CONNECTED Hong Kong ACCA Hong Kong Annual Review by wulinqing

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									 Hong Kong
             ACCA
             Hong Kong
             Annual Review
             2007




BETTER
CONNECTED
07
Welcome to
ACCA Hong Kong’s
2007 Annual
Review
Contents
02 President’s message
04 About us
08 Focused growth
12 Member engagement and support
16 Reputation and influence
24 Income and expenditure account




                                    ACCA Hong Kong Annual Review ‘07 01
                                      President’s message
                                      “I am proud to be a part of the largest global
                                       professional accountancy body whose focus is on
                                       professional values, ethics and governance. My
                                       involvement with ACCA Hong Kong in the past ten
                                       years has provided invaluable opportunities for me to
                                       contribute to the profession, serve and learn from fellow
                                       members.”
                                      2007 was another successful and            our involvement in sustainability and
             Morison Chan             eventful year for ACCA Hong Kong.          environmental reporting awards cover
             President
                                      Our performance was especially             Africa, Asia Pacific, Europe, North
                                      encouraging in that we continued to        America and South Asia. To have
                                      excel in reputation and influence; there   secured Vice President Gore to speak
                                      was steady growth in our membership;       at our event reflects our commitment
                                      and we succeeded in engaging               to these issues. At the event, Professor
                                      members at all levels, which met the       K C Chan, Secretary for Financial
                                      global strategies laid down by Council.    Services and the Treasury, and the
                                      On the social front, I am proud to         event’s officiating guest, applauded
                                      inform you that the donation raised        ACCA for its leadership role in
                                      through the 11th ACCA Charity Fun          bringing sustainability issues on to the
                                      Day again broke a record high: over        mainstream accounting agenda.
                                      HK$1,200,000 for three beneficiary
                                      organisations and the ACCA Charitable      Following the launch of ACCA’s revised
                                      Foundation Limited.                        logo on 21 September 2007, new
                                                                                 advertising was launched in Hong
                                      We were extremely honoured to have         Kong, with the theme, “The world
                                      former US Vice President Al Gore,          needs three dimensional accountants
                                      the world’s best-known campaigner          – what shape are yours?”. The
                                      on environmental issues, give a            campaign, which appeared in print
                                      highly inspirational presentation on       media, MTR trains and platforms and
                                      ethics and sustainability to over 400      the Hong Kong international airport,
                                      business leaders, top government           received very positive feedback from
                                      officials, academics and ACCA              our stakeholders and members of
                                      members at a high-profile event            the public. The revised logo and the
                                      held on 9 August 2007. ACCA has            related corporate identity mirror
                                      been campaigning for over 15 years         ACCA’s goal to be seen as a leader in
                                      for organisations to measure and           the global accountancy profession,
                                      manage their environmental and wider       a vision based on unique values
                                      societal impacts. Activities such as       (including opportunity, diversity


02 ACCA Hong Kong Annual Review ‘07
and integrity) and global delivery      Business Competition – were also
of our qualifications and support to    introduced to engage our members,
members, based on globally consistent   students and potential students. These
standards.                              initiatives received a very positive
                                        response from members.
There has been steady growth in
China’s member and student numbers.     Towards the end of my presidential
In 2007, we were able to achieve a      year, I must thank all members for
growth rate of 7.2%. The total number   placing your trust in me. I would
of members in China has increased       also like to take this opportunity to
to just under 20,000. By the end of     invite you actively to participate in
2007, there were over 33,000 ACCA       the business of ACCA Hong Kong to
students and affilates in China.        contribute your expertise towards the
                                        betterment of our organisation in the
To cater for the various needs of       years to come. Let’s join hands to work
ACCA’s wide membership imposes          for a better future for both Hong Kong
enormous challenges to ACCA Hong        SAR and the accountancy profession.
Kong and our Committee. In 2007,
we staged many high-quality and
well-received CPD and social events,
whose success owed much to the
dedicated support and devotion of
our Committee and Sub-Committee
members and the staff of the Hong
Kong office, to whom I must extend my
greatest gratitude and respect.

New initiatives, to name a few – the
ACCA mentorship programme, the
Junior Achievement Accounting           Morison Chan
Success Skills Workshop and the         President


                                                                                  ACCA Hong Kong Annual Review ‘07 03
About us




Council members and ACCA Hong Kong Committee members proposing a toast at the
2007 Annual Dinner




                                               ACCA and ACCA Hong Kong
     Founded in                                Founded in 1904, ACCA (the                We have established 50 global




     1904
                                               Association of Chartered Certified        accountancy partnerships, through
                                               Accountants) is the largest and           which we deliver qualifications and
                                               fastest-growing global professional       a range of services which promote
                                               accountancy body in the world. At         global standards, benefit the
                                               present, ACCA has 325,000 students        accountancy profession and enhance
                                               and 122,000 members in 170                the value of accountants in the
                                               countries. ACCA has an extensive          workplace. We work closely with more
                                               network of 80 staffed offices and         than 470 registered tuition providers
                                               centres around the world.                 and 9,680 employers of accountants
                                                                                         and finance professionals.




                                                                                         60
                                               ACCA’s goal is to be the leading global
                                               professional accountancy body by
                                               reputation, influence and size.

                                               ACCA’s mission is:
                                               • to provide opportunity and access
                                                 to people of ability around the
                                                 world and to support our members
                                                 throughout their careers in
                                                 accounting, business and finance
                                                                                         ACCA has operated in China for almost
                                               •   to achieve and promote the
                                                                                         60 years since the founding of the
                                                   highest professional, ethical and
                                                                                         Hong Kong branch in 1950.
                                                   governance standards

                                               •   to advance the public interest

                                               •   to be a global leader in the
                                                   profession.




