customers. We hope this will translate into a
    higher level of customer service, specialisation as well as comfort to our students and members, who are our valued customers.

    At this juncture, I take the opportunity to express our appreciation to all who have worked hard over the years and contributed to building the
    success and good reputation of the Academy, particularly, the recipients of the Long Service Awards this year. They are Ms Annie, Soh Yeok Hui,
    Mr Tan Cher Keow, Dr Ernest Kan and Mr Cheng Wai Fung.

    Last but not least, I would like to thank you again for your valuable contribution and assistance in helping the Academy grow from strength to
    strength. I wish you a pleasant and enjoyable evening.

8      Focus July - September 2002
Why Do Most Multinationals Find
Success in China so Elusive?
                                              Come to think of it, how many of the
                                                                                                        • Dreadfully long receivables
• One of the main reasons for the high        multinational companies that you audit in
 failure rate among multinationals in         China make money? The answer, not                         • Intensified local competition

 China is that they do not possess a          surprisingly, is “ Not many”.                             • Too much slacks in the plants
 realistic vision of the market.
                                                                                                        • High selling and marketing costs

                                              But why? Most of our multinational clients look           • Disconcerted efforts between
• A utopian view of the China market          upon China as an important and strategic                     departments
 leads to the formation of unrealistic        market, and they try to give it their best people,
                                                                                                        • Distribution / transportation always a
 expectations by headquarters of what         build their best plants, and put in tons of money
 will be achieved by the China                year after year. So why don’t they succeed?
 operations and its management.                                                                         • Inability to develop local management
                                              Now as auditors and tax advisors you can
                                                                                                        • A history of many rounds of overly
• A 1998 study by A T Kearney revealed        probably tell me more corporate horror stories
                                                                                                           optimistic forecast
 four factors that correlate significantly    in China than I can count. But we still have a
 to profitable operations in China:           job to do here, and that is to try to find the            • And lastly, a rotating door for Managing
                                              connections between these apparently                         Directors in China
       -     Ownership
                                              independent phenomena.
       -     Industry
                                                                                                   You may say, “Well. So where’s the connection?’
       -     Management
                                              Now let’s review some of the key failings that
       -     Distribution                     you and I see on and off the balance sheets in
                                              China:                                               The truth is there is one, and the connection is
                                                                                                   in the people at the main headquarters who
• A fifth possible success factor is having        • Regulations a pain
                                                                                                   invariably expect a lot, and the poor Managing
 the right leadership in place in China            • Negative cash flow                            director in China who always find that he / she
  to exploit all available opportunities.                                                          is caught between the fickle and sometimes alien
                                                   • High costs of goods
                                                                                                   market and a headquarters that is never satisfied.
                                                   • Industry over-capacity                        And all of the above phenomena that you see

                                                   • High cost of expatriates                      are just symptoms of this gap.

                                                   • Poor partner relationships

                                                                                                               Focus July - September 2002         9
                                                                             Why Do Most Multinationals Find Success in China so Elusive?

