MRA with US and Mexico Renewed

Document Sample
MRA with US and Mexico Renewed Powered By Docstoc
					ISSUE NO. 152
April 2008 / May 2008                                                       Published by The Institute of Chartered Accountants of Manitoba

MRA with US and Mexico Renewed

         epresentatives from the Canadian,
         American and Mexican governments
         attended a special signing ceremony
in Alexandria, Virginia as Canada's CAs, the
Certified Public Accountants (CPAs) from the
United States and Mexico's Contadores Públi-
cos Certificados (CPCs) renewed their
Professional Mutual Recognition Agreement.
    "Mutual recognition agreements like this
help eliminate borders and promote the
mobility of highly skilled and qualified profes-
sionals - which is a win for everybody," said
Kevin Dancey, FCA, President and CEO of
the Canadian Institute of Chartered Accoun-
    This accord is a five-year extension of the
first-ever mutual recognition agreement
                                                   Officials from leading North American accounting bodies sign historic mutual recognition agreement near Wash-
among professional designations consistent         ington. (far right) Kevin Dancey, CICA President and CEO.
with the North American Free Trade Agree-
ment (NAFTA). It was originally signed in          trained professionals are attracted to our                and Wales, Scotland, Ireland, France, Bel-
2002 and ratified by the NAFTA Free Trade          country. We also benefit from the internation-            gium, Netherlands, Hong Kong, Japan,
Commission.                                        al experience gained when Canadian                        Australia, New Zealand and South Africa.
    "Forging international agreements helps        professionals work abroad," Dancey said.                      These agreements recognize professionals
position Canada to succeed in today's increas-         Canada's CA profession has similar mutual             who have education and experience qualifica-
ingly global economy. Canadian business and        recognition agreements with other leading                 tions substantially equivalent to those of
the economy benefit when skilled foreign-          institutes around the world, including England            Canadian CAs.

                                                   SPRING PD PROGRAM
    Excellence in Governance –                           IFRS – A Comparison to                                  Accounting for Financial
      Basics to Benchmarks                                  Canadian GAAP                                         Instruments – Level 1
           May 28, 2008                                       May 29, 2008                                            May 30, 2008
 This one day workshop provides the oppor-         This presentation will explain and illustrate            This seminar will review the CICA Hand-
 tunity to learn about and work through the        the effects of the major differences between             book revisions with respect to financial
 basics of good governance and best practices      Canadian GAAP and IFRS on corporate                      instruments, hedges, and comprehensive
 in governance. The seminar will cover the         financial statements, describe the context in            income. The course content is in two parts:
 basics of governance, the role of the Board,      which IFRS are developed, and review the                 Part 1 – Web-based self-study, and Part 2 –
 Directorship, priority Board Work and value-      IASB-FASB convergence plan and IASB                      Classroom. Participants must complete Part
 added Committees.                                 active agenda items.                                     1 before attending Part 2.

  Full course descriptions and registration information online at >
                 Professional Development > Seminar Registration.

                                                                                                                                                           F0LIO   1
Committee Strengthens Member
-Established last year, the role of the Mem-               and identify the appropriate presenter            appropriate accounting frameworks for
bership Linkages Committee is to review and                from the pool. Volunteers would be                private entities with significant external
identify ways for Council to maintain rela-                supplied with training, presentation              users and for private entities without
tionships with members in order to ensure                  material, recruiting brochures and/or             significant external users
that Council is effectively representing the               briefing notes
ownership of the Institute.                                                                               • Making better use of MB Check-Up as a
    This group has been involved as a task              • Providing firms with additional informa-          promotional tool for the profession
force in member outreach activities over the              tion on the recently implemented co-op
past few years such as the member satisfac-               program introduced at the U of M             Membership Linkages Committee
tion survey conducted in November 2005                                                                 The specific responsibilities of this Commit-
and town hall meetings and focus group ses-             • Continuing to promote CASB as a dis-         tee are to:
sions to obtain feedback on proposed                      tance learning format and an option for          • consider various means to obtain input
changes to the CA student certification pro-              students who want to move to rural                 and feedback from the membership;
gram in 2006.                                             Manitoba immediately after completing            • identify ways to regularly and effectively
    More recently, members of the group                   their four year university degree                  communicate with membership on the
were involved in the Rural Roundtable ses-                                                                   work of Council; and
sion of the ICAM Beyond the Perimeter                   • Continuing work on the development of            • where appropriate, carry out certain
Conference which was held at Elkhorn                      a national program to bridge from for-             activities on behalf of Council to
Resort in September 2007. During the                      eign designations and other professional           strengthen linkages with membership of
Roundtable session, more than 30 small and                accounting bodies to the CA profession             the Institute.
mid-size firm practitioners discussed issues
affecting them in their practices and the pro-          • Becoming more proactive in linking can-      Committee Members
fession in general.                                       didates who are unsuccessful subsequent      Ian Seymour (Chair)
    Over the next several months, the Com-                to the initial recruiting process with       Catherine Kloepfer
mittee plans on conducting a series of focus              firms that are still in need of students     Dave Loewen
group meetings with various segments of the                                                            Doug Tkach
profession. Plans are currently in place for            • Improving communication to members           Bob Wall
focus group sessions with members in indus-               regarding their ability to post job oppor-   Gary Hannaford (Staff Liaison)
try and the public sector, members in public              tunities and to students regarding their
practice and rural members.                               ability to seek job opportunities on the
    Watch upcoming editions of Folio for
reporting on initiatives developed in response
                                                          ICAM and CASB websites outside of
                                                          the normal fall recruiting process                 In Memoriam
to the feedback received during the various
focus group meetings.                                   • Supporting the education of lenders on           We record with regret the passing of:
                                                          the differences between the various
Member Linkages Activities and                            assurance and non-assurance services                     John David Bilsland
Initiatives                                               provided by CAs in public practice                         (Member 1962)
   • Enhancing the identification and nurtur-                                                                  Passed Away March 15, 2008
     ing process with students in high                     - Update the "Understanding Reports
     schools through additional career pre-                  on Financial Statements" publication                  Norman Allan Stern
     sentations in schools                                   that explains the key differences                       (Member 1975)
                                                             between audits, reviews and compila-              Passed Away March 25, 2008
        - Develop a pool of members who are                  tion engagements once the
          willing to go back to visit their former           International Standards of Auditing                   John Charles Tarrant
          high schools to speak about their                  relating to audit reporting are adopted                  (Member 1954)
          careers ("local success stories")                                                                      Passed Away January 2008
          If members are interested in becoming            - Hold a free half-day session for
          involved in this initiative, please contact        lenders in Manitoba to explain the
          Shirley Sommer at the Institute.                   differences in the various engage-
                                                             ments. This session will also address
        - Pursue additional high school visits               the decisions made regarding the

