MCR-May10 FINAL

RK Perry and Market Research Team 1

Market and Competitor Report – May 2010 Summary of Strategically Important Considerations

Issue/Institute Activity CIMA Options Action Date Australian migration

Management Accountants are now a named category on lists of occupations in demand for migration to Australia

Use in marketing for S Lanka/ other markets

RKP From June 2010

Market and Competitor Report Previous Actions Log

Issue/Institute Activity CIMA Options Action Date

ACCA Launching a product in the Islamic Finance space later in the year, and have already booked space on the Islamic channel (CIMA are launching a TV ad for Islamic finance on this channel- from next month across Europe , N Africa, and M East)

Be prepared to swiftly positively compare our products, and be ready with a tactical promotion

RKP/ RJ Later in 2010

ACCA Have stopped sending their magazine to students but giving them an online option instead with 2 hard copy updates a year

This would save CIMA up to £400k and should be considered

RKP/ mktg committee

2010

ACCA The global membership of ACCA now stands at 140,000, a growth of 6.5 per cent from the 31 December 2008 figure of 131,500 members. Student numbers have increased from 366,000 to 404,000, a rise of 10.4 per cent. They say growth is due to increasing demand for professional accountants. They are using the numbers argument as a recruitment tactic in S Lanka and Malaysia and potentially more broadly.

Vigorously promote the CIMA difference through campaigns and activities globally and locally

RKP From June 2010

CIPFA CIPFA abolishes exemption fees for AAT students - which will save students up to £300

To match this would cost CIMA £300k.

See what other competitors do. RKP/RJ

ongoing

MCR-May10 FINAL

RK Perry and Market Research Team 2

Market Information on UK & RoI Accountancy Bodies CIMA (Chartered Institute of Management Accountants) wwwwww..cciimmaagglloobbaall..ccoomm TUITION PROVIDERS &

COLLEGES

CIMA, Preston College, India sign MoU for Islamic Finance course - CIMA announced that it has signed a Memorandum of Understanding (MoU) with Preston International College to setup a study support centre that will offer the CIMA Certificate Courses in Islamic Finance and Business Accounting. The CIMA Certificate in Islamic Finance is the first qualification offered by a professional accounting body to focus on the fast growing sector of Islamic finance. Preston will be the first college in India offering this four module course certified by CIMA. (more info http://twocircles.net/2010may19/cima_preston_college_sign_mou_islamic_ finance_course.html 19 May 10)

QUALIFICATION, EXAMS & PASS

RATES

Problems at P2 – The CIMA P2 May exam has come in for a bashing from May sitters. The CIMA website (and PQ magazine) was burning red hot with complaints. 'An absolute beast of an exam’, ‘I hated it’, and ‘shocking’, is how many described the exam. Students are now demanding an official response from the institute. Some accuse the examiner of simply showing off meaning even those students who had worked hard may have difficulty passing. (more info http://www.pqaccountant.com/pmag-FFFF00500180018702171957.html 4 Jun 10)

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

Up for the challenge – GBC Malaysia - It was a sweet surprise for team CAAP from Universiti Teknologi Malaysia when they were announced as one of the finalists of the CIMA Global Business Challenge, Malaysia 2010. Being first-year accounting students, the team was considered the underdog, competing against the other 23 teams from universtities and colleges in Malaysia. (more info http://thestar.com.my/education/story.asp?f ile=/2010/6/6/education/6398083&sec=education 6 Jun 10) CIMA (UAE) national winners announced for the GBC - CIMA is delighted to announce that Bizz Wizards, University of Wollongong in Dubai (UOWD) has won the (UAE) national round of the Institute's Global Business Challenge (GBC), which took place on (June 1st). The GBC, which is sponsored globally by Barclays, is an international competition designed to bring out the best in potential business leaders among young people. The global final promises to be an exciting event, with eleven teams competing on an international stage for the title of Global Winners. (more info http://www.eyeofdubai.com/v1/news/newsdetail-44759.htm 3 Jun 10) Fifteen SL University Teams for CIMA Global Business Challenge 2010 - Fifteen teams from 8 Sri Lankan universities entered the local segment of the CIMA Global Business Challenge 2010”. The Global Business challenge, a global initiative, is an international business management competition designed to identify potential business leaders amongst full time undergraduates within countries and facilitate the winners to participate in the Global finals scheduled to be held in Malaysia in August. In the first round of the competition, students were required, to act as consultants and submit a report to a board of directors on a fictitious mobile phone network operator. They were required to analyse and evaluate the issues facing the company, based on a case study provided. (more info http://www.asiantribune.com/news/2010/06/03/fifteen-sl-university-teams-cima-global-business-challenge-2010 3 Jun 10) BITS Pilani Goa wins CIMA Challenge India - CIMA announced BITS Pilani Goa as the winner of the national round of the 2010 CIMA Global Business Challenge. IIT Delhi, Sri Ram College of Commerce Delhi, Christ University Bangalore, Jain University Bangalore, NMIMS University Mumbai, BITS Pilani Goa and St. Josephs College of Commerce Bangalore competed to represent India at the global final to be held in Malaysia. There were total 169 teams from all over India who participated in the competition. The finalists went through a rigorous selection process, which include a case study report submission and a regional final before they made it to the India Final. (more info http://www.indiablooms.com/BusinessDetailsPage/businessDetails310510a.php

Radio Television Malaysia brings managing business and accounting reality show - Radio Televisyen Malaysia (RTM) will air "Global Business Challenge" (GBC), a new regional reality show on managing business and accounting on June 26. Its deputy director-general (strategic development) Datuk Nor Hyati Ismail said it was similar to other reality shows except that it aimed to educate the public on real business and accounting. (more info

31 May 10)

http://www.bernama.com/bernama/v5/newsindex.php?id=501755 27 May 10)

CIMA Global Business Challenge now in RP - Seeing the country as a sound breeding ground for future business leaders, CIMA has tapped the Philippines for the first time to be part of the prestigious Global Business Challenge (GBC) to be held in Kuala Lumpur, Malaysia, in early August. Of the 11 participating colleges and universities that submitted their case solutions to Cima two months ago, the top six universities made it to the final cut and will vie for the honor of representing the country in the international competition. The final six finalists are the De La Salle University Manila, Mindanao State University-Iligan Institute of Technology, Polytechnic University of the Philippines, University of the Philippines-Iloilo, University of San Carlos and University of Santo Tomas. They will compete on June 26 in order to pick Manila’s official team to Kuala Lumpur. (more info http://businessmirror.com.ph/index.php?option=com_content&view=article&id=25658:cima-global-business-challenge-now-in-rp&catid=23:topnews&Itemid=58 25 May 10)

Students rise to business challenge, South Africa - Four North West University (NWU) students and their mentor will represent SA in the CIMA Global Challenge in Malaysia in August. There is pressure on South

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African business people to develop better forecasting skills so that they can better expand their businesses into the global market, and this type of competition develops forward-looking skills, says Cima Southern Africa regional director Samantha Louis. (more info http://www.businessday.co.za/articles/Content.aspx?id=109696 24 May 10) Barclays to sponsor the 2010 CIMA Global Business Challenge search for the business leader of tomorrow – CIMA is delighted to announce the global financial services provider Barclays as official sponsor for the CIMA Global Business Challenge (GBC) 2010. The exclusive global partnership brings together two organisations that are highly aligned to one another and operate at an established, international level. Barclays has enterprises across Europe, Africa, the Americas and the Asia-Pacific region and CIMA offers an internationally recognised qualification in management accountancy with 172,000 members and students operating in 165 countries around the world. (info from http://newintranet.cima.org.uk/AboutCIMA/CIMAinaBox /Pages/CommsToolkitPressReleases2010.aspx 24 May 10)

ORGANISATIONAL

STRUCTURE OF INSTITUTE

CIMA elects George Glass FCMA as new President - CIMA has elected its new President, George Glass FCMA, at the CIMA Annual General Meeting held at the Queen Elizabeth II Conference Centre, London, on 5 June. George Glass is Financial Director of the UCM Timber Group, timber importers and agents. He is responsible for all aspects of the groups financial and information systems. George graduated as a mechanical engineer and went on to train as a Management Accountant and qualified in 1977. (more info http://www.eyeof dubai.com/v1/news/newsdetail-44940.htm

8 Jun 10)

OTHER MARKET INFORMATION

CIMA has legal right to use FCMA/ACMA in Sri Lanka - Members of CIMA, Sri Lanka have the legal rights to use the accounting certifications of ACMA and FCMA, contrary to what the Certified Management Accountants (CMA) have stated in recent newspaper articles that only their members can use the certifications. Global CIMA President Aubrey Joachim stated this in a letter to members that after seeking a legal opinion on this matter, that is not a criminal offence or violation to use the certifications. However, Mr. Joachim said that CIMA Sri Lanka members are encouraged to use the letters ‘UK’ after the titles ACMA and FCMA. Mr. Joachim further stated that while retaining their legal rights, CIMA will continue to take necessary action to differentiate their qualification as being a top of the mind brand among employers in the country. (more info http://www.Sunday times.lk/100606/BusinessTimes/bt34.html

