VIEWS: 11 PAGES: 11 POSTED ON: 12/8/2011
December 2010 E-SCAN is a monthly newsletter distributed electronically as a means of maintaining timely communication of, and encouraging a dialogue on, topics relevant to Chartered Accountants and students of the Nova Scotia Institute. Copies of recent issues can be obtained from the Institute website at www.icans.ns.ca. CONGRATULATIONS! INTRODUCING OUR 2010 UFE GRADUATES The following Nova Scotia CA students received word on December 3rd that they passed the 2010 national Uniform Evaluation (UFE); completing the final academic requirement in becoming a Chartered Accountant: Sara Ballantyne, Halifax Michael Grandy, Dartmouth Lynnette McCormack, Halifax Christopher Barnes, Halifax Erin Gullage, Halifax Beth McLean, Coldbrook IN THIS ISSUE . . . Brittany Bartlett, Halifax *Kimberly Hartlin, Halifax Michael Metcalfe, Hunts Point Alexandria Bauld, Halifax Christopher Heans, Timberlea Heather Murphy, Antigonish • 2010 UFE Grads & FCAs Cleo Bird, Halifax Thomas Hughes, Vancouver Jillian Newton, Dartmouth • 2010 CA of the Year Katrina Blackmore, Riverport Michelle Lamont, Truro Adam Oakley, Coldbrook Kyla Bleakney, Halifax Jessica Langille, Folly Mountain Daniel O’Grady, Halifax • ICANS’ Convocation Jennifer Bond, Chester Basin Jeffrey Lanthier, Halifax Lois Oyuko, Halifax • Mark’s Day Photos Katie Brewer, Sydney Kelsi LeBlanc, Halifax Andrew Perkins, Yarmouth • Amendments to Rules of Jacqueline Burgess, Dartmouth Cody Lohnes, Lunenburg Nicole Poole, Halifax Professional Conduct & Kimberley Campbell, Halifax Jordan MacDonald, Halifax Phillip Pottie, Middle Sackville Matthew MacDonald, Halifax Adam Power, Halifax Accompanying Council Andrew Case, Antigonish Alexander Christianson, Mineville Rebecca MacKenzie, Truro Marc Power, Halifax Interpretations Matthew Colavecchia, Halifax Michael MacLeod, Dartmouth Meagan Sanford, Halifax • IRS Update: Obtaining a Brittany Coughran, Hammonds Plains Jennifer MacNeil, Halifax Brennan Stewart, Halifax PTIN Jonathan Crawford, Truro Elizabeth MacPhee, Dartmouth David Stewart, Halifax • CICA Media Release Re: Michael Crosby, Waverley Emily MacRae, Halifax Eric Sullivan, Halifax Kyle Dunn, Halifax Travis MacRae, Halifax *Steven Taylor, Halifax Global Survey Findings On Lindsey Gallivan, Halifax Heather Maddigan, Westville Chelsea Walsh, Bedford Accounting for Laura Gay, Antigonish Laura McCarthy, Bedford Robert Worrell, Halifax Sustainability Practices • CICA Corporate Reporting *Kimberly Hartlin placed on the 2010 CICA National Honour Roll, placing first in Awards Easter Canada, receiving the Chartered Accountants of Canada Gold Medal for the • CPD Reminders highest standing in Eastern Canada on the UFE. In addition, Steven Taylor also • JA Titan Competition placed on the CICA National Honour Roll. • CICA/RBC Business Monitor “This is a proud day for those students in Nova Scotia and other provinces who have achieved a significant milestone in their careers,” says CICA President & CEO Kevin • IFRS Conference Call Dancey, FCA. “These are ambitious students who personally chose a challenging • Accounting Standards for Kimberly career path that can offer a lifetime of rewards. The Canadian CA profession carries an Not-For-Profit Hartlin influential voice in today’s global economy and is recognized for its leadership in Organizations Available financial management, standard setting, risk management, and governance." • PS 4200 Series Available in the CICA Public Sector Needless-to-say, the ICANS Council and staff are also very proud of each and every graduate and we Accounting Handbook wish them all the best in their future careers. (PSA Handbook) • New Assurance & Related NOVA SCOTIA AWARDS FOUR FCA DESIGNATIONS FOR 2010 Service Guideline AuG47 Please also join us in extending congratulations to the following members who recently became • PSAB Exposure Draft Re: Fellows in the Institute of Chartered Accountants of Nova Scotia: Financial Instruments & Foreign Currency • Hon. Jamie Baillie, FCA, MLA, Leader, Progressive Conservative Party of Nova Scotia; Translation • Leslie Ann Bent, FCA, Plan Canada, Toronto, ON; • Events of Interest • Wayne Crawley, FCA, President & CEO, Emera Caribbean Limited and President & CEO, ICD Utilities, Emera Inc., Halifax, NS; • New Practitioner’s Toolkit Website • Stan Spavold, FCA, Executive Vice President, Clearwater Fine Foods Ltd,, Bedford, NS. • Member Updates An FCA is the Institutes highest honour, designated to CAs who have been members in good standing • Community Corner of the Institute or of one or more provincial Institutes/Ordre for at least 15 years, and who have • CAreer Opportunities rendered meritorious service to the profession or whose career achievement(s) or achievements in • Reminders and Important the community have brought honour to the profession. Dates Along with our 2010 UFE graduates, our newest FCAs will be formally recognized at the Institute’s Convocation on January 29, 2011 at the World Trade & Convention Centre in Halifax. CONGRATULATIONS TO OUR 2010 CA OF THE YEAR - MICHAEL KENNEDY, CA ICANS is pleased to announce that Michael Kennedy, CA, Project Manager, Cancer Care Nova Scotia, has been awarded the 2010 Ross L. Towler CA of the Year Award. Named after Ross L. Towler, FCA, upon his retirement in 1997, after 28 years of service as the Institute’s Executive Director, this coveted award is presented annually to a CA who embodies the spirit of community volunteerism. And, while volunteerism is a proud and renowned characteristic of our Nova Scotia culture, what might be less well known is how many CAs graciously donate their time and expertise to making a