                                          Olfert New CASB Chair
Opportunity                               Manitoba CA Richard Olfert was appointed
                                          Chair of the CASB Board April 1, 2008.
                                              "Richard’s experience, in particular his
    Canadian Academic
   Accounting Association                 chairing the Board of Examiners when the
     Annual Conference                    UFE was changed to competency-based eval-
                                          uation, makes him ideally suited to chair the
        May 30-31, 2008                   CASB Board ," said Gary Hannaford, FCA,
                                          CEO of the Manitoba Institute.
   Practitioner Academic
Interchange - Friday May 20                   Richard is the Office Managing Partner in
                                          the Winnipeg office of Deloitte and is also a
The Canadian Academic Accounting          member of the Board of Directors of
Association (CAAA) is holding its         Deloitte - Canada and has chaired its Finance
2008 national annual conference in        Committee since July 2006.                                      Richard Olfert, FCA
Winnipeg.                                     Currently, he serves as Board member and
    One of the key attractions of this    Treasurer of CentreVenture Development            Board of Evaluators (2001-03). During his
year's conference is a series of work-    Corporation and as a member of the Adviso-        tenure as chair, he led the profession's nation-
shops by the CICA on the                  ry Board of the Province of Manitoba 's Civil     wide initiative to introduce competency based
implications of the adoption of Inter-    Legal Services Special Operating Agency. He       evaluation in the UFE.
national Financial Reporting              also chairs the Board of Directors of Men-           Richard obtained his B. Comm. Honours
Standards (IFRS) for Canadian             nonite Brethren Collegiate Institute, and is      from the University of Manitoba. He wrote
accounting.                               chairing that school's capital fundraising cam-   the UFE in 1986 and was awarded the
    The CAAA has organized sessions       paign.                                            Bronze Medal for Manitoba that year. He
for Friday, May 30, that will be of           Also involved in the profession, Richard      received his CA designation in 1988 and his
interest to both practitioners and edu-   served as chair and past-chair of the CICA's      FCA in 2003.
    Members of the professional
accounting community may register
for and attend both days of the con-
                                          MacKinnon CICA Vice-Chair
ference or to pay a reduced
registration fee to attend the Friday     The CICA recently announced that former
sessions only.                            Winnipegger William A. MacKinnon, FCA,
    Conference participants are also      will become the Institute's Vice-Chair in Sep-
welcome and encouraged to attend          tember 2008.
the concurrent research and education         "The Board is looking forward to having
sessions which will be running            Bill MacKinnon bring his extensive profes-
throughout the conference.                sional experience to the role of Vice-Chair,"
    More information on the confer-       said Alain Benedetti, FCA, CICA Board
ence and registration is available at     Chair.
www.                                 "The knowledge gained throughout his
    Only a limited number of space is     career certainly positions Bill to play a vital
available so please register early.       role in helping the profession face any chal-
                                          lenges that lie ahead," Benedetti said.
Date: May 30-31, 2008                                                                            William MacKinnon, FCA will become
                                              For the past nine years, MacKinnon has             Vice-Chair of the CICA in September.
Location: Fort Garry Hotel                fulfilled the role of Chief Executive Officer
Full Conference* Fee: $590 for reg-       with KPMG Canada.                                 partner for a number of major accounts. He
  istrations received by April 22,            Originally from Winnipeg, he completed        presently is the client relationship partner for
  $690 after April 22                     his B. Comm. Honours degree at the Univer-        accounts such as the Bank of Nova Scotia,
  *prices include the Saturday gala       sity of Manitoba in 1967, achieved his CA         Rogers Communications Inc., Celestica Inc.
                                          designation in 1971 and was appointed a Fel-      and ONEX Inc.
Friday Only Fee: $250 for registra-       low of the Institute of Chartered Accountants        MacKinnon's two-year term as the CICA
  tions received by April 29, $350
                                          of Ontario in 1994.                               Vice-Chair will commence following the
  after April 29
                                              Since becoming a partner at KPMG in           Annual General Meeting to be held in Sep-
                                          1977, MacKinnon has been the engagement           tember.

