Focus Sept - Dec 03

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					Focus
NEWS AND VIEWS FROM ACCA SINGAPORE - ISSUE 3 - 2003




                                                      Focus Issue 3 - 2003   1
Focus
                                      9 ACCA Launches second Singapore             14 CAT New Syllabus
The Official Journal of ACCA
                                      Environmental Reporting Awards
Singapore


The Executive Committee
Ernest Kan (President)
Helen Hee (Vice-President/
International Assembly)
R Jayapal (Honorary Secretary)
Teo Chong Beng, Gerard (Honorary
Treasurer)
Don M Ho (Immediate Past
President)
Kaka Singh (Council)
Belinda Young (International          10 Reflect Recharge Realise                  29 Events Calendar 2004
Assembly)
Lim Lian Soon
Ng Song Piak
Barry Wee
Yim Kam May
Bernard Yeo


ACCA Singapore
435 Orchard Road
#12-03 Wisma Atria
Singapore 238877
tel: +65 6734 8110
                                      12 Tee Off for a Cause at ACCA’s Centenary   30 ACCA Visa Gold Smart Card
fax: +65 6734 2248
                                      Celebrations
e-mail:
acca.singapore@accaglobal.com


MITA (P): 241/04/2003
                                         For the latest information visit
                                         www.accaglobal.com/singapore
2    Focus Issue 3 - 2003
    Focus September - December 2003
contents
4 MESSAGE FROM THE HEAD


News in Brief
5 ACCA CONNECT

6 ACCA MAKES HEADLINES


Features
8 ACCA AND NEA PUBLISH REPORTING GUIDELINES FOR SINGAPORE COMPANIES

9 ACCA LAUNCHES SECOND SINGAPORE ENVIRONMENTAL REPORTING AWARDS

10 REFLECT RECHARGE REALISE

12 TEE OFF FOR A CAUSE AT ACCA’S CENTENARY CELEBRATIONS


Local Updates
14 CAT NEW SYLLABUS

16 AFFILIATES CELEBRATE AT ACCA GRADUATION CEREMONY

18 ACCA EXECUTIVE POWER LUNCH

19 TAKING CHARGE OF YOUR WORK/LIFE BALANCE

19 ACCA TECHNICAL WORKSHOPS ATTRACT OVERWELMING RESPONSE

20 VALUATION IN ASIA: AN OVERVIEW

20 CASSOS ANNUAL GENERAL MEETING

21 ACCA SINGAPORE AWARDS MEDALS TO TOP POLYTECHNIC GRADUATES

22 ACCA ACCREDITED EMPLOYERS RECOGNISED AT SINGAPORE CEREMONY

24 ACCA, PWC AND IRAS TEAM UP FOR ACCOUNTING INDUSTRY NITE

25 SEMINAR ON FINANCIAL PLANNING AS A STRATEGIC SERVICE

26 NEW MEMBERS

29 EVENTS CALENDAR 2004

29 ACCA CAREER NETWORK

30 ACCA VISA GOLD SMART CARD




                                                                      Focus Issue 3 - 2003   3
    MESSAGE




The Countdown Begins
As we approach the last quarter                                               gender and previous formal
of the year, we adopt a reflective                                            education in 1904, ACCA has
mood to capture some of this                                                  evolved to become the world’s
year ’s events as well as look                                                fastest growing professional
forward to new initiatives as the                                             accountancy body with more than
countdown begins for ACCA’s                                                   300,000 members and students
centenary year.                                                               in 160 countries.


The accounting profession has                                                 ACCA turns 100 years in 2004 and
been subjected to numerous                                                    we are gearing up for the
                                        Penelope Phoon
changes. There have been                Head of ACCA Singapore                countdown on December 1st with
amendments to regulation, both in                                             a webcast event of the launch in
Singapore and abroad and these                                                Hong Kong.
                                        ACCA has also been strongly
will continue to have an impact
                                        profiled in the media. For example,
on you and the profession. To keep                                            Numerous high profile events are
                                        recent media reports on the
abreast with the restructuring                                                scheduled to take place during this
                                        detection of white-collar crime
process, professionals such as                                                momentous           year.      ACCA
                                        practices in our own backyard and
yourselves must continue to meet                                              Singapore’s Centenary Charity Golf
                                        the costs involved have stirred
the new challenges that lie ahead                                             swings into action on Friday, 5
                                        much interest. ACCA has been swift
by attending the Continuing                                                   December, raising funds for the
                                        in its response and contributed
Professional Development (CPD)                                                Children’s Charities Association.
                                        views and comments to both The
programmes. My team and I have                                                The     centenar y       theme      –
                                        Straits Times and The Business
been very active in organising                                                ‘responsibility’ will be reflected in
                                        Times.
events such as dinner talks,                                                  our Centenary Conference next year
technical workshops and annual                                                as we discuss the harmonisation
                                        The uniqueness and flexibility of
conferences to help you remain                                                of accounting standards.To close
                                        the ACCA qualification has received
relevant in this ever-changing                                                the centennial year, a gala dinner
                                        excellent media coverage over the
environment. We have also newly                                               will be held in early November
                                        last few months in The Straits
introduced the ACCA Executive                                                 2004. I look forward to seeing you
                                        Times, Lianhe Zaobao, The First
Power Lunches whereby prominent                                               at one or all of these events.
                                        Degree, and other trade and
industry experts will present talks
                                        professsional journals.
on current provocative issues
                                                                              I do hope you enjoy reading this
affecting you and the business
                                        From its humble beginnings of         issue and wish you all a better
world. The first lunch talk in August
                                        providing opportunities to all in     and brighter year end and a
was a success and we look
                                        acquiring a professional accounting   smooth transition into 2004.
forward to seeing you at future
lunch events next year.                 qualification regardless of race,
4     Focus Issue 3 - 2003
       NEWS IN BRIEF




                                         ACCA Connect
                                         In January 2003 we launched ACCA                at which you choose to contact us and
                                         Connect, a dedicated global customer            the methods - phone, fax, e-mail of post
                                         service centre for all its members and          - you use. The vast majority of you prefer
                                         students around the world, and has              to phone or e-mail, with the latter just
                                         become the first professional                   the most popular medium.
                                         accountancy body to offer such a service.