difference in communities throughout the province and beyond. “As tradition holds, the CA of the Year Award is presented to an individual who exemplifies the dedication of Nova Scotia CAs working tirelessly for good causes in their communities,” explains ICANS CEO and Executive Director Michele Wood-Tweel, FCA. “With their superior financial expertise, strategic thinking and business insight, CAs are natural leaders, especially when it comes to volunteering and community development. And, as this year’s recipient, Michael clearly personifies our members’ commitment to volunteerism and leadership.” Michael Kennedy, CA ICANS’ 2010 CA of the Year That said, ICANS would like to recognize Michael’s overall passion for volunteering — an infectious spirit his previous employer, Deloitte & Touche LLP, recognized early on. In fact, Michael’s tireless effort to contribute to community groups and non-profit organizations throughout the province is truly inspiring and the following is a look at some of his amazing accomplishments: • During 2009 - 2010, as Coordinator for the Halifax Spring Sprint, a fundraiser for the Brain Tumour Foundation of Canada, an organization sponsored by Deloitte at the national level, Michael helped the event grow from raising annual proceeds of $25K to over $85K. In recognition of his contribution, he received a 2010 Volunteer of Distinction Award - the highest award bestowed on a volunteer from the Brain Tumour Foundation of Canada; • For over 10 years, Michael has been an avid supporter of *Canadian Blood Services (CBS), as a regular donor and more recently, he helped to drive Deloitte’s local involvement with the organization by championing its Canadian Blood Services Partners for Life Program, resulting in the donation of over 125 units of blood from staff in the firm’s Halifax office, potentially impacting the lives of more than 500 people. For this effort, CBS honored Michael with a National Peer Recruiter Award; • As a vocal proponent of Junior Achievement, Michael served as an advisor for JA’s Company Program while working at Deloitte’s and organized a group of 12 firm staff to lead an Economics of Staying in School Program; Sample CA of the Year • Also, during his time at Deloitte’s, Michael was active in the firm’s relationships with Juvenile Diabetes Research Award Foundation, ALS Nova Scotia, the Atlantic Division of the MS Society of Canada, YWCA Halifax and many other organizations; • During the summer of 2010, Michael joined the Nova Scotia HeartLand Tour and spent eight days cycling across the province with a group of health professionals to encourage Nova Scotia youth to get active and become more aware of the risk of heart disease. In addition, Michael was a key organizer of the HeartLand Tour Day in the Annapolis Valley and he was instrumental in executing similar events in seven other Nova Scotia communities. Furthermore, he volunteered his accounting expertise to develop proper budgeting for the Cardiac Cycle Society of Nova Scotia, which is the administrative body for the HeartLand Tour; • A graduate of Acadia University, Michael has worked on several Acadia University Annual Gala Fundraising Dinners and is a Director on the university’s Associated Alumni Board; • As a musician and a committed fan of Atlantic Canadian music, Michael is a Director on the East Coast Music Association Board and the Association’s Treasurer. For this and more Michael deserves to be recognized and honoured by the Institute of Chartered Accountants of Nova Scotia. During his time at Deloitte’s in particular, he accomplished many charitable goals while still performing at a high level within the firm. Moreover, he motivated countless colleagues to join in his causes, thereby spreading his charitable spirit and generosity. To say the least, Michael’s cumulative efforts to help improve the health and well-being of Nova Scotians is truly outstanding. However, his obvious passion is perhaps best realized by his decision to join Cancer Care Nova Scotia as a project manager associated with the implementation of a “screening for distress” program for recently diagnosed cancer patients. This is an apparent testimony to Michael’s devotion to both his vocation, his goal to become more involved with health care and his dedication to the community at large. Clearly, Michael is an exceptional individual and a very worthy recipient of a CA of the Year Award. His volunteer philosophy and commitment are outstanding and he is a great example of how our members continue to make volunteering an integral part of their lives, therefore serving as a great role model to the province’s new UFE graduates. *Michael would like to remind people about the urgent need for blood donations over the holidays, in particular the week of December 27th. December 2010, Page 2 December 2010, Page 3 CONVOCATION 2011 On Saturday, January 29, 2011, the World Trade & Convention Centre in Halifax will welcome ICANS as we gather to formally recognize the province’s newest UFE graduates and pay tribute to our newly minted FCAs. We are also pleased to announce that the band, The Trough — featuring ICANS members John Swain, CA and Mark Winfield, CA — will be providing the music for the post-ceremony dance. So, don’t miss out . . . . ticket request forms have been emailed, but you can also download a form from the Institute website at http://www.icans.ns.ca/media/documents/ConvocationMembers.pdf; the deadline for ticket requests is January 14, 2011. FRAME YOUR ACHIEVEMENT . . . Earning your CA designation is a personal and professional milestone, so why not ‘frame’ the moment to last forever! It’s quick and easy — without tools