                                                                                                                                      F0LIO   3
AcSB to Consider a Simplified GAAP for
Owner-Managed Enterprises
The CICA released Framework For Owner-               ICAM believes the ideal solution is an          profit organizations.
Managed Enterprises (FOME) last                  approach that allows for two reporting mod-             It is important that any solution devel-
November 2007 and requested comments by          els under GAAP - IFRS for publicly                  oped be timely and relevant to the market it
January 31, 2008.                                accountable enterprises and another compre-         serves. The Manitoba Council conveyed these
    To support member understanding of the       hensive and self-contained simplified               views to the AcSB and urged it to complete
initiative, the national and provincial insti-   framework for all non-publicly accountable          its deliberations quickly. We will continue to
tutes conducted wide-ranging consultations       entities, potentially including many not-for-       update members as work progresses.
and presentations in December and January.
    The events were extremely well attended
and generated a tremendous response, includ-
ing close to 300 letters of comment (letters
                                                 CICA Helps Small Issuers
can be viewed at CICA's website).
    Members provided thoughtful feedback,        Build a Better MD&A
providing substantive input on approach or
content. The feedback showed widespread          Canada's chartered accountants are helping          "how-to guide" offering many practical sug-
support for the framework. Most members          smaller public companies maximize the use-          gestions for small public companies.
also expressed common views on a number          fulness of their disclosures to investors.              "In an era when the bar is continually ris-
of issues, including:                                CICA has developed a special guide              ing on the quality of corporate disclosures,
                                                 aimed at enhancing investor communications          how a company reports to shareholders can
   • Considerable support for GAAP for all       through improved reporting. The guide urges         have a major impact in its reputation," says
     private enterprises, initially based on     companies to consider management's Discus-          Pollard. "Clearly written, informative, and
     FOME or a Handbook derivative that          sion and Analysis (MD&A) as a key                   timely disclosures can build investor confi-
     would be both simplified and self-con-      communications vehicle to investors and not         dence and management credibility."
     tained;                                     simply a regulatory compliance document.                The guide entitled "Building a better
   • A general desire to avoid multiple              "In today's environment, investors turn to      MD&A - a guide for smaller issuers," is
     GAAP solutions for the various sectors      the MD&A to learn the story behind the              mainly directed at smaller issuers, but it may
     of non-publicly accountable enterprises     numbers," says Dave Pollard, CICA vice-             prove useful to companies of any size. The
     and, more specifically, little or no sup-   president, knowledge development. "A well           guide can be found on the CICA website at
     port for different standards for private    done MD&A provides the context investors  
     companies with significant external users   need to better understand the company's per-
     of their financial statements and those     formance and prospects."                            Originally published in the January/February issue
     without significant external users.             The CICA document is an easy-to-follow          of CAmagazine.

    Earlier in the year, the Accounting Stan-
dards Board (AcSB) had issued an Invitation
to Comment on three proposed GAAP
options for non-publicly accountable enter-
                                                       Implementation of International
prises with significant external users.
    The AcSB has now decided to discuss a
                                                        Auditing Standards in Canada
possible simplified form of GAAP for all
non-publicly accountable enterprises and has           The upcoming Canadian Auditing Standards (CASs), which are based on the Inter-
indicated that it will consider the comments           national Standards on Auditing (ISAs), will take effect for financial statement periods
received on FOME as part of this process.              commencing December 15, 2009.
    CICA is pleased with the AcSB's decision               A number of these changes, such as the new form of audit report, represent a
to consider the feedback received from all             significant change from current standards.
respondents. This is consistent with the Fore-             In March, 2008, the Auditing and Assurance Standards Board released a publica-
word to FOME released last November in                 tion, Adopting International Standards on Auditing (ISAs), that provides information
which the CICA indicated that it would                 about the transition to CASs. This publication can be downloaded from the News &
strongly support the AcSB adopting a simpli-           Updates section of the AASB's website at
fied financial reporting model as Canadian
GAAP for owner-managed businesses.

Adopting IFRS in Canada
As a member of Canada's leading accounting         assess the impact (42%) or are in the process of      IFRSs in Canada could create inappropriate
designation, you need to know about Interna-       assessing the impact (30%).                           results.
tional Financial Reporting Standards.                                                                        Remember that the IFRSs contained in the
    Whether you are actually using IFRSs or        Exposure Draft Available for Download                 Exposure Draft have already been through the
simply tracking Canada's transition to the glob-        Adopting IFRSs in Canada, the Accounting         IASB's thorough due diligence process, and are
al accounting language for publicly accountable    Standards Board's Exposure Draft on IFRSs, is         developed with the global economy in mind.
enterprises, the information and resources you     available for download from the AcSB. The                 Second, the Exposure Draft provides:
want are just a click away.                        AcSB is releasing the Exposure Draft as part of           • A starting point for members to become
    Transition to International Standards          its due process in the 2011 transition to IFRS.             engaged in the IFRS learning process
( is the CA profession's          The comment deadline is July 31, 2008.                    • Valuable insights into the changes that
one-stop IFRS resource. Accessible through         Adopting IFRSs in Canada includes:                          will accompany the implementation of
the websites of CICA and the CA provincial              • an electronic version of the 2007 bound              IFRS
and Bermuda institutes, this site developed by           volume of International Financial Report-
Canada's Chartered Accountants provides CAs              ing Standards (IFRSs)                               Helping you prepare for the transition to
and other business leaders with up-to-date              • a Highlights section providing back-           IFRS, CICA is working on a series of informa-
information and resources to help make the                ground and requesting comments in              tion and educational projects aimed at helping
transition to IFRS easier.                                specific areas                                 members and Canadian businesses get ready
                                                        • an Appendix by the AcSB, which pro-            for IFRS.
Very Few Ready for Changeover to IFRS                     vides readers with an approach to                  • CICA and the provincial institutes of
According to CA Survey                                    reviewing the IFRS                                   chartered accountants across Canada are
    A total of 550 senior executives in Canadi-                                                                developing a comprehensive range of
an companies were surveyed by the CICA in              If you haven't already done so, Adopting                training programs to help you prepare for
March 2008 and all are Chartered Accountants.      IFRSs in Canada provides the perfect opportu-               the transition to IFRS. These training pro-
Just over half surveyed indicated their company    nity for you to begin to familiarize yourself               grams will range from short, web-based
will need to adhere to IFRS. Among those           with the new standards and determine their rel-             self study units that you can download at
executives only 8% have either started (4%) or     evance to you and your organization.                        your convenience, to intense, multi-day in
completed (4%) the conversion process.                                                                         depth training sessions
Almost three-in-four have either not started to    CICA Reader's Guide Makes Review Easy                     • CICA is working with the Globe and Mail
                                                        To help wrestle the 2,400-page Exposure                and Les Affaires to publish a series of arti-
                                                   Draft to the ground, the CICA has prepared a                cles that offer insights into best practices