                                                                                         Our analysis shows that students in
                                         ACCA Connect, located at ACCA’s                 Singapore will get the fastest response
                                         Glasgow office, now provides a personal         by calling between 06.00 - 00.00
                                         response to enquiries six days a week,          Monday to Friday and 16.00 - 00.00
                                         Sunday to Friday, beyond standard               on Sunday - making communication
                                         business hours as well as acting as the         even simpler.
                                         first point of contact for most people
                                         calling ACCA.
                                                                                         For all students & members, e-mail is
                                                                                         still by far the most cost-effective
                                         Interesting patterns in the way you             method of contacting us; no more than
                                         contact us are emerging. The information        the cost of a local phone call.
                                         technology that sits behind ACCA
                                         Connect is amongst the most
                                                                                         The introduction of ACCA Connect
                                         sophisticated call centre technology in the
                                                                                         means greater choice and flexibility when
                                         world and we are starting to analyse initial
                                                                                         communicating with ACCA. We will
                                         statistics in order to guide future
                                                                                         continue to update you on the service
                                         developments. It has already started to
                                                                                         and upcoming new developments in
                                         provide data concerning both the times
                                                                                         future issues.


      Opening Hours                                                                                       Open                     Closed
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      01 02 03 04 05         06   07   08 09    10    11    12    13    14    15    16     17    18    19     20    21   22    23        00
SUN

MON

TUE

WED

THU

FRI

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                                                                                                            Focus Issue 3 - 2003     5
NEWS IN BRIEF



ACCA Makes Headlines
    ACCA continues to receive extensive media coverage in the main
    dailies and sector specific publications.


    Over the last few months, ACCA students and affiliates have been
    in the media spotlight and were highlighted in The Straits Times,
    Lianhe Zaobao and The First Degree, an educational supplement
    by Today daily.


    Lianhe Zaobao and The First Degree featured ACCA paper winners
    and their determination and dedication to pass the rigorous ACCA
    exams. The Straits Times highlighted three non-accounting
    professionals who decided to embark on the ACCA professional
    qualification because it offered “intangible benefits” which
    contributed and added value for these professionals.


    ACCA plays a regular role in the media by contributing articles,
    letters to the Editors and is continuously approached by the press
    to comment on topical business issues. ACCA maintains a close
    working relationship with the main dailies, The Business Times
    and The Straits Times. Meanwhile, sector specific publications
    such as Smart Investor, Today’s Manager and Executive Inc have
    published ACCA contributed articles on issues such as Stock Options,
    Creative Accounting and Environmental Reporting in their respective
    publications.




6     Focus Issue 3 - 2003
       NEWS IN BRIEF




Focus Issue 3 - 2003   7
    FEATURES




ACCA and NEA Publish Reporting
Guidelines for Singapore Companies
In an effort to encourage greater transparency and promote corporate
social responsibility practices among Singapore companies, ACCA together
with the support of the National Environment Agency (NEA) recently
published a set of reporting guidelines.


Entitled “An Introduction to Environmental Reporting for Singapore
Companies”, the guidelines aim to provide a user-friendly introduction to
the subject of corporate environmental reporting. It contains an explanation
of what environmental reporting means and an overview of its evolution in
the last 12 years. The guidelines themselves are based on the guidelines
set by the Global Reporting Initiative (GRI).


Environmental reporting is a concept that is relatively new in Singapore. It
provides an opportunity for companies to inform stakeholders of their
corporate efforts in ensuring that their operations and businesses have
minimum impact on the environment. The release of the reporting guidelines
for Singapore companies will help to facilitate and enhance environmental
reporting in Singapore.


A copy of the guidelines is available on the ACCA Singapore web site
http://www.accaglobal.com/singapore or for more information contact
Fazilah Muhammad, fazilah.muhammad@accaglobal.com.




8    Focus Issue 3 - 2003
                                                                    FEATURES




ACCA Launches
                   September 2003 marked the launch of the second cycle
second Singapore   of the Singapore Environmental Reporting Awards
                   (SERA).
Environmental
Reporting Awards   Launched in 2002, the awards attracted a number of
                   participants comprising of businesses from various
                   industry sectors. Singapore Airlines emerged the winner
                   for the SERA 2002.


                   The aims of these awards are:
                   • to give recognition to those organisations which report
                    and disclose environmental, social or full sustainability
                    information
                   • to encourage the uptake of environmental, social and
                    sustainability reporting
                   • to raise awareness of corporate transparency issues


                   ACCA is confident that this year’s award scheme will
                   attract more entrants and is encouraged by the interest
                   it has received thus far.


                   For more information on the Singapore Environmental
                   Reporting Awards, visit
                   http://www.accaglobal.com/singapore




                                                       Focus Issue 3 - 2003   9
Reflect Recharge            ACCA has always been committed

Realise                     to the continuing education and
                            development of its members. We
                            have developed new and innovative
                            qualifications for members and
                            provided access to courses, events
                            and updates which help them
                            develop and maintain their skills
                            and knowledge.


                            From January 2005 onwards, it
                            is proposed that the completion of
                            CPD will become a requirement for
                            all members. Our proposal is
                            consistent with a general trend in
                            the       profession     towards
                            demonstrating that finance
                            professionals are keeping their
                            knowledge and skills up to date
                            and providing confirmation that
                            they are working in the public
                            interest.