and fuss, you can have your certificate mounted in a high quality, Canadian-made The Trough, as shown celebrating their second win at polished gold-colored, walnut wood frame (colored or the March of Dimes annual “Rock for Dimes” dark stained), that features an elegant border mat and fundraiser (L to R): Shawn Allen; Dave McLean; John gold foil stamp of the profession’s logo. Swain, CA; Mark Winfield, CA; Philip Leefe and Greg Black. WITH THIS RING . . . Show your pride in being a CA by wearing a custom-made ring. Displaying a stylized ‘CA’, this unique ring has been around for more than 25 years and remains a highly recognizable symbol of our prestigious profession. CA rings are available in either 10k or 14k, yellow or white gold, in both men’s and women’s designs/sizes. For details re: frames and rings, visit: http://www.icans.ns.ca/newsandpublications.asp?cmPageID=151. SEND US YOUR UFE MARK’S DAY PHOTOS MARK’S DAY 2010 It’s not too late . . . now Celebrating their 2010 UFE success are that the big day has Beth McLean (left) and Adam Oakley come and gone, please email us your (right) both of whom work with Grant best party pics so we can share them Thornton LLP in Kentville. In the Kentville with others in E-SCAN. office, it is tradition to make Mark’s Day T-shirts for the successful UFE writers. Saved as JPEG files, you can email your photos to firstname.lastname@example.org. Also, please indicate who is in the photos. Thanks! NOTICE Amendments to Rules of Professional Conduct and accompanying Council Interpretations EFFECTIVE IMMEDIATELY In November 2010, ICANS’ Council approved a mail ballot voting process for purposes of having the membership consider the approval of a change to the Rules of Professional Conduct – in particular Rule 204.4 (20). The deadline for the receipt of mail ballots was December 13, 2010. On December 14, 2010 the mail ballots received by the deadline were counted in accordance with the provisions of the Bylaws with the following results: • Votes in favour of the proposed change: 93.6% • Votes against the proposed change: 6.4% As a consequence of the mail ballot votes cast, the following amendments become effective immediately: Rules of Professional Conduct Rule 204.4 (20) – Specific Prohibitions, Assurance and Specified Auditing Procedures Engagements (long association of senior personnel with a reporting issuer audit client) is amended to change the partner rotation limits relating to reporting issuer audit clients from a five year on / five year off rotation to a seven year on / five year off rotation. Further details on the change are contained in the mail ballot information package mailed to the membership early in November 2010. Council Interpretations Changes to the Council Interpretations relating to Rules 204.4 also became effective. Further details on the changes to the Council Interpretations are contained in the mail ballot information package mailed to the membership early in November 2010. Copies of the updated Rules of Professional Conduct / Council Interpretations are available on the ICANS’ website at http://www.icans.ns.ca/ forthepublic.asp?cmPageID=102. If you would like to receive a printed copy, please contact the ICANS’ Office at (902) 425-3291. The article below is a follow-up to the articles which appeared in the June 2010 E-SCAN (page 4) and the November 2010 E-SCAN (page 7) UPDATE ON FOREIGN PREPARERS OBTAINING U.S. TAX PREPARER IDENTIFICATION NUMBERS (PTIN) ~ by Jennifer Horner, CA, Senior Manager, BDO Canada LLP There continue to be minor changes to the process of foreign preparers obtaining a U.S. Tax Preparer Identification Numbers (PTIN). The IRS recently simplified the process of obtaining a PTIN for preparers who are not U.S. citizens and who live outside the U.S. This most recent change deals with the process of identity verification. Prior to this announcement, many foreign preparers were required to have copies of their identity documents (passport, birth certificate, etc) authenticated by the U.S. Consulate as part of the PTIN application process. The IRS recently changed the FAQ's on their website to state that copies of documents that are certified by the issuing agency or notarized by a U.S. or foreign notary are acceptable. An additional review and certification by a U.S. Consulate is no longer required. In addition, any government issued documents that establish foreign status and/or identity are acceptable documents, rather than just those documents currently listed on Form 8946, PTIN Supplemental Application For Foreign Persons Without a Social Security Number. The IRS website states that Form 8946 and instructions will be updated for these changes, and that such changes are in effect as of December 10, 2010. These changes follow the announcement of Rev. Proc. 2010-41 (November 29, 2010) that foreign preparers would have 60 days following the filing of form W12, IRS Paid Preparer Tax Identification Number (PTIN) Application to submit form 8946 with certified copies of identity documents. Both of these changes will ease the compliance burden of foreign PTIN applicants. December 2010, Page 4 December 2010, Page 5 GLOBAL SURVEY FINDINGS ON ACCOUNTING FOR SUSTAINABILITY PRACTICES RELEASED BY CIMA, AICPA & CICA Leading Accounting Bodies Issue Report Through the Prince’s Accounting for Sustainability Project A media release issued by the CICA stated that on December 16, 2010, the Chartered Institute of Management Accountants (CIMA), the American Institute of Certified Public Accountants (AICPA) and the CICA released a landmark survey measuring the state of accounting for sustainability in the UK and North America. CIMA, AICPA, and