6 Jun 10)

Getting the UK finances back on track - With the new government in place, the first priority is to reduce the budget deficit and put the country on a firmer footing. Finance expert, Charles Tilley, tells Heather Jameson how this will require a different way of public sector working. Now the new coalition government is starting to take shape, and has put forward its plans for the future, all eyes will be on the top job in hand – trying to deal with the economy in the coming months and years ahead, and rebuilding the country to be as successful and efficient as possible. (more info http://www.localgov.co.uk/index.cfm?method=news.detail&id=89167&layout=2 25 May 10) Corporate reports need more clarity and transparency - From Mr Charles Tilley, Sir, - The coalition government’s plans to reinstate the “Operating and Financial Review” (OFR) should be supported. As Rachel Sanderson rightly points out, the original OFR was aimed at encouraging greater transparency in corporate reporting and its axing in 2005 was a retrograde step in the battle for more clarity in company reports (May 24). The Con-Lib coalition’s programme for government focuses on the OFR’s requirement to ensure directors’ social and environmental duties are covered in corporate reports. (info from Financial Times, 28 May 10. p12) For fair pay, see Plato - Charles Tilley - The bonus culture has fostered mistrust in business. It’s time to redress the balance. Just what is fair pay? Plato said the income of the highest paid in society should never amount to more than fi ve times that of the lowest paid. For David Cameron , a ratio of 20 times between the highest and lowest paid is the maximum tolerable – in the public sector, at least. The new prime minister has yet to state what the comparable private sector figure should be. In the corporate world the figures speak for themselves. The pay gap between the boardroom and the shopfloor of Britain’s top firms has almost doubled in size over the last decade. The chief executives of the UK’s 100 largest companies overall earned 81 times the average pay of fulltime workers in 2009, against a ratio of just 47 nine years earlier. Hardly a Platonic relationship. (info from The Guardian, 4 Jun 10, p.32)

ACCA (Association of Chartered Certified Accountants) wwwwww..aaccccaagglloobbaall..ccoomm TUITION PROVIDERS & COLLEGES

The University of the West Indies (UWI) and accountant association sign MOU - UWI and the ACCA have signed a memorandum of understanding (MOU) aimed at furthering the provision of high quality accountancy education and training in Trinidad and Tobago and the wider Caribbean. Head of UWI’s Department of Management Studies, Errol Simms, says the agreement recognises outstanding graduates in accountancy through the provision of prizes, the facility for UWI students to attend ACCA continuing professional development seminars, and collaboration towards hosting a joint student event as part of the ongoing UWI St Augustine 50th Anniversary celebrations. (more info http://www.caribbean360.com/index.php/business/ 27272.html 7 Jun 10)

QUALIFICATION, EXAMS & PASS

Masters degree is first to gain ACCA status -An accountancy masters degree has become the first postgraduate programme to receive an ACCA accreditation. The University of Dundee holds an MSc Professional Accountancy qualification, which is now the first course to combine the masters level of study with

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RATES a full professional body accreditation from the ACCA. (more info http://www.passmagazine.com/ 27 May 10)

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

Awards for top scorers – Malaysia – The ACCA recently organised a special award ceremony for candidates who scored highest in the ACCA and CAT examinations. The top scorers received their awards from guest of honour, Maybank Group president and CEO Datuk Seri Abdul Wahid Omar, who is also a fellow member of ACCA. In his speech, ACCA Malaysia president Datuk Mohd Nasir Ahmad noted that in today’s business climate, many organisations were increasingly relying on the expertise of accountants at all levels. (more info http://thestar.com.my/education/story.asp?file=/2010/5/23/education/6258277&sec=education 23 May 10) ACCA advertising activity and latest accelerated scheme in Hong Kong - Apart from placing advertisements everywhere (Subway stations, bus stops, trams etc) ACCA have recently sponsored a news programme on the TV (the most popular channel in HK). i.e. when the program finishes an ACCA slide will appear with a dialogue “this program is proudly brought to you by ACCA”. Concern about the latest accelerated scheme ACCA offers to the university final students in accounting and finance stream: http://hongkong.accaglobal.com/hongkong/join/prospective/national/accelerate/benefits By the time the university students graduate they will be eligible becoming affiliate member of ACCA (complete 14 papers with PER outstanding) (info from Scott Lee 2 Jun 10) ACCA appear to have cut their budgets and have reduced activities – After a meeting with B-Live, a company that CIMA use to promote to schools, and attending a national careers fair at Earls’ Court it is thought that ACCA appear to have cut their budgets and have reduced activities. B-Live said that ACCA had cut their schools activities; don’t know whether it is just with B-Live or schools activity in general. And ACCA were not at the careers fair but ICAEW were there. It is thought ACCA had cut a lot of fairs and would only do them if they were ridiculously cheap or at a target university. Organiser thought something had changed in ACCA and they had cut their budgets. (info from Lesley Benning 10 Jun 10)

PROFESSIONAL STANDARDS,

ETHICS & REGULATION

Businesses need ethical decision-makers, says ACCA – ACCA urges the business world to focus more on its ethical responsibilities and on prioritising the recruitment of senior executives and financial staff with strong ethical compasses. A new ACCA report, ‘Risk and reward – tempering the pursuit of profit’ looks at where the financial system went wrong prior to the financial crisis, with a massive failure of ‘people risk’ being identified. (more info http://www.prlog.org/10714301-businesses-need-ethical-decision-makers-says-acca.html 3 Jun 10)

ORGANISATIONAL STRUCTURE OF INSTITUTE

New head of ACCA China - Ada Leung has been appointed head of ACCA China. Since joining ACCA in 1998, Ada has played a key role in the development of Hong Kong. She became head of strategy and development for China two years ago and has successfully led many projects to grow what is an important market for ACCA. In her new role, Ada will be responsible for the overall management of ACCA's offices in mainland China, including Beijing, Shanghai, Chengdu, Guangzhou and Shenzhen. (more info http://www.accaglobal.com/allnews/global/2010/NEWSQ2/News/3331148 3 Jun 10)

OTHER MARKET

INFORMATION

'Market in shortage of accountants' – Botswana – The ACCA welcomed 18 new members to its ranks, leaving the industry's demand far from satisfied. ACCA has only 350 members and 2,500 registered accountancy students at its affiliates while the required number to plug the acute shortage in the local market is 3,000. Welcoming the new members, the Accountant General, Emma Peloetletse, reiterated the severe shortage of accountants that continues to plaque Botswana. (more info http://www.mmegi.bw/index .php?sid=4&aid=2627&dir=2010/May/Friday28 28 May 10) ACCA SME Committee experts urge coalition government to establish recovery plan for small businesses - An influential committee of small business experts calls today for quick action to establish a recovery plan for the country’s 4.8m Small and Medium Sized Enterprises (SMEs). ACCA’s SME Committee is an independent forum of entrepreneurs, accounting practitioners, academic researchers, bankers and finance experts. Its membership includes the British Chambers of Commerce (BCC), the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB), the Forum of Private Business (FPB), the Institute of Directors (IoD) and the European Association of Craft, Small and Medium-sized Enterprises (UEAPME). (more info http://www.prlog.org/10704307-acca-sme-committee-experts-urge-coalition-government-to-establish-recovery-plan-for-small-businesses.html 28 May 10) Emergency Budget Plans “mostly positive for small firms” - Cuts in corporation tax, partly scrapping increases on employers’ National Insurance Contributions (NICs), and a new small firms’ loan guarantee scheme are among the changes that business groups expect in the new Government’s emergency Budget on 22 June. ACCA head of taxation, Chas Roy-Chowdhury, said that the emergency Budget was likely to be mostly good news for small firms. (more info http://www.is4profit.com/small-business-news/20100521-emergency-budget-plans-mostly-positive-for-small-firms.html 21 May 10) New EU presidency must not let opportunities slip by, warns ACCA – From July 1, the onus falls on Belgium to lead Europe through a period of change, says global accounting body 1 July 2010 will see Belgium begin its six-month stint as rotating president of the European Union’s Council. In order to see Europe through a period of change, says ACCA, the new presidency must realise the long-standing goal of a coherent EU voice: both at home and abroad. (more info http://pr.euractiv.com/press-release/new-eu-presidency-must-not-let-opportunities-slip-warns-acca-14642 21 May 10)

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RK Perry and Market Research Team 5