04 ACCA Hong Kong Annual Review ‘07
Committee of ACCA Hong Kong
  President                                 Committee Members                  Roy C W Tsang
  Morison C K Chan                          Rosanna Y T Choi                   Fergus W T Wong
                                            Frankie H Ho                       Bernard T L Wu
  Deputy President                          Sam H W Law                        Anthony C W Yeung
  Kelly Y S Chan                            Allan K F Lee
                                            Simon T W Leung                    Ex-officio Members
  Vice President                            Horace C F Ma                      Kevin S K Lau
  Judy S P Wong                             William T L Mak                    K C Law
                                            Jeremy C M Ngai                    Leo C M Lee
  Immediate Past President                  Gary C C Tam                       Anthony K H Tyen
  Dilys S F Chau                            Siew-Quen Thong                    Amy W S Yung




Sub-committees of 2007/08

Activities and community services                          Members’ journal

Co-chairmen                  Rosanna Choi                  Co-chairmen                   William Mak
                             Gary Tam                                                    Anthony Yeung

Members                      Hidy Chan                     Members                       Ivan Chan
                             Morison Chan                                                Kitty Chui
                             Kenny Cheung                                                Jimmy Chung
                             Thomas Chow                                                 Albert Hung
                             Natalie Chung                                               Andy Lam
                             Wesley Ip                                                   Horace Ma
                             Joanna Ko                                                   Patrick Ng
                             Fion Lai                                                    Judy Wong
                             Shirley Liu
                                                           Professional development
                             Jean Lyn
                             Richard Sun                   Co-chairmen                   Horace Ma
                             Dyris Tam                                                   Roy Tsang
                             Roy Tsang
                                                           Members                       Annie Chan
                             Seamus Wong
                                                                                         Ivan Chan
Mainland China affairs                                                                   Kelly Chan
                                                                                         Morison Chan
Co-chairmen                  Bernard Wu
                                                                                         Patrick Chan
                             Sam Law
                                                                                         Nelson Lam
Members                      Ivan Chan                                                   Kevin Lau
                             Kelly Chan                                                  Simon Lee
                             Morison Chan                                                David Ng
                             Sherman Chong                                               Fabian Shin
                             Arthur Lee                                                  Mike Suen
                             Leo Lee                                                     Gary Tam
                             Josephine Wong                                              Clare Wong
                             Judy Wong                                                   Josephine Wong
                             Stanley Wu                                                  Bernard Wu
                             Anthony Tyen                                                Alice Yip




                                                                                      ACCA Hong Kong Annual Review ‘07 05
About us




Sub-committees of 2007/08

 Small and medium enterprises                          Tax
 Co-chairmen                      Siew-Quen Thong      Co-chairmen   Jeremy Ngai
                                  Bernard Wu                         Fergus Wong
 Members                          Rosanna Choi         Members       Mabel Chan
                                  Nelson Lam                         Morison Chan
                                  Tracy Lau                          Brenda Cheung
                                  Gerry Li                           Jimmy Chung
                                  Jennifer Pang                      Gary Fung
                                  Fergus Wong                        Rex Ho
                                  Judy Wong                          Alexandra Hui
                                  Stanley Wu                         Wayne Lau
                                  Anthony Tyen                       K C Law
 Advisers                         Agatha Wong-Fraser                 Ian Philip Lee
                                  David S Li                         Leo Lee
                                                                     Aldous Mak
 Student affairs
                                                                     Dicky To
 Co-chairmen                      Frankie Ho                         Alex Wong
                                  Allan Lee
                                  Simon Leung
 Members                          Maria Chan
                                  Dilys Chau
                                  Albert Hung
                                  Caesar Lee
                                  Ian Philip Lee
                                  Simon Lee
                                  Shirley Liu
                                  Horace Ma
                                  Jasmine Sin *
                                  Chris Tang
                                  Venus Tang
                                  Alex Wong
                                  Helen Wong
                                  Louisa Yeung
                                  T T Yu                             *   resigned from September 2007




06 ACCA Hong Kong Annual Review ‘07
Past chairmen / presidents *

Term      Name               Term      Name

1950/51   J Brown            1980/81   John Chan
1951/52   Thomas Le C Kuen   1981/82   Stephen N W Lo
1952/53   P W Wood           1982/83   Hung Hon
1953/54   P W Wood           1983/84   Andrew Lam
1954/55   Henry Sidbury      1984/85   Raymond Chan
1955/56   J A Bendall
                             1985/86   David T W Tsoi
1956/57   J A Bendall
                             1986/87   Louis K N Leung
1957/58   W P Birthwhistle
                             1987/88   Robin S W Ching
1958/59   W P Birthwhistle
                             1988/89   Charles C W Fung
1959/60   M W Kwan
1960/61   M W Kwan           1989/90   Tai Hay Yuen
1961/62   F H Fell           1990/91   Frank Y S Choi
1962/63   M W Kwan           1991/92   Fanny P P Lai
1963/64   M W Kwan           1992/93   Joseph K C Lo
1964/65   Charles Mar Fan    1993/94   Kenneth Y K Lam
1965/66   Charles Mar Fan    1994/95   David K F Li
1966/67   M W Kwan           1995/96   Angel Y Y Yan
1967/68   D J Rendell        1996/97   Paul M P Chan
1968/69   Ronald F S Li      1997/98   Alice W Y Chan
1969/70   H W Leung
                             1998/99   Samuel K O Wong
1970/71   M W Kwan
                             1999/00   Alex C B Wong
1971/72   A E Chaney
                             2000/01   Kevin S K Lau
1972/73   A E Chaney
                             2001/02   Richard P Y Sun
1973/74   C J W Mooney
1974/75   C J W Mooney       2002/03   K C Law
1975/76   Samuel M H Wong    2003/04   Leo C M Lee
1976/77   Samuel M H Wong    2004/05   Victor C K Ng
                             2005/06   Jimmy W K Chung    *   The Chairman of ACCA Hong Kong was
1977/78   Denis Evans                                         renamed President with effect from May 2002
1978/79   Dennis Chan        2006/07   Dilys S F Chau         after the adoption of a new Hong Kong Centre
                                                              Constitution at the Extraordinary General
1979/80   Dennis Chan        2007/08   Morison C K Chan       Meeting held on 24 May 2002.