    Getting Ready                                  Reader's Guide to help you identify what to
                                                   focus on and which standards you can safely
                                                                                                               for members in making the transition to

      for IFRS?                                    ignore at this point since they will change. Go
                                                   to to download your copy.
                                                                                                             • Teaming up with The International
                                                                                                               Accounting Standards Committee (IASC)
   If you are employed by a publicly                    The IFRSs apply to Canadian publicly                   Foundation, CICA co-sponsored the
   accountable entity, or if you audit a           accountable enterprises. A definition of Pub-               IFRSs Conference - North America fea-
   publicly accountable entity, and are            licly Accountable Enterprises is included in the            turing presentations by Sir David
   not sure how and when and what you              Highlights section of the Exposure Draft, and               Tweedie, chair of the International
   need to do to get started on your tran-         comments on it are encouraged. In general,                  Accounting Standards Board, and other
   sition to IFRS, you will find the               these are profit-oriented enterprises that have             IFRS experts
   following sources of assistance useful:         responsibilities to a large or diverse group of           • To help raise awareness of Canada's
   • CICA's Transition to International            stakeholders and can include:                               upcoming transition to IFRS, the CICA
     Standards website:                                 • Publicly listed companies                            also sponsored a presentation at the                   • Enterprises with fiduciary responsibilities,         Empire Club featuring Sir David Tweedie
     ex1.shtml                                            such as banks, insurance companies, cred-            on April 25.
   • CAMagazine, April 2008, includes                     it unions, securities firms, mutual funds
     various articles regarding the transi-               and investment banks                               There will be some changes to the IFRSs
     tion process and key dates.                        • Certain government corporations                between now and 2011; all these changes will
                                                                                                         be released as exposure drafts as part of the
                                                       The goals of the Exposure Draft are               AcSB's due process. Go to the CICA's IFRS
                                                   twofold. First, to get comments, specifically on      website at to access com-
                                                   the proposed definition of publicly accountable       prehensive IFRS resources and to keep up to
                                                   enterprises, and on whether the application of        date on these drafts as they are issued.

                                                                                                                                                     F0LIO   5
   Annual General Meeting & Professional Development Day
                                    June 12, 2008 - Winnipeg Convention Centre
                                                    2008/2009 PD Passport Valid
    Time                               Event

    PD Breakfast:                      Duties and Liabilities for Directors & Officers - What All Board Members Should Know
    8:30 a.m. - 10:30 a.m.             - Lisa Stiver, Partner, Thompson Dorfman Sweatman LLP

    AGM:                               Annual General Meeting of The Institute of Chartered Accountants of Manitoba
    11:00 a.m. - 11:45 a.m.

    Luncheon Keynote:                  AGM Luncheon with Keynote Speaker
    12:00 p.m. - 1:30 p.m.

    Concurrent PD Sessions:            Accounting & Financial Reporting in                    Buying, Selling and Dying with Vacation
    1:30 p.m. - 4:00 p.m.              Canada - An Overview of What is to Come                Property in Canada and the U.S
                                       - John Kelly, FCA, Partner,                            - Brian Janzen, CA, Senior Tax Manager,
                                         Scarrow & Donald LLP                                   Deloitte & Touche LLP
                                                                                              - Maria Snelgrove, CA, Senior Manager,
                                                                                                Deloitte & Touche LLP
    PD Breakfast: (2 hours eligible PD, includes continental breakfast)
    Duties and Liabilities for Directors & Officers - What All Board Members Should Know
    CAs and other professionals are often asked to join share corporations and not-for-profit organizations as directors and/or
    officers. Although this can be a professionally and personally rewarding experience for the CA, these governance roles
    come with certain obligations and may attract specific liabilities. This seminar offers a summary of the duties and obliga-
    tions of directors and officers, as well as some precautions that should be taken by CAs in order to maximize their
    contribution to the organization while minimizing their exposure to liability. The goal is to provide sufficient information
    so that participants can make informed decisions about becoming involved in organizations as board members or officers.

    Choose 1 of 2 Concurrent PD Sessions for the afternoon! (2.5 hours eligible PD)

            Accounting & Financial Reporting in Canada - An Overview of What is to Come
            The objective of this seminar is to provide members with an overview of the following:
            • International Financial Reporting Standards (IFRS) and IFRS convergence in Canada for publicly accountable enter-
              prises. The major differences and similarities between Canadian GAAP and IFRS will be discussed;
            • the status of the various initiatives relating to the establishment of financial reporting standards for private enterprises
              in Canada; and
            • the strategy to address the financial reporting needs of the not-for-profit sector.

            Buying, Selling and Dying with Vacation Property in Canada and the U.S
            This seminar will address the various tax implications to consider when contemplating the purchase of a vacation prop-
            erty in Canada or the U.S. such as:
            • structures available
            • generation of rental income and eligible expenses
            • consequences of selling
            • consequences upon death
            This session will also cover Canadian principal residence rules and U.S. estate rules.

                         A registration form is included with the mailing of Folio - sign up today!

        The Manitoba CA / Blue Cross Health Plan Available to all Members*
    The next enrollment date is July 1st, 2008. Members leaving an existing plan can enroll immediately. Contact our broker, Pierre Morier at
    985-1222, fax 985-4351, email or go to for more information or an application form.

                                    * Members actively working 24 hours / week and who are 70 years of age or under.

Online Access to Your Business Tax Accounts
Businesses now have access to online services       contact information, review tax account             vendor will be reviewed. This service is pro-
and their Manitoba tax accounts with the            activity for the last 24 months, register for       vided to help new vendors apply sales tax
launch of a new web service called TAXcess.         retail sales or payroll tax and apply for a         correctly when they commence their busi-
    Through TAXcess, businesses can file            motive fuel, gasoline or tobacco tax licence.       ness.
retail sales tax and payroll tax returns, pay           TAXcess is simple, secure, available 24
retail sales, payroll, corporation capital, gaso-   hours a day, seven days a week and is part of       Corporation Capital Tax General Rate
line and motive fuel taxes through                  Manitoba's strategy to provide the business         Reduction
pre-authorized payment, update business and         community with single-window service deliv-         Effective for fiscal years commencing after
                                                    ery.                                                January 1, 2008 the corporation capital tax
                                                        Businesses can visit the website at             general rate reduced from 0.5% to 0.4%. This
                                           to sign up for              rate reduction is the first phase in the com-

                                                    TAXcess or call 204-945-5603 or toll-free in        mitment to eliminate the general corporation
                                                    Manitoba 1-800-782-0318 for more informa-           capital tax as of December 31, 2010.

