News from CGA-Canada
UPDATE
INTERNATIONAL
FROM: JAN-FEB 2008 ISSUE
UPDATE
CGA-Canada Named Top Employer
CGA-Canada scored a hat trick of prestigious human resources honours recently, being recognized as one of Canada’s Top 100 Employers, Financial Post’s 100 Best Companies to Work For, and BC’s Top 40 Employers. The annual competitions publicly acknowledge leading employers who offer exceptional workplaces.
“CGA-Canada has been successful in attracting talented and dedicated staff because we value our people,” says Anthony Ariganello, CPA (DE), FCGA, president and CEO of CGA-Canada. “Our employees bring a diverse range of expertise to the association and we recognize that they are our most valuable asset.”
As one of Canada’s Top 100 employers, CGA-Canada has demonstrated that the commitment to excellence and quality that is the hallmark of the CGA designation is also exemplified in its workplace. Employers were evaluated against a number of criteria including physical workplace; the work and social atmosphere; health, financial, and family benefits; vacation and time off; employee communications; performance management; training and skills development; and community involvement.
“It is a very competitive market for talent at the moment,” says Baldev Gill, vice-president, Finance and Human Resources. “CGA-Canada is committed to being a top employer and we are extremely pleased with this recognition. Not only will it help us to attract and retain highly skilled talent, but it has added to the organization’s sense of pride.”
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Survey Reveals Troubling Level of Debt
Saving is not a priority for Canadians and many are in denial about their level of indebtedness. So finds the latest research report from CGA-Canada, revealing that household debt has been increasing annually by 4.7 per cent for the past 30 years - outpacing gains in personal disposable income, assets, and the gross domestic product.
Where Does the Money Go: The Increasing Reliance on Household Debt in Canada is based on a consumer survey commissioned by CGA-Canada which reveals Canadians’ attitudes on saving, spending, and their level of indebtedness. The survey showed that one in five respondents could not handle unforeseen expenditures of $5,000 and that 25 per cent do not engage in any type of savings activity, not even retirement savings. Household debt is at an all-time high, reaching $1 trillion in 2006, while Canadians’ personal saving rate has been declining over the last 25 years, reaching a low of 1.2 per cent in 2005.
The decline in savings is worrisome, particularly when combined with trends explored in previous CGA-Canada research reports on defined benefit pension plans and Canada’s aging population.
“As our population ages, many Canadians may find themselves sandwiched between servicing debt and the necessity to accelerate savings for their rapidly approaching retirement,” says Anthony Ariganello, president and CEO. “Many Canadians think escalating debt and lack of savings are no cause for concern in today’s favourable economic conditions and few seem to fully appreciate the harmful consequences of swelling debt into the future.”
The report received extensive media coverage upon its release in October. Rock Lefebvre, FCGA, vice-president, Research and Standards, was interviewed about the report on CTV’s Canada AM and CBC Newsworld, and stories appeared in daily newspapers in all major Canadian cities. Where Does the Money Go and previous CGA-Canada research reports are available at cga.org/canada.
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Awards Recognize Top Students
CGA-Canada congratulates the winners of the 2006-07 CGA-Canada student awards, which recognize outstanding academic achievement.
Slavka Batchvarova of Toronto is the recipient of the ENCON Group Inc. Insurance Public Practice Award, valued at $5,000. It is awarded to a newly certified CGA graduating from the public practice career option who achieves the highest average mark on the Auditing 2 and Taxation 2 examinations.
Leah MacKenzie of Victoria, B.C. is the winner of the Porter Hétu International Award, which is presented to a newly certified CGA graduating from the public practice career option who obtains the highest final mark in Auditing 2. Hua (Amy) Chen of Toronto is the recipient of the Carswell Taxation Award, which is granted to the student who earns the highest mark in Taxation 2 on the first attempt.
Awards of Excellence are presented to the highest academic achievers in each level of the CGA Program of Professional Studies, including the professional level, Professional Applications and Competence Evaluations (PACE). Recipients are Jennifer Bond of Victoria (Professional Level), Seshadri Hariharan of Markham, Ontario (Level 4), Mark Millham of Regina, Saskatchewan (Level 3), Elizabeth Thurlow of Maple Ridge, B.C. (Level 2), and Natalia Shuklina of B.C. (Level 1).
The Top Ten Recognition Awards honour newly certified members who rank as the highest performers across the country. This year’s recipients are: Jennifer Bond (Victoria), Francis Favre (Toronto), Rianto Halim Tanudiredja (Coquitlam, B.C.), Mike Merkens (Saskatoon, Saskatchewan), Libing Li (Richmond, B.C.), Ramona Bortnowschi (Edmonton, Alberta), Ryan Premak (Edmonton), Weijie (James) Luo (Guelph, Ontario), Eddy Cheung (Hong Kong), and Liliana Villa (Mississauga, Ontario).
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Response Endorses IFRS for SMEs
CGA-Canada is recommending that Canada adopt – without modification – the proposed International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
The recommendation is included in the association’s response to the IFRS for SMEs exposure draft, issued for public comment by the International Accounting Standards Board (IASB). The 19-page response includes a number of observations and detailed responses to questions. The CGA-Canada response was guided by the results of roundtable meetings held in July 2007 in several Canadian cities with prominent CGA practitioners.
The IASB launched its SME project in 2004 with the goal of developing international standards suited to the specific needs of small and medium-sized entities. It plans to issue a final IFRS for SMEs in the second half of 2008.
Concurrent to the IASB’s SME project, Canada’s Accounting Standards Board (AcSB) invited comments on financial reporting by private enterprises. In January 2006, the AcSB announced it would transition to IFRS for publicly accountable enterprises. The question of what standards should apply to private companies was left to further review. Although the full details of CGA-Canada’s response were not available at press time, the association is recommending adoption of the IFRS for SMEs, one of three options proposed in the AcSB document for comment.
The CGA-Canada responses to both the IASB and AcSB drafts are available at cga.org/canada.
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INTERNATIONAL
IFAC Celebrates 30 Years
As CGA-Canada begins its 100th year, the profession’s global body, the International Federation of Accountants (IFAC), has just marked its 30th anniversary.
CGA-Canada was one of 63 founding members of IFAC and has been an active supporter of the organization ever since. Former CGA-Canada Chair Sylvie Voghel is a member of the 21-person IFAC Board and also chairs its Small and Medium Practices Committee.
IFAC, which now boasts 158 members and associates from 123 countries, sets international standards for the profession in the areas of auditing and assurance, ethics, education, and public sector accounting. It also champions convergence and professional development. However, writing in a recent IFAC newsletter, Fermín del Valle, IFAC president, said there are greater challenges ahead for IFAC and the accounting profession.
“The reality is that globalization is a fact for organizations of all types and sizes,” says del Valle. “Professional organizations are not excluded. We must, therefore, ask ourselves what globalization means for our member bodies.”
A number of anniversary events were held in Mexico City during the annual meeting of the IFAC Council in November. As well, events during World Accountancy Week from December 2 to 8 recognized IFAC’s anniversary. More information about IFAC is available at ifac.org.
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