Growth in the region has been very positive and has resulted in an increased staff complement. As a result, CIMA had outgrown its current premises. With an increased staff complement, CIMA will be better placed to assist its members and students with better service.

The telephone and fax numbers, as well as the postal address, remain unchanged.

As Malcolm Furber FCMA, CGMA’s term has come to an end and we bid him farewell as our president, we can look back on a year in which there was a great deal of focus on Africa. During his term Malcolm visited many of our African markets in addition to his other duties as president around the world.

Says Malcolm: “I am very proud to have been president during a truly game-changing period in CIMA’s history. As we celebrate the institute’s 95th anniversary, I can confidently say that CIMA has stayed true to its roots in guarding the public interest and developing the science of management accounting. One of our greatest game-changers has been the consultation around the Global Management Accounting Principles (GMAP), which has garnered a fantastic response. Over 400 people from more than 20 countries participated and contributors have included the Financial Reporting Council, the Department for Business, Innovation and Skills and the Chinese Institute of CPAs. (PLEASE LIST THE AFRICA CONTRIBUTORS TO MAKE IT RELEVANT TO OUR TARGET PUBLIC – to follow) I firmly believe that GMAP will allow organisations to strengthen their management accounting function, improve resilience and further underscore the importance of employing management accounting at the heart of business.

“Demand on presidential time is increasing year on year and I therefore extend huge appreciation to immediate past president,

Gulzari Babber, my deputy president, Keith Luck, and vice president, Myriam Madden, for their exceptional work in supporting me during my period of office and consequently the institute. As Keith takes up his presidency with Myriam in support, I wish them both the best and assure them of my continued support as immediate past president.”

He is succeeded by Keith Luck FCMA, CGMA who was inaugurated at the annual general meeting on 7 June and becomes the 81st President of CIMA.

Mr Luck brings over 30 years experience to the role having worked at organisations across the private and public sectors including Deloitte, HSBC, BT, the Metropolitan Police, the Foreign & Commonwealth Office and, currently, Serco Group.

He has served on the CIMA Council for over eight years as well as being CIMA’s representative on IFAC’s Professional Accountant’s in Business (PAIB) committee from 2006 to 2012.

In addition to Mr Luck’s appointment, Myriam Madden FCMA, CGMA has been elected deputy president.

For more information on the new president, please see the latest edition of your FM app.

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: 011 788 0880

THE BOTTOM LINE

JUNE/JULY 2014 ISSUE 87

FAREWELL MALCOLM, WELCOME KEITH

JOHANNESBURG OFFICE MOVES SOON

Proud Imperial Sponsor: CGMA®

powered by the AICPA and CIMA

Says Keith: “As the global economy recovers, the spotlight is on its shape and momentum, raising CIMA’s relevance in boardrooms and classrooms across the world. I look forward to advancing our mission of helping people and businesses succeed. We will strive to further develop CIMA’s activities and strategies with our students, members and stakeholders.”

The Johannesburg office of CIMA is pleased to announce that it will be moving to Melrose Arch and will close from 12:00 on Wednesday 16 July and re-open on Monday 21 July at 08:30.

NEW OFFICE ADDRESS

4th floor, 54 Melrose BoulevardMelrose Arch, Melrose NorthJohannesburg, South Africa

CONTACT DETAILS

T. 0861 CIMA SA F. 011 788 8724 E. Johannesburg@cimaglobal.com

cimaglobal.com JUNE/JULY 2014 2 / 8

MANAGEMENT ACCOUNTING ON AIR!

SO WHAT IS “ACCOUNTING FOR NATURAL CAPITAL” ALL ABOUT?

CIMA Africa has established an exciting initiative together with CNBC Africa, which brings management accounting to 46 countries across Africa.

Hosted by one of CNBC Africa’s top financial journalists, David Williams, the CIMA Dialogue series, will be broadcast in four parts through 2014. Each episode will address a different management accounting practice and will count towards CPD.

The first episode aired on 29 April and addressed the launch of the consultation phase of the Global Management Accounting Principles, featuring CIMA’s Executive Director of Education, Noel Tagoe; Musa Shabane, Corporate Executive for Stakeholder Relations at Tongaat Hulett; and Kevin Thomas, Senior Lecturer and Deputy Head of Department for Finance and Investment Management at University of Johannesburg.

The second episode, which focused on Accounting for Natural Capital, aired on 26 July. As this is an extremely new concept in accounting, it was of great interest to members and students alike.

Senior members, both ACMAs and FCMAs were invited to attend and be part of the programmes as a studio audience. Dennis McCarthy FCMA, CGMA said it was one of the best CIMA events he had ever been to and was very pleased he had made time to attend.