                                                                   ACCA Hong Kong Annual Review ‘07 07
Focused growth




                                          ACCA graduates cheered at the Graduation Ceremony




Growth and development


                                                                                              12,000
Outreach to students                      Innovative competitions including the
ACCA has always been an excellent         Job Hunting Competition and Business
choice for those who aspire to become     Competition received an overwhelming
a finance professional, capable of        participation from 300 undergraduate
building a successful career across all   students and nearly 500 sub-degree                  ACCA career talks reaching
sectors and places around the world.      accounting students from 155 teams                  12,000 prospective students with
                                          respectively.                                       an interest to learn more about
Upholding the mission of providing                                                            the accountancy profession
opportunity and access to people of       Outside campus activities, we
ability, ACCA Hong Kong is active in      participated in 11 education and


                                                                                              1,500
promoting ACCA qualifications and the     career fairs. One of these was the
accountancy profession to prospective     Financial Services Career Fair
students in universities and colleges     co-organised with the Institute of
through talks, membership schemes,        Financial Planners of Hong Kong. With
                                                                                              1,500 undergraduate and
event support and competitions.           an attendance of over 1,000 visitors,
                                                                                              sub-degree students joined the
                                          this fair showcased a broad range of
                                                                                              ACCA accelerate scheme
We delivered 125 talks about the          career paths and opportunities in the
ACCA Qualification and 65 talks about     accounting and financial sectors.
Certified Accounting Technician (CAT),



                                                                                              500
reaching 12,000 prospective students      We received 40 requests by
with an interest to learn more about      institutions for accreditation of
the accountancy profession.               programmes in relation to the ACCA
                                          and CAT qualifications, resulting in
We attended 75 events organised by        an increase of 28 accounting and                    500 sub-degree accounting
universities and colleges and granted     finance programmes which have been                  students joined the Business
76 sponsorships to support related        accredited.                                         Competition
student activities. Twenty-nine ACCA
Qualification and CAT scholarships
were awarded to outstanding
sub-degree, degree and post-graduate
students in accounting and business.

1,500 undergraduate and sub-degree
students joined the ACCA accelerate
scheme which aims to engage with
students who are keen to pursue a
career in accounting and finance.

08 ACCA Hong Kong Annual Review ‘07
                                                                             Morison Chan, ACCA Hong Kong President (first left), and guests speakers
Winning teams of the first ACCA Business Competition receiving awards from
                                                                             pictured at the seminar on "Accounting in Business - Oportunities for High
the panel of judges
                                                                             School Graduates"




Employer relationships
                                                      Approved Employer -
We see employers as one of our most                                                          92
                                                      Professional Development
valued stakeholders. We understand
that attracting, developing and                       Approved Employer -
                                                                                            124
retaining the brightest minds are                     Trainee Development
the top priorities for employers. Our
                                                      Platinum                               45
dedicated relationship managers visit
employers to understand their evolving                Gold                                   16
needs on recruitment, and employee
                                                      Silver                                 63
learning and development so as to
develop solutions and services to meet
these needs.                                          Sectors
                                                      Corporate                             103
ACCA’s global Approved Employer                                                                             Ada Leung, Head of Strategy and
programme formally recognises the                     Public practice                        75             Development of ACCA Hong Kong (right)
                                                                                                            presenting the ACCA Approved Employer
learning and development support that                                                                       certificate to Daniel Wan, Group Chief
                                                      Public sector                           6             Financial Officer of The Bank of East Asia,
employers offer to ACCA members and
                                                                                                            Limited (middle)
students. As of 31 December 2007,                     Education                               3
the number of Approved Employers
                                                      NGO                                     1




                                                             188
in Hong Kong rose to 188. Regular
seminars and conferences, networking
events and in-house training are
offered to these organisations as
prestigious benefits for their senior HR
and finance managers.
                                                       TOTAL




                                                                                                                 ACCA Hong Kong Annual Review ‘07 09
Focused growth


                             members in China                           members and students growth rate in China



                             20,000
                             students and affilates in China



                             33,000
                                                                        7.2%
Hong Kong members and students statistics
                                                                                         Gender distribution

  Overall distribution


                              40.8%

            16.7%                                 Fellow      40.8%
                                                  Member      16.7%
                                                  Affiliate   4.8%
     4.8%                                         Student     37.7%



                             37.7%
                                                                                           Male            44.7%
                                                                                           Female          55.3%
           22.4%


                     21.9%
 19.3%




                                 19.1%




                                                                                         Employment distribution
                                          10.4%


                                                   4.1%


                                                                2.8%




 Age distribution
                                                                                           Industry / commerce      51.0%
                                                                                           Public sector            5.3%
 29         30        35          40       45       50            55
                                                                                           Public practice          16.0%
 or         to        to          to       to       to            or
                                                                                           Others                   27.7%
below       34        39          44       49       54           over


10 ACCA Hong Kong Annual Review ‘07
Quality and opportunity
Launching the new ACCA Qualification     Accelerated route to qualify
The year 2007 was very important to      A conditional exemption scheme
ACCA owing to the introduction of the    was piloted for selected accounting
new ACCA Qualification with its new      programmes in Hong Kong and
practical experience requirements        Macau. The scheme offers a fast-track
(PER). Professionalism and ethics are    route to final year students so that
at the heart of the new qualification.   they may commence study towards
With a view to helping students          ACCA during their final academic year
prepare for the new syllabus, ACCA       at universities and colleges.
Hong Kong organised a series of
seminars and workshops, especially
on the subject of professionalism and
the new ethics module. Structured
training programmes, comprising
train-the-trainers sessions, new
qualification conversion and a
master class on the new Professional
Accountant paper, were also organised
for teachers from tuition providers in
Hong Kong.




                                                                                 ACCA Hong Kong Annual Review ‘07 11
Member engagement and support




                                                                           George Leung, Adviser, Strategy and Economics,
The seminar to provide an update on Hong Kong Financial Reporting
                                                                           Asia Pacific of HSBC delivering his views on the
Standards attracted over 1,000 members and guests to enrol
                                                                           impact of US sub-prime mortgage




Supporting members




                                                    12,700
As a members’ organisation, ACCA is
committed to support its members in
their work and development.

