the bottom line

OCtOBeR/NOVeMBeR 2014 ISSUe 89

Send your contributions to: The Editor, The Bottom Line PO BOX 745, Northlands, 2116 • E: editor@cimaglobal.com • T: 011 788 8723 • F: 011 788 8724

Design by Paprika Graphics & Communications • T: 0860 727 7452 • T: 011 468 5951

CIMA Nigeria hosted its first ever member dinner on 9 October. At the event Andrew Harding, CIMA Managing Director, affirmed CIMA’s commitment to develop Nigeria’s talent base and enhance the country’s economy.

Said Andrew: “With the wealth of young talent eager to get developed, management accounting has a key role to play in ensuring that this nation has successful and sustainable public and private sector organisations.”

Leading global brands such as AP Moller-Maersk, Standard Bank trading as Stanbic IBTC, Intel Corporation, General Electric, Microsoft Corporation, Google Inc, Heineken and Samsung are among some of the companies that have entered the Nigerian economy. Their operations in Nigeria have resulted in huge re-investments into the economy.

Among the 41 members attending the dinner were well known businessmen led by Chief Kola Jamodu, Chairman of the

Nigeria Breweries Plc, Folusho Phillips, Executive Chairman at Phillips Consulting Group and Peter Crabb, Senior Consultant at Associated Consultants and Investment Limited who urged CIMA to make its sought after professional development programmes readily accessible across Nigeria.

Proud Imperial Sponsor: CGMA®

powered by the AICPA and CIMA

CIMA NIGERIA HOSTS INAUGURAL MEMBER DINNER

Andrew Harding, Chief Kola Jamodu and Folusho Phillips at the Nigerian Member dinner

cimaglobal.com OCTOBER / NOVEMBER 2014 2 / 8

CIMA’S NO SUBSCRIPTION OFFER

Our free subscription offer runs until December 2014. If you know of anyone interested in joining CIMA, now is the time of the year to recommend CIMA to your colleagues and friends.

The offer closes on 31 December and students joining before then will pay no annual subscriptions until 2016. This is a saving of £106. In addition to that, the capped exemption fee of £165 which was previously offered to South African students, has now been extended permanently to all our African countries, so this is extra good news to share.

Refer interested potential students to www.cimaglobal.com/businessbrains

During October and November, there are a number of exciting initiatives happening making CIMA visible in the media. Both the October special offer and the annual regional television advertising campaign on DSTV bouquet across Africa will be launched.

This year CIMA is encouraging you to let us know whenever you spot the television commercial and what you think of it, by sharing your thoughts with us. When you see the commercial, post your message on Twitter @CIMAAfrica with #Businessbrains in your message. CIMA will track #Businessbrains and the judges will select the top four best messages about the adverts. The winners will receive a CIMA boxed set consisting of a USB notebook, an iPad stylus, a faux-leather business card holder, a handy rocker USB and a CGMA iPad cloth. Competition closes 28 November 2014.

TNCs apply. Judges’ decision is final.

WIN! WITH “SPOT THE COMMERCIAL”

UJ Ad

The CIMA Courses offered by the University of Johannesburg are aimed at students who require tuition before writing the Diploma and/or Advanced Diploma in Management Accounting with CIMA in May and November.

UNIVERSITY OF JOHANNESBURG CIMA LISTED TUITION PROVIDER

DIPLOMA IN MANAGEMENT ACCOUNTING• E1EnterpriseOperations• P1PerformanceOperations• F1FinancialOperations

ADVANCED DIPLOMA IN MANAGEMENT ACCOUNTING• E2EnterpriseManagement• P2PerformanceManagement• F2FinancialManagement

LECTURE TIMESThelectureswilltakeplaceonweekdayevenings.

