News from CGA-Canada
UPDATE
INTERNATIONAL
FROM: JUL-AUG 2007 ISSUE
UPDATE
CGA-Canada Sets AGM
The CGA-Canada Annual General Meeting will be held September 14, 2007, at the Fairmont Newfoundland in St. John’s, Newfoundland, at 3:30 p.m. local time. Financial statements will be available for download from the CGA-Canada website by August 24 and the 2006-07 annual report will be available on the website by September 1. The official notice of AGM will be mailed to members under separate cover.
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Report on Productivity Released
CGA-Canada’s latest research report, Fading Productivity: Making Sense of Canada’s Productivity Challenge, explores the benefits of improving Canada’s productivity and the risks of not addressing it. Released in May, the report points to weak investment in higher learning, poor quality math and science education, declining employer-supported training opportunities, excessive business regulation, and weak investment in capital goods as trends contributing to Canada’s lack of global competitiveness.
The report indicates that, of the G8 nations, Canada ranks fifth in terms of overall competitiveness, largely due to a lack of productivity. In fact, the Global Competitiveness Report of the World Economic Forum shows that Canada’s productivity growth is at its lowest level in the last five years. The CGA-Canada report says Canada’s standard of living is at risk unless we focus on working smarter, not longer, to boost productivity.
Fading Productivity can be downloaded from www.cga.org/canada.
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Feedback Sought on SME Standards
CGA-Canada is inviting input from practitioners, owners of small and medium-sized enterprises, and users of SME financial statements on the SME standard proposed by the International Accounting Standards Board (IASB).
The IASB released the exposure draft of its International Financial Reporting Standard for SMEs in February and is accepting comments on the draft until October 1. CGA-Canada has publicly supported the adoption of international standards for some time, but in preparing its response to the draft, wishes to consider the full range of views on the subject.
Paul Pacter, the IASB director of standards for SMEs, will deliver a presentation to the CGA-Canada board of directors in July, as well as to invited participants at roundtable sessions scheduled for Calgary, Toronto, and Vancouver.
CGAs are welcome to send comments on the proposed standard directly to the IASB and the Accounting Standards Board. Alternatively, members can submit input to Rock Lefebvre, vice-president, research and standards at rlefebvre@cga-canada.org.
For more information on IASB’s SME project, see the March-April 2007 issue of CGA Magazine. To read the IASB exposure draft, go to www.iasb.org.
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Celebrating 40 Top Achievers
For the second year, CGA-Canada is a Platinum Sponsor of Canada’s Top 40 Under 40 program. Anthony Ariganello, CPA (Delaware), FCGA, president and CEO of
CGA-Canada, attended the awards ceremony in Toronto in May, where he congratulated the honorees.
Canada’s Top 40 Under 40, founded and managed by The Caldwell Partners, celebrates the country’s leaders of today and tomorrow. The national program honours Canadians who have achieved a significant level of success before their 40th birthday. The program is designed to promote mentorship and professional development by introducing these leaders to the business community and by promoting them as role models for young Canadians.
For a complete list of this year’s award recipients, visit www.top40award-canada.org.
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AFOA Convenes in Vancouver
The Aboriginal Financial Officers Association of Canada (AFOA) held its seventh National Conference in Vancouver in February. Lynda Carson, CGA-Canada’s
vice-president of education and operational affairs, spoke at the event and drew attention to the important work AFOA carries out in helping Aboriginals enhance their finance and management practices and skills.
AFOA’s national conference is the only forum for the exchange of knowledge and information on Aboriginal finance and management in Canada. The conference attracted 838 delegates from across the country, including First Nations, Métis, and Inuit executives, administrators, financial managers, program managers, and elected representatives.
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E-Guide for Elections
CGA-Canada has published a new Elections E-Guide for CGAs who volunteer or provide their services during election campaigns.
Intended as a practical adjunct to the Canada Elections Act, the Elections E-Guide provides guidance to auditors of federal political campaigns, either for general elections or by-elections. It will also help candidates and official agents understand the stringent accounting and financial reporting requirements of the Act. The guide can be downloaded from www.cga.org/canada and meets the 2007 Elections Act requirements
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New Ideas for an Aging Population
CGA-Canada appeared before the Senate Special Committee on Aging on March 26 to propose policy ideas for dealing with the impact of the country’s changing demographics. The proposals were based on the association’s 2005 research report on Canada’s aging population entitled Growing Up: The Social and Economic Implications of an Aging Population.
“While the demographics are clearly worrisome, perhaps even frightening, they represent a challenge to which a robust society and economy can rise if we can foster a less traditional mindset among employers, employees, and governments,” said Rock Lefebvre, CGA-Canada’s vice-president, research and standards.
The senate committee was established in November 2006 to examine the implications of an aging society in Canada. Both the presentation to the committee and the research report can be downloaded from www.cga.org/canada.
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New Insurance Broker
Aon Reed Stenhouse Inc. is the new insurance broker for the CGA-sponsored insurance program, including professional liability insurance as well as the optional office package and commercial general liability insurance. The policies remain unchanged and claims currently in progress will not be affected.
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INTERNATIONAL
IFAC Hires CGA
Long-time CGA-Canada employee David McPeak, CGA, left the association in May to take on the position of technical manager at the International Accounting Education Standards Board (IAESB). The IAESB is a standard-setting board of the International Federation of Accountants that develops international standards and guidance related to the education, assessment, and practical experience requirements for accreditation as a professional accountant. McPeak was director of assessment for CGA-Canada.
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Internal Audit Standards Updated
A recent Institute of Internal Auditors (IIA) document written by Lal Balkaran, CGA, highlights the changing nature of internal audits. The IIA Standards component, which forms the core of the Professional Practice Framework, describes the nature of internal auditing and ways of conducting an engagement and communicating results. It also provides quality criteria against which the performance of internal auditing can be evaluated. The focus of internal auditing is on six key factors: an objective activity, assurance and consulting, adding value, considering the whole organization, broadened horizons, and a unique franchise. The standards outline a more proactive role for internal auditors in risk management and governance, and are mandatory for IIA members and Certified Internal Auditors. For more information go to www.theiia.org.
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XBRL Members Meet in Europe
XBRL International held its 15th international conference in Munich in June. Focusing on the theme “Integrating Business Reporting Worldwide: From Small and Medium-Sized Enterprises (SMEs) to Large Companies,” the conference featured XBRL (Extensible Business Reporting Language) projects currently underway internationally. Developed collaboratively, XBRL is an XML-based open framework for business reporting. XBRL International, a not-for-profit consortium, has nearly 500 members, up from 450 late last year. For more information go to www.xbrl.org.
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