                                                    tion.                                                   Corporations with year ends commencing
                                                                                                        after January 1, 2008 should reduce their

                                                    New information service                             quarterly corporation capital tax instalments
                                                    Effective January 1, 2008, the Taxation Divi-       by 20% to reflect the lower tax rate.
                                                    sion introduced a new information service for           Information on the New Vendor Call
     Beginning in May 2008, staff from              businesses that register as a retail sales tax      program or Corporation Capital Tax is avail-
     the Charities Directorate will be              vendor. All new vendors will be contacted           able at or
     visiting communities across the                (shortly after they register) and the applica-      call 204-945-5603 or toll-free in Manitoba
     country to provide Charities Infor-            tion of sales tax and their responsibilities as a   1-800-782-0318.
     mation Sessions for registered
         The Charities Information Ses-
     sions (previously known as
     Roadshows) are informative and                         Consultation on
     cover a number of topics. They are
     aimed at everyone working for, or                  Extended WCB Coverage
     with, a charity - whether as a vol-
     unteer, a Treasurer, a Board                      In 2005, the Manitoba Government made a public commitment to extend workers com-
     Member, or an officer of the chari-               pensation coverage following consultation with affected employers and workers.
     ty.                                                   Phase I of extended coverage came into effect on January 1, 2007 when some 46,000
         This is also a great opportunity              previously excluded Manitoba workers came under the Workers Compensation Board
     to meet staff from the Charities                  umbrella.
     Directorate, to ask questions and                     In Manitoba, accounting, auditing, tax preparation and bookkeeping are among the
     to share information with other                   industries that are currently excluded from workers compensation coverage, although
     charities.                                        coverage is available on a voluntary basis. In several other provinces, such coverage is
         The spring sessions will be                   mandatory.
     delivered in May and June. The fall                   The WCB is now in the process of undertaking Phase II of the consultation process
     sessions will be delivered in Sep-                and it is our understanding the WCB is reviewing the possibility of extending coverage to
     tember, October, and November.                    all previously excluded industries, including accounting, financial and business services.
         The sessions are free and the                     The WCB has invited comments from affected employers and workers by May 1,
     CRA encourages all charities to                   2008. The Institute has provided a submission opposing the extension of coverage to the
     send representatives. Don't miss                  accounting, financial and business services sector.
     out on this great opportunity.                        It is the Institute's position that workers in this sector are at a low risk of workplace
         If you are interested in register-            injury and are currently very adequately covered under existing benefits packages, some
     ing or in finding out more about                  of which have been developed specifically to address the needs of those who work in this
     the Charities Information Sessions,               sector.
     go to                     For more information on the extension of coverage consultation document and a
     ties/sessions/menu-e.html.                        copy of the Institute's submission, please visit the Institute's website at

                                                                                                                                                 F0LIO   7
Seventh Annual Curling Bonspiel
   This year's winners of the Deloitte & Touche trophy are
Bob Walker (skip), Joy Walker, Tim Walker and Christopher
Lippens. This is the third year in row that a team with Joy,
Christopher and Bob have taken home the bonspiel trophy.

                                                                       Bonspiel Winners (l-r): Joy Walker, Tim Walker, Christopher Lippens and Bob Walker
                                                                       with the Deloitte & Touche Trophy.
Bonspiel Runners up (l-r): Alex Watt (skip), Ken Green, Aideen Nash,
Garry Parker.

                                                                   PD Passports On SALE Now!
                                                          No price increase from last year! Valid for the 2008 AGM & PD Day, the 2008 Spring
                                                          Program and the 2008 - 2009 Fall / Winter Program.

                                                                                        Buy Early & Save!
                                                          The Personal Passport
                                                          Offers the convenience and flexibility of 5 seminar days (any combination of ½ day, full
                                                          day and two day sessions).
                                                          • Member Pricing:                    $750 on or before October 10
                                                                                               $900 after October 10
                                                          • Non-Member Pricing:                $1,000 on or before October 10
                                                                                               $1,055 after October 10

                                                          The Corporate Passport
                                                          Allows you or others in your organization 9 seminar days (any combination of ½ day, full
                                                          day and two day sessions).
                                                                                              $1,900 on or before October 10
                                                                                              $2,000 after October 10

                                                          New! The Mini Passport*
                                                          Offers the convenience and flexibility of 3 seminar days (any combination of ½ day, full
                                                          day and two day sessions.
                                                                                            $250 on or before October 10
                                                                                            $300 after October 10
                                                          *The Mini Passport is only available to members who are exempt from paying fees or are
                                                          paying reduced fees.

                                                              Member CPD records will automatically be updated for all ICAM PD
                                                                                    courses attended.
                                                           Note: If you require accommodations, all CAs receive preferential rates at the Fairmont
                                                                  which is in close proximity to the Institute and the CA Learning Centre.