                            Our proposal is based on a number
                            of principles:
                            •   members expect ACCA to
                                support them in their desire to
                                realise their career aspirations
                                and gain respect for their
                                professional training and
                                experience
                            •   ACCA wants to recognise work-
                                based learning and performance
                                at work




10   Focus Issue 3 - 2003
                                                                                                      FEATURES




•   the programme aims to reassure employers that members’ skills are relevant and up to date, and
    increase public confidence in ACCA professionals
•   ACCA wants to provide further opportunity to all its members to remain effective in their chosen careers
    and to refresh and reinforce the knowledge and skills they already possess

A flexible approach
ACCA has already undertaken some research with a cross-section of members and employers. Based on this
and our understanding of best practice, we have developed a model for ACCA’s scheme on which we would
like your feedback.


We propose that CPD may be completed in one of two ways:
•   You could complete CPD by undertaking and recording your own development programme, which would
    be based on a wide range of activities, including learning at work, courses and keeping up to date with
    skills and knowledge relevant to your job. You would be required to complete an annual return saying
    that you have completed CPD as appropriate under ACCA’s scheme.
•   Many employers already run learning and development programmes for their employees. If your employer
    is approved by ACCA, your participation in their development scheme will demonstrate that your skills
    and knowledge are up to date. Under this arrangement, you will automatically meet ACCA’s CPD
    requirements. We hope that as many as you as possible will be able to follow this route.

Who is the new CPD Scheme for?
The new scheme will apply to all members in work, including those in all sectors of public practice, industry,
commerce, not-for-profit and the public sector. It will apply to members in managerial and accounting roles.
It is anticipated that the new CPD scheme will be introduced in phases to facilitate implementation.


For more information on CPD, please visit http://www.accaglobal.com/cpd2005




                                                                                         Focus Issue 3 - 2003   11
Tee Off for a               ACCA is proud to celebrate 100 years of providing
                            opportunities to acquiring a professional accounting

Cause at                    qualification for people regardless of race, gender and
                            previous formal education. From its humble
                            beginnings in 1904, ACCA has evolved to become

ACCA’s                      the world’s fastest growing professional accountancy
                            body with more than 300,000 members and students
                            in 160 countries.

Centenary                   One of the key highlights of our year-long celebrations


Celebrations
                            which begins this December is the ACCA Centenary
                            Charity Golf. ACCA will be raising funds for the
                            Children’s Charities Association (CCA), the umbrella
                            organisation for six needy charities in Singapore.
                            Below are further details to the golf event:

                            Date:      Friday, 5 December 2003
                            Venue:     Singapore Island Country Club,
                                       New Course, Island Location
                                       180 Island Club Road,
                                       Singapore 578774
                            Time:      1pm
                            Cost:      $300 (includes golf game, goody bag,
                                       buggy and dinner)

                            Programme:
                            1.15 pm            Tee Off
                            6.30 pm            End of Game
                            7.30 pm            Dinner and Prize Presentation

                            We hope to see you swing into action for a worthy
                            cause. Let’s be responsible and create
                            opportunities to those less fortunate than us!

                            For further information, please contact:
                            Belinda Young, FCCA,
                            Chairwoman of ACCA Centenary Charity Golf Committee
                            mobile: 9450 6355
                            e-mail: youngbel@singnet.com.sg

                            Michelle Seth-Langbein,
                            Manager - Communications & Special Projects
                            tel: 6734 8110
                            e-mail: michelle.seth-langbein@accaglobal.com
12   Focus Issue 3 - 2003
ACCA CENTENARY CHARITY GOLF
OFFER OF DONATION

PARTICULARS OF KEY PARTICIPATING GOLFER
Name : Mr/Mrs/Mdm/Ms                                                                    NRIC     :(                                  )
Organisation :                                                                Position :
Address         :
Tel             :                                       Fax         :                   Mobile :
E-mail          :
                                                                                                                          SICC
GOLFERS’ DETAILS (4 GOLFERS PER FLIGHT)                                                                                Membership No.
Name :                                                        NRIC :(               ) Handicap :
Name :                                                        NRIC :(               ) Handicap :
Name :                                                        NRIC :(               ) Handicap :
Name :                                                        NRIC :(               ) Handicap :


1.    SPONSOR (Please see below for details)                            3.    DONATION IN KIND
      Package 1 - $2000                                                 (a)   For Goody Bags/ Auction
• 1 Flight
• 1 page B/W ad in souvenir programme                                   (b)   Prizes in the form of

      Package 2 - $3000                                                 Please contact Ms Michelle Seth-Langbein at tel: +65 6734 8110
• 1 Flight                                                              to arrange for collection of gifts/ prizes.
• 1 Page colour ad in souvenier programme
                                                                        4.     SOUVENIR PROGRAMME ADVERTISEMENT
     Package 3 (Gold Sponsorship) - $8000                               We wish to confirm booking a page of advertisement
• Company logo on 2 publicity banners                                   as follows:
• 1 Flight                                                                   Full Page / Full Colour (ROB)          $1200
• Presentation of special memento                                            Half Page / Full Colour (ROB)          $650
• 1 Full page, full colour ad in souvenir programme
                                                                             Full Page / Black & White (ROB)        $800
• 2 Ads in ACCA’s Focus
  (newsletter that goes out to over 7,000 members) in 2004                   Half Page / Black & White (ROB)        $450
• 1 small A-sign                                                        Premium Position
                                                                             Back Cover                             $3000
      Package 4 (Platinum Sponsorship) - $10,000                             Inside frontcover                      $2500
• Company logo on 2 publicity banners
                                                                             Inside backcover                       $2200
• 2 Flights
                                                                        Please contact Ms April Chia at tel: +65 6734 8110 for artwork
• 1 large A-sign                                                        specifications.
• Presentation of special memento
• 1 A4 size, double-page spread, full colour ad in                      5.    GOLF TOURNAMENT
   souvenir programme                                                   I wish to participate in the Golf tournament and my
• 3 Ads in ACCA’s Focus
                                                                        handicap and club is
  (newsletter that goes out to over 7,000 members) in
  2004                                                                        (a) Please enclose a cheque made payable to
                                                                              “ACCA Singapore Pte Ltd” for $300 per person
2.    DONATION IN CASH                                                        (All other divisions; inclusive of buggy fee)
      My cheque in favour of the                                              Bank:              Cheque No:
      “ACCA Singapore Pte Ltd” for the sum of
      $                  is enclosed.                                   Please return this form to: ACCA Singapore Pte Ltd
Donations enjoy double tax deduction (tax exempt receipt issued).       435 Orchard Road #12-03 Wisma Atria
For golfers, tax receipts will be issued only for unused portion;       Singapore 238877
donation less costs of golf game and other expenses.                    Enquiries                         Focus Issue 3 - 2003     13