In my ten years of executive search activities I           joint venture partners have already formed     suggest that the ‘right leader’ in terms of the
have dealt with many clients from the Fortune              alliances and are no longer on the market,     China market must have most, if not all, of the
500, while they could be American, or European,            so to speak.                                   following attributes:
or rest of the world- the one thing they have all
                                                      2.   Industry: The more profitable industries
in common is that China always looms big on
                                                           in China are automotive, chemicals,
their radar screen. And you must have heard                                                                    • Credibility / trusted by headquarters
                                                           financial services, professional services,
this all before, “If just 20 per cent of the 1.2                                                               • Intimate knowledge of the China market
                                                           communications and electronics. The less
billion population buys our products once or
                                                           profitable ones include pharmaceuticals,            • Appropriate vision for the business
twice a year we’d have a US500 million business
                                                           consumer goods, industrial products,
in no time…’I am pleased to note that in the                                                                   • Well-developed interpersonal skills /
                                                           distribution and retail. The high investment
last couple of years this kind of emotive assertion                                                               ability to mentor, coach and train local
                                                           costs in technology and equipment are the
has been toned down somewhat, but you still                                                                       employees
                                                           main reasons why the automotive and
can see my point.
                                                           chemical sectors have fewer competitors
                                                           and are better positioned to achieve
                                                                                                          The credibility attributes is particularly useful
                                                           profitability. Conversely, while the
The truth is, China’s wealth is concentrated in                                                           in bridging the expectation / reality gap in China.
                                                           consumer goods industry has few entry
its cities, not the countryside. And only about                                                           And from this angle, of course, an assignee from
                                                           barriers, local manufacturers have
20 per cent of the urban dwellers, or roughly 2                                                           within the company may have an advantage.
                                                           become increasingly competitive – both in
per cent of the total population, have any sort                                                           However if this assignee does not have sufficient
                                                           terms of quality and pricing.
of discretionary spending power. So I am told                                                             knowledge of or experience in the China market,
by some of the top executives of global               3.   Management: For each expatriate                while at the same time possessing a valid vision
advertising agencies in China.                             manager, profitable multinationals have        for the business, he / she does not have much of
                                                           two or more local managers. Although 70        chance given rapidly evolving market and
                                                           per cent of the companies surveyed believe     intensification of competition. But even having
However, it is this kind of unreal expectation             in localisation, only 12 per cent claim to     the first three attributes still does not guarantee
about China revenues that has prompted                     have achieved their desired ratio.             success, as this appointee will need help from
headquarters to build state-of-the-art plants                                                             loyal and intelligent local managers who will in
                                                      4.   Distribution: Companies that improve
(which equals expensive equipment, high cost                                                              turn make things happen at the customer end.
                                                           customer access by removing distribution
of depreciation and goods), which start inflated                                                          The biggest multinational success stories in
                                                           bottlenecks tend to be more profitable than
organisations and push unrealistic revenue /                                                              China, like GE Plastics or Xian Janssen, have
                                                           those that do not do so. Companies in
growth budgets onto the China MD.                                                                         ongoing staff programmes that develop
                                                           China like P&G who remove bottlenecks
                                                                                                          employees’ skills and offer them international
                                                           tend to prosper and achieve profitability
                                                                                                          exposures overseas. Invariably, at the core of
A 1998 study conducted in China by                         faster than other entities. Moreover, they
                                                                                                          the greatest successes, you will find a leader
management consultants A T Kearney found                   seem to establish solid lead in the race for
                                                                                                          who truly cares for employees, whether they
four factors that are highly correlated with               market share and brand recognition that
                                                                                                          are local or expatriate, and always pushes
profitable operations:                                     is almost impossible to shake.
                                                                                                          forward in the pursuit of achievement.
1.   Ownership: Wholly Owned Foreign
     Enterprises (WOFE) are likely to achieve         I would hasten to add that the fifth and perhaps       Addy Lee
     profitability sooner that joint ventures         most important factor is the appointment of the        Managing Partner, China
     because they have more control over their        appointment of the right leader for the China          The Amrop Hever Group
     operations. Moreover, the most desirable         market. My observations over the last 10 years         The article was first published in ACCA
                                                                                                             Hong Kong’s Perspective magazine.
10    Focus July - September 2002
Enron: The Views

                   Focus July - September 2002   11
                                                                                                                           Enron: The Views of ACCA

Rarely, if ever, have the newspapers carried so      however, that local solutions should be based          Standards and rules which are based on
much coverage – both in reports and                  on principles which are agreed at the global           principles are greatly preferable. ACCA strongly
commentary – on accounting issues, both              level. National regulatory and others will need        supports Europeans Union moves to adopt
technical and political, than in the immediate       to be prepared to give up a measure of ‘control’       International Financial Reporting and Auditing
aftermath of the Enron case.                         over their domestic activities in return for           Standards in the next few years and believes
                                                     ‘influence’ over global developments.                  that accounting standard setters and capital
                                                                                                            markets worldwide which are not yet committed
Despite the emphasis that has been given to the                                                             to those should now address the issue urgently.
                                                     Financial Reporting
role of Andersen in the Enron affair, the                                                                   This will, for example, require the US capital
problems exposed by the largest bankruptcy in        Although the full facts of the Enron collapse          markets to commit to the adoption of
US history go much deeper than a possible            will not emerge for a long time, it is already         international standards in preference to
breakdown in auditor performance. Enron has          evident that investors were not properly               established US GAAP and GAAS.
triggered an enormously wide-ranging debate          informed about the significance of off balance
and has raised questions about many aspects          sheet finance arrangements. US accounting
                                                                                                            Auditor Independence
of the operation of capital markets as well as       rules may well have contributed to this, in that
concerns about financial reporting and auditing      they are concerned with the strict legal               Enron, and all the other cases which have
standards, regulatory arrangements and the           ownership of investment vehicles rather than           attracted attention, have demonstrated the need
quality of the corporate governance in major         with their control. By contrast, International         for greater transparency and trust. The global
corporations. This article sets out ACCA’s views     Accounting Standards follow the principle of           financial community should address this as a
on each of these issues.                             ‘substance over form’ and their use would have         matter of urgency. No single measure is likely
                                                     resulted in the details of the special purpose         to deal with the questions which have been
                                                     entities being reported in a transparent way.          raised and range of ideas must be considered.
Capital Market Regulation