2008 Member Recognition Awards
Nominate a colleague today that you feel                in his or her professional, community or              given outstanding service to it:
deserves to be recognized for his or her out-           other volunteer involvement                              • in the course of their career
standing service to the profession and the                  • exemplary work performance                         • in voluntary service
community.                                                  Last year's recipient was Cade Arason.               • in the work of the Institute, CICA or
    Members of the Manitoba Institute are                                                                          another provincial Institute
eligible to be nominated for the Early                  The Community Service Award                              • in other areas of professional endeavour
Achievement Award, the Community Service                This award recognizes CAs for their out-                   such as research, teaching, and commu-
Award, the FCA designation, and the Life-               standing contributions to community service                nications, including writing (books,
time Achievement Award.                                 or volunteer organizations.                                articles, reviews, etc.), public speaking;
                                                            The recipients for 2007 were Henry Rien-               and electronic media.
The Early Achievement Award                             deau and Curtis Steiman.                                 Last year, André Couture, William Eamer,
This award recognizes CAs who, within the                                                                     Saul Greenberg, Richard Pope, and Richard
first ten years since passing the UFE, demon-           The FCA Designation                                   Potter received their FCA designation.
strate:                                                 The FCA designation recognizes CAs who
    • an ongoing commitment and excellence              have brought distinction to the profession or         The Lifetime Achievement Award
                                                                                                              This award recognizes sustained distinction in
                                                                                                              service to the profession, a career, or commu-
                                                                                                              nity achievement which brings honour to the
                                 NEWS of MEMBERS                                                              profession throughout one's lifetime.
                                                                                                                  Only one Lifetime Achievement Award
Welcome to New Member                                   Retired Members                                       may be presented annually. In some years, if a
 Admitted by Examination                                The following members (year of designation shown in   worthy candidate is not identified, the Award
    Cheryl Marie FADERON                                brackets) retired and were granted a partial or       will not be presented.
                                                        exemption of membership fees.                             Last year's recipient of the Lifetime
                                                           Arthur Robert ANTENBRING (1969)                    Achievement Award was Gordon Webster.
Welcome to Readmitted Member
                                                           Gordon Reed BAKER (1963)
    Oskana Fodor                                                                                              The Nomination Process
                                                           Jerome Massey BRESLAW (1963)
Please note that members who move to                                                                          Nomination forms are available at
another province or territory in Canada or                 Freddie Martin COOPERMAN (1979)           or by contacting the Insti-
Bermuda, obtain membership with that Insti-                Murray Raymond DICKSON (1970)                      tute at 942-8248 or
tute of residence and do not wish to retain                Peter DUECK (1975)                                     Nominations should be addressed to the
Manitoba membership are required to advise                                                                    Chair of the Honours and Awards Commit-
                                                           Peter Stephen ECKERSLEY (1978)
the Manitoba Institute in order to avoid sus-                                                                 tee. Nominations should be received at
pension or termination of membership in                    Murray Allan GRANT (1974)                          the Institute by June 13, 2008.
Manitoba.                                                  Charles Alexander HEBERT (1967)                        The nomination process is confidential.
                                                           Richard George HESTER (1979)                       The Committee also considers information
Resigned in Good Standing                                                                                     the Institute has on file regarding members'
                                                           Robert Clarke JAGGER (1966)
                                                                                                              volunteer and other professional activities.
In most cases, members who resign no longer reside in      Rees Merthyn JONES (1968)                              The election of a member requires a two-
Manitoba and hold membership in another provincial
                                                           Serena Helen KRAAYEVELD (1974)                     thirds vote by the Council. Nominations are
                                                           David Stephen LINES (1966)                         considered based on the recommendations of
    Robert Wesley FORBES                                                                                      the Honours and Awards Committee.
    Member 1971                                            Gerald Wayne MCCALLUM (1969)
    (Residing in Winnipeg)                                 David Helmer Anker OLSEN (1978)                    Award Presentation
    Kimberley Dawne MCCALLUM                                                                                  The presentation of all of the awards and the
                                                           Richard Walter SEABROOK (1964)
    Member 2002
                                                           Gary Tamarin STEIMAN (1958)                        FCA certificates will be made at the Annual
    (Residing in Winnipeg)
                                                                                                              Member Recognition Dinner on Thursday,
    Frederick John PHILLIPS                                Lawrence Lloyd UNRYN (1972)
                                                                                                              November 6, 2008, at The Fairmont Win-
    Member 1989                                            Felix Chun King WANG (1979)                        nipeg.
    (Residing in Saskatoon, SK)
                                                           Bruce Garnet WATSON (1973)
    Brian Nelson WEBSTER
    Member 1970                                            John Buddy WIENS (1973)                            Nominate a deserving
    (Residing in Auckland, New Zealand)                    John William VOTH (1975)
                                                                                                                   CA today!
                                                                                                                                                      F0LIO   9
Here and There With Members
Often, we do not receive members' address and employment changes until the members report         Ernst & Young k.s. in Bratislava, Slovak
them on their annual membership fees notice. Although this may be "old news" to some of you,      Republic.
now that we have been advised we would like to share it with you.
(Unless otherwise noted, members are resident in Winnipeg.)                                    JOHANNSON, Scott R.M. (2002) formerly
                                                                                                 with Meyers Norris Penny LLP is now
ALLISON, Bryan R. (1991) previously with            UBS Fund Services (Cayman) Ltd. in the       Manager, Financial Services, with OnBusi-
  Crown Construction Equipment is now               Cayman Islands is now Vice President &       ness Solutions.
  with Associated Proteins LP.                      Director with Tamarack Capital Advisors
                                                    Inc. in Winnipeg.                          KLIEWER, Jonathan A. (2002) is now
AMES, Christopher C. (1996) previously with                                                      Senior Associate with Canterbury Park
  Newalta Corporation is now Senior Con-        FRIESEN, Kendall M. (2003) is now                Management Inc.
  troller of Operations with Precision            Accounting Analyst with the Canadian
  Drilling in Calgary, AB.                        Wheat Board.                                 KOWALISZYN, Lorianne T. (2007) is now
                                                                                                 Consolidation Accountant with the Win-
BRAKEL, Robert S. (2000) formerly with          GARBOLINSKY, Cory A. (1998) formerly             nipeg Regional Health Authority.
  Kraus McMahon is now Controller with            with Alcatel Canada is now Director of
  General Scrap Partnership.                      Finance with International Datacasting       KOSTENCHUK, Daniel C. (2007) previous-
                                                  Corporation.                                   ly with Craig & Ross is now Assistant
BROWN, Colin D. (1997) has left Open                                                             Controller, Treasury, with James Richard
  Solutions to accept the position of Chief     GIESBRECHT, Kelly J. (2000) previously           International.
  Financial Officer with Stormtech Perfor-        with Grant Thornton LLP is now with
  mance Apparel in Burnaby, BC.                   Giesbrecht Financial Services.               LAGIEWKA, Kyle J. (2007) has accepted the
                                                                                                 position of Controller with Winnipeg Air-
CLEGG, Ian L. (2005) previously with            GRANELLI, John M. (1980) is now with             ports Authority Inc.
  Investors Group is now with Manitoba            Abrahamse Berkis Pinto & Associates in
  Hydro.                                          Toronto, ON.                                 LAPCHUK, Charles N. (2003) is now Chief
                                                                                                 Financial Officer with Lodgepole Energy.
COCHINGYAN, Alice M. (1991) has                 HARRISON, Richard C.R. (1990) formerly
  accepted the position of Director, Internal     with Scottish Re Group Limited in Hamil-     LECOCQ, Vance F. (2006) has transferred
  Audit, at the Workers Compensation              ton, Bermuda, is now Senior Vice               with Grant Thornton LLP to Calgary, AB.
  Board.                                          President, Deputy Treasurer, with Scot-
                                                  tish Holdings Inc. in Charlotte, North       MARTIN, Michael J. (2006) formerly with
COLE, Darlene K.V. (2003) is now with             Carolina.                                      Hudbay Minerals Inc. is now Controller
  Acklands-Grainger Inc.                                                                         with Q1 Production Technologies.
                                                HASIUK, Helen J. (2007) previously with
CZIFFRA, William S. (2007) formerly with          Deloitte & Touche LLP is now Manager,        MASSICOTTE, Andre (1987) previously
  Deloitte & Touche LLP is now with the           Accounting Standards, with the Province        with Color Ad Packaging is now with
  Office of the Auditor General in Ottawa,        of Manitoba, Department of Finance.            Exclusive Carpets Ltd.
                                                HEINRICHS, Brian W. (1998) recently            MASSON, Karyn A. (2002) previously with
DRIEDGER, Jacqueline N. (2008) has                received the George Baxter Achievement         Shindico is now Associate Manager, Inter-
  accepted the position of Senior Accoun-         Award from the Institute of Chartered          nal Audit, with The Great-West Life
  tant with The Puratone Corporation in           Accountants of Saskatchewan. It is award-      Assurance Company.
  Niverville.                                     ed to young CAs who have demonstrated
                                                  excellence in innovation or remarkable       MCINNES, Robert R. (1959) has established
EAMER, William G. (1975; FCA 2007) was            accomplishment in professional, civic,         his own company, Robert McInnes Tax
  recently granted the designation of Hon-        charitable, community or other service in      Services in Port Hope, ON.
  orary Member by the Council of the              their career or to the field of accounting
  Manitoba Pharmaceutical Association in          within the province of Saskatchewan.         MCMULLEN, Sheryl J. (1995) is now Vice
  recognition of his service to the profes-       Congratulations, Brian!                        President, Finance and Administration,
  sion of Pharmacy.                                                                              with Calgary Municipal Land Corporation
                                                JAKUBEK, Stanley G. (1995) is now Coun-          in Calgary, AB.
FRANKLIN, M. Brett (2001) previously with         try Managing Partner, Head of Tax, with