                                                                        tel: +65 6734 8110 (Michelle / Pauline)
     LOCAL UPDATES




     CAT New Syllabus

In line with ACCA’s commitment to     competencies from a range of work areas.
deliver qualifications at the
forefront of accounting education,    Key changes:
ACCA is proud to introduce a new      •     The current Information Technology paper B3 is incorporated
exam scheme for the Certified               into the other examinations and the approved work experience
Accounting Technician (CAT)                 competencies.
qualification with new rules and
                                      •      The current optional paper C6 Management People Managing
syllabuses. These are examinable
                                             People is replaced by a compulsory paper on management of
from March 2004 for computer-
                                             people and systems.
based exams and June 2004
written exam                          •      The financial accounting and audit papers will be available based
                                             on UK, International and Singapore standards.

The new structure is similar to the
current CAT qualification and it      Students will be given completely free choice in the order and number of
maintains the same number and         papers to be taken at each examination sitting. Entry to paper based
hours of examinations. Students       exams will be subject to usual ACCA deadlines of 15 April (for June
will be able to obtain the CAT        exams) and 15 October (for December exams). This will allow students
qualification by passing the          to plan their study programmes to incorporate computer based and
examinations and completing one       paper based examinations without the need to adhere to complicated
year’s approved work experience       and restrictive deadlines. It will also enable students and employers to
attaining a minimum number of         prioritise those papers which meet the most pressing business needs.


14    Focus Issue 3 - 2003
Students will be recommended to follow a ‘traditional’ route through the papers and will not be awarded a
Certificate for any level until they have successfully completed all the papers at that level. They will not be
awarded the CAT qualification until they have passed or been exempted from all papers and achieved their
work experience competences.


  The structure of the new syllabus

                                   Assessment                            Syllabus
Introductory Level

Paper 1                           2 hr computer-based or written        Recording Financial Transactions
                                  exam

Paper 2                           2 hr computer-based or written         Information for Management Control
                                  exam
Intermediate Level

Paper 3                            2 hr computer-based or written       Maintaining Financial Records
                                   exam

Paper 4                           2 hr computer-based or written         Accounting for Costs
                                  exam

Advanced Level

Paper 5                            2 hr written exam                    Managing People and Systems

Paper 6                            3 hr written exam                    Drafting Financial Statements

Paper 7                            3 hr written exam                    Planning, Control & Performance
                                                                        Management

2 Options from

Paper 8                            3 hr written exam                    Implementing Auditing Procedures

Paper 9                            3 hr written exam                    Preparing Taxation Computations

Paper 10                           3 hr written exam                    Managing Finances



Note: In Singapore, the CAT qualification attracts funding from the SDF where a large portion of the course
fees can be subsidized for eligible applicants.


Please contact the ACCA Singapore office if you are interested to know more about the new CAT syllabus.

                                                                                          Focus Issue 3 - 2003   15
LOCAL UPDATES



Affiliates Celebrate at ACCA Graduation Ceremony
     It was on 28 August 2003 that Affiliates of the
     December 2002 exams got to celebrate their
     achievement at the ACCA / ICPAS Graduation Ceremony
     2003. The original plan for the ceremony to be held in
     the month of May had to be revised owing to the
     SARS crisis.

     The delay certainly did not matter as their family and
     members and friends, lecturers, employers and other
                                                                 Gearing up for the action
     VIP well-wishers converged at The Ritz Carlton to
     congratulate the nearly 300 Affiliates and to share in
     their joy and pride of this special milestone event.

     ACCA’s Asia Pacific Executive Director, Mr. Allen Blewitt
     graced the event. It was also the first one represented
     by the new President of ACCA Singapore Branch, Dr.
     Ernest Kan.

     Continuing from the success of the VIP reception for
     top Affiliates and employers at last year’s graduation      Grand Entrance
     ceremony, a similar ceremony was held again for the
     top 30 Affiliates to meet with employer representatives
     after the ceremony. The reception also served as an
     important opportunity for ACCA to touch base with its
     key partners such as tuition providers, employers and
     representatives from key institutions.