The collapse of Enron occurred in the capital
market which is not only the largest in the world    By specifying precisely where the line is to be        ACCA believes that the process of audit
but which considers itself to be the best            drawn, legalistic, rules-based standards               appointment should be reviewed. Although in
regulated. As a result, all capital markets are in   encourage those who wish to operate as close           theory this is a matter for stakeholders, in
future likely to have to devote more resources       to the line as possible, or even to test the limits.   practice the appointment is controlled by
to maintaining the integrity of their investor-      They enable the exploitation of loopholes and          management. It may be time to see if this can
orientated information. ACCA considers that          devalue professional judgement.                        be changed. It has been suggested that
there should be a mechanism which requires                                                                  governmental bodies might fulfill the role of
both major corporations and institutional                                                                   appointing auditors but ACCA believes that such
investors to provide the resources needed to         By specifying precisely where the line is to be        an approach would be appropriate for global
ensure that the market function properly –           drawn, legalistic, rules-based standards               capital markets. There might be, however, be
perhaps via an externally administered levy          encourage those who wish to operate as close           merit in arrangements which permit or require
which confers no influence at the regulatory         to the line as possible, or even to test the limits.   companies to hand over this task to an
level. And it is clear that new solutions must be    They enable the exploitation of loopholes and          independent private sector body. In the event,
found to global market problems. These will          devalue professional judgement.                        non-executive directors need to play a much
have to be introduced and controlled at                                                                     wider role.
individual national level. ACCA argues,

12    Focus July - September 2002
Enron: The Views of ACCA

A range of other options could include:                Audit Monitoring                                   the introduction of remuneration schemes which
                                                                                                          reward sustainable one-year-one growth in
•    Making the appointment of the external            Professional bodies must have independent
                                                                                                          profitability and shareholder value. The trend
     auditors less dependent on the executive          investigation and disciplinary procedures and
                                                                                                          towards shorter contractual arrangements may
     directors and involving the non-executive         be seen to act in the public interest. This will
                                                                                                          also need to be reviewed.
     directors, audit committee and institutional      enable them to take firm and transparent action
     shareholders; in turn, this would have far        against members who fail in their fundamental
     reaching implications for the corporate           responsibilities, whether as executives or as      Non-Executive Directors
     governance mechanism                              auditors.
                                                                                                          The Enron audit committee has been critised
•    Limitations on the ability of audit firms to                                                         for failing to control the apparent exploitation
     offer consulting services to listed company                                                          of US accounting rules to present a better picture
                                                       The UK system of quality control avoids firm-
     audit clients (although not necessarily a                                                            of performance that was the actual case.
                                                       on-firm review and instead utilises, through
     ban on the provision of such services to                                                             Consideration needs to be given to the time
                                                       professional bodies, permanent monitoring staff,
     non-audit clients)                                                                                   commitment and effort which is required from
                                                       who are not connected with individual
                                                                                                          non-executive directors whose role is look after
•    Fuller disclosure of audit and consulting         accounting firms. This sort of system, which
                                                                                                          the interests of the investors and other
     fees in the annual report and accounts            can both operate on a national basis and cover
                                                                                                          shareholders they are there to represent. They
                                                       transnational audit firms, is demonstrably more
•    A mandatory review by a company’s audit                                                              should bring to their role a balance of experience
                                                       effective and independent than the widely used
     committee of the independent status of the                                                           and new thinking, some real understanding of
                                                       and much criticised system of ’peer review’.
     external auditors and the publication of a                                                           the sector in which a company is operating and
     statement that if it satisfied with the results                                                      the ability to make a strategic contribution. And
                                                       Executive Remuneration and Sustainable             this requires that they are available for
•    A prohibition on audit firms providing
                                                       Wealth Creation                                    meaningful amounts of time.
     audit services in instances where audit staff
     have moved to senior executive roles in           The concept of payment for performance is
     client companies: this could take the form        widely accepted. When, however, it is applied
                                                                                                          The independent of non-executives is another
     of a moratorium prohibiting auditors from         to the remuneration of senior executives, it may
                                                                                                          critical issue – much commented on by
     moving to audit clients for an appropriate        do more than simply encourage good
                                                                                                          corporate governance lobby organisations.
     period after they have been personally            performance. It may also incentivise short term
                                                                                                          There are obvious weaknesses in a system where
     involved with the audit.                          and self-motivated decisions which are not in
                                                                                                          former executive directors can become non-
                                                       long-term interests of investors.
                                                                                                          executive directors and so in the position of
There is also the issue of the size of the audit fee                                                      exercising an accountability function in relation
relative to the local office which is providing the    Investors will be better served if performance     to former colleagues.
service and the fee generation target(s) set for       related compensation is linked to the longer-
the engagement partner. While this cannot be           term generation of corporate wealth. There is
                                                                                                          ACCA believes that what is needed urgently is a
dealt with by prescriptive regulation, audit           an obvious conflict between, on the one hand,
                                                                                                          code of corporate governance which is capable
monitoring should focus on the culture within          the pressures of increasingly frequent interim
                                                                                                          of global acceptance. Such a code should build
audit practices and the pressures on the culture       reporting and one year service contracts and,
                                                                                                          on initiatives which have occurred in several
within audit practices and the pressures on            on the other, the need to deliver sustainable
                                                                                                          jurisdictions. Examples of such initiatives
individual engagement partners.                        investor returns. This might be addressed by
                                                                                                          include the OECD Principles of Corporate

                                                                                                                      Focus July - September 2002        13
                                                                                                                  Enron: The Views of ACCA