Continuing professional development
To equip our members with
the necessary skills and latest
professional knowledge relevant                       Over 120 CPD events attracted over 12,700 delegates
to the workplace and to meet the
challenges of the ever-changing
business environment, ACCA Hong                    Eighteen experts from mainland                    Seven tax specialists from Hong Kong
Kong organised many practical and                  China, UK and Hong Kong SAR shared                and the mainland were also invited to
high-quality continuing professional               ‘insider’ views from the perspective              address our members on China’s tax
development (CPD) events for our                   of regulators, senior management                  reform at the annual tax conference
members.                                           and investors at ACCA Hong Kong’s                 held on 1 March 2008.
                                                   annual conference on 23 June, the
In 2007, over 120 CPD events, ranging              theme of which was “Enhancing                     The on-line resources such as
from seminars and workshops to                     shareholders’ value in an increasingly            e-learning, knowledge library and
conferences, and from soft skills                  regulated environment”. The values                professional development matrix
courses to IT training and language                of professionalism and ethics were                under ACCA Realise continued to be
courses, were organised. These                     addressed in the conference as ACCA               fine tuned to cope with members’
attracted over 12,700 delegates. The
                                                   strives to adopt the highest standards            CPD needs. Members also enjoy free
Hong Kong office also worked with
                                                   of ethical conduct. The findings of a             access to international accounting
the three mainland offices to promote
                                                   research project which was conducted              standards through a service arranged
CPD events that were held at various
locations to allow members travelling              by CFO Asia Research Services in                  by ACCA with LexisNexis.
regularly between Hong Kong and the                collaboration with ACCA, titled,
mainland to attend such events while               A Critical Connection: making the link
on the road.                                       between regulation and shareholder
                                                   value, were announced during the
In November 2007, ACCA Hong Kong                   conference. The research report
collaborated with the Institute of                 concluded that business regulation
Financial Planners of Hong Kong and                strengthens rather than hinders
the Chinese Society of Accountants                 shareholder value.
and Auditors in organising two
seminars which allowed our members
to obtain valuable insights into other
professions. A total of about 1,000
members joined both events.


12 ACCA Hong Kong Annual Review ‘07
The group photo of ACCA Hong Kong’s football team which participated in   A group photo of ACCA delegates at the Mercedes-Benz Vietnam Ltd. during
the Chamber of HK Listed Companies Cup tournament                         the study trip to Vietnam




                                                   Member engagement
                                                   Members are ACCA’s greatest assets
                                                   and we seek to engage with them
                                                   at various levels and on different
                                                   occasions. Many members contributed
                                                   their time and expertise in the past
                                                   year as speakers, spokespersons,
                                                   advisers or to feature in publications
                                                   or ACCA promotional literature. About
                                                   200 members acted as mentors to
                                                   SMEs, young entrepreneurs, young
                                                   ACCA members, ACCA students and
                                                   ACCA accelerate students, while some
                                                   150 members assisted the public in                  Shih Wing Ching, chairman of Centaline
    Members listening attentively to the           the completion of income tax returns                Property Agency Limited, sharing his
    explanation by the eco tour guide on the                                                           successful experience in setting up and
    characteristic of different plants             and introduced the accountancy                      maintaining his business
                                                   profession to secondary school
                                                   students.
Expanding social networks
                                                   ACCA understands that members
ACCA encourages its members to have                                                                For young members
                                                   require different levels of support and
a balanced life. A wide range of social                                                            Over 80 members joined a series of
                                                   services depending on their seniority
and networking events were therefore               and at different stages of their career.        seminars on career advancement,
organised for members to expand                    ACCA Hong Kong therefore tailors                targeting mainly young members,
their network and enable them to take              its services to cater for their varying         which aim to help them prepare for
a break from their hectic schedules.               needs.                                          making career moves.
These events provide not only valuable
opportunities for fellow members                   For senior members                              For new members
to share experience and foster                     A new format to engage senior                   An annual new member cocktail
relationships, they can also bring                 members was introduced through                  reception was organised to welcome
about new business opportunities.                  the organisation of a ‘happy hour’              new members. This year we were
                                                   gathering during which Tao Jie, a               particularly pleased to have Gill Ball,
In 2007, over 3,600 members                        renowned author, columnist and                  International President of ACCA, join
joined our 31 social and networking                newspaper editor in Hong Kong was               the event as a special guest. Shih Wing
events which included study trips,                 invited to address members on the               Ching, chairman of Centaline Property
interest group gatherings, members’                application of the ancient emperor’s            Agency Limited, was also invited as
luncheons, festive events, family eco              management skills to modern                     guest speaker to inspire new members
tours, sports and hobby classes.                   business and succession plans.                  with his own success story.

                                                                                                            ACCA Hong Kong Annual Review ‘07 13
Member engagement and support




Tao Jie, a famous writer and columnist, sharing
his views with senior members




                                                                                                    and enhance their career prospects,
                                                                                                    ACCA entered into mutual recognition
                                                                                                    agreements and partnerships with
                                                                                                    renowned professional bodies.

                                                                                                    In addition, ACCA Hong Kong sourced
                                                                                                    a wide range of discounted offers
                                                                                                    and premier or exclusive benefits for
                                                                                                    our members from different service
                                                                                                    providers. The benefits introduced
                                                                                                    include discounted offers at hotel
                                                                                                    catering outlets, and beneficial rates
                                                                                                    for courier services, insurance plans,
                                                     Alison Chang, SCMP’s career doctor,            securities brokerage fee, travel
                                                     demonstrating proper dining etiquette to our
                                                     young members                                  agency’s tour fare, course enrolment,
                                                                                                    special mobile phone service plans,
                                                                                                    a medical check up plan and dental
                                                  Adding value to membership                        care schemes. In addition, special
                                                  Providing support to members in                   subscription offers and complimentary
                                                  their career development is central               copies of business magazines and
                                                  to ACCA’s member services. We                     special rates for fitness centre
                                                  strive to provide tools to help our               membership and beauty treatment
                                                  members to make the most of                       have been arranged.
                                                  their career opportunities. These
                                                  include information on recruitment
                                                  consultants, job vacancies from
                                                  leading recruitment consultants
                                                  and employers around the world,
                                                  salary surveys, career management
                                                  resources, essential information for
                                                  international mobility and ACCA Career
                                                  Pathways which is a sector-specific
                                                  career and professional development
                                                  resource.