     The next ACCA / ICPAS Graduation Ceremony is
     scheduled to take place on 27 November 2003 to
     honor the Affiliates of the June 2003 exams where
     Public Accountants Board Chairman, Mr. Koh Cher
                                                                 ACCA Singapore Branch President,
     Siang will reside as the Guest-of-Honor.                    Dr Ernest Kan and ICPAS President, Mr Tan
                                                                 Boen Eng pose for a photo with silver
                                                                 Medalists: Song Bei Bei, Kelvin Ng and
                                                                 Divya Goyal


16     Focus Issue 3 - 2003
                                                                                                LOCAL UPDATES




Tucking in at the reception with family and       Senior representatives from the Institute of
friends                                           Internal Auditors Singapore - Mr Laval Wong
                                                  (centre left) and Mr C K Siow - flanked by
                                                  ACCA Executive Director - Asia Pacific, Mr Allen
                                                  Blewitt and Head of ACCA Singapore, Ms
                                                  Penelope Phoon




Ms Chan Cheng Wei and Ms Diana Dawson of
PricewaterhouseCoopers with an affiliate at the
VIP reception

                                                  ACCA’s Executive Director - Asia Pacific, Mr
                                                  Allen Blewitt at the VIP reception with affiliates




Mr Philip Yuen, Partner, Deloitte & Touche
chatting with affiliates at the VIP reception




                                                                                          Focus Issue 3 - 2003   17
LOCAL UPDATES




ACCA Executive Power Lunch
                                                       The first ACCA Executive Power Lunch was successfully
                                                       launched on Wednesday, 20 August 2003. Given
                                                       today’s business challenges, the ACCA Executive
                                                       Power Lunches are designed to provide a forum for
                                                       members and industry professionals to interact with
                                       Allen Blewitt   one another on current issues affecting the profession
                                       giving his
                                       presentation    and the accounting industry. Present also at the
                                       on issues       inaugural lunch were Helen Brand, ACCA’s Chief
                                       facing the      Operating Officer and Allen Blewitt, ACCA’s Executive
                                       accounting
                                       profession at   Director – Asia Pacific. It was an opportunity for them
                                       the first       to meet and network with members.
                                       executive
                                       power lunch
                                                       Opening the lunch series, Allen Blewitt spoke on the
                                                       Future Challenges Facing the Accounting Profession
                                                       in the Asia Pacific Region, a subject that has assumed
                                                       greater importance in recent times. Allen is well known
                                                       in the accountancy profession in the Asia Pacific region
                                                       and has direct experience in advising developing
                                                       countries. He has been a member of academia and
                                                       has written a number of influential papers on the
                                                       future of the accountancy profession in the Asia Pacific
                                                       region.
     Participants at the first executive power lunch
     take the opportunity to network                   The lunch was attended by seventy members and
                                                       besides the thought provoking talk, there was good
                                                       food and an opportunity to meet new as well as familiar
                                                       faces for many.




18     Focus Issue 3 - 2003
                                                                                        LOCAL UPDATES




Taking Charge of Your Work/Life                ACCA Technical Workshops Attract Overwhelming
Balance                                        Response




Participants listening intently as Michelle    In an effort to keep members up to date with changes
Clements of The Bristish Council shares with   to the profession and keep them technically informed,
them some pointers on Time Management
                                               ACCA invited Tom Egan Technical Director of Deloitte
                                               & Touche to conduct a ½ day workshop on the
Today’s working adult has to cope with an
                                               Companies Act Update in July 2003.
increasing workload in addition to trying to
juggle family and other important work         Due to overwhelming response, and not wanting to
commitments. Work/life balance has become      disappoint its members, ACCA carried out two
a major issue for employers and their          additional workshops on the same subject. A total of
employees. Hence this was the topic chosen     470 members and non-members attended the three
for the third soft skills presentation with    workshops that ran from July to September 2003.
the British Council which took place in
                                               Head of ACCA Singapore, Ms Penelope Phoon said
October.                                       that ACCA is encouraged by the response and hopes
                                               to conduct more such workshops in future. Keeping
Michelle Clements of the British Council       abreast of financial and accounting updates is
spoke to over 100 ACCA members and             important in this day and age. It is ACCA’s
                                               responsibility to ensure that its members receive
shared with them some tips on how to strike
                                               quality training and are kept abreast of changes.
a balance between work and life. The hour
and a half presentation looked at time         ACCA members can look forward to workshops that
management techniques, relaxation tips and     are more technical in the near future. In order for
identifying internal and external stressors.   ACCA to cater to the needs of its members, kindly let
                                               us have your comments on the sorts of technical
                                               updates you wish to receive.

                                               Your comments can be sent to Fazilah Muhammad at
                                               fazilah.muhammad@accaglobal.com.



                                                                                  Focus Issue 3 - 2003   19
LOCAL UPDATES




     Valuation in Asia: An Overview                      CASSOS Annual General Meeting




                                     Dr Ernest Kan
                                     ACCA Singapore
                                     Branch President
                                     presenting Mr       CASSOS Committee Members
                                     Kelvin Chin CPA     Back Row (L-R) Wu Chun Lei, Sathappan
                                     with a token of     Nagappan, Liu Ji, Darrell Tan, Saw Clo Say
                                     appreciation        and Shi Rui Min
                                                         Front Row (L-R) Yvonne Goh, Lowell Low, Li
     Drawing on speaker Mr Kelvin Chin’s experience      Xiao Man and Ru Yan
     in corporate finance exercises across the region,
                                                         The Certified Accountants Students’ Society of
     members at the dinner talk on 21 August gained
                                                         Singapore (CASSOS) held its Annual General Meeting
     an insight into valuation methodologies and
                                                         on 29 August 2003.
     practices used in Asia, including China. The
     talk which saw an audience of 100 members
                                                         Outgoing President Liu Ji delivered a report on
     was followed by a lively Q&A session.
                                                         CASSOS activities for the year before elections were
                                                         held to appoint a new Executive Committee for
                                                         2003/04.

                                                         Headed by the newly elected President, Darrell Tan,
                                                         CASSOS aims to reach out to more ACCA and CAT
                                                         students in Singapore to create a sense of belonging
                                                         through fun-filled activities and academic events.




20     Focus Issue 3 - 2003
                                                                                              LOCAL UPDATES




ACCA Singapore Awards Medals to Top Polytechnic Graduates

In recognition of their outstanding academic achievements, ACCA Singapore awards course medals to
top local polytechnic graduates from the diploma in accounting programme.