Governance and the World Bank-driven Global        •    Auditor independence issues should be        This article is an extract from the
Corporate Governance Forum. We strongly urge            revisited and the relationship between a     commentary “Enron: Comments from
the promoters of such initiatives to join forces        reporting entity and its professional        ACCA”, which is posted on the ACCA web
with market regulators – such as IOSCO – and            advisers should become more                  site. To read the implications of the Enron
other global organisations such as the                  transparent                                  case    in   full,   please     refer   to
international Federation of Accountants – to                                               
develop and promote compliance with a global
governance code.                                   •    There should be a review of the regimes
                                                        for monitoring practice in auditing,
                                                        financial reporting and corporate
Wider Disclosure and Accountability
Despite all that has been written and done in
recent years, ACCA believes that there is still
considerable room for further development of       Enron should be the catalyst for improvements

corporate governance practice and reporting.       in a range of areas affecting company reporting

Indeed, there is a need for investor information   and governance.

beyond the narrow confines of financial
statements. Disclosure of corporate governance
performance is increasingly relevant to
investors, who are right to demand plain
language reporting of matters of significance.
ACCA champions the extension of significance.
ACCA champions the extension of corporate
reporting to the wider economic, social and
environmental aspects of a business; investors
and other stakeholders are entitled to know how
a business responds to the wide range of risks
facing it.

Our Key Suggestions

In summary, therefore, ACCA suggests that:

•    Global financial markets need a global set
     of principles-based financial reporting
     standards and a global code of corporate

•    The objectives of financial reporting
     practice should be expanded to recognise
     the growing level of concern arising from
     the globalisation of business

14     Focus July - September 2002
New Members April - May   Congratulations and Welcome from ACCA Singapore
                          to all of our New Members!

                  2002    April 2002
                          0027698      Miss Ananthi A/P A Krishnan
                          0034907      Miss Koh Puay Hoon
                          0035864      Miss L Neo Wee Feh
                          0036706      Miss M Chua
                          0046064      Ms Chua Sioh Ling
                          0046310      Miss E Lau Siew Hua
                          0047065      Miss C Teo Siew Kiang
                          0047904      Miss S Loke Wai Leng
                          0056040      Ms C Chia Khim Li
                          0057482      Miss C Yeo Hui Cheng
                          0059278      Miss Tan Yn Liow
                          0077638      Miss J Lee Siew Eng
                          0077768      Miss Ong Hwee Ping
                          0084401      Miss Wah Swee Hong
                          0084992      Miss Phang Lay Koon
                          0087325      Miss S Mohandas
                          0100633      Miss C Liew Mok Miou
                          0104368      Miss Tan Lan Huay
                          0104831      Miss Lim Chin Yan
                          0111098      Miss M W J Koh
                          0116204      Miss Oei Hui Ling
                          0120659      Miss Song Chooi Yoke
                          0122471      Miss Mah Siew Ying
                          0132154      Miss Tang Min Han
                          0136765      Miss Tan Siew Hoon
                          0145403      Mr D Kua Hock Keong
                          0155478      Miss Chua Mui Leng
                          0156275      Ms Liu Aiqun
                          0160983 Mr Lee Theng Ngee
                          0168478      Miss Tan Soh Hian
                          0169211      Miss Kwok Sok Fun
                          0169543      Miss Loh Siew Choo
                          0176442      Ms Ler Hui Hwang
                          0176468      Mrs S   Lakshmi
                          0177091      Mr Chew Chin Wee
                          0177110      Miss Chua Swee Ngoh
                          0213265      Miss Seow Ying Ying
                          0213414      Mrs Wee Choon Lan
                          0215080      Miss S Low Tze Hui