CICA surveyed organizational leaders from their respective memberships and conducted interviews with sustainability executives from leading organizations to examine key characteristics of business sustainability, and the level of finance function involvement in corporate sustainability initiatives. Charles Tilley, CIMA’s Chief Executive, commented: “We are pleased to see CIMA’s members spearheading green practices, with 81 percent of our respondents from large companies reporting that their organization’s sustainability strategies address climate change. Our joint work with the AICPA and CICA, through the Prince of Wales’ Accounting for Sustainability Project, enables us to share our research and best practice with the other member bodies. We hope this research will inspire and inform further progress in this important area.” The three accounting organizations are all founding members of the Accounting Bodies Network of the Prince’s Accounting for Sustainability Project, which met recently in London. “Canada’s CA profession is well positioned to illuminate the relationship between effective social and environmental stewardship and bottom- line performance,” said Lisa French, Principal, Guidance and Support, CICA. “We have long been active in this field and our participation will grow as more organizations recognize that ongoing business success requires sustainable practices. Sustainability is not a one-size-fits-all proposition and accountants can help organizations develop the required infrastructure for effective strategic planning and corporate reporting.” AICPA Senior Vice President for Member Competency and Development Arleen Thomas said: “As companies both large and small incorporate environmental and social considerations into their strategies for long-term business success, U.S. CPAs and other professional accountants have an important role to play. The survey report highlights the important work that we have to do in the accounting profession which is why the AICPA is taking a leadership role in the U.S. and collaborating with CIMA, CICA and the Prince’s Project to provide global thought leadership and services to help our members develop skills and competence in sustainability accounting and reporting.” Business sustainability is about ensuring that organizations implement environmental, social and economic strategies that contribute to long- term success. Organizations that act in a sustainable manner not only help maintain the well-being of the planet and people, they also create businesses that will survive and thrive in the long run. Leading companies recognize that sustainability performance translates to successful bottom-line business performance, and that investors are attracted to companies that act in a sustainable manner with a focus on long-term profitability and competitive advantage. Key Findings Compliance with regulatory requirements remains the most common driver of business sustainability (34 percent of large organizations and 24 percent of smaller organizations, respectively) with profitability and other strategic factors reported as being increasingly significant. After compliance, the next most critical drivers differed between large and small companies: • 32 percent of large organizations identified managing reputational risk; and • 19 percent of smaller companies identified cost cutting efficiency. Large companies have more robust sustainability capabilities: • 79 percent of larger companies currently have a formal sustainability strategy, compared to 33 percent of smaller companies, however, an additional 23 percent of smaller companies have plans to formulate a strategy within the next 2 years. The finance function’s contributions to organizational sustainability programs are highly valued, yet underdeveloped: • 56 percent of respondents said that finance play a role in business case/investment analysis; and • 33 percent are tracking sustainability related performance measures. UK-based organizations appear to be ahead of the curve in terms of implementing sustainability practices and finance function involvement compared to North American organizations. In an increasingly global community, where economic, environmental and social issues transcend national and corporate boundaries, 21st century solutions will require a coordinated response by the public and private sectors. Long-term business success will require that sustainable practices be deeply embedded in the “DNA” of all organizations. As companies innovate to better secure their long-term viability, the accounting profession will play an important role. Accountants can serve as leading agents for change by applying their skills and competencies to develop sustainable strategies and facilitate effective implementation, accurate measurement, and credible business reporting. Note: The study is available online at www.cica.ca/sustainability. TELUS SHINES AT CORPORATE REPORTING AWARDS PRESENTED BY CANADA’S CAs On November 25, 2010, CICA issued a media release announcing that TELUS Corporation captured top honours at the 2010 Corporate Reporting Awards. TELUS received four awards this year for its 2009 annual reporting package, including the Overall Award of Excellence in Corporate Reporting. For the past 59 years, the Corporate Reporting Awards program has recognized excellence in annual reporting among Canadian organizations. The awards are presented annually by the CICA and reflect the CA profession’s commitment to enhancing the quality of reporting. “TELUS deserves special recognition for the duration of its commitment to best practices in corporate reporting,” said Kevin Dancey, FCA, CICA