The future of UK GAAP: ACCA costs the change - ACCA publishes the first detailed comparison to date of the differences between UK Generally Accepted Accounting Standards (UK GAAP) and the International Financial Reporting Standard for Small and Medium-sized Enterprises (IFRS for SMEs). ACCA’s new report, entitled The new UK GAAP: how would the numbers look? explores the potential impact on reported profits of companies who currently use UK GAAP and will be affected by proposals issued by the UK Accounting Standards Board (ASB) in 2009. The report can be found at this link: http://www.accaglobal.com/pubs/general/activities/library/financial_reporting/other/tech-afb-nug.pdf (more info http://www.your-story.org/the-future-of-uk-gaap-acca-costs-the-change-195837/ 26 May 10) ACCA sets out 33 priorities for the new government - The new Conservative / Liberal Democrat coalition needs to work for the benefit of the economy and financial prosperity of the UK, says ACCA in a new report entitled “A blueprint for sustainable recovery”. The 33 new priorities look at tax, small businesses and financial regulation, as well the public sector and sustainability. Helen Brand, chief executive of ACCA, says: “The challenges facing the UK economy as the new Government and Parliament begin their work are significant and require a bold, sustainable response from the very beginning of the Parliament. This is a chance to recalibrate. New thinking is called for in these extraordinary times.” (more info http://www.pr-inside.com/acca-sets-out-33-priorities-for-r1892075.htm 14 May 10)

CIPFA (Chartered Institute of Public Finance Accountants) wwwwww..cciippffaa..oorrgg..uukk OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

Cut now – and it’s going to hurt’ ex-Swedish PM to tell CIPFA conference - The Government should start cutting public spending at once, according to Göran Persson, former Prime Minister of Sweden, who will be addressing the Annual Conference of CIPFA in Harrogate on Wednesday 9 June. Mr Persson, whose government tackled a large Swedish deficit in the 1990s, strongly recommends early action to avoid the market making the decisions. He also believes that the pain should be split between spending cuts and tax increases. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id=60926 3 Jun 10)

ORGANISATIONAL

STRUCTURE OF INSTITUTE

New CIPFA council unveiled – Four new members have been elected to the governing Council of CIPFA for 2010/11. Three of the new members have been elected for the first time, while the other is returning to the Council after a period of absence. The list of the new members includes: Angela Brown, an independent consultant and member of the Local Authority Accounting Panel and the CIPFA/LASAAC Board. Christina Earls, Review Manager at the Department for Work and Pensions, who has extensive experience on CIPFA panels and Andrew Burns, Director of Finance at Staffordshire County Council who is involved with the CIPFA/Society of County Treasurers financial leadership development programme and a member of CIPFA in the Midlands Regional Council. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id=60911 20 May 10)

OTHER MARKET INFORMATION

Chief Financial Officers expect job and service cuts CIPFA survey shows - Jobs and services are likely to be cut as part of the response to the continuing recession, according to public sector Chief Financial Officers (CFOs) consulted by CIPFA. CIPFA talked to 435 CFOs across the public sector in all parts of the UK. The survey is sponsored by Civica, a market leader in specialist software systems and outsourcing services. The most popular options for efficiency savings were redesign of services - providing the same services for less money, cutting back office functions and support staff, chopping senior management and reducing low priority services. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id=60925 3 Jun 10)

ICAEW (Institute of Chartered Accountants in England and Wales) wwwwww..iiccaaeeww..ccoo..uukk

STUDENTS Top students recognised in Prizegiving ceremony - Over 65 ACA students of ICAEW received prizes including seven international students from Cyprus and Singapore at a Prizegiving ceremony at Chartered Accountants’ Hall on Thursday 20 May. The ACA is an internationally recognised and highly respected finance and business qualification held by more than 134,000 professionals across the world. The ICAEW has over 150,000 students and members outside the UK - in over 160 countries. Mark Protherough, ICAEW Executive Director of Learning and Professional Development, said: “Congratulations to everyone who has received a prize today. The ACA qualification a high quality qualification that opens the door to a huge range of exciting career opportunities in every sector of business and finance, in the UK and internationally.” (more info http://www.icaew.com/index.cfm/route/172124/icaew_ga/en/Home/Press_and_policy/Press_releases/Top_students_recognised_in_Prizegiving_ceremony 21 May 10)

OTHER INSTITUTE

PRODUCTS, SERVICES, COURSES,

CONFERENCES & AWARDS

ICAEW launches student network in the Middle East - ICAEW, a leader in the accounting and finance professions, has launched a network for students in the Middle East. The network will support budding chartered accountants through events and exam support. ICAEW has around 800 members holding the renowned and internationally recognised ACA qualification and approximately 300 students in the Middle East. The student network aims to offer support to those studying to gain the qualification through technical seminars, practical examination advice and social networking to help them get the best possible start in their careers. (more info http://www.icaew.com/index.cfm/route/172239/icaew_ga/en/Home/Press_and_policy/ Press_releases/ICAEW_launches_student_network_in_the_Middle_East 27 May 10)

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ICAEW and DIAC host roundtable to debate UAE insolvency framework - On 28 April 2010, the Dubai International Arbitration Centre (DIAC), in collaboration with the ICAEW Middle East, held a roundtable discussion for key figures in the accountancy profession to discuss their experiences of the existing UAE insolvency framework and to provide key recommendations on how it could be improved. Entitled “Inspiring Business Confidence in the UAE through Effective Insolvency Systems”, the open dialogue was attended by Dr Hussam Talhuni, Director of DIAC; Nizar Sardast, adviser at Dubai Chamber; Amanda Line, regional director of ICAEW Middle East and representatives of local and international accountancy firms. (more info http://www.icaew.com/index.cfm/route/172146/icaew_ga/en/Home/Press_and_policy/Press_releases/ICAEW_and_DIAC_host_roundtable_to_debate_UAE_insolvency_framework 27 May 10)

Recovery takes hold across all regions and sectors as UK economy stabilises - There has been a broadening of confidence in more sectors and regions as economic recovery continues at a sluggish pace according to the latest ICAEW UK Business Confidence Monitor (BCM). Against a backdrop of political uncertainty in the run up and through the General Election campaign, it shows that UK companies are operating within their means and planning with what they already have, rather than taking on new risks. Key findings for Q2 2010 include:

- Business Confidence Index has stabilised at +25.5. It is dramatically higher than a year ago when it was -28.2

- Six in ten businesses (58%) are more confident about economic prospects over the next twelve months compared to the previous year. This compares to 19% twelve months earlier

- Capital investment to increase by 1.3% and staff numbers by 1.1% in the year ahead as firms remain cautious

- Confidence Index for the Manufacturing and Engineering sector at +30.1 and Property sector at +24.9 but falls in the Construction (+14.4) and Retail and Wholesale sectors (+20.8)

(more info http://www.icaew.com/index.cfm/route/171972/icaew_ga/en/Home/Press_and_policy/Press _releases/Recovery_takes_hold_across_all_regions_and_sectors_as_UK_economy_stabilises 17 May 10)

OTHER MARKET INFORMATION

Businesses told to prepare for public sector cuts - Companies who have contracts with the public sector are being urged to prepare for possible cuts by the ICAEW. With 6.2bn of spending reductions recently announced and further cuts expected in the forthcoming Budget and Spending Review, businesses need to be clear about their next steps, if the worse happens. Clive Lewis, Head of Enterprise at the ICAEW, said: “These cuts are inevitable and businesses will have to accept them. There are actions that can be taken though which can soften the blow and ensure that it will not mean that a company will go out of business. It is clear that there are some deep seated problems to address in the UK’s public finances and it is best to be prepared for this eventuality.” (more info http://www.icaew.com/index.cfm/route/172321/icaew_ga/en/Home/Press_and_policy /Press_releases/Businesses_told_to_prepare_for_public_sector_cuts 1 Jun 10)

Chartered accountants have a key role to play in Bahrain - Qualified chartered accountants can offer invaluable skills and expertise to help Bahrain recover from the economic downturn and achieve its Economic Vision 2030, according to Amanda Line, the Middle East Regional Director of ICAEW, a world leader of the accountancy and finance profession. This was one of the messages from Amanda Line to the high-profile finance professionals, representatives from the British Embassy in Manama as well as ICAEW members and students that attended a networking event organised by ICAEW at the British Ambassador’s Residence in Manama and hosted by Ambassador, Jamie Bowden. (more info http://www.icaew.com/index.cfm/route/ 172242/icaew_ga/en/Home/Press_and_policy/Press_releases/Chartered_accountants_have_a_key_role_to_play_in_Bahrain 27 May 10) New Government must address UK competitiveness says ICAEW - The Government has today announced £6bn of saving cuts in public spending. Commenting on the announcement, Michael Izza, Chief Executive of the ICAEW, said: “These cuts are inevitable and we have to accept them. It is clear that there are some deep seated problems to address in the UK’s public finances and we have this once in a lifetime opportunity to tackle them. We want to see meaningful reform in public sector finances through transparency, accountability and governance. This will lead to more effective delivery of public services and value for taxpayers’ money.’ (more info http://www.icaew.com/index.cfm/route/172241/icaew_ga/en/Home/Press_and_policy/Press_ releases/New_Government_must_address_UK_competitiveness_says_ICAEW 27 May 10)

ICAS (Institute of Chartered Accountants in Scotland) wwwwww..iiccaass..oorrgg..uukk NO INFORMATION AVAILABLE THIS MONTH

