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FROM: JAN-FEB 2010 ISSUE
UPDATE
Canadian Small Businesses Optimistic
Owners of Canadian small and medium-sized enterprises (SMEs) are optimistic about the future and appear to have been impacted less severely by the economic crisis than their counterparts in some parts of the world. This according to a global survey commissioned by CGA-Canada, CPA Australia, and the ACCA, as well as a supplementary survey of Canadian SMEs commissioned by CGA-Canada.
The global survey, conducted by the Economist Intelligence Unit (EIU), explored the problems facing SMEs in accessing finance from banks and other lenders. In those countries hit hardest by the economic downturn, banks have cut lending, and are facing criticism for not passing on interest rate cuts designed to help economies recover. Businesses experiencing depressed demand for their products or services are faced with tough decisions on investment and staffing levels and on the best structure to survive and compete in the future.
However, the outlook of most Canadian SMEs is more positive than that of SMEs throughout the world. The majority of SMEs in Canada say the financial crisis has not caused a major setback to their future prospects and their sources of financing have been less impacted by the credit crisis than those around the world. Close to half of Canadian SMEs feel the cost of financing has remained unchanged, while roughly 15 per cent each say that the cost has either increased or decreased. However, most businesses have experienced one or more changes to the financing terms fortheir company.
The joint report, the EIU survey, and related audio-visual resources are all available at cga.org/canada.
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First CGA Named to CPAB Board
Gary Porter, an Ontario FCGA, is among four new members of the Canadian Public Accountability Board (CPAB) announced in November. Appointed for a one-year term by the CPAB council of governors, Porter is the first Certified General Accountant to be named to the 11-person CPAB board of directors.
Porter is co-founder of Porter Hétu International, one of the top 15 public accounting and consulting firms in Canada. He is a former president of CGA Ontario and a former vice-chair of CGA-Canada. Now retired from public accounting, he writes, teaches, and consults in areas such as International Financial Reporting Standards, Canadian Auditing Standards, and the new GAAP for private enterprises.
The CPAB is an audit regulator overseeing auditors of Canadian public companies.
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John Leslie Award Presented to Parliamentarian Yasmin Ratansi
Yasmin Ratansi, Liberal member of Parliament for the Toronto riding of Don Valley East, is the 2009 recipient of the John Leslie Award. Ratansi was presented with the award at the association’s annual general meeting in Saint John and also honoured with a dinner in Ottawa hosted by CGA-Canada Chair Terry LeBlanc and attended by a few of her parliamentary colleagues.
Ratansi was first elected to Parliament in 2004, then re-elected in 2006 and 2008. She currently chairs the House of Commons Standing Committee on Government Operations and Estimates. She has also served as her party’s revenue critic and chaired the Standing Committee on the Status of Women.
“I am honoured to be the recipient of the John Leslie Award for 2009,” said Ratansi, who earned her designation in 1983 and became an FCGA in 2007. “To be recognized by my peers is indeed very touching. Though I am at present a member of Parliament, I am also proud to be a Certified General Accountant.”
The John Leslie Award was established in 1988 to honour CGA-Canada’s founder and first president. It recognizes the achievements of exceptional CGAs, and is given to a member who has achieved national recognition for exceptional service to business, the community, politics, or the arts, or who has overcome physical adversity.
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Terry LeBlanc Leads 2009-10 CGA-Canada Board
The 2009-10 CGA-Canada board of directors was named in October at the association’s annual general meeting in Saint John. Terry LeBlanc of Moncton, New Brunswick, is the Chair and Joyce Evans of Dundas, Ontario, is the new Vice-Chair. Other voting members of the board include: Alain Laplante of Val D’Or, Quebec, Camille Belliveau of Shediac, New Brunswick, Patrick Keller of Penticton, British Columbia, Richard Duffield of Ottawa, Ontario, Bob Shahi of Yellowknife, Northwest Territories, and Catherine Aczel Boivie of Vancouver, British Columbia (public representative). Non-voting members are Tony Ducie of Saskatoon, Saskatchewan (past chair), and CGA-Canada President and CEO Anthony Ariganello (secretary).
