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1CIMA Hong Kong Annual Review 2009

HONG KONG ANNUAL REVIEW 2009

2 CIMA Hong Kong Annual Review 2009

Chartered Management Accountants are financially qualified business leadersChartered Management Accountants operate in all areas of organisations, in both the private and public sectors. They drive success and create value by applying leading edge techniques with a commercial and forward looking focus. Their in-depth understanding of the business in which they operate means they can pre-empt and adapt to the changing needs of business.

Our purposeThe ever greater employability of Chartered Management Accountants.

Our visionChartered Management Accountants driving the world’s successful organisations.

Our missionTo be the first choice for employers in the qualification and development of management accountants.

Contents3 CIMA at a glance

4 From our divisional president5 From our divisional director6 2009 – An overview21 Governance and control22 Summary financial statements35 Contact details


We celebrated our 90th anniversary.

We led through challenging times.

And we’re shaping the future.

2009 at a glance:

111,520 EXAM PAPERS SAT

247 EXAM CENTRES USED

£42.7m INCOME

79,757 MEMBERS

92,909 STUDENTS

165 COUNTRIES

CIMA has had members in Hong Kong for over 30 years. They are situated in many senior positions in leading businesses and listed companies. During this time CIMA has been actively recruiting new students to become Chartered Management Accountants in Hong Kong, who are regarded as financially trained business leaders, in both the private and public sectors.

To further this, an agreement was signed with the Hong Kong Institute of CPAs, CPA Australia and CMA Canada respectively, which provided a route for these members to also become CIMA members.

The Hong Kong division has a divisional council, led by the divisional president, which represents the views of all its members in Hong Kong. The divisional director, together with staff in Hong Kong provide member services, student support, student recruitment activities and support the divisional council.


FROM OUR DIVISIONAL PRESIDENT–

By the invitation of the International Development Committee (IDC) in UK, the divisional council set up a working group in mid 2009 in order to carry out a market review in Hong Kong. The paper was presented to IDC by the working group’s chairman, Richard Kenworthy, divisional vice-president of Hong Kong. In the paper it highlighted five areas of strategic focuses; building tertiary education links, CIMA as a second qualification, improving student support, strengthening membership and building employer relations. Implementation in specific areas have started and early results have already been seen. The divisional council will continue to monitor the implementation and agree on modified strategies as required. In the area of strengthening membership, a great deal of work has been done and I would like to touch on some of the highlights. Management accountants are renowned for their analytical skills, but our future role depends on our ability to be business partners. As business partners we are required to think more about leading indicators and predictive information. This not only requires us to have strong analytical skills but also the confidence to comment, provide insight and model in the future. Hence continuous professional development provides us the opportunity to keep abreast of all new theories and knowledge. One key CPD event held in this area was a talk delivered by Mr Lawrence Cheng on creativity at the Hong Kong and Convention and Exhibition Center in early 2009. Following on from this we also joined up with various accounting institutes, companies and conference organisers to offer joint events for our members. This not only allows them to receive the latest thinking in the industry but to also grasp vital networking opportunities. We also celebrate other successes in Hong Kong including the award of the CIMA Institute bronze medal to Mr Peter Choy, divisional past president for his contribution to CIMA. The award of a CIMA international prize to a Hong Kong student, Mr Alan Wong from Jardine Matheson Ltd for achieving the best result in a CIMA exam globally and the Hong Kong team from the Chinese University for winning the first Global Business Challenge in Singapore beating over 1,000 teams from around the world. Congratulations to all these management accountants and aspiring management accountants in Hong Kong. At the last AGM we were happy to see so many members willing to stand for elections to the divisional council. Last year we had four new members joining the divisional council providing new insight and expertise. In the coming years no doubt we will see more new faces helping us shape the future of the Hong Kong division. I would like to thank all the divisional council members, sub-committee members, member volunteers and the divisional staff for the work that they have done. To end I would like to specially acknowledge the work and guidance of our divisional immediate past president, Michael Chan who will be retiring from the divisional council after many years of voluntary service.

Focusing on growth and success

LeoCheungACMADivisional President


FROM OUR DIVISIONAL DIRECTOR–

For the third consecutive year we have seen student recruitment numbers grow in Hong Kong which is very encouraging. We are now working with many partners to promote the science of management accounting in different ways. At the beginning of the year we entered into a strategic alliance with HKU SPACE to offer the first structured Islamic Finance programmes in Hong Kong. As the HKSAR government looks into levelling the tax for Islamic financial products, this market is set to grow, as well as the demand for professionals with multiple skills. We are also in collaboration with the School of Continuing and Professional Studies, The Chinese University of Hong Kong (CUHK SCS) to offer joint diplomas in management accounting. This not only allows professionals access to top quality training in our profession but it also provides a direct progression to become a Chartered Management Accountant. Since the launch of these programmes we have had great response and will continue to actively support the marketing of these programmes.

One of our main strategic focuses is to build stronger links with tertiary institutes. This not only allows us to explain to students that accountancy is a profession far wider than just auditing, but also ensures that any student wanting to progress into management understands the importance of management accountancy. We have therefore been able to liaise with most tertiary institutes and accredit their courses so that students will have advanced standing when entering CIMA.