Chartered Accountants Ireland wwwwww..iiccaaii..iiee OTHER MARKET INFORMATION

NO INFORMATION AVAILABLE THIS MONTH

AAT (Association of Accounting Technicians) wwwwww..aaaatt..ccoo..uukk OTHER INSTITUTE PRODUCTS,

AAT celebrates Adult Learners’ Week - Adult Learners Week held on 15-21 May seeks to inspire people to see what learning could do for them, offering them the chance to catch up on skills they’ve missed out on in the past, or develop themselves for the future. It also wishes to recognise the achievements of many people out

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SERVICES, COURSES, CONFERENCES &

AWARDS

there who have returned to learning. Number of case studies including: ‘From actor to accountant’, ‘From the tills to an accountant’, ‘I got a better future for me and my son’ and ‘I had always wanted to be an accountant’. (more info http://www.aat.org.uk/pressandpolicy/pressreleases/ 15 May 10)

ORGANISATIONAL STRUCTURE OF

INSTITUTE

Hilary Lindsay named as new Vice President of the AAT - Hilary Lindsay, from Northampton has been named as the new Vice President of the AAT, the leading professional education and membership body for accounting staff. She was installed as Vice President at the Association’s AGM in Lincolnshire on Friday 21 May. Hilary’s year-long tenure will be followed by a further twelve months as the AAT’s 31st President. Both roles are voluntary and she will act as an ambassador, speaking at events – both within the UK and overseas - and promoting the benefits of professional education and training within the accountancy profession. (more info http://www.aat.org.uk/content/item99561/ 21 May 10) Neil Price becomes President of the AAT - Neil Price, a partner in Orkney-based Chartered Accountancy firm Orcadia, has been named as the President of the AAT, the leading professional education and membership body for accounting staff. He will be installed as President at the Association’s AGM in Lincolnshire on Friday 21 May. Neil’s will be the AAT’s President during its 30th anniversary year. The role is voluntary and he will act as an ambassador, speaking at events – both within the UK and overseas - and promoting the benefits of professional education and training within the accountancy profession. (more info http://www.aat.org.uk/content/ item99560/ 21 May 10)

CMI (Chartered Management Institute) wwwwww..mmaannaaggeerrss..oorrgg..uukk OTHER MARKET INFORMATION

Spending cuts open up opportunities for professional bodies to take lead on training - CMI has welcomed the opportunities that budget cuts in the education sector are set to provide in terms of professional training delivery. The cuts announced yesterday by the coalition Government, which include a £16 million reduction in the budget of the National College for Leadership of Schools and Children’s Services, will create a more competitive environment for professional training delivery, driving up both the quality of training on offer and, subsequently, the skills and competency of those receiving training. (more info http://www.managers. org.uk/news/spending-cuts-open-opportunities-professional-bodies-take-lead-training

25 May 10)

CMI urges immediate action by the new Government to shore up future of UK business - The new coalition Government must now spring into action to address the key issues facing business leaders, if the UK is to continue on the path to post recession recovery. That is the view of business leaders according to research by CMI into what type of support managers need most if they are to bring about recovery and growth. As the voice of managers in the UK, CMI is now calling on Government to take action on three specific areas to help support the UK’s business leaders: 1) Offer employers tax breaks to enable greater investment in skills 2) Give employers and learners greater control over funding for skills development and reduce the amount of bureaucracy surrounding access to funding streams 3) Recognise the need to develop management skills in young people, with the establishment of a national Youth Academy for Management (more info http://www.managers.org.uk/news/cmi-urges-immediate-action-new-government-shore-future-uk-business 13 May 10)

AMBA (Association of MBAs) http://www.mbaworld.com/ TUITION PROVIDERS & COLLEGES

Asia’s top ranked business school launches global BBA program with scholarship opportunities - The world has changed significantly over the past decade, and most of the world's challenges are truly problems without passports. Having a first degree is no longer sufficient for training tomorrow's managers and leaders to address these global issues. What is needed is a global mindset, and fostering that global mindset must start at the undergraduate level. S P Jain is one of Asia's top ranked Business Schools and is highly regarded for its MBA programs. With campuses in Dubai and Singapore and a new one being built in Sydney, it is fast gaining global recognition. S P Jain has been bestowed with the gold standard in MBA accreditation by the Association of MBAs (AMBA), UK and is also registered as an Institute of Higher Learning by the Dept of Education and Training NSW, Australia. The degrees at the end of the program undertaken by students enrolled in S P Jain's MBA and BBA programs would be an Australian degree. S P Jain Center of Management has been ranked the #1 institution of Higher Learning in the UAE by A C Nielsen. (more info http://www.digitaljournal.com/pr/25726 4 May 10)

OTHER MARKET INFORMATION

New Zealand editorial article - MBAs Are they worth it? - What is it about a Master of Business Administration (MBA) degree that attracts such an ambivalent global reaction to its worth? Those who sweat the usually demanding programme call the experience “life changing”; NZ employers seem unconvinced. By Reg Birchfield. (more info http://www.management.co.nz/Editorial.asp?eID=51199&Wcat=102

15 May 10)

Market Information on US Accountancy Bodies AICPA (American Institute of Certified Public Accountants) wwwwww..aaiiccppaa..oorrgg

CFA (Chartered Financial Analysts Institute - US) wwwwww..ccffaaiinnssttiittuuttee..oorrgg

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IIMMAA ((IInnssttiittuuttee ooff MMaannaaggeemmeenntt AAccccoouunnttaannttss -- UUSS)) wwwwww..iimmaanneett..oorrgg

TUITION PROVIDERS & COLLEGES

CFA Institute Welcomes the Schulich School of Business as a CFA Program Partner - Days after over 11,000 Canadian sit for their CFA exams, the Schulich School of Business, CFA Institute and Toronto CFA Society unite to celebrate their partnership at an official signing ceremony. Peter Jarvis, CFA, executive director for Toronto CFA Society said, "We are delighted to work with such a prominent leader in financial education and pleased to welcome the Schulich School of Business as a partner school." The Schulich School of Business joins the distinguished 118 CFA Partner institutions around the world. (more info http://www.newswire.ca/en/r eleases/archive/June2010/07/c2718.html 7 Jun 10) Cass Business School, London Becomes CFA Program Partner - Cass Business School has joined a network of top global business schools by becoming a CFA Program Partner. The partnership is official recognition of the relevance of the School’s finance MSc programs to the financial services industry, and as rigorous preparation for the CFA exam. (more info https://www.cfainstitute.org/about/press/release/Pages/ 05102010_29999.aspx 10 May 10)

QUALIFICATION,

EXAMS & PASS RATES

CFA enrolment breaks last year’s record with 9% increase (Asia Pacific applicants increase 12%) - As the global economy struggles against mounting national debts and economic woes, 139,900 candidates from 160 countries—9% more than last year—enrolled for the chartered financial analyst exam this month, the CFA Institute announced. But while the number of CFA candidates is up worldwide, the United States had the poorest showing, increasing at a rate of only 3% compared to top-rated India, which grew at a rate of 39% this year. Still, the United State has more CFA candidates this month than any other country, with 38,200, versus 11,800 from India. Asia Pacific continues to be the largest source of candidates, accounting for 40% of the total, followed by 37% from the Americas, and 23% from Europe, the Middle East, and Africa. Asia Pacific, which includes China, India, Korea, and Australia, also led the worldwide growth, with a 12% increase in the number of candidates. (more info http://www.investmentadvisor.com/News/2010/6/Pages/CFA-Enrollment-Breaks-Last-Years-Record-With-9-Increase.aspx 6 Feb 10)

OTHER INSTITUTE

PRODUCTS, SERVICES, COURSES,

CONFERENCES & AWARDS

Ethics debate opens CFA conference - Early attendance paid off for those at the CFA Institute's Annual Conference, as the opening session on Sunday night included insights from A to Z, literally, as Dan Ariely and Jason Zweig shared the stage in Boston. Ariely, author of Predictably Irrational and the James B. Duke Professor of Behavioral Economics at Duke University shared his insights into human irrationality and its affect on the markets, but he also took financial professionals to task for allowing conflicts of interest to flourish in the industry. (more info http://www.advisor.ca/advisors/news/industrynews/article.jsp?content=20100517_ 100937_12112 17 May 10) New My CFA dashboard - My CFA is an exclusive online member experience that gives you complete access to the information and resources critical for your career. Simply set your preferences — by topic, format, and region — and the materials you need are delivered to your My CFA dashboard. (more info https://www.cfainstitute.org/about/membership/benefits/Pages/my_cfa_benefits.aspx May 10)

Market Information on Canadian Accountancy Bodies CMA (Certified Management Accountants Canada) wwwwww..ccmmaa--ccaannaaddaa..oorrgg

CCIICCAA ((Canadian Institute of Chartered Accountants) hhttttpp::////wwwwww..cciiccaa..ccaa CCGGAA ((CCeerrttiiffiieedd GGeenneerraall AAccccoouunnttaannttss AAssssoocciiaattiioonn ooff CCaannaaddaa)) hhttttpp::////wwwwww..ccggaa--oonnlliinnee..oorrgg//ccaannaaddaa

