September 2007
President John Larsen, FCA Excited to lead the team in 2007/2008
On the Cover In this issue Why the ICABC presidency The AcSB wants you to weigh in on may be a perfect fi t for private enterprise GAAP John Larsen, FCA Member Recognition Dinner photos + Council 2007/2008 Paying dividends is no easy task + DHbalance.ca
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On the Cover 4 Notes from the COO Federal government makes good on T3 promise Want to get 5 For the Profession President John Larsen, the word out? FCA, shares the latest on 8 changing standards and Advertise in Beyond Numbers! Meet your new CA qualifying experience criteria president Here’s why: “No man is an island” 6 Research Corner 83% of BC CAs surveyed read could be John Larsen, Introducing the next Beyond Numbers FCA’s personal credo—this generation in accounting research, and saluting a Beyond Numbers goes out to guy is all about the team legend in the fi eld more than 8,300 members, 18 Tax Traps & Tips more than 1,400 students, Paying dividends just 14 got more complicated and over 200 external Council 2007/2008 stakeholders—including 20 PD News Meet your reps on the other institutes, associations, Highlights from the fall ICABC Council PD program and professional organizations 16 22 Plugged In Beyond Numbers has won News for and about awards for both content Financial reporting members & students and design, including by private enterprises Movers and shakers An overview of the AcSB’s in the profession Blue Wave Awards of Merit ICABC hosts Ultimate from the International Invitation to Comment Frisbee Tournament and Discussion Paper Is your entity a Association of Business going concern? Communications – BC Branch 26 BC Check-Up update To place an ad in Member Recognition 34 Ethical Dilemmas Dinner When education turns to Beyond Numbers, contact our regulation – part 2 of 2 representatives at: Highlights from the 2007 event Advertising in Print Tel: 604-681-1811 28 710 – 938 Howe St. Nominate a peer for Vancouver, BC V6Z 1N9 Fellowship Fax: 604-681-0456 Procedures for the Email: nomination and election [email protected] of FCAs UPDATE: September 2007, No.465
Published eight times annually by the Institute of Chartered Accountants Federal government of British Columbia. Editor furthers efforts to speed T3 delivery Michelle McRae
Design Blindfolio Design 604-761-9212
Advertising Advertising In Print Phone: 604-681-1811 Fax: 604-681-0456
Senior Director of External Affairs Lesley MacGregor
Institute Council Notes from the COO John Larsen, FCA President
Doug Murphy, CA It all started with your feedback during the 2006 Executive Tour. 1st Vice-President You told us there was a problem with the timeliness and accuracy of T3 Trust Income Tax and Information Returns. A survey of your colleagues confi rmed it. Karen Keilty, CA 2nd Vice-President We then enlisted other provincial institutes to conduct their own surveys, and almost 1,500 CA fi rms, representing over 1,000,000 personal taxpayers, Robert Wicks, CA, CFP weighed in. The results were clear: T3s were a problem across the country. Treasurer After your input helped put this topic on the profession’s national agenda, the Jack Arnold, CA T3 problem was brought to the attention of the federal government. In Lindalee Brougham, CA particular, the CICA asked the government to address the delay in the issuance Susan Burns Kyman Chan, CA of tax information for mutual funds and publicly traded trusts, including income Karen Christiansen, CA trusts. John Crawford, CA As I explained in the summer issue of Beyond Numbers, these efforts paid off: Ken Gelhorn, CA·IT Jill Guthrie, CA In the 2007 Federal Budget, the government included a section on T3s in which Al McNair it stated its expectation to release, “in the near future,” draft regulations that Peter Norwood, CA would create a more effi cient process for 2007 T3 slips. John Sims, FCA James Topham, CA I’m very pleased to say that the government has delivered on its promise: On Kenneth Tung July 4, 2007, the Department of Finance announced draft amendments to the Praveen Vohora, CA Income Tax Act and the Income Tax Regulations designed to reduce delays in Chief Executive Offi cer the preparation and issuance of T3 information slips (relating to distributions Richard Rees, FCA of publicly traded trusts) and T5013 information slips (relating to allocations of
Beyond Numbers is printed in British Columbia and publicly traded partnerships). mailed eight times annually to more than 8,300 According to the Finance Department, the draft amendments to the Income chartered accountants and more than 1,400 CA students in public practice, industry, education, and government Tax Act would provide authority for regulations requiring publicly traded trusts service throughout BC, Canada, and other countries. and partnerships to disclose information that enables investment managers to