Saint John hosted quite a gathering of CGAs from October 15 to 17 as, in addition to the CGA-Canada AGM, the 2008-09 board met for the final time, the new affiliation council met, and CGA New Brunswick held its annual conference and admission to membership ceremony. The next AGM will be held on October 14 in Banff.
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INTERNATIONAL
SMP Forum Largest Yet
The fourth annual IFAC SMP Forum, held in Beijing, China in October, was the largest yet, drawing over 200 participants from more than 40 countries. Organized by the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee, the forum included presentations by the World Bank and the Asian Development Bank, and dealt with a variety of topics such as the role of SMPs in providing business support to SMEs, and ensuring that international standards are relevant to SMEs/SMPs.
CGA-Canada President and CEO Anthony Ariganello participated in a panel addressing how SMPs are adapting to economic turbulence. “The most successful SMPs will be those who provide strategic advice and tangible value to their clients,” Ariganello said in his presentation. “In short, those who are proactive advisors.”
At the conclusion of the forum, Sylvie Voghel, the Montreal-area FCGA who chairs the SMP Committee said: “The result was impressive – new insights on ways for IFAC and the international profession to respond to a wide range of issues currently facing SMPs and SMEs, both in China, the world’s most populous nation, and globally.”
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Beijing CGAs Support Primary Education in Rural China
In some remote areas of China, many young girls lack the financial support to stay in school and must take up the burden of caring for their families. The CGA Beijing Chapter is trying to correct that by supporting the Spring Blossom Project, a public welfare initiative administered by the China Children and Teenagers’ Fund, led by the All-China Women’s Federation.
In March 2009, the Beijing Chapter challenged its members to fund a primary school class in Xiwanzi Village, Hebei Province. In less than two months, 68 CGAs contributed 67,205 Yuan (approximately $11,425), enough to fully fund a class of 50 girls.
“When you see young girls less than 10 years of age working and not getting the education that will lead them out of poverty, it is troubling,” says CGA-Canada Chair Terry LeBlanc, who learned of the Spring Blossom Project during his November visit to Beijing and made his own contribution. “I was so touched by this cause and the wonderful impact the CGA Beijing Chapter is having in the village of Xiwanzi. We take schooling for granted here in Canada.”
The CGA Spring Blossom Class commenced in September with an opening ceremony attended by Simon Xu Feng, Chair of the Beijing Chapter. “The Spring Blossom Project gives CGA members the opportunity to show their love and give back to society,” says Feng. “It is the social responsibility of a professional accountant.”
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Survey Highlights Importance of Environmental Accounting
The Confederation of Asian and Pacific Accountants (CAPA) has published a survey of environmental accounting and corporate social responsibility practices throughout the Asia-Pacific region finding that the importance of the issues is widely recognized among member bodies with many already promoting a variety of related activities.
Responses from member bodies were quite diverse reflecting the different social and economic situations in the region. Many urged CAPA to demonstrate leadership on the issue and to provide support to member bodies, but to avoid duplicating work being done at the global level such as the Sustainability Framework developed by the International Federation of Accountants.
CAPA presented the findings at a forum in Beijing, China in October with the complete report published at capa.com.my. CGA-Canada’s Kamalesh Gosalia was a member of the project task force.
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New University Partners Added in China
CGA-Canada has two new partner universities in China, Ningbo University in Ningbo, Zhejiang Province and Zhongnan University of Finance, Economics & Law in Wuhan, Hubei Province. The association currently has partnership agreements with 18 Chinese universities which use the internationalized CGA syllabus known as Intersyl to enable students to enrol in the CGA program.
At admission to membership ceremonies in the fall, CGA-Canada Chair Terry LeBlanc welcomed 92 new CGAs to membership in Beijing and another 17 new CGAs to the Hong Kong affiliate.
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