NO INFORMATION AVAILABLE THIS MONTH

Market Information on Indian Accountancy Bodies ICWAI (Institute of Cost & Works Accountants of India) http://myicwai.com/home.asp

ICFAI (The Institute of Chartered Financial Analysts of India) www.icfai.org/ ICAI (Institute of Chartered Accountants India) http://www.icai.org/icairoot/index.jsp

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

Press Conference organized by the Institute during the visit of delegation from International Federation of Accountants (IFAC) to India - ICAI organized a Press Conference at ICAI Bhawan, Indraparastha Marg, New Delhi. It was addressed by Mr Robert Bunting, President, International Federation of Accountants (IFAC),Mr Ian Ball, Chief Executive Officer, IFAC and Mr Matthew Bohun, Technical Manager, Governance and Operations.From the institute CA.Amarjit Chopra, President, ICAI, CA.G.Ramaswamy, Vice President, ICAI and Shri T.Karthikeyan, Secretary, ICAI were present. Addressing the media CA. Amarjit Chopra, President ICAI briefed that ICAI has bid for hosting the 19th World Congress of Accountants(WCOA), also called the Olympics of the World’s Accountants, in the year 2014 in Hyderabad, India. He stated that the prime objective of the visit of IFAC delegation was to assess the proposal of ICAI for hosting WCOA. He stated that IFAC delegation was deeply impressed with the facilities available at Hyderabad and had also met Hon’ble Governor of Andhra Pradesh, Chief Secretary and Home Secretary, Govt. of Andhra Pradesh in this regard. The President was hopeful that ICAI would get a chance to host WCOA in 2014 which would be decided by IFAC after evaluation of proposals received from other member bodies. (more info http://www.icai.org/post.html?post_id =5873&c_id=238 11 May 10)

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OTHER MARKET INFORMAION

ICSI, ICWAI sign MoUs with MCX Stock Exchange - MCX Stock Exchange (MCX-SX), India’s new stock exchange, has signed up with India’s two premier professional institutions — Institute of Company Secretaries of India (ICSI) and ICWAI — to jointly promote the cause of financial literacy and corporate governance. MCX-SX signed the MoUs with ICSI and ICWAI at a programme on Corporate, Social and Environmental Governance, which was jointly conducted by MCX-SX and the Ministry of Corporate Affairs (MCA) in Kolkata on May 7, 2010. (more info http://www.indiainfoline.com/Markets/News/ICSI-ICWAI-sign-MoUs-with-MCX-Stock-Exchange/4838833846 13 May 10)

Market Information on Pakistan Accountancy Bodies ICAP (Institute of Chartered Accountants of Pakistan) http://www.icap.org.pk/web/index.php

ICMAP (Institute of Cost and Management Accountants of Pakistan) http://www.icmap.com.pk/

OTHER MARKET INFORMATION

Ufone, ICAP sign MoU - Ufone one of the leading cellular providers in Pakistan recently signed a Memorandum of Understanding with ICAP where members of the Institute will be provided special rates on BlackBerry and postpaid services by Ufone. This is indeed a step towards the right direction as all ICAP members will have the privilege to remain in touch at all times with Ufone’s pocket friendly postpaid packages alongside a wide network coverage in 10,000+ locations across all major highways of Pakistan. Ufone currently caters for International Roaming to more than 282 live operators in more than 157 countries. Ufone also offers Pakistan’s largest GPRS & BlackBerry Roaming coverage available with more than 185 Live Operators across 111 countries. (more info http://pakobserver.net/detailnews.asp?id=34730 8 Jun 10) Microsoft to offer ICAP discount - Members and students of ICAP will get discounts on all Microsoft software, a press release said on Saturday. Mushko Electronics, which is a Microsoft Certified Gold Partner, will offer discounts on Windows 7 Pro, Word 2007, Excel 2007, PPT 2007, Office Professional Plus 2007 and Media Kit original. ICAP has signed a memorandum of understanding with Mushko in this regard. (more info http://www.thenews.com.pk/print1.asp?id=239434 16 May 10)

Market Information on Chinese Accountancy Bodies Chinese Institute of Certified Public Accountants (CICPA) http://www.cicpa.org.cn/

NO INFORMATION AVAILABLE THIS MONTH

Market Information on South Africa Accountancy Bodies SAICA (South African Institute of Chartered Accountants wwwwww..ssaaiiccaa..ccoo..zzaa SSooccaamm ((SSoocciieettyy ooff AAccccoouunnttaannttss iinn MMaallaawwii)) ICAZ (Institute of Chartered Accountants of Zimbabwe) hhttttpp::////wwwwww..iiccaazz..oorrgg..zzww//

SAIPA (South African Institute of Professional Accountants) http://www.saipa.co.za/ ZICA (Zambia Institute of Chartered Accountants) http://www.zica.co.zm/ AAT(SA) (partnership) http://www.aatsa.org.za/

QUALIFICATION, EXAMS & PASS

RATES

Pass rate down for aspiring accountants - A decline in the pass rate in this year’s qualifying examination for chartered accountants was largely due to changes in the tertiary education landscape, an expert in professional development said yesterday. The results of part one of the qualifying examination for chartered accountants, which were released by SAICA, reflected a 51% pass rate compared to last year’s 58%. Mandi Olivier, SAICAs senior executive for professional development, said: “While the declining pass rate may seem negative, it is a reflection of a number of factors including the significant decrease in the number of first-time candidates from distance-learning universities, which is offset by a slight increase in first-time candidates from full-time residential universities.” (more info http://www.businessday.co.za/articles/Content.aspx?id=110510 1 Jun 10) High pass rate for black CA students in first exam – The University of Fort Hare (UFH) scored an impressive 89 percent pass rate in the recent chartered accountants qualifying exam 1 (QE1) — the second highest pass rate in the country. Seventeen of the 19 candidates passed, just four years after the university was first accredited by SAICA. Back in 2008, only nine students wrote the exam, seven of whom passed. The exam is the first of two “board” exams candidates must pass before they qualify as chartered accountants. (more info http://www.dispatch.co.za/article.aspx?id=406311 2 Jun 10)

Market Information on Singapore Accountancy Bodies ICPAS (Institute of Certified Public Accountants of Singapore) wwwwww..aaccccoouunnttaannttss..oorrgg..ssgg NO INFORMATION AVAILABLE THIS MONTH

Market Information on Sri Lanka Accountancy Bodies ICASL (Institute of Chartered Accountants in Sri Lanka) wwwwww..iiccaassrriillaannkkaa..ccoomm

AATSL (Association of Accounting Technicians of Sri Lanka) http://www.aatsl.lk

OTHER MARKET Poverty no bar to becoming brilliant student: ICASL President - Everybody needs to manage their finances and thus accountancy is important for everybody, was the advice given by P M Katipearachchi, a student from

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INFORMATION Mahinda Vidyalaya, Galle who topped the All Island Commerce Stream at the GCE Advanced Level. He was among the top 10 to receive scholarships from the ICASL in Colombo last week. He said that accountants perform a value addition role by properly managing finances. He said that by becoming an accountant the person could become a leader in the country and urged all the scholarship winners to become Chartered Accountants so that they could serve the country as leaders and to manage country's finances towards development. (more info http://www.sundaytimes.lk/100516/BusinessTimes/bt51.html 16 May 10)

Market Information on Malaysian Accountancy Bodies MICPA (Malaysian Institute of Certified Public Accountants) wwwwww..mmiiccppaa..ccoomm..mmyy

((MMIIAA)) MMaallaayyssiiaann IInnssttiittuuttee ooff AAccccoouunnttaannttss http://www.mia.org.my/mia/

NO INFORMATION AVAILABLE THIS MONTH

Market Information on Hong Kong Accountancy Bodies HKICPA (Hong Kong Institute of Certified Accountants) wwwwww..hhkkiiccppaa..oorrgg..hhkkgg

HKIAAT (The Hong Kong Institute of Accredited Accounting Technicians) wwwwww..hhkkiiaaaatt..oorrgg

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

New CPA brand campaigns - As part of a request from our small- and medium-size practitioners, we have started a campaign urging SMEs to use "real" certified public accountants instead of accounting agents. The campaign began with an article in A Plus magazine, which will be translated and turned into a reprint that SMPs can send to clients and potential clients, warning them against using accounting agents. The campaign will continue with radio programming this summer along with print advertising. (more info http://app1.hkicpa.org.hk/correspondence/mail_2010-06-02/mail.php 4 Jun 10) HKICPA Investment projects – Update on where they currently stand. Technical training and support service for members - We have invested in building up our in-house training team. A look at our website will show you that we've launched a comprehensive and structured training programme for members on all three areas of our core professional standards – financial reporting, auditing and ethics. The update evenings, seminars and workshops are also offered at heavily discounted prices at the rate of $60 per hour (half the usual rate of $120 per hour) to help you with your CPD in these important areas Thought leadership -

Training academy - The academy project started with the online competency development tool (CDT) introduced in January. This helps members chart their career paths and make the most of educational resources available in 18 career streams. The tool costs $190 for a year's subscription and is useful for members at all stages of their careers. You may register via the Institute’s website or call our professional development department for information.Our library is becoming "virtual" bit by bit and from the present through 2011, we are working on improving online library facilities.