The ACCA medalists for the graduating batch of 2003 are:




Recipient of the ACCA Course Silver Medal, Ms     ACCA Silver Medallist, Ms Yong Soon Eng of
Tan Huan Qi of Temasek Polytechnic flanked        Ngee Ann Polytechnic, with ACCA Educational
by Head of ACCA Singapore, Ms Penelope            Affairs Manager, Mr Mitchell Tee
Phoon and ACCA Educational Affairs Manager,
Mr Mitchell Tee




                                                Recipient of ACCA Merit Award, Ms Cheah Lai
                                                Min of Singapore Polytechnic with ACCA’s Ms
                                                Penelope Phoon and Mr V Maheantharan of the
                                                Singapore Polytechnic.




                                                                                       Focus Issue 3 - 2003   21
LOCAL UPDATES




ACCA Accredited Employers                                             ACCA Employer Accreditation is a global
                                                                      scheme that brings together employers

Recognised at Singapore                                               committed to the training and development of
                                                                      finance staff. Organisations benchmark their

Ceremony                                                              training policies and workplace learning
                                                                      environment against ACCA’s statements of best
                                                                      practices in six key areas viz.
At an award ceremony held for the first time in Singapore
                                                                      •    Study support;
on August 19, 2003, seven employers received their new
accreditation certificates from Ms Helen Brand, Chief                 •    Work experience requirements;
Operating Officer, ACCA. The employers are (in alphabetical           •    Supervision;
order): Alexandra Hospital; Autoscan Technology; David
                                                                      •    Appraisal & workplace development;
Yeung & Co; Ernst & Young Singapore; Kelvin Chia
Partnership; Orchard Parade Holdings; and Singapore                   •    Training records; and
International Foundation.                                             •    Continuing development


                                                                      The scheme comprises four levels of
                                                                      accreditation – Registered, Approved, Gold
                                                                      Approved, Platinum Approved. The Platinum
                                                                      Approved status is awarded to employers who
                                                                      meet ACCA’s statements of best practice in all
                                                                      areas, including the provision of full study
                                                                      support to ACCA students. At this level,
                                                                      employers must also be able to demonstrate
                                                                      organisational commitment to the development
                                                                      and training of finance staff from the most senior
                                                                      level


(Front row L-R) Ms Penelope Phoon, Head of ACCA Singapore;            Said Ms Yeo Lai Mun who is Director of Human
Ms Annie Gan, Orchard Parade Holdings; Ms Yeo Lai Mun, Ernst
                                                                      Resources, Ernst & Young Singapore on the
& Young; Ms Foo Lai Peng, Kelvin Chia Partnership; Ms Tung Mui
                                                                      firm’s achievement of Platinum status under
Khim, David Yeung & Co; Mr Michael Chen, Alexandra Hospital;
and Mr Dennis Lee, Singapore International Foundation                 the ACCA Employer Accreditation scheme,

(Back row L-R) Mr Paul Phua, Autoscan Technology; Mr Allen
Blewitt, Executive Director-Asia Pacific, ACCA; and Ms Helen Brand,
Chief Operating Officer, ACCA

22   Focus Issue 3 - 2003
                                                                                             LOCAL UPDATES




“We maintain a ‘People First’ culture
and believe that we can only create
value and confidence in our clients by
                                           Accreditation for
giving the highest attention to our        Alexandra Hospital
people’s growth and professional
development.       Our      Platinum
accreditation status underscores the
Firm’s commitment to providing
continuous learning and development
opportunities and support to our
people.”


More information about ACCA Employer
accreditation including the list of        Alexandra Hospital’s Finance Director Mr
Singapore accredited employers can be      Michael Chen with ACCA’s Chief Operating
                                           Officer, Ms Helen Brand.
found at www.accaglobal.com/
singapore/employers.           Online      Newly ACCA-accredited employer Alexandra
registration as an ACCA Accredited         Hospital has been taking great strides to
Employer is also available.                adopt best practices. The 400-bed general,
                                           acute care hospital which serves Singapore’s
                                           western sector with a total staff-strength of
The award ceremony took place at the
                                           1,500, including a 30-person finance team,
inaugural ACCA Executive Power
                                           already boasts several major awards
Luncheon where Mr Allen Blewitt,
                                           including the ISO 9001 and 14001, the
ACCA’s Executive Director - Asia Pacific
                                           College of American Pathologists
offered his take on the Future
                                           accreditation, the Singapore Quality Class
Challenges Facing the Accounting
                                           and the People Developer Standard.
Profession in the Asia Pacific Region
to the 70 members and employers
present. The ACCA Executive Power
lunch series aims to provide a regular
forum for members and industr y
professionals to interact and engage
each other on topical current issues
affecting the industry.




                                                                                       Focus Issue 3 - 2003   23
LOCAL UPDATES




ACCA, PwC and IRAS team up
for Accounting Industry Nite

PricewaterhouseCoopers (PwC) and Inland Revenue
Authority of Singapore (IRAS) teamed up with ACCA at a
public event about the Accounting Industry on August
19, 2003. Nearly 200 people packed the evening event
co-organised by Jobstreet Singapore and Library@Orchard.
It was an excellent opportunity for them to get ready
                                                              Only standing space left as ACCA presents key
responses on their queries about the finance profession
                                                              factors driving global growth of the
and industry — from ACCA and the two choice Singapore         accountancy profession
employers.

The ACCA team kicked off the event by highlighting the
drivers behind the increasing demand for skilled and
qualified finance professionals in Singapore and the global
market. The Human Resource teams of IRAS and PwC
followed by sharing information about their respective
organisations as well career opportunities for finance
professionals.

The IRAS representatives were Ms Gloria Chin, Personnel
                                                              In rapt attention as IRAS’ Ms Eileen Chin
Manager and Ms Eileen Chin, Senior Personnel Executive        discusses career opportunities for finance
while PwC was represented by Ms Diana Dawson, Head            professionals
of Human Resources and Ms Sheela Parakkal, Senior HR
Manager.