COURSE ENQUIRIESAllqueriesshouldbeaddressedto:MrsMelissaMcGillTelephone: 0115594347E-mail: mmcgill@uj.ac.zaOffice: ARing538

cgma.org OCTOBER / NOVEMBER 2014 3 / 8

BAC RECEIVES CIMA LEARNING QUALITY PARTNER AWARDBotswana Accountancy College (BAC) received re-accreditation from CIMA with the award of CIMA Learning Quality Partner (LQP) status which was made official at the award ceremony held at BAC campus in Gaborone on 23 July. The renewal was conferred by Samantha Louis, CIMA Regional Director, marking BAC as the only institution in Botswana to hold the LQP status.

Says Samantha: “As CIMA we assess institutions and accredit them through a comprehensive quality assurance process to be CIMA LQP.”

The quality of tuition providers at LQPs is therefore of a very high standard. In

addition, there is also an opportunity for colleges and institutions to apply for Listed Partner status. In this case, although they are not accredited by CIMA, they are asked to run their courses as per the Guidelines for Effective Course Delivery. This gives students the assurance that Listed Partners meet minimum syllabus delivery requirements. Other CIMA LQPs in Africa include: CharterQuest, FAT Training, IBTC, Zambia Centre of Accountancy Studies

and the College of Business Excellence in Durban. The benefit of studying through LQPs or Listed Partners is that

students can expect a certain standard of tuition, aligned to the accredited status of the college.

Left to Right: BAC Academic Director, School of Finance and Professional Studies, Dr Devin Nkhoma; CIMA Regional Director, Samantha Louis; BAC Executive Director Michael Lesolle and CIMA Country Manager, Mr Letus Chinyepe

NEW CIMA APPOINTMENTS IN THE REGION

Candice Foster has joined CIMA, based in the South African office, as a bookkeeper. This is a

new role which will assist with the finance administration of our regional offices in Botswana, Ghana, Nigeria, Zambia and Zimbabwe. Candice joins from the manufacturing industry, having worked for an automotive components manufacturer. She is currently a CIMA student.

Candice Foster

Sonia Weston joins as Learning and Development Manager for Africa from Harley Reed Consulting where she held the

position of Senior Training and Knowledge Development Manager. Sonia has over 16 years experience in training and development relating to professional qualifications and brings a wealth of knowledge and international exposure. This role will see her increasing tuition provider capacity across the Africa region. She is based in Johannesburg.

Sonia Weston Candice Foster

Tumi Sefemo joins CIMA as Media and Communications Executive. This position will coordinate all internal and external communications

with stakeholders across the region. Added to this she will handle all marketing collateral, publications, website, media and social media. Tumi has eight years experience in media and communications, having spent the last three years in the media industry. She is based in Johannesburg.

Daniel Bugyei has joined CIMA Ghana as Business Development Manager. He holds a first degree in Social Studies and a second one in

Marketing. Daniel worked in the insurance industry for 11 years. He is based in Accra.

Tumi Sefemo Daniel Bugyei

CHOOSE YOUR CIMA COLLEGE WISELY!

HOW DO YOU BENEFIT FROM STUDYING WITH US?

6.

7. Modern Campuses in Sandton, Braamfontein and Pretoria.

CIMA BLOCK/DAY RELEASE op�on allowin� day�me classes every 2�� wee�s�

8. IMPROVED HOME STUDY OPTION w�ic� includes access to C�M��s leadin� interac�velearnin� pla�orm� www.cimastudy.com

GET A HEAD START! JOIN US at our CIMA 2015

OPEN DAY

PC Exam Lab tours, Live delivery model &

Kaplan 2015 materials inspec�on

bookstore stand and inspect 2015 materials plusstand a chance to win discounts.

Saturday 29th November 2014

10:00 AM ‐ 2:00 PM.