Audit quality is a topic very close to the core of our business and very often misunderstood by companies, investors, regulators and other stakeholders. We have chosen "audit quality" as our first thought-leadership project under our enhanced research initiative. You will find two publications being launched by the Institute this week: "Audit quality" is a general introduction to the topic, and "Audit quality and audit committees" will explain the link between the two. These are the first of a series of publications and events from the Institute to involve our stakeholders in discussions on audit quality and how audit quality is the very root of the integrity of Hong Kong's financial markets

Enhanced QP - The QP has been reviewed to take into account professional and business developments from around the world. The enhanced QP, benchmarked against the top qualification programmes in other leading financial centres, and its accompanying new QP study manual and materials will be introduced in September 2010. We're also planning on harnessing technology to make our qualification process more efficient, with e-testing, online examination setting and e-marking. QP in China -We have created and refined a blueprint of how we will offer the QP in the mainland, by determining how we accredit mainland universities and to groom facilitators for workshops in mainland cities. We are also planning to expand the pool of authorized employers and supervisors in the Mainland to train QP students within their organizations under our practical experience guidelines. Our presence in China is aimed at strengthening our brand position, while allowing us to provide more services to all our members. (more info http://app1.hkicpa.org.hk/correspondence/mail_2010-06-02/mail.php 4 Jun 10)

OTHER MARKET

INFORMATION

LSBF have just set up an office in Hong Kong – CIMA has a meeting with them next week. LSBF Hong Kong 19/Floor, Lippo Centre Tower 2 89 Queensway, Admiralty, Hong Kong, , Tel : +852 2918 8754 Fax : +852 2918 9808 Web : www.lsbf.org.uk (info from Damian Yip/Ray Perry 11 Jun 10)

Market Information on Australian Accountancy Bodies CPA Australia (Certified Practising Accountants - Australia) wwwwww..ccppaaaauussttrraalliiaa..ccoomm..aauu))

ICAA (Institute of Chartered Accountants in Australia) wwwwww..iiccaaaa..oorrgg..aauu

EMPLOYERS, TRAINING SCHEMES

& RECRUITMENT

Vote for top graduate employer - A new graduate survey has been launched in Singapore to find the nation's top graduate employers. Singaporean students and graduates - both home and abroad - are to be polled over the next five months for Singapore's 100 Leading Graduate Employers 2010 survey. Organised by GTI media and its strategic partner CPA Australia, the exercise will culminate in an inaugural awards ceremony to be held on Nov 1 at the InterContinental Hotel. The awards night is slated to celebrate and recognise both the strength

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of employer brands on campus and excellence in graduate recruitment. (more info http://news.asiaone.com/ News/Education/Story/A1Story20100527-218734.html 28 May 10)

OTHER INSTITUTE PRODUCTS, SERVICES,

COURSES, CONFERENCES & AWARDS

CPA Australia advertising activity in Hong Kong - ads in subway stations, online banners (see attached) in yahoo webpage (majority in HK serves yahoo instead of google), popular forums etc. They also invest heavily on TV commercials; instead of showing just 1 slide like ACCA, they had an approx. 30 sec commercial showing in the most popular English channel since May 2010. (info from Scott Lee 2 Jun 10)

OTHER MARKET INFORMATION

Is perception worse than reality for SME lending - Federal Small Business Minister Craig Emerson believes that the perception of SME lending is far worse than the reality of the market situation. Speaking at a roundtable organised by CPA Australia and attended by numerous small business and banking industry leaders, Minister Emerson said that finding solutions to squeeze on SME lending were difficult. The Small Business Minister went on to say that the Government will focus on encouraging competition in the banking sector to improve access to small business finance, but has ruled out introducing a specific Government guarantee for SME loans. The roundtable examined a number of possible solutions to the funding squeeze, including the establishment of a Government-backed bank to lend specifically to small businesses. (more info http://dnbsmallbusiness.com.au/ News/Is_perception_worse_than_reality_for_SME_lending/indexdl_6190.aspx 21 May 10) Article picked up by Aubrey Joachim in respect to the growth of Islamic Finance in Australia and the governments positive stance - Australia is surrounded by large rich Islamic countries - Indonesia, Malaysia, Brunei etc who are looking to deal in Islamic Finance products and this is a good opportunity to exploit this product as well. Austrade's Islamic Finance; a landmark publication - In February, Australia's Trade Minister, The Hon. Simon Crean MP, launched the Australian Government's first ever comprehensive publication on Islamic finance. Produced by Austrade, the booklet Islamic Finance provides a detailed explanation of the many opportunities that Shariah compliant investment and banking offers to Australia's financial services sector. Australia is well positioned to service almost one billion Muslims who live in the Asia-Pacific region and to tap into petrodollar liquidity. (info from Aubrey Joachim/Ray Perry 19 May 10) (See attached) CMA Australia opening an office in Hong Kong – News that CMA Australia is now opening an office in Hong Kong. They have branches in China, Macau, Delhi, Mumbai, Jakarta, Bandung, Lebanon, Malaysia, Papua New Guinea, Phillipines, Sri Lanka, EU, UAE and Africa . The Hong Kong Chief Executive is a ex-employee (left about 3 years ago) of HKUSPACE (CIMA’s current exam centre). (info from Damian Yip, Ray Perry 11 Jun 10)

Other Market Information

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Management Accountants are a named category on latest list of occupations in demand for migration in Australia

Management Accountants are a named category on latest list of occupations in demand for migration in Australia - For the first time, Management Accountants are a named category (221112 on page 1 of the attached listing). Foreign accounting students currently studying in Australia and seeking to obtain Australian PR are acutely aware of this and therefore CIMA have a significant opportunity to target this market segment. There have been inquiries from Chinese students in particular. I strongly suggest that a proactive campaign be launched to grow this market. It should also be noted that other categories of accountants (Tax etc) are required and therefore you can be sure that our competitors will also consider the opportunities. (info from Aubrey Joachim/Ray Perry 19 May 10)

Deloitte to boost graduate intake

Deloitte to boost graduate intake - Big Four firm Deloitte has said it plans to recruit in excess of 1,100 graduates over the next 12 months. Managing partner for talent at Deloitte John Kerr, said: 'In addition to bringing in new talent through recent transactions, we plan to recruit in excess of 1,100 graduates within the next 12 months, and also expect to hire a substantial number of highly skilled, experienced people from other organisations who will enable us to offer a greater breadth and depth of advice and services to our clients.' (more info http://www.passmagazine.com/ 1 Jun 10)

Jobs for accountants on the rise

Jobs for accountants on the rise - Demand for accountancy professionals rose above usual seasonal changes during the first quarter of this year, according to the latest statistics from recruitment specialists Robert Walters. Robert Walters' market update report shows that while SMEs were most active in the market in 2009, there is now an increase in recruitment activity in all areas. Media, natural resources, manufacturing, pharmaceuticals, property and retail sectors reported significant increases in vacancies and some firms had multiple vacancies, which was rare last year. (more info http://www.passmagazine.com/ 26 May 10)

BPP students come first worldwide

BPP students come first worldwide - BPP students celebrated success, as 10 of them scooped the best marks worldwide across the CIMA exams, while an ACCA student also came joint first internationally. Michelle McGregor came first in the world for the P9 CIMA exam and at strategic level, while overall 27 BPP CIMA students achieved marks that ranked them in the top 10 worldwide. ACCA student, Sally Willard, came joint first in the world in her 2009 Professional level papers and won BPP's Fiona Boyle award for outstanding achievement. (more info http://www.passmagazine.com/ 26 May 10)

Connolly to step down

Connolly to step down - After a decade at the helm Deloitte’s top man John Connolly is stepping down. The plan is that he steps down in May 2011 after three terms as UK senior partner and CEO. Deloitte’s 700 partners will be voting on the successor in the next six months. Interestingly, however ’candidates’ aren’t allowed to travel around the offices drumming up support. Under Connolly partners’ profits have jumped 300% to a £883,000 average in 2009. His own salary topped £5 million last year, that’s 35 times more than the Prime Minister for those following the current debate about what public sector employees receive! (more info http://www.pqaccountant.com/pmag-FFFF00500180018B02171957.html 4 Jun 10)

ICAEW's Heiden joins Stock Exchange as non-exec

ICAEW's Heiden joins Stock Exchange as non-exec - Changes to the London Stock Exchange's board have seen ICAEW member Paul Heiden, and Gay Huey Evans, join as non-executive directors. Heiden is a former CEO of engineering group FKI, and prior to that group finance director of Rolls Royce. (more info http://www.accountancyage.com/accountancyage/news/2264147/icaew-heiden-joins-stock 4 Jun 10)