                                                  As acquiring further qualifications can
                                                  increase our members’ marketability

14 ACCA Hong Kong Annual Review ‘07
                                                                                         161                   mentors



                                                                                         and

                                                                                         232                       mentees
                                                                                         enrolled in the ACCA mentorship programme



Mentors and mentees gathering at the ACCA Mentorship Programme Launching Ceremony 2007




Supporting students




                                                                                         400
Study and career support                       Expanding social networks
ACCA dedicates every effort to                 To relieve students from their hectic
supporting our students in their study         study and build rapport, we organised
and career development through a               a number of social and networking
wide variety of technical, exam                events, like ‘happy hour’ gatherings, a
assistance and personal development            study trip to Macau, a visit to elderly
events.                                        home and a Christmas party.
                                                                                         400 affiliates, top students and guests
                                                                                         attended the annual graduation and top
We organised 13 technical seminars             We organised the annual graduation        achivers’ award presentation ceremony
and study focus groups,192 hours of            and top achievers’ award presentation
IT and language skills courses and 21          ceremony to recognise outstanding
hours of post-exam review sessions.            achievements of new affiliates and top
                                               paper winners. A Hong Kong student,
In order to assist students in fulfilling      Raymond Fok Chun-man, won the
their practical working experience for         title of world top winner in Paper 3.4
membership by using the new online             Business Information Management out
tool, Trainee Development Matrix,              of 8,500 students who attempted this
we hosted regular orientation and              paper in the June 2007 exams. A
consultation sessions for students             ground-breaking attendance of over
throughout the year.                           400 affiliates, top students and guests
                                               attended the ceremony in October
It was also the first time ACCA                2007.
Hong Kong launched its mentorship
programme where FCCAs are
engaged as mentors to nurture our
young members, students and ACCA
accelerate students. A total of 161                                                      Raymond Fok, the world top winner in
                                                                                         Paper 3.4 of June 07 session receiving the
mentor volunteers enrolled in the                                                        recognition certificate from the guest of
programme, coaching 232 mentees in                                                       honour, Arthur Shek

which 150 of them are ACCA students
and affiliates.




                                                                                              ACCA Hong Kong Annual Review ‘07 15
Reputation and influence




                      Three-dimensional advert campaign at MTR    Three-dimensional advert campaign at Hong Kong
                      stations                                    international airport




                                              Reputation and influence
                                              In the media spotlight                      We launched a series of radio
                                              Branding and communications                 interviews introducing the Free Tax
                                              ACCA Hong Kong launched a range             Advisory Services to the public.
                                              of creative brand communication             We have further strengthened our
                                              campaigns to enhance its reputation         professional image through various
                                              as a leading global professional            invited interviews and commentaries
                                              accountancy body. Over the years, we        on burning issues, such as goods and
                                              have developed a close relationship         services tax and the government’s
                                                                                          budget.
                                              with the media and have enjoyed
                                              substantial coverage in the public
                                                                                          ACCA is also seen as a corporate
                                              domain in 2007, including TV, web,
                                                                                          brand in a wider business context. We
                                              radio and print. There were a total of      were the lead sponsor of South China
                                              329 TV and radio appearances, press         Morning Post China Business Forum
                                              mentions, articles and comments in          – a series of seminars on important
                                              the year.                                   policy development and reform issues
                                                                                          in China held from September to
                                              A series of advertising campaigns           November. ACCA Council member
                                              was launched in November 2007               Dean Westcott and Hong Kong’s past
                                              to introduce the new ACCA identity          president Richard Sun were speakers
                                              – “three dimensional accountants”.          at the healthcare policy and capital
                                              A mixture of advertising channels           market policy forums respectively.
                                              including lightbox advertising panels,
                                              screen and train door window stickers       The president of ACCA Hong Kong,
                                              in MTR, lightbox advertising panels at      Morison Chan, is a popular figure
                                              the Hong Kong international airport         in the media. Wide coverage on
                                              and print adverts in select English and     his comments ranged from the
                                                                                          outlook of the accounting profession,
                                              Chinese newspapers were used.
                                                                                          the changing roles of finance
                                                                                          professionals, to pathways to
                                              To strengthen ACCA’s image as
                                                                                          qualifying as an ACCA professional.
                                              a leader and pioneer in the global
                                              accounting arena, the TV ‘infomercial’,     ACCA Hong Kong was invited to be the
                                              Decode Accounting, featuring                exclusive host of online accounting
                                              interesting facts about the accountancy     forums on major recruitment websites
                                              profession and ACCA itself, was             to answer enquiries about career
                                              broadcast in the Focus Media network        development in accounting and
                                              of over 600 TV monitors at lobbies of       finance. These invitations no doubt
                                              major commercial buildings in January       demonstrated ACCA’s leading status in
                                              2007.                                       the profession.

16 ACCA Hong Kong Annual Review ‘07
                                                                            Morison Chan, president of ACCA Hong Kong and Anthony Thompson,
Dean Westcott shared his expert views with the audience at the SCMP China
                                                                            managing director, Hong Kong & Southern China, Michael Page International
Business Forum
                                                                            announced the Accounting and Finance Market Survey results




                                                   Thought leadership surveys                        Leading debates
                                                   Utilising the reach of its membership             ACCA Hong Kong contributed
                                                   in Hong Kong and the Asia Pacific                 towards policy development through
                                                   region, ACCA Hong Kong engaged in a               making submissions and response
                                                   number of surveys, offering insights              to consultation documents issued
                                                   into issues relevant to the public and            by regulators and the HKSAR
                                                   stimulating debate about the future               government.
                                                   landscape for finance professionals.
                                                                                                     •   A proposal was submitted to
                                                   •   Announced in April, the ACCA                      the Financial Secretary on the
                                                       Broadening Tax Base Survey was                    2008/09 Budget.
                                                       conducted among 17,000 ACCA
                                                       Hong Kong members to seek their               •   Apart from reflecting local views
    Morison Chan, president of ACCA Hong Kong
    and Fergus Wong, co-chairman of ACCA Hong          views on the narrowness of Hong                   to Head Office regarding the
    Kong Tax sub-committee with Joanne Chan,           Kong’s tax base and how the tax                   International Accounting Standards
    programme host of Metro Finance radio
                                                       base could be broadened. A total of               Board’s (IASB) Exposure Draft of
                                                       1,245 replies were received.                      Proposed International Financial
                                                                                                         Reporting Standards for Small
                                                   •   The annual Accounting and                         and Medium-sized Entities, a
                                                       Finance Market Survey conducted                   submission was made to the Hong
                                                       by ACCA Hong Kong and Michael                     Kong Institute of CPAs (HKICPA) on
                                                       Page International was announced                  how to deal with the existing local
                                                       in September 2007. This survey,                   Small and Medium-sized Entities
                                                       which received 2,200 responses                    Financial Reporting Framework and
                                                       from employers and employees,                     Financial Reporting Standards.
                                                       aimed to identify the salary
                                                       and talent retention trends and               •   Comments were submitted to
                                                       strategies in the accounting and                  the Financial Services and the
                                                       finance sector.                                   Treasury Bureau on the Rewrite
                                                                                                         of the Companies Ordinance
                                                                                                         on the Accounting and Auditing
                                                                                                         Provisions.