Episode one and two can be viewed at https://bit.ly/1xWlaytU

• Natural capital depletion will become one of the most prominent business concerns in the 21st Century.

• Despite its importance, it is an elephant in the boardroom. It is absent from most corporate accounts and business models and largely ignored by investors as boardrooms continue to focus on short-term pressures.

• Natural resources have not been previously reflected in corporate accounts at their true cost to society. Our economic and financial systems have been based on the flawed assumption of infinite resources.

• Businesses face a stark choice – adapt or fail. Those that respond swiftly, embracing opportunities to innovate and managing risks, will thrive. Those that do nothing will suffer from rising input costs, risks to their supply chain, and reputational damage.

• Accountants, especially those in leadership roles, can play a pivotal role in navigating their organisations through these challenges and opportunities by factoring natural capital into decision making and reporting to drive the creation of value (or the avoidance of value depletion).

Zahra Cassim, Head of South Africa with panellists from left Musa Shabane, Noel Togoe and Kevin Thomas

David Williams with panelists during live recording

cgma.org JUNE/JULY 2014 3 / 8

Demand for the most talented individuals continues to increase as business becomes ever more complex. However, too many people are being left behind because they lack the technical and professional skills necessary to have rewarding and sustainable careers.

Malcolm Furber, Immediate Past President outlined in his farewell address at the AGM: “CIMA needed to understand what the changing needs of employers were; and as part of its syllabus review process, our experts met face-to-face with the representatives of 67 employers around the world to explore their expectations of finance professionals and how their roles were changing within organisations. The CGMA competency framework is the result of this comprehensive research. The framework itself really gets to the heart of what CGMAs do in supporting organisations and creating value from within - by aligning their skills with what the business needs. The need to align expectations and equip the youth for a career in business became evident throughout my travels as President.”

Says Samantha Louis, Regional Director Africa: “The Institute looked at the worrying disconnect between employers’ needs and the skills that young people in education are being equipped with, so our report, Ready for Business, bridging the employability gap summarises CIMA’s response to this crisis and how we will reflect our proposed solutions in the revised syllabus for 2015. The very clearly changing role of the finance function and its competencies immediately highlighted the need for CIMA to undertake another important piece of work in the Global Management Accounting Principles (GMAP). As we progressed with the research and when the Principles were launched it was clear that the Competency Framework underpins everything we do at CIMA, from our syllabus through to lifelong learning.”

The CGMA Competency Framework is designed to help management accountants assess their current competency level and provides insight on steps they can take to expand their skills while meeting their commitment to lifelong learning.

The framework is available at www.cgma.org/Resources/Tools/Pages/cgma-competency-framework.aspx

CGMA COMPETENCY FRAMEWORK UNDERPINS ALL THAT WE STAND FOR

HELPING STUDENTS TO ACCESS CIMACIMA is pleased to announce that there is currently a special limited time offer for those wishing to join CIMA as a student. For a registration fee of only £50, it is possible sign on with CIMA and apply for exemptions in time to register for the November 2014 examinations. When applying for exemptions, students will pay per exemption up to a maximum capped fee of £165, this capped exemption fee will be a permanent amendment to the fee structure for students in Africa. For new students who qualify for maximum exemptions this is a saving of well over £800.

If you, as a member or student, know of someone who is already interested in beginning the CIMA journey to CGMA, please refer them to their closest national office or to the website to register directly before the end of August

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4 Receive full set of Kaplan study materials - the only publisher fully endorsed by CIMA

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cgma.org JUNE/JULY 2014 5/ 8

Letus Chinyepi has been appointed as the Country Manager for Botswana. He joins us from the Botswana Confederation of Commerce Industry and Manpower (BCOCIM) where he was responsible for the coordination of business interests and activities of members of the BCOCIM.

Gordian Bowa ACMA, CGMA joins CIMA as Country Manager for Zambia. Gordian was previously the Director of Education for the Zambia Institute of Chartered Accountants (ZICA). Prior to joining ZICA, he was Head of Department at the Namibia Polytechnic and was responsible for the Polytechnic becoming the first Namibian higher education institution to obtain exemptions from CIMA. He joined CIMA as a student in 1992, completing his exams in 1995 and obtaining his ACMA in 1998.

Mduduzi Maseko joined CIMA as IT Infrastructure Analyst to support the region with our IT and infrastructure requirements. He previously worked at Business Connexion as Services Manager where he managed IT support services for 3000 users.

Patrick Jacobs, who was previously a Call Centre Consultant at Avusa Media (Times Media), has joined CIMA as our newest Customer Services Officer. He brings a wealth of experience having been in the customer care industry for more than eight years.