In preparation for the launch of 2010 CIMA qualification we held a gathering in mid 2009 for 22 representatives from tertiary institutes to hear how we have improved the new syllabus. The new structure now provides 3 pre-membership qualifications (certificate, diploma and advanced diploma) which is intended to provide more professionals (some operations managers or relatively junior finance staff) a certification, as not everyone needs to fully develop as a Chartered Management Accountant. With this it will surely attract a wider demographic of students.

To further increase our exposure at universities we have organised the CIMA Global Business Challenge in Hong Kong. This has extended our reach to all nine universities with over 500 students participating, attracting some of the brightest students that we have in the SAR. The success of the event would not have been possible without the help of members who volunteered to be assessors, provide sponsorship for the event and internship for the winners.

On this note I would also like to thank the divisional council for their guidance and my committed team in Hong Kong for all their hard work and long hours that they have put in to deliver the finest services to our members and students.

Building partnerships

DamianYipDivisional Director


Activities

Member services

9and10January2009

- Joint networking trip to Guangzhou

Supported by CMA Canada, CPA Australia and AIA, CIMA organised a networking trip and set

out with a delegation of 17 participants to visit two districts in Guangdong; Nansha and Liwan

to understand what opportunities lay ahead for Hong Kong businesses.

2February2009

- CIMA Hong Kong spring cocktail

A spring cocktail reception was organised at the British Consulate to celebrate the year of Ox.

5February2009

- CIMA consultation group on ‘Preliminary views on financial statement presentation’.

21April2009

- CIMA 90th anniversary President’s dinner

90 is a very special number for CIMA this year as we celebrate our ninth decade. To mark

this special occasion, the CIMA President Glynn Lowth was able to be with us. The 90 theme

was also carried throughout the evening with games with a 90 element, 90th anniversary

chocolate and coincidently 90 participants.

19June2009

- CIMA 25th annual general meeting

Mr Leo Cheung, Mr Paul Chan and Mr Richard Kenworthy were elected as the divisional

president, divisional deputy president and divisional vice president of CIMA Hong Kong for the

term 2009-2010 respectively. Dr Aidan Goddard, Mr Kingston Ho, Mr Walton Luk and Dr Artie

Ng were elected to the divisional council. Mr Paul Yeung (divisional past president of 2004-

2005) was co-opted into the divisional council.

12September2009

- Squid fishing boat trip organised by CGA and CIMA

18-21November2009

- Mr Au Hang Yee FCMA represented CIMA to attend the world low carbon and eco-economy

conference and technical exposition at Nanchang International Exhibition Centre at Jiangxi

Province.

3December2009

- CIMA consultation group on ‘Review of corporate rescue procedure legislative proposals’.

18December2009

- CIMA Hong Kong Christmas party was held at the Brunch Club, selected member volunteers

were invited to join the party as a token of appreciation for their contribution to the division

in 2009. Mr Aubrey Joachim, CIMA president, and his wife Nelum were able to join us.

19December2009

- Mr Leo Cheung, divisional president and Mr Richard Kenworthy, divisional vice president

represented CIMA to lead the hiking group to Dragon's Back jointly organised with CMA

Canada.

9 and 10 January 2009

2 February 2009

5 February 2009

21 April 2009

19 June 2009

AN OVERVIEW–


CPD events

21January2009

- Joint CPD seminar with HKICPA on ‘Think like a CEO: going global, local or lobal?’ by Dr.

Sidney Sze, divisional council member of CIMA Hong Kong, the Chief Executive Officer of

Midland Financial Group.

16February2009

- Joint CPD seminar with HKICPA on ‘Knowledge management systems – a driver for

sustained growth’ by Dr Li Wing Sun, divisional council member of CIMA Hong Kong

19February2009

- Breakfast briefing on ‘developments in Islamic Finance and opportunities for Hong Kong’

with the British Chamber of Commerce by Dr Baker, author for the CIMA Certificate of Islamic

Finance.

19February2009

- Joint seminar with HKU SPACE on ‘Islamic finance and the opportunities for Hong Kong’ by

Dr Baker.

24February2009

- Supported by CMA Canada, CPA Australia, CGA and ICAA, CIMA organised a celebrity charity

talk show on “1+1=7??? ” by Mr Lawrence Cheng Tan Shui

All proceeds from the event were donated to Oxfam Hong Kong.

4March2009

- Member and student CPD event on ‘Controlling costs - the number one priority in a

recession’ by Mr Francis Rowlands, chairman of the International Development Committee,

CIMA

5March2009

- Joint CPD seminar with HKICPA on 'Controlling costs - the number 1 priority in a recession' by

Mr Francis Rowlands.

19March2009

- Joint seminar with CMA Canada, CGA, AIA and CUTW Community College on 'Risky business

– risk management in the current financial crisis' by Mr Cameron Hay.

21April2009

- Mr Glynn Lowth, CIMA President, spoke at the British Chamber of Commerce breakfast

briefing on ‘Improving decision making in organizations – unlocking business intelligence’.

13May2009

- Supported by CIMA the China Enterprises Economic Research Study Centre organised a

luncheon on ‘Global financial crisis – implication on future reform and regulatory approach’

by Mr Eddy C. Fong GSB.JP., Chairman of Securities and Futures Commission.

21 January 2009

16 February 2009

24 February 2009

5 March 2009

19 March 2009


AN OVERVIEW (continued)–

CPD events (continued)

6June2009

- Supported by CIMA, CMA Canada organised a seminar on 'The Hong Kong financial industry

and the Hong Kong accounting profession: what lies ahead?' by Mr Chan Mo Po, Paul, a

member of the Legislative Council of HKSAR, representing the Accountancy Constituency.