                                                                                                     •   A submission was made to the
                                                                                                         Hong Kong Exchanges and Clearing
                                                                                                         Limited on Periodic Financial
                                                                                                         Reporting.

                                                                                                               ACCA Hong Kong Annual Review ‘07 17
Reputation and influence




                      Former US Vice President Al Gore shared his vision on Ethics and
                      Sustainability




Advocating Sustainability                       ACCA Hong Kong Awards for                Supporting small and medium
Al Gore Event Ethics and                        Sustainability Reporting                 enterprises
Sustainability                                  The aims of these Awards are to give     A large percentage of members in
Former US Vice President Al Gore,               recognition to organisations which       Hong Kong work in small and medium
who is also a Nobel Prize winner and            report and disclose environmental,       enterprises (SMEs), or provide advice
Academy Award winner for his famous             social or full sustainability            to SMEs or own small businesses as
documentary, An Inconvenient Truth,             information; to encourage the            entrepreneurs. It is therefore vital
was invited to speak on the linkages            uptake of environmental, social and      for ACCA to support this community.
between climate change, ethics and              sustainability reporting; and to raise   Through a broad range of activity
sustainability to an audience of 400            awareness of corporate transparency      carried out by ACCA Hong Kong and
delegates from government officials,            issues. The Hong Kong Awards             our close collaboration with the Trade
business executives, leaders of the                                                      and Industry Department (TID) of the
                                                Presentation Ceremony was held in
accountancy profession and senior                                                        Hong Kong SAR Government, ACCA
                                                December 2007. There were a total of
ACCA members from Hong Kong                                                              seeks better to understand and meet
                                                16 endorsers including government
SAR, mainland China and across the                                                       their needs.
                                                departments, chambers of commerce,
Asia Pacific Region in Hong Kong on
                                                environmental bodies, business
9 August 2007. VP Gore warned that                                                       In 2007, the following initiatives for
                                                associations and NGOs.
with possibly only ten years left until                                                  SMEs were undertaken.
the world reaches an irreversible
climate change tipping point,                   To better facilitate the promotion       Collaboration with TID
accountants should take a fresh look            of Global Reporting Initiative (GRI)     • ACCA Hong Kong continues to be
at the way they account for corporate           in the Chinese community, ACCA              one of the partners of the Support
environmental impacts, especially               co-sponsored the translation and            and Consultation Centre for SMEs
carbon emissions. In his insightful             publication of the latest released G3       (SUCCESS) on its Business
speech, Mr Gore set out his vision of a         guideline into Chinese language with        Advisory Service which aims to
world in which politicians, regulators,         the Chinese Business Council for            advise SMEs on issues related to
companies and professional                      Sustainable Development.                    starting up and running a business.
associations work together for a
common goal.                                                                             •   ACCA Hong Kong co-organised
                                                                                             an Accountancy and Financial
The report Improving Climate Change                                                          Management Seminar Series
Reporting conducted by ACCA, the                                                             for SMEs with SUCCESS in May
FTSE Group and EIRIS (Ethical                                                                and June and another seminar in
Investment Research Services) which                                                          September. Experienced ACCA
assessed the performance of 42                                                               members shared hot business
UK companies known to be leading                                                             issues affecting SMEs with over
environmental reporters, was also                                                            300 SME owners and managerial
announced at the event.                                                                      staff.

18 ACCA Hong Kong Annual Review ‘07
Morison Chan, ACCA Hong Kong president, speaking at the ACCA Hong Kong
Sustainability Reporting Awards Presentation Ceremony




•   ACCA Hong Kong is a partnering               Supporting members in the SME
    organisation of SUCCESS’s SME                sector
    mentorship programme which                   • In 2007, about 90 members were
    aims to provide an opportunity                  recruited to join the SME Interest
    for entrepreneurs who are at                    Group to share experience and
    their early stage of business to                views on important SME issues.
    learn from and be guided by
    accomplished entrepreneurs,                  •   Speakers were invited to share
    senior executives and professionals              good practice and ideas with the
    through one-on-one free
                                                     SME Interest Group at gatherings
    counseling. Five ACCA members                                                           Rosanna Choi, ACCA Hong Kong Committee
                                                     that were held at regular intervals.
    acted as mentors to ten SME                                                             member, sharing some interesting SME
                                                     Subjects on the agenda included        case studies with the audience of a seminar
    mentees in 2007.                                                                        organised by SUCCESS of the Trade and
                                                     practical issues such as business
                                                                                            Industry Department
                                                     succession, how to become a
                                                     business consultant, PRC customs
                                                     regulations and labour law.

                                                 •   Two seminars from the SME
                                                     perspective were also organised
                                                     for members who work in the SME
                                                     sector, on mainland China’s new
                                                     company law and its Impact on
                                                     SMEs, and on business planning,
                                                     which looked at perspectives from
                                                     a bank and venture capitalist.