Chike Anyaegbunam, has been appointed as Business Development Manager in Nigeria. A marketing graduate with 10 years experience in relationship management, Chike spent over six years in the financial sector, including at Asset and Resource Management Company and Stanbic IBTC Bank. Prior to joining CIMA, Chike was the Head of Business Development at Duduprintz, a printing and media company.

NEW CIMA APPOINTMENTS IN THE REGION

PROFESSIONAL BUSINESS EDUCATION

www.ibtc.co.zaT 0861 111 411 F 0866 25 12 62 E info@ibtc.co.za

Online ClassesStudy from home and attend classes online

What do you get? Study text, practice & revision kit, course notes, online learning plan, online lectures and an assigned UK lecturer.

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cimaglobal.com JUNE/JULY 2014

KZN BRANCH AGM The AGM took place on the 12 March at the Riverside Hotel in Durban. Over 45 students, members and invited guests attended, including accounting lecturers from both UKZN and DUT. The event provided amongst other information in-depth information of the committee’s activities during 2013 and the plans for 2014. Zahra Cassim presented the Consultation draft of the Global Management Accounting Principles and an overview of the 2015 CIMA syllabus update.

This year the Gauteng Branch Committee chose to combine two very popular topics into one powerful event hosted on the 12 May, at the Holiday Inn in Sandton. Delegates were treated to an interesting and insightful presentation by the highly qualified and experienced Dr Beric Croome from ENSafrica. The presentation was focussed on the Tax Administrations Act and included topics such as SARS’ duties and powers, taxpayer’s obligations and rights, additional tax versus understatement penalties and the Tax Ombud to name but a few.

After the tax update the stage was handed over to the highly esteemed and energetic Dr Roelof Botha who entertained and captivated the delegates with interesting insights and statistics on local and global economic trends. This event contributed greatly to the committee’s ongoing commitment to provide CIMA members and students with quality Continuous Professional Development (CPD) opportunities that are both relevant and current.

Carl Bates, Group Chief Executive, Sirdar South Africa, is a recognised leader in the education and implementation of governance for SMEs, as well as in their growth and development. At this event, May 13, hosted by the KwaZulu-Natal branch he presented insights into his new book, Traversing the Avalanche.

Members which attended this event learnt

• The value of governance to SME’s and privately held companies

• How to maximise the opportunities that governance presents you

• How to ‘wear the director hat’ effectively

• Key insights into ensuring governance grows your bottom-line and the value of your company

Carl has Bachelor of Business Studies Honours (Accountancy) and a Graduate Diploma in Business Studies (Finance). He is a chartered accountant and is a member of the Institute of Directors of both New Zealand and South Africa. Carl has a particular interest in rapid business growth, branding and sustainability. He is a strategist, a management and governance specialist with a holistic approach to business and a published author.

Carl is passionate about challenging business owners to see new potential in their own dreams, and provides the insight required to enable them to reach the summit of extreme business success.

EVENTS ROUND UP

Certificates of Achievement for top students were presented by Taher Jhavary and Zahra Cassim.

GAUTENG TAX AND ECONOMIC UPDATE

GAUTENG IFRS UPDATE - LATEST DEVELOPMENTS AND IMPROVEMENTS

KZN ROLE OF GOVERNANCE IN SMES

During a breakfast presentation hosted by the Gauteng Branch at The Johannesburg Country Club in Woodmead, Raymond Chamboko, CA(Z), CA(SA), JSE-Accredited IFRS Advisor and Registered Assessor presented the latest developments and improvements in financial reporting and demonstrated where financial reporting is heading in the next three years.

6 / 8

From left: Wickus Roets- ACMA,CGMA and Raymond Chamboko

cgma.org JUNE/JULY 2014

CIMA Aptitude is an online question bank that simulates and mimics the real computer based assessment (CBA) process at certificate level. It is currently being offered as a standalone product at fantastic discounted rates. And can enable students to take simulated practice exams as preparation for their next paper.

For Africa, the discounted cost is £2 for one paper (reduced from £10.95) or £8.50 for all 5 papers (reduced from £44.90). This excludes any additional local taxes or duties applicable per market.

You can use it either in practice mode or in timed assess mode. Practice mode allows you to attempt questions at your own pace and get instant feedback on your answers with an explanation of the correct answer. The timed assess mode enables you to test yourself under exam conditions and then get a full report and links back to any incorrect answers.

To purchase the CIMA Aptitude Assessment Bank visit www.cimastudy.com/catalogue.php and select CIMA Aptitude – 2011, click on the subjects you want to buy. Payment can be made by credit / debit card.