FOLIO   10
Here and There                                    cont’d
MONCUR, Lee N. (2006) has recently trans-        is now the Accounting Manager at the             & Finance, with Inventronics Ltd.
  ferred from Brandon to Grande Prairie          bebe Stores, Inc., in Brisbane, California.
  with Meyers Norris Penny LLP.                                                                YOUNG, Debra A. (2002) recently left
                                              SCHANEL, Melony D. (2001) formerly with            Medicare to accept the position of Finan-
NERO, Kenneth J. (1992) previously with         Civil Service Superannuation Board is            cial Analyst with Winnipeg Regional
  the City of Winnipeg is now Audit Man-        now Controller - Pension & Benefits Pro-         Health Authority.
  ager with Hemenway Silver.                    gram, with Winnipeg Civic Employees'
                                                Benefits Program.                              ZNAMIROWSKI, Randall (1987) is now
NEUDORF, Janna M. (1995) formerly with                                                           Chief Financial Officer and Manager of
  Grant Thornton LLP is now with Ernst &      SHAH, Archit (2001) is now Global Con-             Administration with the Rural Municipali-
  Young LLP.                                    troller with The Orchard in New York,            ty of Springfield.
                                                New York.
NICKEL, Robert H. (2006) has transferred
  with PricewaterhouseCoopers LLP to          SLATER, Lynn-Joy (2006) previously with          NOTICE OF TERMINATION
  Melbourne, Australia.                         KPMG LLP is now Accounting, Manager,
                                                with CanWest Global Communications                In accordance with bylaw 333 Hans
NIMETZ, Sheldon K. (2002) previously with       Corp.                                             Hasenack was terminated from mem-
  Viterra is now Controller with AAA                                                              bership status in the Institute by reason
  Alarm Systems Ltd.                          SOBKOWICH, Samantha J. (2002) is now                of failure to file the Declaration as to
                                                with Brevan Howard Asset Management               Professional Liability Insurance.
NORMANDEAU, Francis C. (1998) is now            in London, England.
  Assistant Manager Operations and Man-
  agement Services with Fédération des        SOUSA, I.P. (Leo) (2003) formerly with
  Caisses Populaires du Manitoba.               BDO Dunwoody LLP is now Senior
                                                Finance Manager with Comer Group
                                                                                               Firm Changes
OKABE, Kevin E. (1993) formerly with            Industries Inc.
  Grant Thornton LLP has accepted the                                                          A.K. Green (1971) deregistered his firm Ken
  position of Chief Operating Officer with    SPRAGUE, Trevor R. (1997) previously with        Green Chartered Accountant Ltd. from
  Norfolk Mobility Benefits, part of the        PricewaterhouseCoopers LLP is now a            the practice of public accounting.
  LCF Rothschild Group in Calgary, AB.          Tax Partner with Meyers Norris Penny
                                                LLP.                                           The registered professional corporate name
OLAFSON, Paul D. (1989) accepted the                                                           Kim Goolia Chartered Accountant Inc. is
  position of Corporate Controller with the   THORVALDSON, Kevin S. (1995) recently            now the registered as the full-time practice of
  City of Winnipeg.                             left Winpak Ltd. to accept the position of     public accounting. Consequently, the practis-
                                                Director, Corporate Financial Reporting,       ing firm name of Kim Goolia, Chartered
PALMER, Robert J.J. (1999) previously with      with IMRIS Inc.                                Accountant, was deregistered.
  Molson Canada in Toronto is now Vice-
  President, Controller, with WestJet         TRAN, Mimi C.B. (2005) previously with           The practising firm Hans Hasenack, Char-
  Airlines Ltd. in Calgary, AB.                 KPMG LLP is now Senior Analyst, Tax            tered Accountant, was involuntarily closed
                                                & Treasury, with Saxon Energy Services         as a result of the membership termination of
PLOEGMAN, Kevin P. (2004) formerly with         Inc. in Calgary, AB.                           the firm's sole practising member.
  Deloitte & Touche LLP is now with Side-
  Track Technologies.                         TRINH, Vinh P. (2007) is now Fund                The practising firm name Haugen Morrish
                                                Accountant with UBS Fund Services              Angers, Chartered Accountants to HMA Char-
ROSS, Kenneth J. (1976; FCA 1992) previ-        (Cayman) Ltd. in Grand Cayman, Cayman          tered Accountants LLP.
  ously with Pauwels Canada Inc. is now         Islands.
  with MacDon Industries Ltd.                                                                  OnBusiness Chartered Accountants Inc.
                                              WEST, Jennifer L. (2006) is now Senior           changed their Steinbach office from part-time
ROZMUS, Jeanine M. (2007) formerly with         Financial Analyst with Wellington West         to full-time.
  KPMG LLP is now with Air Canada.              Capital Inc.
                                                                                               The part-time practising office of Robert S.
SAWCHUK, Andrea N. (2003) previously          WILSON, W. Garth (1994) formerly with            Spencer Chartered Accountant Ltd. has
  with PricewaterhouseCoopers in San José       Viterra is now Senior Manager, Business        deregistered.