                                                 •   ACCA and its qualifications were
                                                     showcased during the World SME         Stanley Wu, SME Sub-committee member,
                                                     Expo organised by the Hong Kong        presenting a souvenir to Joe Zou, Partner
                                                                                            of Guangdong Kaowick Certified Public
                                                     Trade Development Council from         Accountants, for delivering a talk on new
                                                     12–14 December 2007.                   China labour law to SME Interest Group
                                                                                            members




                                                                                                 ACCA Hong Kong Annual Review ‘07 19
Reputation and influence




The second Train the Trainer programme jointly organised with CICPA was   The opening ceremony of ICBC’s in-house ACCA training programme in
conducted in Xiamen                                                       Hangzhou




Reputation in China                                    experience on globalisation of             Macau SAR
Mainland                                               the UK accountancy profession,             Owing to the adoption of IFRS
ACCA’s first development in mainland                   exploration of opportunities for           in Macau since 1 January 2007,
China can be traced to 1988 when its                   Sino-British cooperation in the            ACCA Hong Kong was invited by
first delegation visited Beijing. In the               area of accountancy and the                the Committee for the Registry of
past 20 years, ACCA has developed                      implementation of IFRS.                    Auditors and Accountants (CRAC) of
into an organisation of influence with                                                            Macau SAR’s Finance Services Bureau
2,000 members and 18,000 affiliates                •   A “Train the Trainers” programme           to jointly organise a series of 22
and students. Our partnership network                  was organised with CICPA, held in          seminars and eight industry-specific
has been expanded rapidly to cover 15                  Xiamen on the subjet of auditing,          workshops on IFRS, from March to
training centres, 18 universities and                  aimed at university professors.            November, for accounting and auditing
25 exam centres in 15 cities, not to                                                              practitioners locally. Two practical
mention the 393 Approved Employers                 •   IFRS seminars were jointly                 IFRS workshops were also delivered to
in major cities.                                       organised with SASAC for senior            the government’s tax department.
                                                       finance professionals.
ACCA has developed close and long-                                                                Regular information seminars about
term relationships with Chinese                    •   Giants of state-owned enterprises,         ACCA and the accountancy profession
government departments including the                   China Life and Industrial and              were also offered to the general public
Ministry of Finance (MOF), National                    Commercial Bank of China (ICBC),           and students in local universities.
Audit Office (NAO), China Securities                   have become strategic partners             Accreditations were completed of
Regulatory Commission (CSRC), and                      of ACCA, running ACCA in-house             accounting degree programmes
the State-owned Assets Supervision                     training.                                  provided by the University of Macau
and Administration Commission                                                                     and Macau University of Science &
(SASAC). A good working relationship               •   ACCA hosted a career day in                Technology. At present, there are over
is maintained with the Chinese                         Beijing and job-hunting competition        200 ACCA members and students in
Institute of CPAs (CICPA) and its local                in Shanghai and Guangzhou                  Macau.
branches in Beijing, Shanghai and                      with participants of over 2,500
Guangdong.                                             candidates from local universities.

Highlights of our relationships with               •   Seminars on professionalism and
mainland authorities include the                       ethics were organised in Shenzhen,
following:                                             with keynote speakers, the Lord
                                                       Mayor of the City of London and
•   ACCA received a CICPA                              the former chief accountant of
    delegation and conducted an                        CSRC.
    exchange programme which
    focused on the practice and

20 ACCA Hong Kong Annual Review ‘07
Orieta Lau, Director of Finance Services Bureau of Macau SAR Government (seventh right) and Dilys
Chau, immediate past president of ACCA Hong Kong (sixth right) inaugurated the Joint IFRS Seminar
Series in March 2007




Partnership and collaborations
Learning providers                                 •   Oxford Brookes University – BSc in
The Approved Learning Providers                        Applied Accounting and the online
(ALPs) programme (formerly named                       MBA programme
the University and College Registration
Scheme (UCRS)) strengthens                         •   University of Cambridge ESOL
links between ACCA and tuition                         Examinations – International
providers, offering the support and                    Certificate in Financial English
encouragement to improve the
standards of tuition and service for               •   The Chartered Institute of
ACCA students.                                         Taxation – Advanced Diploma in
                                                       International Taxation
Currently, there are three ALPs in
Hong Kong which are registered for                 •   Edinburgh Business School at
providing courses for preparation for                  Heriott-Watt University – MSc in
                                                                                                    Prof Zhang Weiguo, former chief accountant
ACCA’s professional examinations.                      Financial Management                         of CSRC (middle) and Alderman John
                                                                                                    Stuttard, Lord Mayor of the City of London
                                                                                                    (left) at the ACCA seminar on Professionalism
The Centre for Professional and                    •   The Securities & Investment                  and Ethics in Shenzhen in April 2007
Business English of the Hong Kong                      Institute – access to a range of
Polytechnic University has become the                  financial qualifications
first centre offering the International
Certificate in Financial English (ICFE)            •   The School of African and Oriental
centre in Asia. ACCA Hong Kong                         Studies (SOAS) at the University of
conducted briefing sessions for tuition                London – Post-graduate Diploma in
providers, employers and the public                    Public Financial Management
on this new qualification, offered by
ACCA in partnership with Cambridge                 •   Saïd Business School, Oxford
University English for Speakers of                     University – Diploma in Financial
Other Languages (ESOL).                                Strategy

Global partnerships                                •   The Institute of Internal Auditors
ACCA, as a global professional                         – Certified Internal Auditor (CIA)
accountancy body, has established
a wide range of global partnerships                •   Centre for Leadership Studies at
with different organisations and                       the University of Exeter – MA in
institutions. Students and members                     Leadership
may take advantage of these
partnerships to further enhance                    •   Global Association of Risk
their skills and open up more career                   Professionals (GARP) – discount
advancement opportunities:                             offers on GARP services.

