News from CGA-Canada
UPDATE
INTERNATIONAL
FROM: MAR-APR 2007 ISSUE
UPDATE
Quebec Opens Public Accounting to CGAs
The Quebec government introduced legislation in December that, if passed, will open the field of public accounting to CGAs. The bill will permit all qualified CGAs, CAs, and CMAs to obtain public accounting licences by satisfying the conditions set by their professional associations.
“We are pleased the Quebec government delivered on its commitment to act on the Agreement on Internal Trade (AIT) panel decision,” says Anthony Ariganello, CPA (Delaware), FCGA, president and CEO of CGA-Canada. In August 2005, Quebec’s measures denying CGAs from New Brunswick the right to practise public accounting in Quebec were found to be inconsistent with the AIT.
“The implementation of this new legislation should ensure CGAs’ mobility across Canada,” says Terry LeBlanc, FCGA, on behalf of CGA New Brunswick. “This will benefit Canadian companies doing business in Quebec and our clients in Quebec who do business outside of the province.” The legislation will increase competition in the marketplace, giving businesses and the public more choice when selecting professional accountants.
Quebec is the last jurisdiction in Canada to exclude CGAs from some aspects of public accounting, specifically the provision of audit services to public companies. Adoption of the bill would bring to a close many years of discussions on the part of the Ordre des CGAs du Québec to enable CGAs to offer the full range of public accounting services in that province.
“Our members are pleased to see the case on public accounting in Quebec reach this important stage,” says Michel P. Laliberté, FCGA, president of the Ordre des CGAs du Québec. “We hope that the bill will be adopted quickly by the National Assembly.”
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Views on Terrorist Financing Safeguards
In an appearance before the Senate Standing Committee on Banking, Trade, and Commerce, CGA-Canada urged the government to find a balanced approach between meeting reasonable international money laundering and terrorist financing safeguards while protecting Canadian businesses from excessive requirements.
Everett Colby, FCGA, chair of the CGA-Canada Tax and Fiscal Policy Committee, spoke to the committee about Bill C-25, which amends legislation related to proceeds of crime, money laundering, and terrorist financing. Colby pointed out that professional accountants are called upon to exercise considerable judgment in recognizing whether a transaction is, in fact, money laundering or terrorist financing, and that changes under Bill C-25 (which was recently passed) will require them to be even more vigilant.
“Accountants should not be expected to become detectives as they attempt to establish the rationalization or intentions of their clients’ actions and/or questions,” said Colby. “CGA-Canada would contend that the addition of the attempted suspicious transactions reporting requirement goes beyond the necessary professional good judgment required of our members.”
For the complete text, see Speeches and Presentations under Advocacy and Research at www.cga.org/canada.
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Ambassador Comments on Canada-U.S. Relations
The historically strong relationship between Canada and the United States improved significantly over the past year, said David Wilkins, U.S. Ambassador to Canada, at a CGA-Canada Economic News Luncheon late last year.
Ambassador Wilkins cited the settlement of the long-standing softwood lumber dispute as an example of how the relationship improved in 2006.
He paid homage to the work of Canadian troops in Afghanistan and spoke about U.S. foreign policy, acknowledging that the United States sometimes makes decisions based on national security interests that other countries, including Canada, do not agree with. Even so, a positive aspect of the Canada-U.S. relationship is that the two countries can “talk through our disagreements and find common ground,” he noted.
CGA-Canada presents the Economic News Luncheons at Ottawa’s National Press Club as a forum for leading figures in politics, industry, and finance to speak on issues affecting CGAs and the Canadian public.
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INTERNATIONAL
Girard Elected to International Board
Dany Girard, FCGA, past chair of CGA-Canada, has been named to the board of the Fédération internationale des experts-comptables francophones (FIDEF). Girard replaces Jean Précourt, FCGA, as the Association’s representative following Précourt’s election as FIDEF president.
FIDEF is an international organization of francophone accountants, with 27 member bodies and eight affiliate members from Europe, Africa, the Middle East, Asia, and North America. CGA-Canada is the only Canadian member. FIDEF’s goals are to encourage exchange and cooperation among members.
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Beijing/Shanghai Conference
The Beijing and Shanghai chapters of CGA-Canada and the Shanghai University of Finance and Economics (SUFE) held an international conference in Shanghai last November. More than 120 CGAs, students, and representatives from business and academia participated.
Professors from SUFE and Canadian CGAs gave presentations on taxation policies, tax reform issues, the Canadian economy, immigration, and doing business in Canada. Earlier in the year, China issued new GAAP standards and SUFE’s Dr. Liu Haobo spoke on the new framework and principles.
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China Marks 10th Annual Graduation Ceremony
CGA-Canada held the 10th annual graduation ceremony in China at the Great Hall of the People in Beijing on December 16 to honour the 75 candidates who received CGA designations. Chair of CGA-Canada, Jackie Poirier, FCGA, attended to welcome the new CGAs.
Other attendees included Tao Xiping, deputy director of the Chinese Society of Education, Dr. Li Ruihua, director general, National Accountants Examination and Performance Evaluation Centre, Ministry of Finance, and representatives from accounting firms, government departments, and CGA-Canada’s partner universities in China. Sixteen Chinese universities have incorporated the CGA program into their curricula.
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CGA Chair Meets with Chinese Officials
During her visit to China, Jackie Poirier met with several high-level Chinese officials in Beijing. CGA-Canada is working with Chinese professional associations to further promote the development of the global accounting profession.
Wang Jun, deputy minister of finance, extended his gratitude for CGA-Canada’s support for the development of the Chinese accounting profession. “With the growth of the Chinese economy, a demand for certified accountants will accelerate growth of the profession,” said Wang.
Liu Zhongli, president of the Chinese Institute of Certified Public Accountants (CICPA), offered congratulations on CGA’s accomplishments in China. He stressed that the profession is facing new challenges as internal management in accounting firms is strengthened and higher ethical standards are established.
Poirier believes shared learning will benefit the global accounting profession and contribute to its stability and prosperity. “The profession is facing issues on how to further promote higher standards while continuing to increase competitiveness,” she noted.
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CGA-Hong Kong Elects 2006–07 Board
Members of CGA-Hong Kong elected the 2006-07 board of directors on December 14. Norman Cheng, Peter Fok, William Lau, Herman Yau, and Raymond Yeung (past president) are newly elected board members, while Alac Ho (immediate past president), Jeffery Cheung, Franky Fan, Charles Lau, Kai Hing Lau, and William Tin
(re-elected) continue to serve on the board. The new board elected William Tin president, and Jeffery Cheung and Raymond Yeung vice-presidents.
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IFAC Explores Micro-Entities Standard
The International Federation of Accountants (IFAC) recently released Micro-Entity Financial Reporting: Perspectives of Preparers and Users. The paper reviews existing research on the topic and includes a survey of the legal status of entities with less than 10 employees in different countries. IFAC is considering further research in this area to examine whether the proposed IFRS for SMEs is likely to meet the needs of micro-entities. The paper may be downloaded for free from www.ifac.org/store.
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Global Directory Now Available
Not sure what some of the letters after colleagues’ names stand for? A new publication, The Directory of Global Professional Accounting and Business Certifications, by Lal Balkaran, CGA, likely has the answer. Developed as a reference source for anyone interested in international accounting or auditing, the 288-page book was published by Wiley in February 2007. Updates will be provided via the publisher’s website.
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