GET FREE QUOTE/ENROL TODAYwww.charterquest.co.za | enrolments.charterquest.co.za

Contact Us

Tel: +27 (0)11 234 9223E-mail: enquiries@charterquest.co.za

SANDTON | BRAAMFONTEIN | PRETORIA

1. Search for CIMA jobs and connect instantly.

2. Improve your visibility to South African and global recruiters and employers.

3. Receive real-time updates about your CIMA career and industry-relevant postings.

4. It’s SA’s premier online portal exclusively dedicated to accounting & finance professionals.

5. Secure a personalised membership card that till December 2015, guarantees:5% OFF any of CharterQuest courses and bookstore materialsFREE access to our practical work experience compilation workshops and consultations.5% OFF any of CharterQuest courses and bookstore materials.FREE access to our practical work experience compilation workshops and consultations.

2015 Enrolments OPEN ‐ 1 October, 2014 ‐ Early

Bird Discounts end December 31, 2015.

STUDY WITH/TAKE ALL your exams on

DEMAND at our PC Exam centers in ALL ma�or ci�es.

ENROL for one of our CIMA REVISION COURSES

NOW and get that final Exam Prep help!

Kaplan Study Materials Now in Stock ‐the

ONLY CIMA‐ OFFICIALLY RECOMMENDED.

Buy or Enroll Early to secure!

POWER YOUR CIMA CAREER!

REGISTER TODAY! IT’S FREE!!

CharterQuest LEADING THE WAY!

1

2

1

4

Wa�t more e������ CIMA 2015 developments?

www.charterquestcima2015.co.za

Visit our CIMA 2015 !HOT PAGE

Tel: +27 (0)11 234 9223 E-mail: enquiries@charterquest.co.za Website: www.charterquest.co.za

Tel: +27 (0)11 234 9223

E-mail: enquiries@charterquest.co.za

Website: www.charterquest.co.za

contact us

JOIN US on our New Syllabus OPEN DAY,

packed with live delivery model and exam

simula�ons, visit our bookstore stands and

inspect new materials ‐ Saturday 29th November

2014: 10:00 ‐ 2:00 PM.

1

ENROL for one of our revision packages 2NOW!

SPECIAL: present this insert, get 10%discount on one of our CIMA 2015 courses*

*Ts&Cs Apply

WE ARE LEADING THE WAY!

CIMA 2015+

cgma.org OCTOBER / NOVEMBER 2014 5 / 8

MEMBERS ON THE MOVE

At the age of 31, Jaco Moolman, became the youngest FCMA in South Africa.

“It is a remarkable and humbling achievement and opportunity and I am delighted and honoured to be the youngest Fellow in South Africa which continues to define the requirements of a financial qualification applicable to business,” said Jaco.

Jaco joined CIMA in 2009 as a gateway student, having already achieved his CA (SA),

and quickly earned his ACMA in November 2010. After his audit articles he subsequently worked at FirstRand Group as an internal audit manager, and served on the Audit, Risk and Compliance Committee of OUTsurance (a former subsidiary within the FirstRand Group). He currently does ad hoc accounting and consulting work which requires the application of all things CIMA and is a senior lecturer at UNISA. He remains a strong believer in lifelong learning and making a difference in the lives of others.

YOUNGEST FCMA IN SOUTH AFRICA

The International Federation of Accountants (IFAC) launched the Global Knowledge Gateway recently. This platform is designed to bring together news, views, resources and thought leadership for the worldwide accountancy profession. As a member body of IFAC, CIMA works closely with IFAC in a number of areas including helping to create the gateway and contributing leading management accounting

content in addition to participating on various committees within IFAC. CIMA members and students can access the Gateway which provides key accountancy materials and a forum to explore thought provoking issues, participate in discussions, and be part of the global community of accountants that IFAC represents. This aggregation

of accounting knowledge for our members means that finding the most up to date information is easier than ever before. An introductory video that outlines all key benefits of the IFAC Global Knowledge Gateway can be viewed at: bit.ly/1wtnox Visit www.ifac.org/gateway for more information.

