News from CGA-Canada
UPDATE
INTERNATIONAL
FROM: MAY-JUN 2007 ISSUE
UPDATE
Election Ends Public Accounting Bill
A long-awaited Quebec government bill to reform public accounting legislation was not passed before the provincial election was called in late February.
CGA-Canada applauded the Quebec government for introducing the bill last December and delivering on its commitment to act on an Agreement on Internal Trade (AIT) panel ruling from August 2005. That ruling found Quebec’s measures denying CGAs from New Brunswick the right to practise public accounting in Quebec to be inconsistent with the AIT and recommended legislative changes.
“Although the legislation was not passed, its introduction demonstrated that the government recognizes the need to reform the public accounting licensing regime in Quebec,” says Anthony Ariganello, CPA (Delaware), FCGA, president and CEO of
CGA-Canada. “We encourage the new government to make reintroduction and passage of this legislation a high priority.”
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New Models for Regulation
CGA-Canada is inviting comments on its recently released discussion paper: The Regulation of Public Accounting and Accounting and Auditing Standard Setting under a Common Securities Regulator in Canada. The paper contributes to the current debate on the need for reform of securities regulation in Canada.
Commissioned by CGA-Canada and written by Professor Poonam Puri of Osgoode Hall Law School, the paper focuses on what the mandate of a common securities regulator could be in relation to public accounting, standard setting, and auditor oversight. For an overview of the three models of regulation proposed in the paper, read the article.
Professor Puri’s paper was the subject of a CGA Roundtable Discussion in December 2006, and was released publicly in March 2007. CGA-Canada invites comments by June 30, 2007. To download the paper or submit comments, go to www.cga.org/canada.
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CGA-Canada Research Foundation News
The CGA-Canada Research Foundation is currently evaluating various research initiatives and developing a fundraising plan to support those initiatives. This follows a December meeting at which the board clarified its intended direction and recommitted to researching technical issues related to accounting and auditing standards.
One initiative under consideration is the establishment of an International Financial Reporting Standards (IFRS) committee to examine issues arising from Canada’s transition to international standards. Such research would strengthen the Association’s responses to exposure drafts issued by the standard-setting bodies, as well as contribute to the development of the profession.
“Accounting and auditing standards are changing at a rapid pace and there is a growing need for research into how these changes will impact the profession,” says Louise Nesterenko, FCGA, chair of the CGA-Canada Research Foundation. “CGA-Canada and the CGA-Canada Research Foundation have a genuine interest in strengthening our ties with the academic community by supporting academic research in this area.”
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Sharing SME Project Details
CGA-Canada representatives have received invitations from several organizations wanting to learn more about proposed International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SME).
Former CGA-Canada chair Dany Girard, who was a member of the International Accounting Standards Board’s (IASB) SME working group, shared his experiences at a roundtable discussion with the Accounting Standards Board in December at the invitation of chair Paul Cherry. In February, CGA-Canada Research Foundation board member Stephen Spector made a presentation on the same subject to the Accounting Standards Oversight Council. Girard is scheduled to deliver a similar presentation to the Fédération internationale des experts-comptables francophones in May.
Girard’s involvement in the IASB working group was just part of the extensive consultation that went into developing the proposed SME standard. The long-awaited exposure draft of the IFRS for SME is now available at www.iasb.org. The period for public comment ends October 1, 2007. CGA-Canada is currently preparing its response.
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CGA-Canada Responds to Budget
Finance Minister Jim Flaherty delivered his second federal budget on March 19 and, as usual, CGA-Canada offered immediate comprehensive analysis to media, business, and public practitioners. A media release, budget scorecard, tax measures highlights, and newsletter for practitioners are available on the CGA-Canada website at www.cga.org/canada/budget.
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INTERNATIONAL
CGA-Canada Sponsors ICAC Conference
CGA-Canada is proud to be a gold sponsor of the 25th Annual Caribbean Conference of Accountants. The conference, organized by the Institute of Chartered Accountants of the Caribbean (ICAC), will be held June 28-30 at the St. Kitts Marriott Resort in St. Kitts-Nevis.
The theme and title of the 2007 conference is Delivering Excellence – Polishing the Diamond. A keynote address by the Hon. Dr. Denzil Douglas, Prime Minister of St. Kitts and Nevis, will open the conference. CGA-Canada chair Jackie Poirier will participate in a panel discussion entitled Harmonizing Caribbean Tax Laws.
For the full conference program and registration information, go to
www.sknaccountants.com.
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CGA-Canada Contributes to New IFAC Resource
The International Federation of Accountants (IFAC) has expanded its online resource that provides accountants with one-stop access to thousands of articles, management tools, good practice guidance, reports, and other materials. IFACnet (www.ifacnet.com) is a global search engine of value to accountants in all areas of practice.
CGA-Canada is one of almost 20 accountancy organizations to share electronic resources and contribute funding to the initiative, with more expected to join in coming months. With this tool, users can gain access to a worldwide collection of articles and resources, including those available on the CGA professional development resource PD Net (www.cga-pdnet.org).
The launch of IFACnet coincides with the redesign and re-launch of PD Net.
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Bermuda Welcomes New CGAs
CGA Bermuda members gathered at the Fairmont Southampton Resort in February to welcome four new CGAs. CGA-Canada chair Jackie Poirier presented Milton Campbell, Jameel Effendy, and Ken Mahadeo with their certificates. Lauren Welch, who was unable to attend the dinner, was also recognized as a new CGA.
Bermuda, with the highest per-capita income in the world and an economy based on financial services, is currently experiencing strong demand for professional accountants.
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