8June2009

- Supported by CIMA, the UKTI organised a conference on ‘Risk management and internal

control’. Led by the Lord Mayor of the City of London, a panel of experts including Mr Benjamin

Tang - Director of Audit, Audit Commission, Mr Kingston Ho, divisional council member of

CIMA Hong Kong and another member Doman Wong - Director, Risk Advisory Services, Baker

Tilly Hong Kong shared their wealth of knowledge and experience in getting the right balance

between risk and performance.

18June2009

- Supported by AIA, AWAHK, CGA, ICAA and IFA, CIMA organised a joint seminar on ‘Cash

control – release cash into the business, keep what you earn’ by Mr Francis Rowlands,

Chairman of the International Development Committee of CIMA.

23July2009

- CIMA organised a member and student CPD networking seminar on ‘Return on ideas: how

marketing creates money through better results from finance and marketing collaboration’ by

Mr Ray Perry, Executive Director of Brand, Profile and Marketing of CIMA.

24July2009

- Joint CPD seminar with HKICPA on ‘Return on ideas: how marketing and finance can

together add value’ by Mr Ray Perry.

19-20August2009

- Islamic finance forum ‘Linking shariah-compliant issuers and investors within the Greater

China capital markets’ organised by Lexis Nexis and supported by CIMA.

9September2009

- CIMA organised a member and student CPD networking seminar on ‘Family wealth

management: some thoughts after the crisis’ by Mr Paul Yeung, divisional council member of

CIMA Hong Kong.

22October2009

-CIMA and IBM hosted a sharing session cum dinner on ‘Effective operational risk

management’ to selected members of CIMA together with other VIPs from various large

corporations. Mr Kingston Ho, divisional council member was invited to share his erudite

experience on operational risk management.

8 June 2009

18 June 2009

23 July 2009

9 September 2009

22 October 2009


31October2009

- Conference on ‘Corporate governance: IT governance and control risk perspectives’ organised

by CGA and supported by CIMA.

5November2009 - CIMA organised a member and student CPD networking seminar on

‘Enterprise governance – restoring boardroom leadership’ by Mr Charles Tilley, Chief Executive

of CIMA.

6November2009- Joint CPD seminar with HKICPA on ‘Enterprise governance – restoring

boardroom leadership’ by Mr Charles Tilley.

9November2009 - Seminar on ‘Hong Kong as a knowledge capital’ organised by The Hong

Kong Polytechnic University and supported by CIMA.

11-13November2009- 22nd Annual AVCJ forum on ‘Asian private equity and venture

capital lead the new financial order’ organised by AVCJ and supported by CIMA.

16November2009 - A luncheon on ‘One year on: where is the economy heading since

the financial tsunami’ organised by the China Enterprises Economic Research Study Centre

(CEERSC) and supported by CIMA.

18November2009 - Seminar on 'Make smart decisions with right-on-time information:

build intelligent, interactive and simple-to-understand reports’ organised by HKRFP and

supported by CIMA.

24November2009- Seminar on 'The days as a tax professional' organised by the Accounting

Development Foundation Limited and supported by CIMA.

16 November 2009

5 November 2009

Newsletter

Ten issues of the CIMA Hong

Kong division e-newsletter

were sent to all CIMA

members and students to keep

them posted on local news

and events.


Induction seminarsTo facilitate all new students, two induction seminars were conducted on 12 February and 12 August. The sessions provided information on CIMA, the study aids available and the administrative procedures for examinations.

CoursesRevision courses for CIMA Paper 3 and TOPCIMA were jointly organised by CIMA and HKICPA in April and October. Preparatory courses for Paper P1, P2, P7, P8, P9 as well as the exam techniques briefing session for Paper 6 were held at CIMA office in March and September. In addition to these courses organised by CIMA, students can also enrol on the courses jointly offered by The Chinese University SCS and CIMA.

Overview sessionCIMA organised free overview sessions on Paper 1, 2 and 9 for all students, the lecturers gave an overview on all topics of each paper and how topics are inter-related. These sessions are intended to help student make a study plan at least three months before the examinations.

Study materialsThe division continues to offer a book-purchasing service on the CIMA official learning materials which include the learning system, exam practice kit and revision card published by CIMA Publishing with Elsevier. Students were also encouraged to use the online study modules cimastudy.com.

Practical experience requirement workshopA practical experience requirement workshop was organised on 16 November 2009. The workshop was to help students understand the work experience required and procedures needed for membership application. Mr Andy Tsang, CIMA membership assessor and Mr Richard Kenworthy, divisional vice president were invited to share their experience with all CIMA strategic level students.

Seminar on CIMA 2010 syllabusCantonese and English sessions were held on 4 December 2009 and 10 December 2009 respectively to help students understand the transitional arrangements for the new syllabus.

Student support



Promoting the science of management accounting

Scholarship awards

CIMA scholarships have been awarded to the Hong Kong Baptist University, City University of Hong Kong, Hong Kong Community College, Hong Kong Institute of Vocational Education, Lingnan University, The Hong Kong Polytechnic University, Shue Yan University and The University of Hong Kong for students achieved the highest scores in ‘Cost Accounting’ or ‘Management Accounting’ subjects as part of their courses. Representatives from CIMA were invited to join the following prize presentation ceremony.