Register on IFAC’s website in order to gain full access to the Gateway’s offerings. By registering, users can participate in discussions, suggest resources, news, discussion topics, and events; stay up-to-date on a range of selected topics. IFAC welcomes your feedback about the Global Knowledge Gateway. Please contact them at: gateway@ifac.org

IFAC GLOBAL KNOWLEDGE HUB BRINGS ACCOUNTING RESOURCES TOGETHER

Jaco Moolman and Head of South Africa Zahra Cassim

JACO JOUBERT ACMA, CGMAJaco Joubert ACMA, CGMA has recently been promoted to Chief Financial Officer at IPS, Integrated Processing Solutions (Pty) Ltd.

IPS is owned as a joint venture between Absa Bank (a subsidiary of Barclays Bank plc) and The

Standard Bank of South Africa and is a leading South African provider of secure transaction processing solutions to the financial services sector, handling transactions worth in excess of USD 210 Billion each year. It forms an integral part of the SA National Payments System and is subject to the regulations of both the SA Reserve Bank and the Payments Association of South Africa.

Jaco Joubert

cimaglobal.com OCTOBER / NOVEMBER 2014 6 / 8

CIMA congratulates Team Mastermind from the University of Ghana Business School. The team made Africa very proud at the global finals of the CIMA Global Business Challenge (GBC) 2014 in Mumbai, India at the beginning of August, making it through to the shortlisted final round of six teams. For the first time in 2015, Africa will field four teams including Ghana, Zambia, South Africa and Nigeria increasing

African representation at this prestigeous competition.

Mastermind, consisting of Collins Agyepong, Elizabeth Akowuah, Hope Tettey and Evans Ankamah, is the first Ghanaian team to make it successfully to the second round of competition at a global final, showing that the competition in Ghana is contributing to talent development in that country. The second round of the

competition is a high stakes round, which has a time pressure component to it. Each of the shortlisted teams must answer a new set of scenario questions and prepare to present their findings to judges within just a matter of hours. However, the winners on the day were the team from the University of Colombo in Sri Lanka who were crowned Global Winners at the prize-giving event at the

JW Marriott Hotel.

The GBC is an international competition designed to bring out the best in potential young business leaders and provide the opportunity to test their teamwork, business, analysis and presentation skills against the best and brightest from around the world. More than 14,000 students took part this year, competing at local and regional levels for a spot at the global final.

Team Mastermind

GHANA MAKES GBC 2014 FINAL!

CIMA welcomes Nigeria to the Global Business Challenge (GBC) 2015. The addition of Nigeria is an exciting development for Africa, as Nigeria is Africa’s most populous nation and has over 90 Universities.

Ijeoma Anadozie, Nigeria Country Manager says: “ We can’t wait to launch in Nigeria. We are positive that undergraduates at

our universities will take up the challenge to compete for the Global Winner’s title.”

The destination for CIMA Global Business Challenge 2015 has been announced as Warsaw, Poland. The 2015 competition has launched and entries are open at www.cimaglobal.com.gbc

NIGERIA JOINS GBC 2015

cgma.org OCTOBER / NOVEMBER 2014 7 / 8

CAREER PROFILE EVENTSCareer profile events were held in Cape Town on 14 July, in Durban on 21 August and in Johannesburg on 16 September. These events are designed to help CIMA students, who are ready to apply for ACMA membership, understand the application process and what is required. Around 300 students attended these events and could be potential new members in the near future.

CIMA students enjoyed the event and were optimistic about applying for their T4 part A application. The interactive workshop allowed students to participate and ask questions relating to their individual application.

We look forward to welcoming them as members of CIMA.

EVENTS ROUND UPZIMBABWE ANNUAL BUSINESS CONFERENCE

From 12-14 September, the Zimbabwe Branch held its Annual Business Conference at A’Zambezi River Lodge in Victoria Falls for all accounting professionals in Zimbabwe. The conference focused on redefining how business is done and strategies that can be implemented in the private and public enterprises.