President and CEO. “TELUS has captured top honours before and has consistently produced excellent reports. Congratulations to TELUS and all the winners.” TELUS also won the Award for Excellence in Corporate Reporting in the Communications and Media industry category and received Honourable Mentions for Excellence in Corporate Governance Disclosure and Sustainable Development Reporting. “We are delighted to be honoured once again with CICA's top award for corporate reporting. It is a tribute to the professionalism, innovation and ongoing focus on continuous improvement by the TELUS team,” said Robert McFarlane, TELUS Executive Vice-President and Chief Financial Officer. “At TELUS, we are firmly committed to best practices in corporate governance and corporate social responsibility and strive each year to improve the quality and utility of our stakeholder disclosures.” Nexen Inc. and PotashCorp were also big winners this year, receiving multiple honours for industry and judging categories. The list of entries and winners has grown this year, with the inclusion of large and small provincial Crown corporations for the first time in the program’s history. In total, 24 awards and honourable mentions were presented to private and public enterprises. “The awards showcase the best reporting models in the country,” said Dancey. “It is important that companies continue to provide investors and other stakeholders with information that is relevant, clear and easily understood. The awards foster this and encourage participants to look for new ways to continuously strengthen their relationships with stakeholders.” Winning companies and Crown corporations are profiled in the Book of Judges’ Comments for the CICA’s 2010 Corporate Reporting Awards. The book is free and available by telephone at (416) 204-3435 or online (www.cica.ca/cra). Here is the complete list of winners: By Industry Sector: Overall Award of Excellence in Corporate Reporting By Judging Category: Federal Crowns: TELUS Corporation Financial Reporting - Award of Excellence Large Federal - Award of Communications and Media PotashCorp Excellence TELUS Corporation Financial Reporting - Honourable Mention Export Development Canada Consumer Products BMO Financial Group Small Federal – Award of Tim Horton's Inc. Corporate Governance Disclosure – Excellence Diversified Industries Award of Excellence Defence Construction Canada Viterra Inc. Nexen Inc. Industrials and Energy Corporate Governance Disclosure – Provincial Crowns: Bombardier Inc. Honourable Mention Large Provincial – Award of Financial Services TELUS Corporation Excellence TD Bank Financial Group Electronic Disclosure – Award of Saskatchewan Telecommunications Forest Products Excellence Holding Corporation Domtar Corporation PotashCorp Small Provincial – Award of Life Sciences/Technology Electronic Disclosure – Honourable Excellence CGI Group Inc. Mention Saskatchewan Transportation Mining Agnico-Eagle Mines Limited Company PotashCorp Sustainable Development Reporting – Oil & Gas Award of Excellence Nexen Inc. Suncor Energy Inc. Real Estate/Utilities & Pipelines Sustainable Development Reporting – TransAlta Corporation Honourable Mentions PotashCorp & TELUS Corporation December 2010, Page 6 December 2010, Page 7 CPD REMINDERS 3 YEAR CYCLE DEADLINE: ICANS’ 2010 FALL DECEMBER 31, 2010 PD PROGRAM All PD learning activities (including verifiable) - ICANS’ 2010 fall PD program continues. To view an updated PD minimum 120 hours. calendar and see where spots are still available, please visit: Verifiable learning activities - minimum 60 hours. http://www.icans.ns.ca/media//documents/PDCalendar.pdf. PD Learning Activities (CPD Bulletin #2) “. . . activity that provides for the development of new or existing In addition, to help speed up the registration process, please competencies that are relevant to the overall professional include your membership number on your registration form; this responsibilities and growth of a Member.” number is located on any CICA mailing label and it begins with the letter ‘C’. Also, remember to include the course number along Note: Learning Activities are not confined to the subjects of with the course name. accounting, auditing or taxation. Verifiable Learning Activities (CPD Bulletin #2) So, don’t delay; make sure you register for your preferred “ . . . professional development for which there is some way to courses while spaces are still available. And, if you have any verify attendance at or completion of the learning activity.” questions, please contact Danielle Roode at email@example.com or Kathie Slaunwhite at Note: Verifiable Learning Activities are not confined to the formal firstname.lastname@example.org or by calling ICANS at (902) 425-3291. courses organized by ICANS or others. Please refer to the wording of Bulletin #2 at the following link for further information: http://www.icans.ns.ca/forthepublic.asp? cmPageID=204. ICANS SUPPORTS JA TITAN CHALLENGE As a proud supporter of Junior Achievement of Nova Scotia (JA), ICANS was pleased to help sponsor the 2010 JA Titan Challenge. Held on November 17, 2010, more than 100 students from across the province attended this daylong competition. Students also had the opportunity to attend a luncheon with leaders from the Nova Scotia business community and keynote speaker John Risley, President & CEO, Clearwater Fine Foods Inc. and Junior Achievement Nova Scotia Business Hall of Fame Laureate. Representing ICANS at the luncheon were Brian Rendell, CA, General Manager, Finance, Emera Inc.; and Tanya MacNeil, CA, Manager Accounting and Financial Reporting, Heritage Gas Ltd. Overall, the students learned a