19March2009 - The City University of Hong Kong scholarship & prize presentation ceremony by Mr Hudson Tsui, Hong Kong divisional council member.

25March2009 - The Hong Kong Baptist University scholarship presentation ceremony and donors' tea reception.

15April2009 - Career talk and prize presentation for Shue Yan University students by Dr Sidney Sze, Hong Kong divisional council member.

20June2009 - IVE Accounting software applications competition for secondary school students prize presentation ceremony.

27October2009 - Dr Aidan Goddard, divisional council member, gave a lecture on performance management to the City University of Hong Kong students. The guest lecture was followed by a small CIMA prize presentation ceremony where CIMA certificates of attainment and gifts were presented to students with outstanding performance in the Advanced Management Accounting course.

9November2009 - Hong Kong Community College outstanding student award scholarship presentation ceremony 2009.

13November2009- IVE (Chai Wan campus) awards presentation.

30November2009- Faculty of Business and Economics, The University of Hong Kong prize presentation ceremony.

19 March 2009

15 April 2009

27 October 2009



19 February 2009

19 to 22 February 2009

10 March 2009

15January2009 - Seminar on 'Careers beyond accounting' at CIMA office.

19January2009- Career talk at Hong Kong Polytechnic University.

20January2009 - Seminar on 'Careers beyond accounting' at CIMA office.

19February2009 - Career talk at Hang Seng School of Commerce.

19to22February2009- CIMA participated in the education and career exhibition at HKCEC. We also conducted a talk on ‘Accounting career in Hong Kong’ to a crowd of over 60.

24February2009 - Career talk at Caritas in Tsuen Wan and Fanling.

10March2009- CIMA participated in the University of Hong Kong careers fair and exhibition.

20March2009 - Career talk for the City University of Hong Kong students.

23March2009- Dr Sidney Sze, divisional council member of CIMA Hong Kong conducted a career talk for the Hong Kong Science and Technology University students.

24March2009 - Career talk for Hong Kong School of Commerce students.

25March2009 - CIMA participated in the Lingnan University of Hong Kong networking day with business professionals.

31March2009 - Career talk for Hong Kong College of Technology students.

2April2009 - Mr Kingston Ho, divisional council member of CIMA Hong Kong, participated in the CIMA information session on ‘Careers beyond accountancy’.

7April2009 - Career talk for HKU SPACE Community College students.

28April2009 - Career talk for Hang Seng School of Commerce students.

30April2009 - Career talk for IVE SBI students.

Activities


20 June 2009

20 June 2009

22 July 2009

24 July 2009

26May2009 - Career talk for HKU SPACE undergraduates.

30May2009- CIMA booth at the Hong Kong Trade Development Council’s ‘Entrepreneur and continuing education day’.

4June2009 - Seminar on ‘Career beyond accounting’ at CIMA office.

20June2009 - CIMA booth at the HKU SPACE Expo. 20June2009- Global Business Challenge (GBC) Hong Kong regional final. The Global Business Challenge (GBC) is a competition for all full time undergraduates of Hong Kong university degree programs. It is designed to provide an opportunity for students to analyse and evaluate a specific business situation and apply management accounting concepts. It also helps CIMA in promoting the science of management accounting to the next generation of business leaders. In Hong Kong the competition started in March 2009, it attracted more than 120 teams from all universities.

25June2009- Seminar on ‘Career beyond accounting’ at CIMA Office.

26June2009 - Global Business Challenge press conference at The Chinese University of Hong Kong.

22July2009 - Representatives from universities and tertiary education institutes were invited to join the seminar on CIMA 2010 syllabus. The event commenced with Mr Ray Perry, Executive Director Brand, Profile and Marketing, as the keynote speaker introducing the institute and explaining how the new qualification was developed.

23July2009 - A media luncheon on the CIMA research report - ‘Return on ideas’ was successfully held in the Foreign Correspondent’s Club where nine media attended. Mr Ray Perry, Executive Director of Brand, Profile and Marketing, CIMA presented the outcome of a survey of 100 leading companies and on the vital need for marketing and finance to work jointly and demonstrate the real value of marketing to the bottom line.

24July2009 - Lunch seminar on ‘Return on ideas: how marketing creates money through better results from finance and marketing collaboration’ at the Hong Kong General Chamber of Commerce (HKGCC).

25July2009 - CIMA booth at the School of Continuing and Professional Studies, The Chinese University of Hong Kong.


Activities (continued)


21August2009 - CIMA Global Business Challenge competition (GBC)The Hong Kong regional final was held on 20 June 2009, the Hong Kong winning team Anova from the Chinese University of Hong Kong entered the Global Final at the National University of Singapore and competed against the seven winning teams from UK, Ireland, Sri Lanka, India, Mainland China, Singapore and Malaysia on 21 August. Anova was proud to be the first champion of the GBC competition.

27August2009 - Career talk for Kaplan students.

4September2009 - Seminar on ‘Pursuing your career in accounting and finance’ with CUHK SCS.

5September2009- Seminar on ‘First steps in accounting and finance career’ with CUHK SCS.

14September2009 - CIMA booth at the Hong Kong careers fair at British Council for LSE, Imperial College, Oxford and Cambridge graduates.

15October2009 - CIMA information seminar on ‘Careers in management accounting’, Mr Samuel Ng ACMA was invited as the guest speaker.

28October2009 - CIMA career seminar for CUTW students.