                                                                                                         ACCA Hong Kong Annual Review ‘07 21
Reputation and influence




                                          Gary Tam (second right), co-chairman of ACCA Hong Kong Activities and Committee Services
                                          Sub-committee, showing off the certificate of appreciation from the Hong Kong Council of Social
                                          Services at the WiseGiving Launching Ceremony




Responsibility and care
Contributing to the wider community           •   celebrating the Mid-Autumn                      to improve their understanding of
Members of ACCA Hong Kong again                   Festival with families of                       accounting and finance through
demonstrated their caring spirit                  Harmony House                                   games, sharing experience on
through participation in voluntary            •   organising home visits, together                resumé writing and interviewing
work and the contribution of their                with the Senior Citizen Home                    skills and introduce to them a
professional knowledge to the                     Safety Association, to the                      variety of career options.
community during 2007. In recognition             elderly living alone at a public
of our commitment to be a responsible             housing estate – and donating a             Financial contribution
corporate citizen, ACCA Hong Kong                 sum of HK$43,800 to purchase                • ACCA Hong Kong donated
was awarded the Caring Organisation               quilts, warm clothing and                      HK$100,000 from its charitable
logo by the Hong Kong Council of                  scarves as gifts to the elderly                foundation to sponsor the
Social Service for the fourth time in             to keep them warm during the                   WiseGiving project launched by
2007.                                             winter months.                                 the Hong Kong Council of Social
                                                                                                 Service in December 2007,
Throughout the year, ACCA Hong            •   From 21 May to 1 June 2007,                        which aims to enhance charity
Kong and its members contributed to           about 120 members volunteered                      accountability and transparency
the community through the following           their service to provide free tax                  in Hong Kong. It also donated a
means.                                        advisory service to over a thousand                further HK$100,000 to the Hong
                                              members of the public through                      Kong Red Cross China Relief Fund
Voluntary service and contribution of         telephone hotlines or face-to-face                 to provide support and relief to
technical expertise                           consultation at a service centre.                  snowstorm victims in mainland
• Over 400 members joined the                 Prior to this annual community                     China in February 2008.
   Community Service Interest Group           service, a number of talks on
   (CSIG) to volunteer their time and         hot issues most commonly                        •   For the first time in 11 years, the
   service to help the needy. In 2007         encountered when completing the                     amount of donation raised through
   such services included:                    individual income tax returns were                  ACCA Hong Kong’s annual charity
   • acting as mentors and                    organised for residents of three                    event broke the million dollar mark
      delivering a talk on tax issues         district council offices, including                 in 2007. The 11th ACCA Charity
      to participants of the Young            the Central and Western, Kwai                       Fun Day held on 9 December 2007
      Entrepreneurship programme              Ching and Whampoa districts.                        raised over HK$1,200,000 for
      of the HK Federation of Youth                                                               various charitable organisations.
      Group                               •   The second Accounting Success                       Matthew Cheung Kin-chung, GBS,
   • joining an adventure day                 Skills Workshop, jointly organised                  JP, Secretary for Labour and
      organised by Harmony House              with Junior Achievement was                         Welfare and the officiating guest,
      to empower abused women                 held in February 2008, attracting                   praised ACCA and its members for
      and their children to regain self       about 30 members to assist over                     the care and attention shown to the
      esteem                                  120 secondary school students                       disadvantaged in society.

22 ACCA Hong Kong Annual Review ‘07
Enthusiastic CSIG members paid visits to the elderly to deliver quilts, warm clothing and scarves




•   The ACCA Financial Assistance
    Scheme was launched in 2007
    to extend financial assistance to
    candidates who wish to pursue
    ACCA qualifications but with
    limited means. A total of four
    awards were made to four Certified
    Accounting Technician (CAT)
    students. Each award covers the
    initial registration fee, annual
    subscription fee, examinations and
    exemptions fees for all papers plus
    sponsorship for tuition expenses
                                                         Members, who participated in the ACCA free
    and study texts. ACCA Hong Kong                      tax advisory service, handled tax enquiries
    Committee members also acted                         with devotion and professionalism
    as mentors to the successful
    candidates to provide advice and
    guidance throughout the course of
    their study.




                                                         Rickshaw race winners sharing a moment of pride and joy at the highly
                                                         successful 11th ACCA Charity Fun Day, held last December




                                                                                                                  ACCA Hong Kong Annual Review ‘07 23
Income and expenditure account
for the year ended 31 December 2007




                                                   2007         2006
                                      Notes         HK$          HK$
Income                                                                  Notes
Seminars & conferences                         3,753,197    3,702,213   1 Premises costs include heat &
                                                                           light, rent, rates and repairs &
Sports & functions                              264,488      188,865
                                                                           maintenance.
Annual dinner                                    75,100       69,000
Study trip                                       88,000            0    2 Administration costs include
                                                                          telecommunications, general
Student support                                1,031,289     781,275
                                                                          postage and stationery, insurance
Transfer from head office                     24,680,283   21,646,866     and other general expenses.
Total Income                                  29,892,357   26,388,219
                                                                        3 Staff costs include salaries, temps
Expenditure                                                               and recruitment costs, health
Establishment                                                             insurance, employers pension
Premises                               1       3,515,072    2,840,479     costs, training and staff travel, and
Administration                         2        508,538      374,374      are for all staff members located
                                                                          in the Hong Kong office, including
Staff costs                            3      12,367,963   11,780,228
                                                                          those who are also responsible for
Commmittee & sub-committees                     229,086      214,337      Mainland China.
                                              16,620,659   15,209,418
                                                                        4 Student support costs include
Student activities
                                                                          students' and affiliates' meetings,
Student support                        4       2,683,694    1,956,355     books for library, scholarship and
Student magazine                                397,639      493,196      student recruitment.
                                               3,081,333    2,449,551
                                                                        5 Corporate promotion costs include
Member activities                                                         promotion and spring dinner.
Corporate promotion                    5       3,388,082    2,382,854
                                                                        6 Member activities costs include
Member activities                      6       4,710,824    3,920,421
                                                                          annual conference, technical
Member publications                            1,385,593    1,704,190     seminars, sports and functions,
AGM costs & annual report              7        451,276      434,249      and study visits.
SRA expenditure                                 254,590      287,536    7 AGM costs and annual report costs
                                              10,190,365    8,729,250     also include costs associated with
                                                                          organising the annual dinner.
Total expenditure                             29,892,357   26,388,219



24 ACCA Hong Kong Annual Review ‘07
ACCA Hong Kong
Room 1901 19/F World Wide House 19 Des Voeux Road Central Hong Kong
T 852 2524 4988     F 852 2868 4909
info@hk.accaglobal.com
www.hongkong.accaglobal.com

								
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