                                                              Sifting through latest information on ACCA’s
                                                              suite of qualifications

24   Focus Issue 3 - 2003
                                                                                         LOCAL UPDATES




                                             Seminar on Financial Planning
                                             as a Strategic Service
                                             At the seminar on July 29, the 80 members who attended
                                             were able to assess if providing financial planning and
                                             advisory services would add business value to their current
                                             portfolio of services to SME clients. Besides an update on
                                             recent changes to the Financial Adviser Act and their
                                             implications to financial planning services, seminar leader
Jocelyn Lim FCCA speaks to participants at   Ms Jocelyn Lim FCCA also examined financial planning
the financial planning seminar
                                             issues that often confronted SME business owners-
                                             managers.


                                             Coincidentally, the seminar also served as a set for the TV
                                             recording of the “Common Cents”, a series subsequently
                                             aired over Channel 5 in August/September.




ACCA member K J Low being interviewed for
“Common Cents”




                                                                                   Focus Issue 3 - 2003   25
New Members
Congratulations and Welcome from
ACCA Singapore to all our New Members!
APRIL 2003                  Liu Yan Ping              MAY 2003
                            Loh Puay Ching
Au-Yeong Siew Peng          Ng Foong Yen              A Dharmaratnam
Aye Thandar                 Ngu Koh Hiong             Anwar Bin Alahudin Mohammad
Chai Shirley                Ong Lay Leng Lynn         Chai Siaw Ping
Chan Mee Poh                Pang Siew Lee             Chan Meng Li
Chen He Juan                Peh Lei Eng Christina     Cheng Soo Huang
Chia Sok Hoon               Poh Kwee Ching Francine   Cheng Tung Sheun Sebastian
Chu Chiah Yian              Pua Chen Siang            Chok Yew Fai
Chua Lay Choo Danielle      Puah Soon Mong            Chong Ngee Kian
Chua Cheng Mai              Quek Chwee Gek            Chua How Khiang
Gan San San                 Ren Yan Peggy             Goh Tzyy Shan
Ha Kee Peng                 Sim Lay Yan Eileen        Hau Thye Bao
Hetamsaria Prakash Kumar    Sim Ling Ling             Heng Loo See
Ho Ling Wee                 Tan Ter Cheah             Hor Sharon Kaur
Ho Sor Kim Gwendolyn        Tan Sze Wah               Kanaya Sanjay
Hor Sui Ling                Tan Chun Cheong           Khoo Kar Eng
Khoo How Huai               Tan Hui Huang Eileen      Koh Leng Leng Yvonne
Kuah Sor Chin               Tan Jun Ling              Lai Yuk Pui
Lau Lee Koon                Tan Lay Beng              Lam Thiam Har
Lee Loo Fen Carmen          Tan Lay Cheng             Lau Siew Leng
Lee Meng Hai                Tay Mui Cheng Sharon      Lay Lay Yap May
Lee Poh Leng                Tok Chye Hong             Lee Li San Levin
Lee Seow Yen                Wang Li Jun               Lee Mei Luan Fiona
N A Leong Wee Long          Yap Yee Hun Constance     Lim Peck Har Agnes
Leow Siow Ping Cindy        Yap Yew Thye              Lim Shu Chow Carol
Li Na                       Yeo Boon Siang            Liow Shu Chow
Lim Boon Chuan              Yeong Chew Horng          Liow Teck Hin
Lim Keng Chai Rodney        Yiong Kok Kong            Lu Ji Rong
Lim Oi Kham

26   Focus Issue 3 - 2003
                                                                         LOCAL UPDATES




Ng Poh Eng                 JULY 2003                Lin Zhuo Min
Norlizah Bte Mohd Yusof                             Ng Boon Siong Kelvin
Ong Tee Hiang              Chan Siew Keow           Ng Hwee Yan
Ong Mooi Yong              Chua Wei Chye Lawrence   Ng Poh Yee
Ong Siow Yen               Goh Wui Ghian            Ong Boon Leong
Pang Soo Chee              Khoo Yuh Tyng            Pang Swet Lyn
Tan Siew Bee               Koh Hui Kian             Poh Siew Kiang
Tan Yong Sang              Kwok Lai Shan Lisa       Song Mei Kuen
Tan Kian Pin               Lee Leng Leng Mavis      Tan Boon Heng
Teo Sock Huang Pauline     Lem Chin Kok             Tan Yen Bin
Tu Jun                     Liew Boon Keat           Tan Seng Syong
Vythilingam Maha Viknesh   Lim Lay Ai               Tan Bee Yan Cynthia
Xia Wei Jie                Ng Ah Chin Jessica       Tay Yue Koon
Yeoh Ai Peng Alice         Ng Kok Hien              Teo Wai Tang
Zhao Ying                  Poh Beng Huat            Yee Chee Whye
                           Tan Paik Yong
JUNE 2003                  Tan Por Loon             SEPTEMBER 2003
                           Teo Lay Hoon
Ching Tze Chiow                                     Melvin Cheng Wei Ming
                           Tham Huey Tien
Chong Lin Lin Jocelyn                               Chou Loi Kim
                           Ting Liang
Choo Mee Ling Karen                                 Foong Kooi Fong
                           Tyo Boon Kiong
Chua Hui Ling                                       Goh Ai Peng
                           Yeo Chor Hui
Gwee Chee Kiang                                     Goh Leng Yeong
Jan Tai Chee Hong                                   Ho Siew Mui
                           AUGUST 2003
Lam Wee Chin                                        Huang Hai Ying
Lim Hwee Ping              Alwis Ruvini             Oswald Huang Tak Wan
Lin Bei                    Chan Boon Chow           Kong Wai Ching
Loo Huey Bih               Chew Eng Lai             Lee Tong Mui
Mo Shuyu                   Fiona Lee Suet May       Lee Ai Lian
Quek May Fen               Fu Yan Er                Li Yuan
Shu Tiong                  Hoo Lee Teng             Liang Jing
Tan Yong Hup               Kang Eng Wee             Samantha Lim Yu Fang
Tan Yau Boon Gerard        Lee Chin Hwoi            Lin Yoke Peng
Teoh Chen Chen             Lee Ser Yu               Ling Leong Nguk
Thakolkaran Jane Antony    Leong Yuet Hoong         Ong Ming Pei
Wong Kein Keong                                     Siriphen Patiparnpreechawoot