29October2009 - CIMA information seminar on ‘Careers in management accounting’ with CUHK SCS, Mr Paul Yeung, divisional council member was invited as the guest speaker.

3November2009 - Information session on ‘Professional programmes in management accounting’ jointly offered by CUHK SCS and CIMA. Mr Hudson Tsui, divisional council member, was invited as the guest speaker.

6November2009- Invitation for CIMA to speak at the TreasuryMr Charles Tilley, Chief Executive of CIMA was invited by Mr Li Kwok Tsoi JP, Director of Accounting Services, HKSAR Government to conduct a seminar on ‘using better data to drive performance in the public sector’ for their staff.

20November2009- Career seminar for SBI students.

3December2009- CIMA supported distinguished lecture series on ‘Planning your career in the accounting profession’ organised by IVE business administration.

17December2009 - Information seminar on CIMA - CUHK SCS joint programmes.

21 August 2009

21 August 2009

6 November 2009


HKU SPACECIMA has entered a strategic alliance

with HKU SPACE in February to offer

the first structured Islamic Finance

programmes in Hong Kong. These

courses will be based on the CIMA

Certificate in Islamic Finance but

delivered locally by HKU SPACE.

The Hong Kong Management AssociationCIMA has entered a strategic alliance

with The Hong Kong Management

Association (HKMA) in February to offer

the 'Foundation Diploma in Business

Accounting' programme awarded by

HKMA, graduates of this programme

will be granted the exemptions on

all five subject areas in the CIMA

Certificate in Business Accounting.

CUHK SCSCIMA has collaborated with the Chinese

University of Hong Kong School of

Continuing and Professional Studies

(CUHK SCS) to offer three joint

programmes – Diploma in Business

Accounting, Professional Diploma in

Management Accounting and Advanced

Professional Diploma in Management

Accounting, which lead to a maximum

of 11 CIMA paper exemptions upon

completion.

Dr Jane Lee, Deputy Director, Head of College of Business and Finance, HKU SPACE (left), Dr Baker, the author of the CIMA Certificate in Islamic Finance (middle) and Mr Andrew Harding, Executive Director of CIMA (right)

Mr Glynn Lowth, CIMA President (left) and Dr Wu, Assistant Director of the Hong Kong Management Association (right)

Mr Robert Jelly, Executive Director of CIMA (left) and Dr Victor Lee, Director of CUHK SCS

Strategic alliances


Other divisional engagements

5January2009 - Staff attended the 69th Inauguration ceremony of economics and finance society of the University of Hong Kong BEA HKUSU .

8January2009- Mr Leo Cheung, divisional deputy president of CIMA Hong Kong attended The Hong Kong Institute of Chartered Secretaries annual dinner .

10February2009 - Staff attended the HKU SPACE Spring dinner .

11February2009 - Staff attended the Hong Kong Baptist University employers’ luncheon .

16February2009 - Mr Kenneth Chan, CIMA council member, attended The Society of Chinese Accountants & Auditors spring dinner .

17February2009- Mr Leo Cheung, divisional deputy president of CIMA Hong Kong, attended the ACCA Hong Kong Spring dinner .

18February2009 - Two divisional council members, Mr Richard Kenworthy and Dr. Li Wing Sun, and staff attended the Asia Sukuk Summit .

26February2009 - Staff attended the HKU SPACE Po Leung Kuk Community College cum dedication ceremony of T.Y. Wong building and college facilities.

2March2009 - Staff attended the City University of Hong Kong Accounting Society inauguration ceremony.

20March2009- Mr Leo Cheung, divisional deputy president of CIMA Hong Kong, attended the CPA Australia annual appreciation luncheon.

21March2009- Dr Sidney Sze, divisional council member of CIMA Hong Kong, conducted a welcome speech for the Wofoo Millennium Entrepreneurship Programme (MEP IX) .

27March2009 -Staff attended the AIA Annual Dinner .

31March2009 - Staff attended the Mongolia-Asia investment forum at Conrad Hotel.

1April2009 - Mr Leo Cheung, divisional deputy president of CIMA Hong Kong, and staff attended the Hong Kong School of Commerce 50th anniversary banquet 2009.



1April2009 - Information session on 'Certificate in Islamic Finance' programme jointly offered by CIMA & HKU SPACE.

17April2009 - Staff attended the Hong Kong Inter-Tertiary Accountancy Association festival closing ceremony 2008-2009.

24April2009 - Staff attended the Global Business Challenge China regional final in Guangzhou.

27April2009- Staff attended the City University of Hong Kong 'Tempering the storm: employers cocktail gathering'.

7May2009 - Mr Hudson Tsui, divisional council member and staff attended the 18th inauguration ceremony of the accounting students’ society, Hong Kong University of Science and Technology.

13May2009 - Staff attended the IBM Cognos finance forum 2009.

16May2009 - With CIMA being one of the supporting organisations for the Innovative entrepreneur of the year 2009, Mr Leo Cheung, divisional deputy president, attended the opening ceremony and was invited as one of the judges.

18June2009- Mr Kenneth Chan, CIMA Council Member attended the CMA Canada annual dinner 2009.

20June2009 - Information talk on Islamic Finance at the HKU SPACE open day.

27June2009 - Mr Richard Kenworthy, divisional vice president of CIMA Hong Kong, attended CUHK - PAC alumni luncheon 2009.