                                       Focus July - September 2002   15
New Members April - May 2002

                                                                                 1479936   Miss K Nagindas
0218003    Mrs A Ng Lai Peng          2400357    Miss Chow Mei Lan               1622392   Ms Tan Siew Khing
0235455    Miss Chew Peik Khoon       2414789    Miss Tan Hui Min                1635164   Miss Chua Sor Ngoh
0246855    Miss Teo Hui Yen           2416072    Miss Wang May Leng              1644088   Mr W Tan Yew Chee
0248752    Miss Ang Siew Tin          2584955    Miss Teo Bee Geok               0100972   Ms G Leong Mei Khey
0258244    Miss C Yeo Chai Hong       2593813    Ms Ng Mui Mui                   0110504   Mr R Goh Choon Beng
0269512   Ms M Cui Meilin             2594362    Miss Lim Hing Choon             0116152   Miss G Khoo Bee Lin
0293519   Mr J Ling Sing Khien        2631169    Miss Kyaing Swe Swe             0128828   Mr T Tan Tien-Ming
0296818   Ms Huang Fei                2637400    Mr Hon Chee Wei                 0133979   Miss Fong Chen Yei
0297354    Mr V Kum Kar Leong         2713916    Miss Tan Thong Tze Theresa      0134069   Miss P Song
0300905    Miss T Tan Peck Har        2716848    Mr D Goh Seng Huat              0134290   Miss Quek Eng San
0300942   Miss W Seah Yin Hong        2717411    Mr Tan Kelvin                   0142854   Miss Tan See Peh
0301083    Miss Lim See Ping          2724338    Miss Wat Pei Khay               0143677   Miss Lee See Wan
0301451    Miss Chang Chew Loay       2727962    Miss Lim Bee Hiong              0160839   Miss S Mok Shuit Lai
0301655    Miss Jap Chuen Mei         2747129    Mr D Tay Kian Hong              0168910   Mrs R Wu Tielei
0301851   Miss M Lee Siok Kwan        4409675    Miss A M Choo Siew Luang        0169517 Miss Ong Hwee Peng Whitney
0371338   Mr Chang Gim Leng           4618882    Ms Jeyaletchumi . S             0172909   Miss Li Li
0401098    Miss Lum Poh Khum                                                     0176669   Mr Shek Kok Leong
0453204    Miss T J T @ Tan Lee Poh   May 2002                                   0016700   Miss J Mahadevan
0461968    Miss Chua Soon Hwa         1808683    Miss Tan Bee Len                0028000   Miss Chuo Hung
0463999    Ms Zhao Wei                1963854    Miss Kong Keh Le                0031205   Mr Lim Boon Seng Vincent
0465021   Miss S T Tham               1999483    Mr Gan Tiong Hwee               0033519   Miss Chin Mei San Lilian
0525961    Ms Liu Yi                  2070644    Miss Wat Pei Sung               0035897   Miss Loh Mui Eng
0527367   Ms Lan Rong Di              2083824    Miss Loo Li Ching               0047022   Miss Khoo Kar Boey
0565047    Ms Zhang Xiao Hui          2170048    Mr Ong Choon Kong               0068811   Miss C Goh Yen Ling
0618906    Miss Thong Jia Huey        2400426    Mrs S Devi Paraniruva Singhan   0075404   Mr Ang Kah Boon
0654104    Mr K Foo Yuen Chuan        2417043    Miss J See Yuat Ching           0080185   Miss Chou Wee Lin
0656635   Mr Wong Yi Jack             2435040    Miss Cheing Siou Fan            0080623   Miss A Tan Yin Yin
0838049    Mr Z Ali                   2591635    Miss Tsen Ket Tzu               0080623   Miss Ong Wei Wei
1306730    Mr Goh Han Loo             2592638    Miss Low Tao WeySharon          0082090   Mr Chong Boon Moo
1821944    Mr Leong Yew Kai           2615067    Mr C S Leow                     0084121   Mr Fong Chung Hwa
1825563    Mr Tan Hau Huat            2627480    Miss I Hwan Siew Khim           0085671   Ms S Phua I Chiang
1990505    Miss Foo Yoke Keow         2711420    Mr Lim Yee Chuan
2070837    Miss T Ong Lai Moh         0177572    Miss Liw Oi Yew
2080357    Miss Pang Seng Poh         0177594    Mr Yan Naing Aung
2140250    Miss Pang Sow Huan         0252238    Miss Tai Soak Hui
2169484    Mr Yap Koon Sing           0257750    Miss Wong Onn Yee
2240062   Miss Aw Yeong Yuen Kuan     0300941    Miss Ni Chun Hua
2240299    Miss Neo Chin Ling         0628936    Miss Woo Wei Ling
2292372    Miss R S Thanalachimi      0331739    Mr Low See Kiong
2302509    Mrs Wong Siew Lan          1325957    Miss Yeo Siew Kwan

16   Focus July - September 2002
 ACCA Business Navigator

With the impending audit exemption policy, practitioners will need to reinvent themselves and their practices to meet tomorrow’s challenges. Clients will want
advisers who go beyond providing financial statements (and associated compliance work). They will look for advisers who can add real value to traditional

To assist its Members in taking on this new role and responsibility, ACCA has developed a unique “assurance” product. The ACCA Business Navigator package
is designed to help and guide practitioners through the process of delivering value-added services to new and existing clients. It contains tools to enable
practitioners to build on core competence in order to offer a wide range of performance measurement and risk analysis services.

ACCA Singapore held two introductory sessions for Members in June. The introductory session was conducted by Glenn Collins, ACCA’s Technical Adviser based
in the UK. (Picture above)

Members will be adviced shortly of the date of the Business Navigator Courses.

                                                                                                                    Focus July - September 2002     17
ACCA Women’s Interest Group - Launch

Our Women’s Interest Group was officially launched on 22 June with a half day conference. Over 50 Members/Affiliates attended the session. The group mission,
to raise the profile of ACCA women both professionally and personally, leading to the larger purpose of increasing the profile of ACCA as a whole.

Chairwoman Sylvia Khoo, FCCA, gave the opening address and also encouraged Members/Affiliates to partake in future activities.