Beyond Numbers’ editorial and business offi ces prepare the tax information slips they’re required to issue to investors. This are located at: disclosure would be made through a posting of the required information on the Suite 500, One Bentall Centre, 505 Burrard St., Box 22 Vancouver, BC V7X 1M4 website of CDS Innovations Inc. (a subsidiary of the Canadian Depository for Securities Limited), a website designed to provide this type of information to Phone: 604-681-3264 Toll-free in BC: 1-800-663-2677 investment managers. Fax: 604-681-1523 Of course, the proof will be in the pudding, but hopefully we will see a Internet: www.ica.bc.ca signifi cant improvement in the 2008 tax season. Opinions expressed are not necessarily In the meantime, if there are other issues you believe the profession should endorsed by the Institute. address, please let us know. Beyond Numbers supports the CA profession in BC by sharing news from the Institute and news about members, by sharing viewpoints on issues of specifi c — Jan Sampson, FCA interest to members, and by promoting member involvement in Institute activities.
Publications Mail Agreement No: 40062742
4 ica.bc.ca Sept. ’07 For the Profession
Sensitive to the magnitude of these changes, We join the other provincial institutes across we are working with the CICA to ensure that Canada in supporting and approving these changes, members understand them and are aware of the which will ensure that the CA designation con- resources and learning opportunities available. tinues to be fully portable within Canada and The CICA has convened a working group to Bermuda. In turn, by joining other leading CA report to the Council of Senior Executives on accounting bodies around the world in offering the steps that need to be taken to ensure a expanded training opportunities, the Canadian smooth transition to both IFRS and ISA. CA profession is positioning itself favourably The profession also faces a crossroads with re- with its international counterparts. Changing Standards gard to fi nancial reporting by private enterprises. In most Canadian jurisdictions, CA students In May 2007, the AcSB issued an Invitation to will be recruited into the new training positions and Qualifying Comment and Discussion Paper on this issue, beginning in the fall of 2007, for employment Experience outlining three possible approaches (see our Fea- starting in 2008. In BC, we anticipate that only ture Story on page 16). The AcSB is currently a few applications for such training positions will Requirements seeking input from stakeholders, and I urge you be completed for approval by the fall of 2007, Take Centre-Stage to submit your comments to the Board before but we expect to approve a signifi cant number of the deadline of October 31, 2007. employers and positions by the fall of 2008. By John Larsen, FCA Information on this issue, and on IFRS, is This is an exciting move for the profession that President available on the CICA Implementation Support will help us facilitate access to students. Firms Gateway at http://cpd.cica.ca/ssg/About.cfm. are telling us they plan to train students in per- Greetings! We will continue to update you on new deve- formance measurement, with an emphasis on I hope you all took a well-deserved vacation this lopments, including roundtable discussions being taxation, business advisory services, or other summer and enjoyed some time away with family organized by the Institute. areas, and a number of leading corporations with and friends. large numbers of CA staff members have already In July, I had the pleasure of attending my Members approve expansion of CA expressed interest in becoming CA Training third Council retreat. I was reminded of the qualifying experience criteria Offi ces. commitment to, and passion for, our profession I’m delighted to announce that ICABC members For more information on how your fi rm or shared by my colleagues on Council, and I was approved the expansion of the CA qualifying company can hire CA students in these expanded greatly impressed by the diversity of experience experience criteria on June 14, 2007. This means routes, please contact Lara Greguric, CA, the and balance of perspectives demonstrated during that effective September 1, 2007, we began recog- associate director, CA Training Offi ce Liaison our deliberations. nizing expanded areas of experience (in addition (CASB), at [email protected], or contact Anne I am deeply honoured to serve as your president to the traditional audit and review practising Katrichak, CA, the director of Practice Review alongside these individuals as we oversee the certifi cates), both in approved CA fi rm training & Licensing (ICABC) at [email protected]. 