Speakers from the private and public sectors unpacked key topics during the conference such as, Corporate Governance, Global Management Accounting Principles, How to Compete in a Global Economy and IFRS amongst others.

From left: Mark Reginald, COBE Tuition provider, Suran Panday FCMA, CIMA Assessor and Premi Chetty, Customer Service Team Leader

AAFA CONFERENCE SPONSORED BY CIMA’S CHARITABLE TRUSTThe African Accounting and Finance Association (AAFA) aims to provide a platform for academics and practitioners to debate on the role of accounting and finance in Africa. CIMA’s Charitable Trust partly sponsored the event this year which took place at the Lord Charles Hotel, Somerset West on 3 and 4 September. This is the fourth year that CIMA has funded this conference.

CIMA was represented by Tarisai Masamvu, CIMA Dip MA AMBCS, CIMA Research and Development (London), Joanne Whitehead, CIMA Research Executive (London), as well as Caretha Laubscher, CIMA South Africa, Education Manager. CIMA was the only sponsor to have an opportunity to address delegates at the conference dinner and Tarisai spoke on behalf of CIMA.

Says Tarisai: “A highlight during the conference was a panel discussion around issues of employability. One of the points was that educators are teaching students to pass exams and not helping them understand accounting concepts. By virtue of the fact that academics are not sharing their research with their students or with practitioners, the link between research, teaching and practice is very tenuous and is contributing to

the increasing levels of unemployment. Students are unfortunately graduating with the bare minimum without conceptually understanding accounting.”

The conference itself was well attended with more than 80 delegates in total.

Says Caretha: “The AAFA event was a huge success this year and was attended by many academics, graduate students and practitioners.”

Ipad winner receiving prize from Caretha Laubscher, Education Manager

Members at the Annual Business Conference

cimaglobal.com OCTOBER / NOVEMBER 2014 8 / 8

KENYA’S DOING BUSINESS IN A GLOBALISED WORLDThis event took place on 30 August at Nairobi Serena Hotel, Kenya. Keynote speaker, Dennis Awori, spoke about diplomacy and different cultural aspects of doing business in Africa. Members were able to learn how doing the same things differently could have a big impact on organisations.

He also presented a case study covering Toyota’s expan-sion into Africa, and particularly into East Africa, and the various challenges it faces when doing business in multiple jurisdictions.

ZAMBIA ANNUAL BUSINESS CONFERENCEThe CIMA Vice President Andrew Miskin attended the 12th Annual Business Conference held at the Zambezi Sun in Livingstone, Zambia from 6 to 8 August 2014 where he presented a paper on “Best practices in public sector budgeting and planning”. Andrew is a public sector specialist. Says Andrew: “The challenges in the public sector are many and varied. One of the most evident is that it suffers from poorer quality management information than the private sector. Decision makers are provided with significant volumes of data, which can be unreliable and late. Often there are too many KPIs or targets, focused on inputs rather than outcomes or impact. Decision support is consequently poor, making it difficult to sustain, or sometimes create, a culture of evidence-based decision making.”

One of the many speakers who presented at the conference, Commerce, Trade and Industry Deputy Minister, Miles Sampa said: “The last 50 years has given the country an opportunity to reflect and work towards economic independence, adding that the next generation will be instrumental to the country achieving this.”

He went on to say that the youth should focus not only on accounting but also on becoming entrepreneurs, as this would help create economic independence.

Gordian Bowa, Zambia Country Manager closed off the conference and reflected on how Zambia could create sustainable accounting practices in the future.

DATES TO DIARISEeVeNt DAte VeNUe

Strategic and T4B webinar series 3,4,5,10 November Online

Botswana Branch Dinner 7 November Gaborone

Gauteng Branch Dinner 21 November Gauteng

Mauritius Branch Dinner 22 November Mauritius

Kenya Branch Dinner 6 December Kenya

J647

6

For more information please email eventssa@cimaglobal.com

Guests at the Annual Business Conference