Jocelyn Lim, FCCA, Co-Founder and Director of Professional Investment Advisory Services (PIAS) gave the audience a better understanding on planning their
personal finances and the pitfalls to avoid. Lee Soh Hong, FCCA, Founder of, a portal dedicated to cancer patients, is fully committed to charity
and volunteer work and was asked to speak to provide inspiration to others. Guest speakers from The British Council also presented and provided tips on creative
thinking and communicating with different behaviour types.

The group intends to grow and provide opportunities for women to network with one another at special women events as well as network with other local women
associations. So do stay tuned for the line-up in future issues of Focus and direct mailers.

     18    Focus July - September 2002
Events Calendar                                                                 Recruitment
 Members’ Dinner Talk                   Other Events                             PART -TIME / FULL-TIME TEACHING
                                                                                 POSITIONS FOR CAT / ACCA
 25 July 2002, Thursday                 23 July 2002, Tuesday

 The role of the CFO in enhancing       Environmental Reporting Award (ERA)
                                                                                 WANTED: Suitably-qualified lecturers to
 shareholders’ wealth - the “Comfort”   – Press Conference Launch
                                                                                 teach preparatory coursework for
 experience, By Mr Peter Leong                                                   examinations leading to the CAT levels A,
                                        26 - 27 July 2002, Friday - Saturday     B and C as well as the ACCA parts 1, 2
 21 November 2002, Thursday             How to Start and Run Your Own            and 3.
                                                                                 Preference would be given to those with
                                        By 3R Holdings Pte Ltd
 Members’ Soft Skills Seminars                                                   prior teaching experience and a track
                                                                                 record of students with good results under
                                        24 October 2002, Thursday                their charge. Part-time as well asf ull-time
 17 August 2002, Saturday
                                        ACCA 5th Annual Conference               positions are available. Lecture fees are
 Business Writing to Make You Look                                               competitive and will commensurate with
 Good, By The British Council           Corporate Sustainability - Moving
                                        Towards Sustainable Business
                                        Practices                                If interested, please email your full CV to
 October / November 2002, Saturday                                      by 31th July and
 Time/ Stress Management                                                         indicate the course/s and levels you are
                                        14 November 2002, Thursday
                                                                                 able to teach.
                                        Graduation, for Students of June 2002
 Technical Workshop
                                        Guest of Honour, ACCA Vice President
                                        Mr Sam Wong, FCCA
 2 August 2002, Friday
 The Accountant as Business Advisor
                                        8 November 2002, Friday
 Series (Part I)
                                        President’s Dinner

 11 October 2002, Friday

 The Accountant as Business Advisor
 Series (Part II)

 Graduates Career Talk
 6 September 2002, Friday

                                                                                          Focus July - September 2002           19
The Proposed Improvements to
International Accounting
Standards                                              Introduction
Contributed by Thomas Egan, Senior Technical Manager
                                                       The International Accounting Standards Board
Deloitte & Touche - Singapore
                                                       (IASB) has issued a 404-page exposure draft
                                                       on proposed changes to the existing standards
                                                       to promote convergence with the US and other
                                                       jurisdiction in order to establish a globally
                                                       accepted set of accounting standards. The
                                                       Institute of Certified Public Accountants of
                                                       Singapore intends to issue a very similar
                                                       exposure draft, which should have taken place
                                                       by the time this article is published. These
                                                       exposure drafts propose removing options in
                                                       the standards in order to improve consistency
                                                       and in addition withdraw IAS 15 (SAS 37),
                                                       Information Reflecting the Effect of Changing

                                                       The entire exposure draft may be downloaded
                                                       from the IASB website at and
                                                       the ICPAS exposure draft would be available
                                                       for download at While these
                                                       are proposals at this point, they have been
                                                       discussed by the IASB, so they will likely become
                                                       part of the standards in the relatively near future.

                                                       Highlights of Major Changes

                                                       IAS 1 (SAS 1) Presentation of Financial

                                                       •    amend the basis for exemption from
                                                            disclosing particular items of comparative
                                                            information from “impracticability” to
                                                            “causing undue cost or effort”.

20    Focus July - September 2002
The Proposed Improvements to the International Accounting Standards

•   only allow an entity to use a liquidity presentation of assets and liabilities, instead of a current/non-current presentation, when a liquidity
    presentation provides more relevant and reliable information.

•   specify that a long-term financial liability that is payable on demand because the entity breached a condition of its loan agreement should be
    classified as current at the balance sheet date even if the lender has agreed after the balance sheet date, and before the financial statements
    are authorised for issue, not to demand payment as a consequence of the breach.

•   removal of the following disclosures:

    - the results of operating activities, as a line item on the face of the income statement.

    - an entity’s country of incorporation and the address of its registered office and

    - the number of an entity’s employees.

•   require disclosure of the judgments made by management in applying the accounting policies that have the most significant effect on the
    amounts of items recognised in the financial statements. For example, management makes judgments in determining whether financial assets
    are held-to-maturity investments.