lot from the experience and, in fact, students from Liverpool Regional High School — one of the top four winning teams who will continue on to the 2011 Global JA Titan Challenge in February — sent a ‘thank you’ card to ICANS stating: “Without your help, this event could not have been as successful and as great as an experience for the students as it turned out to be.” UPDATED CATO WEBSITE The CATO website has recently been updated to provide RECRUITMENT BROCHURES the 2010 edition of the Practical Experience If you are interested in having copies of ICANS’ Requirements (PER), updated FAQs and the support Recruitment Brochure to distribute to students, contact materials to reflect modifications made to the PER. Cindy Mombourquette at email@example.com or by calling To learn more, visit www.icans.ns.ca and click on the (902) 425-3291 (ext. 21) following button: EXECUTIVE CAs MORE OPTIMISTIC ABOUT OWN COMPANY THAN CANADIAN ECONOMY: CICA/ RBC BUSINESS MONITOR According to the latest CICA/RBC Business Monitor — as reported in a media release issued by the CICA on November 16, 2010 — more than half of executive Chartered Accountants (56 per cent) are optimistic about how their company will perform over the next 12 months despite their lack of optimism in the Canadian economy. Only 39 per cent of executive CAs surveyed are optimistic about how the Canadian economy will perform over the next 12 months, a steep decline from the 57 per cent who had a positive view in the second quarter of 2010. When compared with CICA/RBC Business Monitor results from a year ago, optimism about the national economy is down 7 per cent, marking the first year-over-year decrease since the first quarter of 2009. Fifty-eight per cent of respondents expect their company to grow faster than the Canadian economy, while 21 per cent anticipate growth at the same rate and another 21 per cent expect growth to be slower. “Since the executive CAs have more direct impact on their respective companies, it appears they have greater faith in how those companies will perform,” said CICA President and CEO Kevin Dancey, FCA. The level of optimism among executive CAs with respect to their company’s performance has held steady since the third quarter of 2009, running between 55 and 62 per cent. Results for this quarter are consistent with the 58 per cent recorded in the second quarter of 2010 when allowing for the margin of error. “Collectively, the continued company optimism is encouraging,” said Dancey. “It represents a solid base with an optimistic viewpoint as Canadian companies navigate through economic uncertainty,” Shauneen Bruder, Executive Vice-President, Business and Commercial Banking, RBC, agrees, adding: “The results are not surprising as Canadian businesses are resilient and fared relatively well through the recession. Although Canadian businesses see signs of uncertainty in 2011, it is obvious that they are confident in their ability to adapt to and confront economic challenges.” The CICA/RBC Business Monitor also shows positive projections for the next 12 months relating to revenues (+4.1 per cent), profits (+4.1 per cent) and employment numbers (+1.6 per cent). The CICA/RBC Business Monitor is issued quarterly, based on a survey conducted by the CICA. The report draws upon business insights of CAs in leadership positions in privately and publicly held companies across Canada. For the Q3 2010 report, emailed surveys were completed by 329 CAs of 4,011 indentified by the CICA as holding senior positions (CFOs, CEOs and COOs). The response rate was 8 per cent, with a margin of error associated with this type of study at +/- 5.4 per cent, with a confidence level of 95 per cent. The survey was conducted September 21 to October 7, 2010. The CICA/RBC Business Monitor (Q3 2010) is part of an international initiative. The American Institute of Certified Public Accountants (AICPA) in the United States and the Institute of Chartered Accountants in England and Wales (ICAEW) in the United Kingdom also undertake quarterly studies that tap the insights of members in senior positions to provide a barometer of economic activity in their nations and as a basis for future comparative analysis across countries. A background document is available at www.cicarbcbusinessmonitor.com. EFFECTIVE DATES AND TRANSITION METHODS - CONFERENCE CALL DISCUSSIONS Eight new IFRSs are expected to be issued in the coming year. These standards will bring significant changes to financial reporting including how companies recognize revenue, account for financial instruments and record leases. To help companies manage the cost and pace of these changes, the International Accounting Standards Board (IASB) wants input on when and how these new standards should become effective. To read the IASB’s Request for View, click on: http://www.ifrs.org/NR/rdonlyres/00843740-4E15-40A8-A7EF-8B634F904B46/0/ RequestViewsNFDOct10.pdf. To provide that input, the Canadian Accounting Standards Board is asking for views on its Invitation to Comment, “Effective Dates and Transition Methods.” Canadian companies preparing to adopt IFRSs in 2011 are uniquely positioned to answer questions about the best way to transition to eight new standards: • Should the new standards become effective all at the same time or over a number of years? • Should early adoption be allowed? • Should special considerations be given to Canada and other recent first-time adopters of IFRSs? Share your views. The AcSB staff is holding one-hour conference calls from 1 pm to 2 pm on the following dates: • January 3, 2011 • January 6, 2011 • January 10, 2011 For more info or to register for one of the conference