                                                                                                                                       F0LIO   11
         THANKS FOR YOUR SUPPORT                                                                                                                          Deadlines &
    The following firms and individuals have made financial contributions to support the                                                                    Events
    work of the Manitoba Chartered Accountants Foundation Inc. during the past fiscal year.
     Booke & Partners Chartered                                           Lawrence O. Pollard                                                             Members’ Softball Tournament
         Accountants                                                      Pope & Brookes LLP Chartered                                                      Blumberg Softball Complex
     Therese Bourque                                                         Accountants                                                                        Saturday, May 31
     J.K. Angus Campbell                                                  Richard D. Pope                                                                        9 a.m. - 4 p.m.
     Gilles J.L. Chaput                                                   Keith W. Powls
     Deloitte & Touche Foundation                                         William J. Pugh
                                                                                                                                                          ICAM Annual General Meeting
         Canada                                                           Austin P. Rathke
     J. Henri E. Desautels                                                Stanley W. Reid                                                                   Winnipeg Convention Centre
     Peter Dueck                                                          Gerard H.J. Rodrique                                                                  Thursday, June 12
     William G. Eamer                                                     Ian R. Seymour                                                                              11 a.m.
     Estate of Allan M. Moore                                             James G.M. Scollan
     Gabriel J. Forest                                                    Jon W. Singleton                                                               Deadline for Member Recognition
     Mark M. Gray                                                         Stafford F. Swain
     Lucien P. Guenette                                                   Lorraine C. Taraska                                                             Award and FCA Nominations
     David Halpern                                                        The Exchange Chartered                                                                   Friday, June 13
     Gregory J. Hanson                                                       Accountants LLP
     George A. Horne                                                      The Great-West Life Assurance                                                     Members’ Golf Tournament
     Lawrence M. Hurtig                                                      Company                                                                          St. Boniface Golf Club
     Rees M. Jones                                                        Melvyn L. Verin
                                                                                                                                                              Thursday, September 4
     Gerald Kalef                                                         Robert B. Wall
     Donald R. Keatch                                                     Reginald H.G. Walton                                                                 Noon Shotgun Start
     Reginald W. Kowalchuk                                                Western CA Services Association /
     Bennard M. Lapchuk                                                      Meloche Monnex                                                                 Member Recognition Dinner
     Billy S. Li                                                          Douglas H. Wheeler                                                                  The Fairmont Winnipeg
     Samuel W. Linhart                                                    Donald R. Winstone                                                                  Thursday, November 6
     Garry T. Markham                                                     Mary A. Wladyka
     W. David Mitchell                                                    Paul D. Wright                                                                         Reception 6 p.m.
     David A. Morison                                                                                                                                            Dinner 6:45 p.m.

    If you, or someone you know, are interested in developing or instructing a seminar for us,                                                                   UFE Results Release
    please contact the ICAM office at 942-8248 or e-mail                                                                                         Friday, December 5

                                                                       Summer Hours
        The Institute will be operating on summer hours (8:30 a.m. to                                                      The office will be closed on the following Statutory Holidays:
        4:30 p.m.) following the Annual General Meeting, Thursday June                                                        • May 19           • August 4          • October 13
        12, through to Friday August 29.                                                                                      •July 1            • September 1

      Telephone Numbers & E-mail Addresses for Institute Staff

Chief Executive Officer: Gary Hannaford, FCA         Email:              Direct Line:   924-4410
Practice Advisor & Director of Members’ Services: Kathy Zaplitny, CA   Email:                  Direct Line:   924-4411
Registrar & Director of Standards Enforcement: Shirley Sommer, CA      Email:                    Direct Line:   924-4414
Director of Administration: Dianne Laidler, CMA         Email:           Direct Line:   924-4412                                               FOLIO PUBLISHED BY
Manager of Communications: Tanya Beck         Email:         Direct Line:   924-4416                                                  The Institute of Chartered Accountants of Manitoba
                                                                                                                                                                500-161 Portage Avenue East,
Secretary: Darlene Kochanski       Email:          Direct Line:   924-4415                                                          Winnipeg, Manitoba, Canada R3B 0Y4
                                                                                                                                                                   Telephone 204/942-8248
PD Coordinator: Marie Kostiuk        Email:         Direct Line:    924-4413                                                                  Toll Free 1/888-942-8248
                                                                                                                                                                       Fax 204/943-7119
Assistant Registrar & Accounting Assistant: Kimberly Leung     Email:              Direct Line:   924-4417
Receptionist: Michelle Chartrand      Email:          Direct Line:   942-8248                                                           Website

FOLIO   12
                                                                                                                                                                         Printed on recycled paper