                                                                   Focus Issue 3 - 2003   27
                                                                               LOCAL UPDATES




Shirley Quek Hwee Lin           Huang Ping Ping                  Tay Peck Hoon
Desmond Quek Joo Khim           Koh Bee Chin                     Ting Chai Hoon
Salahuddin Bin Bashee           Eric Koh Chee Wee                Toh
Arjun Singh Sanjay Kumar        Koh Sock Tin                     Toh Ai Sioh
Seah Mei Ling                   Kok Siew Kiew                    Toh Beng Leng
Alvin Soh Eng San               Kong Geok Chin                   Toh Khwee Geok
Priscilla Tan Su Ling           Lai Teck Guan                    Toh Lucy
Tay Juan Hong                   Lam Yuet Mei                     Tsang Ping Leung
Wee U-Jin                       Lee Mei Fong                     Wong Kit Mei
Wong Siew Peng                  Terence Lim Ming Kiat            Wong Kuew Yoon
Wong Wai Yoke Helena            Lim Nyok Fong                    Linda Wong Lai Ying
Ya Hui Angeline                 Lin Ke Hui                       Wong Mun Wai
Yeo Keng Joo                    Ling Mee Yieng                   Wong Shiow Gang
Yip Lai Mun                     Rachel Lum Wei Ming              Wong Siew Mei
                                Lum Yoke Fong                    Wong Swee Siew
Zhu Hai Shan
                                Lye Chiew Mui                    Yap Chin Kon
                                Ng Guat Siew                     Yap Soo Fang
OCTOBER 2003                    Jebi Numbipunnilath              Michelle Yeap May Lin
                                Ong Chew Yeng                    Yeo Peck Hong
Genevieve Baring Gould
                                Ong Sok Hun                      Zhang Ji Wei
Chai Poh Lian
                                Ragavendran Srinivasan           Zhu Yi
Chan Ai Pheng
                                Palapur Venkatesan Rajesh Babu
Chang Pu Song
                                Seah Wei Ching
Chen Gang
                                Lily Ser Hwee Lan
Chew Tee Meng
                                Sng Ai Lee
Chong Yok Ching
                                Steven Sng Keng Hock
Chua Puay Hoon
                                Grace Tan Heem Woon
Lakshimi Praba D/O Alagrusamy
                                Kelvin Tan Kian Seong
Fong Pui Ling
                                Milton Tan Sai Kheong
Foo Suan May
                                Tan Siew Ngoh
Yong Fa Gao
                                Tan Siew Yuen
Goh Chiew Yong
                                Tay Chay Pheng
Goh Fang Lie
                                Tay Lay Hua
Margaret Heng Puay Sung
                                Amelia Tay Lee Choo
Heng Siow Kwee




28   Focus Issue 3 - 2003
Events Calendar 2004

 10 Jan                                Apr                    ACCA CareerNetwork
 British Council Soft Skills           Dinner Talk            Are you on a talent search
 Workshop
                                                              and like to be able to reach
                                                              the ACCA community? In
 15 Jan                                Apr                    Singapore, ACCA members,
                                       Business Navigator     affiliates and students
Dinner Talk: Cash Flow and                                    currently number over
                                       Workshop
Micro Financing                                               25,000 individuals.


 16 Jan                                Apr                    ACCA CareerNetwork – a
                                       SME Networking Nite    section on the ACCA
Executive Power Lunch
                                                              Singapore website - is
                                                              available at no charge for
                                                              ACCA members and their
 Feb                                   21 May                 organisations to post
                                                              relevant job openings or
 Islamic Banking Forum                 Centenary Conference
                                                              work opportunities that are
                                                              available.
Feb                                    May
 Financial Services Network            Technical Workshop     Visit ACCA CareerNetwork at
                                                              www.accaglobal.com/
                                                              singapore. To post job ads,
 5 Mar                                                        simply email your
                                                              requirements or send a Word
Singapore Environmental                                       document attachment to
Reporting Awards Ceremony                                     acca.singapore@accaglobal.com.
(SERA)




*Event details are subject to change



                                                                         Focus Issue 3 - 2003   29
                            To compliment your elite status as a
                            member and student of ACCA, UOB is
                            proud to present you the ACCA VISA
                            Gold    Smart     Card.        As    an
                            acknowledgment          of          your
                            accomplishments and dedication to
                            the Accounting profession, the ACCA
                            VISA Gold Smart Card promises you
                            many rewards and benefits, and of
                            course, without any annual card fee.
                            Exclusively for the privileged ACCA
                            members, simply because you deserve
                            the respect and recognition.


                            Simply complete the application form
                            in the next page, fax or mail to UOB
                            now.




30   Focus Issue 3 - 2003
UOB Credit Card Application form
         PDF Version




                                   Focus Issue 3 - 2003   31
     ACCA Singapore
     435 Orchard Road #12-03 Wisma Atria Singapore 237788 tel: +65 6734 8110 fax: +65 6734 2248
     e-mail: acca.singapore@accaglobal.com www.accaglobal.com/singapore


     The Association of Chartered Certified Accountants
32     Focus Issue 3 - 2003