calls, contact Kathryn.Ingram@cica.ca; identify your name, organization, location and contact information. December 2010, Page 8 December 2010, Page 9 ACCOUNTING STANDARDS FOR NOT-FOR-PROFIT ORGANIZATIONS (PART III) NOW AVAILABLE IN THE CICA HANDBOOK – ACCOUNTING Accounting standards for not-for-profit organizations are now available in Part III of the CICA Handbook – Accounting. Not-for-profit organizations are required to adopt either Part III or International Financial Reporting Standards (IFRSs) for fiscal years beginning or after January 1, 2012 and earlier application is permitted. Existing accounting standards used by not-for-profit organizations will remain in Part V of the Handbook until they are no longer needed by users. “The issuance of Part III of the Handbook completes activities related to the AcSB’s current strategic plan,” said Peter Martin, AcSB’s Accounting Standards Director. “The next phase of improving the standards will result from recommendations made by a joint AcSB and Public Sector Accounting Board task force. The task force will begin meeting early in 2011 to develop improved standards for the unique transactions and circumstances of not-for-profit organizations in both sectors.” Go to www.acsbcanada.org to learn more about not-for-profit organization accounting standards or www.knotia.ca to access the CICA Handbook – Accounting. NOW AVAILABLE IN THE CICA PUBLIC SECTOR ACCOUNTING HANDBOOK – THE PS 4200 SERIES The 4400 series is now available in the CICA Public Sector Accounting Handbook (PSA Handbook) and has been renumbered Sections PS 4200 to PS 4270 (i.e., the PS 4200 series). As of January 1, 2012, government not-for-profit organizations will be required to follow the PSA Handbook. Government not-for-profit organizations can continue to follow Part V of the CICA Handbook – Accounting until transitioning to the PSA Handbook in 2012, unless they choose early adoption. These organizations will have the option to follow the PSA Handbook, including the PS 4200 series or, alternatively, the PSA Handbook without the PS 4200 series. "Government not-for-profit organizations will be able to continue their existing accounting for matters such as contributions and collections that are covered in the new PS 4200 series," said Tim Beauchamp, Public Sector Accounting Director. “At the same time, they will be moving closer to the accounting framework designed for governments and the organizations they control.” Go to www.psab-ccsp.ca to learn more about not-for-profit organizations standards or www.knotia.ca to access the CICA Public Sector Accounting Handbook. NEW ASSURANCE AND RELATED SERVICES GUIDELINE AuG 47, DATING THE REVIEW ENGAGEMENT REPORT ON FINANCIAL STATEMENTS, NOW AVAILABLE IN THE CICA HANDBOOK – ASSURANCE This guideline outlines how the concept of substantial completion is applied to dating of the review engagement report on financial statements. It also states what a public accountant can do in determining whether sufficient procedures have been performed to support the content of the review engagement report and whether the date of the report has been established. “For some practitioners, the guidance in AuG-47 will result in a change in practice because it provides clarity on how the concept of substantial completion is properly applied in a review engagement,” said Svetlana Berger, Principal Auditing and Assurance Standards. Go to www.aasb.ca to learn more about auditing and assurance standards or www.knotia.ca to access the CICA Handbook – Assurance. PSAB ISSUES EXPOSURE DRAFT ON FINANCIAL INSTRUMENTS AND FOREIGN CURRENCY TRANSLATION: FINANCIAL STATEMENT PRESENTATION This Exposure Draft outlines the changes proposed to financial statement presentation for public sector entities reporting re-measurement gains and losses as defined in the 2009 Exposure Drafts on financial instruments and foreign currency translation. “The Board reviewed the responses to the 2009 Exposure Drafts and concluded that reporting re-measurement gains and losses within the statement of operations could give rise to conflicting assertions of financial performance,” said Bob Correll, Principal. “Accordingly, PSAB is proposing to amend its reporting model to present gains and losses that are yet to be realized and attributable to fair value re-measurement or translation of foreign-denominated balances in a statement of re-measurement gains and losses.” Go to www.psab-ccsp.ca to view the Exposure Draft; comments are requested by January 17, 2010. EVENTS OF INTEREST ICANS/FEI DINNER Mark your calendar now for the Annual ICANS/FEI Dinner. Being held on March 23, 2011. An invitation to all ICANS members, including registration details, will follow in the new year, and you can also check the FEI website for updates: http://www.feicanada.org/events/event_calendar.html?command=sdetail&sdetail=sdetail&sub_id=1005&eid=767. NEW ON-LINE CAS COURSE As discussed in the September 2010 issue of CAMagazine, CICA has developed an introductory course to help auditors understand the new Canadian Auditing Standards (CAS). The new course, entitled, “Introduction to Auditing Standards in Canada,” is free, on-line and qualifies for approximately 2 hours of verifiable PD credits. It can be accessed on CICA’s CAS website at www.cica.ca/CAS, under the “CAS Support Tool” icon on the top right-hand side of the page or at http://126.96.36.199/cica_init/. CICA’s NEW IFRS ON-LINE COURSE The countdown is underway as Canada moves closer to adopting International Financial Reporting Standards (IFRS) in 2011. To lead the transition, CAs and other financial professionals will need a solid grounding in changes associated