SPECIAL OFFER FOR CERTIFICATE LEVEL STUDENTS

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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

DATES TO DIARISE

CONFERENCE DATE COUNTRY WEBSITE

Annual Business Conference 6-8 August 2014 Zambiawww.cimaglobal.com/our-locations/africa/events

Annual Business Conference 8-11August 2014 Zimbabwe

AAFA Conference (Sponsored by CIMA Charitable Trust)

3-5 September 2014 South Africa www.aafassociation.com

WCOA Rome 2014 10-13 November 2014 Italy www.wcoa2014rome.com

cimaglobal.com JUNE/JULY 2014

The CIMA Global Business Challenge (GBC) is a global competition for talented business students at university or college. This is the sixth year of competition and the fifth year that South Africa has competed and the third year that Zambia and Ghana have competed.

On stage in front of a live audience and a panel of five judges, 16 of South Africa’s business students battled it out at the Johannesburg Stock Exchange in Sandton on 20 May. Four BCom Financial Sciences students did the University of Pretoria proud when they were the first team from that university to ever snag the coveted title of South African winners. Local sponsors of this event included Unilever and Fasset.

The winning team, calling themselves Halt Financial Services – Thubelihle Mbete, Lisa-Marie Landman, Annetjie van Rooyen and Hanrè Erasmus - beat out and impressive three teams all from the University of Johannesburg.

8 / 8

From left: Hanre,Annetjie,Lise-Marie and Thubelihle

South Africa Winners

South Africa winners with President Malcolm Furber ACMA, FCMA and Dr Mabouba Diagne, Barclays

GLOBAL BUSINESS CHALLENGE – ZAMBIAN AND SOUTH AFRICA WINNERS ANNOUNCED

cgma.org JUNE/JULY 2014

From left to right, they are John Mwale, Fossytina Phiri, Seiko Mwenya and Isaac Lufeyo.

From left: Collins Agyepong, Elizabeth Akowuah, Hope Tettey, Evans Ankamah

The Zambian finals were held on 6 June 2014 at Taj Pamodzi Hotel in Lusaka where the team Quartet Innovation Financiers, consisting of Seiko Mwenya, Fossytina Phiri, John Mwale and Isaac Lufeyo, scooped the national winners APOSTROPHE title to represent Zambia The local sponsors for this final included Barclays Bank, Zamtel and Zesco.

The Ghana finals took place at The Institute of Local Government Studies on 26 June, with the winning team coming from University of Ghana Business School. Calling themselves, Mastermind, the team includes Collins Agyepong, Elizabeth Akowuah, Hope Tettey, Evans Ankamah.

All three teams travel to Mumbai, India to compete in the global final from 4-8 August.

Ghana Winners

Zambia Winners

GLOBAL BUSINESS CHALLENGE – ZAMBIAN AND SOUTH AFRICA WINNERS ANNOUNCED

9 / 8

cimaglobal.com JUNE/JULY 2014

GLOBAL ATTENTION ON BRIBERY AND CORRUPTION

African nations, including the continent’s largest economies of Nigeria and South Africa, can boost international investor sentiment towards their markets by ramping up efforts to combat financial crime such as money laundering, insider trading, terror finance, market abuse and general bribery and corruption. This was the message from the Anti-Money Laundering Conference hosted by professional services firm, Deloitte, and financial data provider, Thomson Reuters, which was recently held in Johannesburg.

CIMA continues to focus on strongly on this and has strengthened the topic within its updated 2015 Syllabus. It is also providing its students and members with updated guidelines and, to make it as accessible as possible and has launched a new page on its website dedicated to anti-bribery.

Everything you need to know and all the related tools and checklists are now in one place, including information about the obligations of members and students worldwide, and guidance around the UK Bribery Act: www.cimaglobal.com/bribery

Furthermore, CIMA provides additional support and guidance through its Global Guidance Line and Ethics Helpline www.cimaglobal.com/helplines.

CIMA endorsed this one-day Gordon Institute of Business Science Conference entitled The New World of Finance.

Besides sponsoring one of the sessions around skills and providing delegates with its report Ready for Business – Bridging the Employability Gap, which addresses the skills gaps and the competencies required for Management Accountants in the new world of finance, CIMA had also negotiated a 10% discount for CIMA members and students who registered for the conference using their CIMA contact ID.

THE NEW WORLD OF FINANCE

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Start your journey to become a Chartered Global Management Accountant (CGMA) with CIMA today. Take advantage of CIMA’s limited special offer on registration fees. Join the global community of more than 258 000 CGMAs and students around the world.

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