Demand for accountants with 5 years’ PQE

Demand for accountants with 5 years’ PQE - The job market for accountants in practice with between three and five years’ post-qualification experience has noticeably perked up, a leading finance recruiter has revealed. Addressing the first CCH annual conference yesterday, Kathryn Swan, head of Hays’ London public practice division, said: ‘A significant group of people with about five years of experience have a very significant opportunity. This is different from even eight weeks ago.’ (more info http://www.accountancymagazine.com/ croner/jsp/Editorial.do?contentId=1572415&BV_SessionID=@@@@0746884844.1276016046@@@@&BV_EngineID=ccceadekimhlihfcflgceggdfnfdgfg.0&channelId=-305036 26 May 10)

Business Process Outsourcing (BPO) India's KPO mkt may grow 25-30% annually till 2013: Gartner - India's Knowledge Process Outsourcing

(KPO) market is forecast to grow by 25-30 per cent annually till 2013, driven by rising demand for professional services, global research firm Gartner said. The emerging KPO space, which constitutes a small part of the overall business process outsourcing (BPO) sector, is estimated to have a market size of $50-70 million at present. "India's KPO market is presently estimated to be $50-70 million in size. It is forecast to see a compounded annual growth rate of 25-30 per cent through 2013 and coming from a smaller base, the growth is higher," Gartner Research Director (Technology & Service Provider Research) Tervinderjit Singh said. (more info http://www.hindustantimes.com/India-s-KPO-mkt-may-grow-25-30-annually-till-2013-Gartner/Article1-553867.aspx 6 Jun 10) Kenya urged to exploit BPO industry - Kenya should capitalise on the opportunities that are bound to be created following the ongoing economic crisis in the developed world to grow its Business Process Outsourcing (BPO) industry. NetApp Area Director for Middle East, Africa and Pakistan Martyn Molnar said with the debt stricken Europe and with America trying to recover from the global financial crisis, many companies will be looking to outsource their businesses as a way of cutting their costs. (more info http://www.capitalfm.co.ke /business/Kenyabusiness/Kenya-urged-to-exploit-BPO-industry-4239.html

25 May 10)

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RK Perry and Market Research Team 13

Tap SMEs for BPO opportunities: NASSCOM - SME sector poses good opportunity for Indian companies in the area of IT services, BPO and engineering services, says a report by NASSCOM. “There is a huge demand in the SME sector that has largely remained untapped, and verticals like Automobile, Manufacturing, and Logistics have emerged as quick-win opportunities for Indian companies,” said Sankar, executive director, PreicewaterhouseCoopers. The National Association of Software and Services Companies, NASSCOM, announced the report ‘Opportunities for Indian IT – BPO industry in Germanic countries’, in association with consulting firm PricewaterhouseCoopers. (more info http://www.ciol.com/SMB/SMB/News-Reports/Tap-SMEs-for-BPO-opportunities-NASSCOM/136688/0/ 25 May 10) IT-BPO revenues from Germany, Switzerland, Austria may grow to $10 bn by 2020 - Indian IT and BPO sectors may get almost $10 billion from Germany, Switzerland and Austria by 2020, up from the $2.6 billion they earn from this region across the IT, BPO and engineering services space, against the addressable market size of more than $53 billion. Business from this region, which is the largest market in Europe, has the potential to grow so much, provided Indian companies take the strategic and tactical steps required to succeed in this market, according to the latest report by Nasscom and consulting firm PricewaterhouseCoopers. (more info http://www.business-standard.com/india/news/it-bpo-revenuesgermany-switzerland-austria-may-grow-to-10-bn-by-2020/395535/ 20 May 10) Mahindra Satyam BPO renews contract with GSK for 5 yrs - Mahindra Satyam, the new brand identity of Satyam Computer Services, a leading global consulting and IT services provider, announced today that its business process outsourcing arm Mahindra Satyam (Q,N,C,F)* BPO has renewed its existing contract for a further period of five years with its customer, GlaxoSmithKline (GSK), one of the world`s leading research-based pharmaceutical and healthcare companies. (more info http://www.myiris.com/newsCentre/story Show.php?fileR=20100520162452707&secID=fromnewsroom&secTitle=From%20the%20News%20Room&dir=2010/05/20 20 May 10) CMS Cameron McKenna signs record-breaking outsourcing agreement with knowledge solutions firm Integreon to provide services valued at £583 Million – Integreon, the global provider of research, legal and professional business solutions, today announced that CMS Cameron McKenna LLP, UK member firm of CMS, the leading European provider of legal and tax services, has signed a 10-year agreement with the company for outsourced Middle Office services. This includes substantial portions of accounting and finance, human resources and training, marketing and communications, learning and development, library and information services, research, information technology, facilities and other services. The total value of services addressed by this agreement is £583 million, the legal industry’s largest outsourcing agreement ever. (more info http://www.integreon.com/news-resources/press-releases/2010/cms-cameron-mckenna-signs-record-breaking-outsourcing-agreement.html 14 May 10) IAOP expands in Middle East with launch of Jordan chapter - The International Association of Outsourcing Professionals continues to expand in the Middle East and North Africa with the launch of its Jordan Chapter that will hold a kick off meeting in Amman on May 31. The new chapter is chaired by Information Technology Association of Jordan, an industry-support association for Jordan’s ICT sector founded in 2000 that is building on the nation’s core asset of highly educated and skilled human resources to establish Jordan as a leading regional ICT hub and an internationally recognized exporter of ICT products and services. (more info http://www.outsourcingprofessional.org/content/23/196/2052/ 26 May 10) IAOP’s certified outsourcing professional program gets its first government approval from Malaysia - The International Association of Outsourcing Professionals, Certified Outsourcing Professional® (COP) program has received its first government endorsement from Malaysia as an approved training program to build the nation’s ranks of knowledge-enabled professionals. The COP program -- which distinguishes professionals as leaders in outsourcing – is the first senior management program the Malaysia government has given its endorsement to. The federal government of Malaysia has approved the COP program for inclusion into its Capability & Capacity Development initiatives under the auspices of the Ministry for Science, Technology & Innovation. (more info http://www.outsourcingprofessional.org/content/23/196/2051/ 26 May 10)

Sovereign Wealth Funds (SWFs)

CHINA INVESTMENT CORPORATION

Penn West Energy Trust forms joint venture with China Investment Corporation – (more info http://www.tradingmarkets.com/news/stock-alert/pwe_penn-west-energy-trust-forms-joint-venture-with-china-investment-corporation-966186.html 4 Jun 10) China's Government invests in US companies through CIC – (more info http://www.huliq.com/9990/china-government-invests-us-companies-through-cic 27 May 10) Greek crisis not to affect China's overseas investment – (more info http://news.xinhuanet.com/english2010/indepth/2010-05/27/c_13319105.htm 27 May 10) CIC welcomes new members in senior management group – (more info http://business.globaltimes.cn/industries/2010-05/534267.html 21 May 10) Logistics hub sees Goodman stamp its mark on China

MCR-May10 FINAL

RK Perry and Market Research Team 14

(more info http://www.theaustralian.com.au/business/property/logistics-hub-sees-goodman-stamp-its-mark-on-china/story-e6frg9gx-1225868876060 20 May 10)

KUWAIT INVESTMENT AUTHORITY

Kuwait Wealth Fund Says No Change in Europe Strategy – (more info http://www.businessweek.com/news/2010-05-27/kuwait-wealth-fund-says-no-change-in-europe-strategy-update1-.html 27 May 10) Kuwait parliament approves privatisation bill – (more info http://business.maktoob.com/20090000468962/Kuwait_parliament_approves _privatisation_bill/Article.htm 12 May 10)

DUBAI HOLDING Dubai Holding unit mulls asset sales after 2009 loss – (more info http://www.forexyard.com/en/news/Dubai-Holding-unit-mulls-asset-sales-after-2009-loss-2010-06-01T121957Z-UPDATE-3 3 Jun 10) Investment Corp of Dubai CFO to step down – (more info http://www.arabianbusiness.com/588737-investment-corp-of-dubai-cfo-to-step-down 21 May 10)

QATAR INVESTMENT AUTHORITY

Qatar fund to buy Citi shares – (more info http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_531557.html 26 May 10) Qatar keen to pump in RM16bil in investments in Malaysia – (more info http://thestar.com.my/news/story.asp?file=/2010/5/15/nation/6270702&sec=nation 15 May 10)

SINGAPORE TEMASEK HOLDINGS

Temasek Cares receives S$70m endowment from Temasek Holdings – (more info http://www.channelnewsasia.com/stories/singaporelocalnews/view/1061087/1/.html 4 Jun 10) Temasek Names Hsieh as President - (more info http://online.wsj.com/article/SB10001424052748704113504575263733348690868.html? mod=wsj_india_main 25 May 10) Temasek buys $45m Freeport stake in efforts to diversify – (more info http://business.asiaone.com/Business/News/Story/A1Story20100518-216837.html 18 May 10)

OTHER MARKET INFORMATION

UAE tops GCC in global SWFs ranking – (more info http://www.business24-7.ae/banking-finance/finance/uae-tops-gcc-in-global-swfs-ranking-2010-06-06-1.251982 6 Jun 10) Prudential's bid for AIA collapses as hopes for Asia are left wrecked – (more info http://www.telegraph.co.uk/finance/newsbysector/epic/pru/7795898/Prudentials-bid-for-AIA-collapses-as-hopes-for-Asia-are-left-wrecked.html 2 Jun 10) Mideast sovereign funds eye China's AgBank IPO – (more info http://www.reuters.com/article/idUSTRE64U00V20100531 30 May 10) Egypt would welcome SWF investments from GCC and China – (more info http://www.tradingmarkets.com/news/stock-alert/sovw_egypt-would-welcome-swf-investments-from-gcc-and-china-955273.html 30 May 10)

New List of Skilled Occupations Intended to Replace the Current Skilled Occupation List

It is intended that this list of occupations will form the new Skilled Occupation List, proposed to come into effect from 1 July 2010. The Minister for Immigration and Citizenship will be recommending that the Governor-General in Council make amendments to the Migration Regulations 1994 to give effect to the framework in which this new list would be applied.