29June2009- Staff attended the HKGCC/Manchester Business School cocktail.

3July2009 - Mr Leo Cheung, Divisional President of CIMA Hong Kong, attended the accountancy professional bodies eminent representatives get-together bi-monthly luncheon organised by The Chinese University of Hong Kong - Tung Wah Group of Hospitals Community College (CUTW).

4July2009 - Ms Amy Lam, divisional council member of CIMA Hong Kong, attended the Wofoo Millennium Entrepreneurship (MEP IX) semi final competition.

18July2009 - Mr Leo Cheung, divisional president of CIMA Hong Kong, attended the Wofoo Millennium Entrepreneurship (MEP IX) final and prize presentation ceremony.



20July2009 - Mr Leo Cheung, divisional president of CIMA Hong Kong, and staff attended The Institute of Internal Auditors 30th anniversary cocktail reception.

25July2009 - Mr Leo Cheung, divisional president of CIMA Hong Kong, attended The Innovative Entrepreneur of the Year 2009 competition organised by JCI

.

22August2009- Mr Leo Cheung, divisional president of CIMA Hong Kong, attended the Innovative Entrepreneur of the Year 2009 prize presentation ceremony organised by JCI .

10September2009 - Staff attended the Guangzhou society dinner.

15September2009 - Staff attended the information session on Certificate in Islamic Finance programme jointly offered by HKU SPACE and CIMA.

18September2009 - Mr Walton Luk, divisional council member of CIMA Hong Kong attended the CIM conference on ‘digital media marketing’.

18September2009 - Staff attended the at J.W. Marriott Hotel.

22September2009 - Staff and the divisional council members of CIMA Hong Kong attended the National day celebration dinner 2009 at J.W. Marriott Hotel.

22September2009 - Staff attended the information session on Certificate in Islamic Finance programme jointly offered by HKU SPACE and CIMA.

23September2009- Staff attended the business forum on ‘Implementation of CEPA’ organised by the Hong Kong General Chamber of Commerce.

29September2009 - Mr Leo Cheung, divisional president of CIMA Hong Kong and Mr Damian Yip, divisional director of CIMA Hong Kong attended the accountancy professional bodies eminent representatives bi-monthly luncheon get-together organised by The Chinese University of Hong Kong – Tung Wah Group of Hospitals Community College (CUTW).

6October2009 - Staff conducted an information seminar on ‘Professional programmes in management accounting’ jointly offered by CUHK SCS and CIMA.

8October2009 - Staff conducted an information seminar on ‘Professional programmes in management accounting’ jointly offered by CUHK SCS and CIMA.

Other divisional engagements (continued)


13October2009 - Staff attended the seminar on ‘Treasury accounting: a tsunami of change’ organised by The International Association of CFOs and Corporate Treasurers (IACCT).

14October2009 - Staff attended the IBM cognos forum at JW Marriott Hotel.

15October2009 - Staff attended the information session on ‘Certificate in Islamic Finance’ programme jointly offered by HKU SPACE and CIMA.

25October2009 - Dr Aidan Goddard, divisional council member, attended The Hong Kong Polytechnic University fifteenth congregation (doctoral and honorary degrees conferment).

29October2009 - Staff attended the high table dinner organised by the Faculty of Business, The Hong Kong Polytechnic University.

30October2009- Mr Leo Cheung, Divisional President, and staff attended the 13th Asian regional conference on 'China - tackling the global economy' organised by CPA Australia.

2November2009 - Mr Paul Chan, divisional deputy president and Mr Kenneth Chan, CIMA council member attended the CGA Annual Dinner.

3November2009 - Mr Leo Cheung, divisional president, attended the CUTW accountancy professional bodies eminent representatives bi-monthly luncheon get-together.

3November2009 - Staff attended the student orientation on ‘Diploma Programme in Business Accounting’ jointly offered by CIMA and CUHK SCS.

7November2009 - Mr Richard Kenworthy, divisional vice president attended the Open University of Hong Kong honorary university fellowship presentation ceremony and the 20th anniversary banquet.

16November2009 - Staff attended the student orientation on ‘Professional Diploma Programme in Management Accounting’ offered by CIMA and CUHK SCS.

1December2009 - Dr Sidney Sze, divisional council member, CIMA Hong Kong, attended the Inland Revenue Department Sports Association annual dinner 2009.

6December2009 - Staff attended the silver jubilee anniversary banquet organised by the City University of Hong Kong.

16December2009 - Staff attended the HKIHRM annual luncheon 2009.


11September2009- Jiu Jik

CUSCS and CIMA announced new

management accounting diplomas in

Hong Kong.

15September2009- Wen Wei Po

15September2009- Hong Kong

Commercial Daily

16September2009 - Shing Pao Daily

Four Global Business Studies (GBS) Year

1 students from The Chinese University

of Hong Kong (CUHK) championed

at the Global Final of the Chartered

Institute of Management Accountants

(CIMA) Global Business Challenge held

in Singapore on 21 August, following

their championship in the Hong Kong

Regional Final held earlier in June.

29September2009 - HKET

CIMA launches research on salary index

of management accountants.

6October2009 - Standard Newspaper

In an interview with Damian Yip,

Divisional Director of CIMA in Hong

Kong he explained why accountants

need to work smarter in the current

economic climate.