•   require disclosure of key assumptions about the future, and other sources of measurement uncertainty, that have a significant risk of causing
    a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The nature and extent of the information
    provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures made are:

    (a) the nature of the assumption or other measurement uncertainty;

    (b) the sensitivity of carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for the

    (c) the expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year in respect of the
       carrying amounts of the assets and liabilities affected; and

    (d) an explanation of changes made to past assumptions concerning those assets and liabilities, if the uncertainty remains unresolved.

IAS 8 (SAS 8) Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies

•   remove the distinction between fundamental errors (errors of such significance that financial statements are not valid) and other material

•   remove the allowed alternative treatment of corrections of errors, which allows adjustments to income.

•   amend the standard so that when accounting retrospectively for a correction of an error, the basis for exemption from restating comparative
    information for a particular prior period changes from “impracticability” to “undue cost or effort”.

•   require, rather than encourage, disclosure of the nature of a future change in an accounting policy when an entity has yet to implement a new
    Standard that has been issued but not yet come into effect. In addition, disclosure would be required of the planned date of adoption, and an
    estimate of the effect of the change on the entity’s financial position unless making such an estimate requires undue cost or effort.

IAS 16 (SAS 14) Property, Plant and Equipment

•   clarify that the requirement to review “periodically” the useful life and depreciation method of an item of property, plant and equipment means
    that such reviews must occur at least at each financial year end.
                                                                                                                   Focus July - September 2002        21
                                                                 The Proposed Improvements to the International Accounting Standards

•    include guidance that depreciation of an item of property, plant and equipment does not cease when it becomes temporarily idle or is retired
     from active use and held for disposal.

•    require disclosure of the following for items of property, plant and equipment stated at revalued amounts:

•    When items of property, plant and equipment are stated at revalued amounts the following should shall be disclosed:

     (a) the basis used to revalue the assets;

     (b) the effective date of the revaluation;
     (c) whether an independent valuer was involved;
     (d) the methods and significant assumptions applied in estimating the assets’ fair values;

     (e) the extent to which the assets’ fair values were determined directly by reference to observable prices in an active market or recent
        market transactions on arm’s length terms or were estimated using other valuation techniques;

     (f) for each revalued class of property, plant and equipment, the carrying amount that would have been recognised had the assets been
       carried under the benchmark treatment; and

     (g) the revaluation surplus, indicating the movement for the period and any restrictions on the distribution of the balance to shareholders.

IAS 17 (SAS 15) Leases

•    clarifies that when a single lease covers both land and buildings, the lease shall be split into two elements. The land element is generally
     classified as an operating lease under IAS 17.11 (SAS 15.11). The buildings element is classified as an operating or finance lease by applying
     the criteria of IAS 17 (SAS 15). However, the definition of investment property in IAS 40 (ED/SAS 40) is being amended so that property rights
     held under an operating lease can qualify as investment property if the other conditions for investment property are met and the lessee’s policy
     is to account for investment property using the fair value model.

•    eliminate the choice of how a lessor accounts for initial direct costs incurred in negotiating a lease by requiring that such costs that are
     incremental and directly attributable to the lease be capitalised and allocated over the lease term.

IAS 21 (SAS 20) The Effects of Changes in Foreign Exchange Rates

•    replace the notion of ‘reporting currency’ in the standard with two notions: Functional Currency (the currency in which the entity measures
     the items in its financial statements) and Presentation Currency (the currency in which the entity presents its financial statements).

•    revise the section of the standard on distinguishing between foreign operations that are integral to the operations of the reporting entity
     (referred to below as ‘integral foreign operations’) and foreign entities, to become part of the indicators of what is an entity’s functional
     currency. As a result:

     - there is no distinction between integral foreign operations and foreign entities. Rather, an entity that was previously classified as an integral
      foreign operation will have the same functional currency as the reporting entity.

     - only one translation method is needed for foreign operations—namely that previously described in IAS 21.30 (SAS 20.30) as applying to
      foreign entities.

•    remove the allowed alternative treatment in IAS 21.21 (SAS 20.21) that allows certain exchange differences to be capitalised.

•    include a new requirement that a change in functional currency is accounted for prospectively.

22    Focus July - September 2002
The Proposed Improvements to the International Accounting Standards

IAS 24 (SAS 21) Related Party Disclosures

•        add the following parties to the definition of ‘related party’ - post-employment benefit plans for the benefit of employees of the entity, or
         of any entity that is a related party of the entity.

•        add a definition of ‘close members of the family of an individual’.

•        add guidance to indicate that two venturers are not related parties simply because they share joint control over a joint settlement of
         liabilities on behalf of the entity or by the entity on behalf of another party.

IAS 27 (SAS 26) Consolidated Financial Statements and Accounting for Investments in Subsidiaries

•        modify the exemption from preparing consolidated financial statements to indicate that a parent need not present consolidated financial
         statements to comply with IAS (SAS) if and only if:

         (a) it is a wholly-owned subsidiary or the owners of the minority interests, including those not otherwise entitled to vote, unanimously
            agree that the parent need not present consolidated financial statements;

         (b) its securities are not publicly traded;

         (c) it is not in the process of issuing securities in public securities markets; and

         (d) the immediate or ultimate parent publishes consolidated financial statements that comply with IAS (SAS).