with the changeover. Introduction to IFRS - Implications for Canadian Business CICA’s new on-line program on IFRS provides CAs and others with a basic introduction to IFRS and the implications for Canadian business. For those who need to develop further expertise, the course provides a foundation from which to self-assess and pursue additional learning. In particular, it addresses: • Why Canada is moving to IFRS • A taste of how IFRSs compare with current Canadian GAAP • Insights into when, what and how to gather the relevant data in the lead-up to IFRS implementation • Strategies for managing the implementation process. Easy to understand and easy to use, the course was developed in modules that allow you to learn about IFRS in your own time and at your own pace, focusing on the elements most relevant to the transition phase. Begin the course here. It’s free for those in Canada and Bermuda, and for CAs it’s eligible for CPD credit. For more on IFRS education resources click here. XTENSIONS LEARNING Did you know that CICA has a 24/7 online learning centre for your training and information needs? NEW PRACTITIONER’S TOOLKIT WEBSITE Whether you are just starting up your practice, developing your practice Just click on: or already have an established practice, the NEW Practitioner’s Toolkit http://www.softconference.com/CICA/default.asp. Website provides you with the time-saving tools, advice and professional resources you need to help your practice flourish. Here, you will discover how you can Organized into the stages of practice development, this comprehensive use this tool to earn valuable CPD website will guide you step-by-step through the process of managing credits; access event media products your small or medium-sized practice. flexible alternatives to full conference modules provide just-in-time learning, Visit: www.cica.ca/practitionerstoolkit today! plus you can refresh your technical skills); and access the select series (enhanced, interactive modules offer verifiable CPD, many with self-assessment). December 2010, Page 10 HERE AND THERE WITH MEMBERS CAREER OPPORTUNITES ON December 2010, Page 11 Jim Eisenhauer, FCA, P. Eng., President and CEO, ABCO Group Limited and CEO THE WEB Employment and volunteer opportunities can of its subsidiary ABCO Industries Ltd., has be found at http://www.icans.ns.ca/ been appointed Board Chair of Nova events.asp?cmPageID=192. Scotia Business Inc. Check out the following: Marie Mullally, FCA, formerly the President & CEO of the Nova Scotia Gaming Corporation in Halifax, NS, has VOLUNTEER OPPORTUNITIES been named the new President & CEO of Treasurer - Legal Information Society Credit Union Atlantic. of Nova Scotia E-SCAN is a monthly Board Member - ALS-SLA Society of publication of the Canada Institute of Chartered NEW MEMBERS Directors & Treasurer - Alcare Place Accountants of Nova The following individuals were admitted to Treasurer - New Start membership through affiliation: Scotia, distributed to Treasurer - Bryony House members and students Brian Easson, CA Treasurer - Scouts Canada-Nova Dustin Mansfield, CA Scotia Council by e-mail. Andrea Skoke, CA Copies of E-SCAN are EMPLOYMENT OPPORTUNITIES available on the Sales & Marketing Accountant Institute’s website at CONGRATULATIONS TO . . . - Lunenburg, NS www.icans.ns.ca Shannon MacDonald, CA, CA Student Managing Partner, Deloitte & Touche LLP, - Dartmouth, NS Halifax, who received one of Canada’s Institute of Chartered Tax Manager, Private Company Accountants of Nova Most Powerful Women: Top 100 Awards at Services a ceremony in Toronto on November 29, Scotia (ICANS) - Halifax, NS 2010. Audit Officer 1791 Barrington Street - Halifax, NS Suite 1410 Audit Principal Halifax, Nova Scotia - Halifax, NS B3J 3L1 Controller Tel: (902) 425-3291 - Halifax, NS Fax: (902) 423-4505 Chartered Accountant firstname.lastname@example.org - Halifax, NS COMMUNITY Senior Accountant www.icans.ns.ca CORNER - Kentville, NS CEO and Executive Director It’s no secret that Michele A. Wood-Tweel, CAs are extremely Note: Other career opportunities, together with FCA, CFP, TEP community-minded. valuable information and guidance on career email@example.com In fact, many of our members are counseling, etc., can be found at involved in local/national charities and “CA Source,” on the CICA website. Director of Professional non-profit organizations, and help to Standards coordinate important events. Wenda Bennett, CA firstname.lastname@example.org If you are a CA involved with a non- profit organization that’s planning an Director of Regulatory Affairs event and you’d like to share this info Greg Crosby, CA, LLB with other ICANS members, let us email@example.com know! ARE YOU ON THE MOVE? If so, be sure to update ICANS Director of Professional Send your info (title, date, location, with your new address. Just Development NPO/charity name, contact) to email your info to ICANS’ Kathie Slaunwhite firstname.lastname@example.org and Membership Registrar, email@example.com ICANS will promote it in E-SCAN’s Danielle Roode at ‘Community Corner.’ firstname.lastname@example.org. Executive Assistant Lynnette Rhind email@example.com Membership Registrar BEST WISHES FOR A Danielle Roode SAFE & HAPPY firstname.lastname@example.org HOLIDAY SEASON! REMINDERS AND IMPORTANT Administrative Assistant UPCOMING DATES Cindy Mombourquette email@example.com Michele, Wenda, Greg, 2011 Convocation Kathie, Lynnette, Jan. 29 - WTCC, Halifax Communications Consultant Danielle, Barb, ICANS 2011 Annual Mtg./Golf Joy Barkhouse Cindy and Joy. Tournament firstname.lastname@example.org June 20 - Chester Golf Club
"December 2010 IN THIS ISSUE . . . CONGRATULATIONS_"