ANZSCO Code Corresponding occupation 133111 Construction project manager 133112 Project builder 133211 Engineering manager 134111 Child Care centre manager 134211 Medical administrator 134212 Nursing clinical director 134213 Primary health organisation manager 134214 Welfare centre manager 221111 Accountant (general) 221112 Management accountant 221113 Taxation accountant 221213 External auditor 221214 Internal auditor 224111 Actuary 224511 Land economist 224512 Valuer 231212 Ship's engineer 231213 Ship's master 231214 Ship's officer 232111 Architect 232112 Landscape architect 232211 Cartographer 232212 Surveyor 232611 Urban and regional planner 233111 Chemical engineer 233112 Materials engineer 233211 Civil engineer 233212 Geotechnical engineer 233213 Quantity surveyor 233214 Structural engineer 233215 Transport engineer 233311 Electrical engineer 233411 Electronics engineer 233511 Industrial engineer 233512 Mechanical engineer 233513 Production or plant engineer 233611 Mining engineer (excluding petroleum)

233612 Petroleum engineer 233911 Aeronautical engineer 233912 Agricultural engineer 233913 Biomedical engineer 233914 Engineering technologist 233915 Environmental engineer 233916 Naval architect 234111 Agricultural consultant 234112 Agricultural scientist 234113 Forester 234211 Chemist 234611 Medical laboratory scientist 234711 Veterinarian 241111 Early childhood (pre-primary school) teacher 241411 Secondary school teacher 241511 Special needs teacher 241512 Teacher of the hearing impaired 241513 Teacher of the sight impaired 241599 Special education teachers nec 251211 Medical diagnostic radiographer 251212 Medical radiation therapist 251213 Nuclear medicine technologist 251214 Sonographer 251411 Optometrist 251412 Orthoptist 252111 Chiropractor 252112 Osteopath 252311 Dental specialist 252312 Dentist 252411 Occupational therapist 252511 Physiotherapist 252611 Podiatrist 252711 Audiologist 252712 Speech pathologist 253111 General medical practitioner 253211 Anaesthetist 253311 Specialist physician 253312 Cardiologist 253313 Clinical haematologist 253314 Clinical oncologist 253315 Endocrinologist 253316 Gastroenterologist 253317 Intensive care specialist 253318 Neurologist 253321 Paediatrician 253322 Renal medicine specialist 253323 Rheumatologist 253324 Thoracic medicine specialist 253399 Internal medicine specialist nec 253411 Psychiatrist 253511 Surgeon (general)

253512 Cardiothoracic surgeon 253513 Neurosurgeon 253514 Orthopaedic surgeon 253515 Otorhinolaryngologist 253516 Paediatric surgeon 253517 Plastic and reconstructive surgeon 253518 Urologist 253521 Vascular surgeon 253911 Dermatologist 253912 Emergency medicine specialist 253913 Obstetrician and Gynaecologist 253914 Ophthalmologist 253915 Pathologist 253916 Radiologist 253999 Medical practitioners nec 254111 Midwife 254411 Nurse Practitioner 254412 Registered nurse (aged care) 254413 Registered nurse (Child and Family Health) 254414 Registered nurse (community health) 254415 Registered nurse (critical care and emergency) 254416 Registered nurse (development disability) 254417 Registered nurse (disability and rehabilitation) 254418 Registered nurse (medical) 254421 Registered nurse (medical practice) 254422 Registered nurse (mental health) 254423 Registered nurse (perioperative) 254424 Registered nurse (surgical) 254499 Registered nurse 261111 ICT business analyst 261112 Systems analyst 261311 Analyst programmer 261312 Developer programmer 261313 Software engineer 263311 Telecommunications engineer 263312 Telecommunications network engineer 272311 Clinical psychologist 272312 Educational psychologist 272313 Organisational psychologist 272314 Psychotherapist 272399 Psychologists nec 272511 Social worker 312211 Civil engineer draftsperson 312212 Civil engineer technician 312311 Electrical engineer draftperson 312312 Electrical engineer technician 313211 Radiocommunications technician 313212 Telecommunications field engineer 313213 Telecommunications network planner 313214 Telecommunications technical officer or technologist

321111 Automotive electrician 321211 Motor mechanic (general) 321212 Diesel motor mechanic 321213 Motorcycle mechanic 321214 Small engine mechanic 322211 Sheetmetal trades worker 322311 Metal Fabricator 322312 Pressure Welder 322313 Welder (first class) 323111 Aircraft maintenance engineer (avionics) 323112 Aircraft maintenance engineer (mechanical) 323113 Aircraft maintenance engineer (structures) 323313 Locksmith 324111 Panelbeater 324311 Vehicle painter 331111 Bricklayer 331112 Stonemason 331211 Carpenter and Joiner 331212 Carpenter 331213 Joiner 332211 Painting trades workers 333111 Glazier 333211 Fibrous plasterer 333212 Solid plasterer 333411 Wall and floor tiler 334111 Plumber (general) 334112 Airconditioning and mechanical services plumber 334113 Drainer 334114 Gasfitter 334115 Roof plumber 341111 Electrician (general) 341112 Electrician (special class) 341113 Lift mechanic 342111 Airconditioning and refrigeration mechanic 342211 Electrical linesworker 342212 Technical cable jointer 342313 Electronic equipment trades worker 342314 Electronic instrument trades worker (general)

342315 Electronic instrument trades worker (special class) 411211 Dental Hygienist 411212 Dental Prosthetist 411213 Dental technician 411214 Dental therapist

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Austrade's IslamicFinancea landmark publication

In February, Australia's Trade Minister, The Hon. SimonCrean MP, launched the Australian Government's first-ever comprehensive publication on Islamic finance.

Produced by Austrade, the booklet Islamic Finance provides adetailed explanation of the many opportunities that Shariah-compliant investment and banking offers to Australia'sfinancialservices sector.

Australia iswell positioned to service almost one billion Muslimswho livein the Asia-Pacificregion and to tap into petrodollarliquidity.

"Islamicfinancing is a crucial plank in the government's strategy tomake Australiaa financial hub in the Asia-Pacificregion," says MrCrean.

'There is huge potential in Islamicfinancing, which is estimated tobe worth more than A$1trillion (US$822billion)and has grown at10%per annum fo'rthe past decade.

"Islamicfinancing is a booming sector and Australia should be partof the action."

Islamicfinance is based on the principles of Islamiclaw - or theShariah - which prohibits the earning of interest. Instead, thereis a focus on profit sharing based on the buying and selling oftangible assets such as property.

Coinciding with the launch of Austrade's Islamic Finance

publication, Westpac launched its Speciallnterbank Placement forIslamicInstitutions, which the minister described "as a welcomedevelopment".

Westpac willoffer a short-term wholesale investment structurefor Islamicinstitutions based on the buying and selling ofcommodities.

The trade minister says there are many opportunities for Islamicfinancing in Asia,which is the fastest growing region in the world.

"The continued growth in major Asianeconomies willcreate aneed for resources-related services and infrastructure, which are

ideal assets for forms of Islamicfinancing," he says.

8 SGuthernStar

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Keyopportunitiesforthe Islamicfinanceindustryincludeattracting Islamicbanks to establish operations in Australia;Australian-based banks providing Shariah-compliant investmentand financing products across the Asia-Pacificand Gulfregions;Shariah-compliant managed funds; and attracting investment inAustralian assets and business from overseas Shariah investors.

In 2008, MrCrean visited Malaysiawhere he discussed Islamicfinance and later ensured Islamicfinance was considered in the

industry-led review,Australiaas a FinancialCentre. Also known asthe Johnson Review,this study made important recommendationson Islamicfinancial services for the removal of regulatorybarriers and parity of tax treatment. The review is currently beingconsidered by the government.

According to Austrade, some 365,000 Muslims live in Australia and

would use Islamic financial services if they were more accessible.

www.austrade.gov.au-