7December2009- CFO Innovation Asia

10December2009 - A-Plus

In separate interviews Charles Tilley,

Chief Executive of CIMA explained

why the World Bank opted to train

its financial staff with the CIMA

qualification.

13February2009 - Wen Wei Po

23February2009 - HKET

25February2009- Singtao Daily

29February2009 - Jiu Jik

CIMA and The University of Hong Kong

School of Professional and Continuing

Education (HKU SPACE) co-organized

the first Islamic Finance certificate and

advanced certificate courses in Greater

China to train the growing need of

Islamic finance professionals.

5March2009 - Mingpao Jump

UK NARIC announces that the CIMA

qualification scores the same as a

Masters degree.

19May2009 - Jiu Jik online

In an interview with Damian Yip,

Divisional Director of CIMA in Hong

Kong who explained why accountants

need to add value to companies rather

than being just scorekeepers.

29June2009 - Ta Kung Pao newspaper

29June2009- Singtao newspaper

29June2009 - HKET

Four Year 1 Global Business Studies

students, won the Global Business

Challenge Hong Kong Award organized

by the Chartered Institute of

Management Accountants.

25July2009 - Yahoo HK SME page

Marketing Director at CIMA launches

new study on how accountants and

marketers should work together to help

make companies grow.

1August2009 - Mingpao Jump

1August2009- Shing Pao Daily

Mr. Alan Wong was awarded the CIMA

Prize-winner for the Management

Accounting Performance Evaluation

examination. Among the 6,000+ people

who took the examination this year he

scored the highest mark in the world.

Media coverage


CIMA and The University of Hong Kong School of Professional and Continuing Education (HKU SPACE) co-organized the first Islamic financial certificate and advanced certificate courses in Greater China to train the growing Islamic finance professionals.

Four Global Business Studies (GBS) Year 1 students from The Chinese University of Hong Kong (CUHK) championed at the Global Final of the Chartered Institute of Management Accountants (CIMA) Global Business Challenge held in Singapore on 21 August, following their championship in the Hong Kong Regional Final held earlier in June.

In an interview with Damian Yip, divisional director of CIMA in Hong Kong he explains why accountants need to work smarter in the current economic climate.


Divisional council members Dateoffirstjoined

HongKongdivisional VacatesatAGM councilin in Cheung Wan Yin, Leo Divisional President 1997Chan Kin Lok, Paul Divisional Deputy President 2002Richard Kenworthy Divisional Vice President 2008Chan Kai Chi, Kenneth* Council Member, CIMA 1980-1985, 2010 1987-1988,2004Chan Yui Lung, Michael* Divisional Immediate Past 1986 2010 PresidentCheng Sau Ying, Irene 1997 2010Aidan Goddard 2009 2012Ho King Lam, Kingston 2002 2012Lam Yuen May, Amy 2005 2010Li Wing Sun 1994-2001, 2003 2010Luk Wai Leong, Walton 2009 2012Ng Wai Cheong, Artie 2009 2012Pun Kwok Wing, Jimmy* 1991 2010Sze Tak Chee, Sidney 2007 2010To Man Chau, Gordon 2009 2011Tsui Hung Sang, Hudson 2008 2011Yeung Chun Pong, Paul* 1995-2005, 2008 2011

*Divisional past presidents

Divisional past presidents

Mr R Smith 1973-1974Mr Joseph M Lai 1974-1975Mr K K Yeung 1975-1976Mr William Parker 1976-1978Mr R Smith 1978-1979Mr Joseph M Lai 1979-1980Mr P D Morgan 1980-1981Mr H K Poon 1981-1982Mr W G N Manning 1982-1983Mr Kenneth K C Chan 1983-1984Mr Patrick K C Yeung 1984-1985Mr P M Kam 1985-1987Mr Julian C W Leung 1987-1988Mr W G N Manning 1988-1989Mr Stanford Miller 1989-1992

Governance and control

Mr Michael Y L Chan 1992-1993Ms Ellena Y K Au 1993-1994Mr Jimmy K W Pun 1994-1995Mr Louis N H Lee 1995-1996Mr Simon T W Leung 1996-1997Mr Peter W M Wong 1997-1998Mr Anthony N T Chan 1998-1999Mr Roger M Y Ho Jun – Dec 1999Mr Alan C M Wong 2000-2001Mr Teddy T M Iu 2001-2002Mr Peter C W Choy 2002-2004Mr Paul Yeung 2004-2005Mr Albert Y K Law 2005-Apr 2006Mr Peter C W Choy 2006-2007Mr Michael Y L Chan 2007-2009

Staff (as of May 2010)Mr Damian Yip (Divisional Director)

Ms Jovy Yeung (Student & Member Services Manager)

Mr Scott Lee (Marketing & Development Manager)

Ms Cherry Chu (Business Operations Executive)


The Past President General Fund General Reserve Award Fund TotalYear ended 31 December HK$ HK$ HK$ HK$

Balanceat31December2007 1,139,429 5,000 4,000 1,148,429 Fundappliedtoawardstudentfortheyear -- -- (1,000) (1,000) Totalcomprehensiveincomefortheyear 198,720 -- -- 198,720 Balanceat31December2008 1,338,149 5,000 3,000 1,346,149

Fundappliedtoawardstudentfortheyear -- -- (1,500) (1,500)

Totalcomprehensiveincomefortheyear (682,381) -- -- (682,381)