         (e) change the criterion for exclusion from the scope of consolidation when control is intended to be temporary from “in the near future”
            to “within twelve months”.

         (f) require minority interests to be presented in the consolidated balance sheet within equity, separately from the parent shareholders’

IAS 28 (SAS 27) Accounting for Investments in Associates

•        exclude from the scope of IAS 28 (SAS 27) and IAS 31 (SAS 29), Financial Reporting of Interests in Joint Ventures, investments that
         would otherwise be associates or joint ventures held by venture capital organisations, mutual funds, unit trusts and similar entities that
         are measured at fair value in accordance with IAS 39 (SAS 33), Financial Instruments: Recognition and Measurement, when such
         measurement is well-established practice in those industries.

IAS 40 (SAS ED/SAS 40) Investment Property

•        amend the definition of investment property to permit a property interest held by a lessee under an operating lease to qualify as
         investment property provided that:

         (a) the rest of the definition of investment property is met; and

         (b) the lessee uses the fair value model set out in IAS 40 (ED/SAS 40).

                                                                                                                    Focus July - September 2002      23
                                                                 The Proposed Improvements to the International Accounting Standards

•         require a lessee that classifies a property interest held under an operating lease as investment property to account for the lease as if it were
          a finance lease.

Further Changes are on the Way

While these changes are significant and may require substantial effort for some enterprises to comply with these requirements if adopted, future
changes that are currently being considered by the IASB and should be exposed later this year or early next year will be even more extensive. One
project, Business Combinations, is intended to completely revise IAS 22, Business Combinations and make major changes to IAS 36 (SAS 36,
Impairment of Assets ad IAS 38 (SAS 34) Intangible Assets. The current discussions indicate that the IASB would adopt the US approach whereby
goodwill is recognized as an asset, but impaired, not amortised. A second project, Share- based Compensation, is likely to result in a standard that
will require the recognition of an expense for share based compensation. Finally, a third project on Financial Instruments will propose substantial
revisions and improvements to IAS 32 (SAS 32) and IAS 39 (SAS 33), including clearer guidance on the consolidation of special purpose entities.

For details on these and all IASB initiatives, the Deloitte Touche Tohmatsu website – IASPlus – at provides current, complete details
on the activities of the IASB. The website tracks daily events effecting financial reporting and includes quarterly updates of IAS related activities by
country, including Singapore.

24    Focus July - September 2002
Malaysia - A Leading Shopping Destination
Malaysia can really be considered a choice holiday destination, offering something for everyone. From crystal blue waters with sandy beaches to
national parks to superb cuisine, Malaysia offers it all.
For shopping enthusiasts, Malaysia also enjoys three mega sales a year in March, August and December. Each month long sale invites shoppers to
do more than shop. There are fun-filled activities for the whole family and contests offering fantastic redemptions and great prizes to be won. Without
exception, the up-coming August Malaysia Mega Sale Carnival 2002 will see the introduction of the MasterCard Millionaire Shopper promotion, a run
of two major contests and redemption promotions to be held at various shopping malls and outlets nationwide, beginning August. It will carry on to
encompass the December Malaysia Mega Sale Carnival at the end of the year.

The Mega Sale Carnival means abundance of bargains and discounts on a wide range of good quality and selected products, concessions on room
rates, discounts on food and drinks and attractive offers on holiday packages to suit every budget. The variety of goods available during the sale range
from sophisticated hi-tech equipment and haute couture to cosmetics and unique knick-knacks. The upcoming August Mega Sale Carnival offers one
of the biggest prize money for a Mega Sale contest thus far. A Grand Prize of

RM 1, 000, 000 will be up for grabs. So what are you waiting for! Enjoy beautiful Malaysia and try your luck at being a Millionaire.

   Contest Details

   In the Millionaire Shopper Contest, participants are required to rank
   seventeen shopping malls listed in the entry form in order of preference.
   The Grand Prize of RM 1, 000, 000 will be awarded to the participant
   whose ranking order of the pre-selected 17 malls matches the final
   line-up as decided by a random draw. The participant whose ranking
   order is closest to the final popular line-up wins RM 50, 000, followed
   by the next nearest match winning the Second Prize of RM 30, 000
   and the third RM 20, 000. If there is more than one winner, the prize
   will be given to the entry with the highest spending receipt and in the
   case of a tie, the earliest entry received wins. As an added bonus, the
   merchants from whom the winning participants have made the
   purchases will receive RM 5,000 each.

For further details on other destinations and attractions in Malaysia, call:

Malaysia Tourism Promotion Board #01-01, 80 Robinson Road Singapore 068898

tel: +65 6532 6321 fax: +65 6535 6650

                                                                                                                    Focus July - September 2002      25
     The Association of Chartered Certified Accountants
     ACCA Singapore, 435 Orchard Road, #12-03 Wisma Atria, Singapore 238877
     tel: +65 6734 8110 fax: +65 6734 2248
26       Focus July - September 2002

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