Balanceat31December2009 655,768 5,000 1,500 662,268

2009 2008 Year ended 31 December HK$ HK$ Income Subvention from Head Office 952,004 1,861,018Workshop and seminar income 147,345 189,339Bank interest income 52 2,835Sundry income 81,160 46,837 1,180,561 2,100,029

Expenses 1,862,942 1,901,309 Surplus/(Deficit)fortheyear (682,381) 198,720

TotalcomprehensiveincometransferredtoHeadOfficeFunds (682,381) 198,720 See accompanying notes

INCOME STATEMENT

STATEMENT OF CHANGES IN HEAD OFFICE FUNDS


2009 2008

As at 31 December Note HK$ HK$

Non-currentassets

Property, plant and equipment 3 48,586 97,172

Currentassets

Inventories 4 23,513 23,898

Accounts receivable 5 56,741 321,238

Deposits and prepayments 305,149 251,987

Cash and bank balances 270,546 753,873

655,949 1,350,996

Currentliabilities

Accounts payable -- 47,957

Accrued expenses 42,267 54,062

42,267 102,019

Net current assets 613,682 1,248,977

662,268 1,346,149

Financed by :

HeadOfficefunds 662,268 1,346,149

Approved by the Divisional Council

Treasurer Divisional President Divisional Director

See accompanying notes

BALANCE SHEET


CONTACT DETAILS–

CIMA Australia Suite 1305109 Pitt StreetSydney, NSW 2000T. +61 (0) 2 9376 9900F. +61 (0) 2 9376 9905E. [email protected]

CIMA BotswanaPhysical:Plot 50676 Second FloorBlock B BIFM BldgFairgrounds Office ParkGaboronePostal:PO Box 403475Gaborone, BotswanaT. +267 395 2362F. +267 397 2982E. [email protected]

CIMA ChinaShanghai OfficeUnit 1508A15th Floor of AZIA Center1233 Lujiazui Ring RoadPudong, Shanghai 200120T. +86(0)21 6160 1558F. +86(0)21 6160 1568E. [email protected]

Beijing Office5th floor, China Life Tower16 Chaoyangmenwai AvenueBeijing 100020Hotline. 400 820 4080E. [email protected]

Shenzhen OfficeRoom A20, 2/F Business CentreShangri-la Hotel Shenzhen 1002 Jianshe Road, Shenzhen 518001 P.R.ChinaT. +86(0)755 8396 1162F. +86(0)755 8396 1260E. [email protected]

Chongqing OfficeRoom 1202, Metropolitan TowerNo. 68 Zourong RoadYuzhong DistrictChongqing, 400010T. +86(0)21 63713538F. +86(0)21 63816175E: [email protected]

CIMA Hong KongSuites 1414-141514th Floor, Jardine HouseCentral Hong KongT. +852 2511 2003F. +852 2507 4701E. [email protected]

CIMA IndiaUnit 1-A-1, 3rd FloorVibgyor TowersC-62, G BlockBandra Kurla ComplexBandra (East), Mumbai – 400 051T. +91 22 42370100F. +91 22 42370109E. [email protected]

CIMA MalaysiaLots 1.03b & 1.05, Level 1KPMG TowerFirst Avenue, Bandar Utama47800 Petaling JayaSelangor Darul Ehsan, MalaysiaT. +60 (0)3 77 230 230F. +60 (0)3 77 230 231E. [email protected]

CIMA Middle EastOffice E01, 1st Floor, Block 3PO Box 502221Dubai Knowledge VillageAl Sofouh RoadDubai, UAET. +9714 4347370F. +9714 4341998E. [email protected]

CIMA PakistanNo. 201 2nd floor, Business ArcadePlot No. 27-A Block-6 P.E.C.H.S.Shahra-e-FaisalKarachiT. +92 21 3432 2387F. +92 21 3432 2390E. [email protected]

CIMA Republic of Ireland45-47 Pembroke RoadBallsbridgeDublin 4T. +353 (0) 1 6430400F. +353 (0) 1 6430401E. [email protected]

CIMA Singapore51 Goldhill Plaza #08-02Singapore 308900T. +65 6535 6822F. +65 6534 3992E. [email protected]

CIMA South AfricaFirst Floor, South West Wing198 Oxford RoadIllovo, JohannesburgPO Box 745Northlands 2116T. +27 (0)11 788 8723F. +27 (0)11 788 8724E. [email protected]

CIMA Sri LankaColombo Office356 Elvitigala MawathaColombo 5T. +94 (0)11 250 3880F. +94 (0)11 250 3881E. [email protected]

Kandy Office254 Peradeniya RoadKandy, Sri LankaT. +94 (0)812 207 882F. +94 (0)812 203 843E. [email protected]

CIMA UK26 Chapter StreetLondon SW1P 4NPT. +44 (0)208 849 2251F. +44 (0)207 663 5442E. [email protected]

CIMA ZambiaPhysical:6053 Sibweni RoadNorthmead, LusakaPostal:Box 30640, LusakaT. +260 (0)1 290 219F. +260 (0)1 290 548E. [email protected]

CIMA ZimbabwePhysical:6th Floor Michael House62 Nelson Mandela AvenueHararePostal:PO Box 3831, HarareT. +263 (0)4 708 600 or 250745F. +263 (0)4 708 600E. [email protected]

CIMA’s global offices may change during the year, so please visit the global web links for the most up-to-date contact details. For a full list of global contacts, please visit www.cimaglobal.com/globalcontacts

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