2007/2008 operating agenda, and as we represent offi ces and in carefully selected corporations and Both can also be reached at 604-681-3264. the Institute on many of the issues faced by the government departments. Canadian profession today. These changes will maintain the excellence of Contact me our admission and qualifi cation standards, and I welcome your comments and questions at Transitioning to changing standards we expect them to appeal to both public practice [email protected], and I thank you for your One of the most critical issues for the coming fi rms and a select group of leading corporations support. year is the need to start transitioning our profession and public sector organizations—ones that employ to changes in standards—changes more substantial large numbers of CAs and have established train- than most of us have ever experienced in our ing infrastructures. careers as CAs. International Financial Reporting Standards (IFRS) will be the reporting standard for publicly I’m looking forward to meeting with members accountable enterprises effective 2011, with the exact changeover date to be confi rmed by the across the province during the upcoming Accounting Standards Board (AcSB) in the spring of 2008. During this same time, our pro- Executive Tour. Dates are being fi nalized at fession will move from Canadian auditing standards to International Standards in Auditing the time of this writing, and we’ll keep you (ISA), which are expected to be effective for peri- ods beginning on or after December 15, 2008. posted!
Sept ’07 ica.bc.ca 5 Research Corner
the effi ciency of executive compensation. Need- in which the chief executive offi cer also chairs less to say, both parts of her study, corporate the board of directors are more likely to use governance and executive compensation, are of inside information in setting compensation. This keen interest to many stakeholders. latter fi nding is interesting because having the Hers is a diffi cult study to execute because the same person serve the CEO and chair positions is benchmark for the optimal or ideal compensation generally regarded as a sign of poorer corporate contract remains largely a mystery. For example, governance; in this context, however, the arrange- above-average compensation does not necessarily ment facilitates the transfer of inside information indicate excessive pay; similarly, below-average from the executives to the board. The Next pay does not indicate good governance if the pay In short, good governance is associated with a is not sensitive to performance. To overcome this more effi cient use of information in setting com- Generation diffi culty, Serena uses existing evidence indicating pensation for executives, although what constitutes By Dr. Kin Lo, CA, Ph.D. that boards use inside information on future good governance depends on the decision context. performance (such as future years’ return on Serena expects to complete her thesis over the next equity) when making decisions about current-year year. his summer saw thesis proposals from compensation. Her hypothesis, then, is whether In my next two column entries, I’ll discuss the three promising young scholars in the boards characterized by good corporate gover- two other dissertations mentioned above. Tdoctoral program in accounting at the nance make better use of their inside information Sauder School of Business. They cover a range on future performance to set current-year pay. Kudos to a personal mentor of topics, from the precision or vagueness of Serena’s research to date suggests that boards On a separate note, I’d like to congratulate Jerry auditing standards to the effi cacy of international composed of a higher percentage of independent Feltham, FCA, Ph.D., on his retirement from fi nancial reporting standards in developing directors make more effi cient use of information the University of BC this past June after 36 years economies. on future performance to set compensation for of extraordinary service. Serena Wu, entering her fi fth year in our program, executives. She has also found that smaller boards Dr. Ronald Dye of Northwestern University’s is studying DtheAP? effectBEYOND ofNU McorporateBERS?NOV governancePDF on use information 0- more effi ciently, and that fi rms Kellogg School of Management once described Jerry as both “a fox and a hedgehog” in terms of his research—a fox, roving from one topic to another, covering a wide array of interesting re- search questions but never spending much time in any single area; a hedgehog, slow and me- thodical, delving deeply into each topic. He was right—Jerry had the rare distinction of being both broad and deep in his inquiries. Fittingly, he received numerous awards for his efforts. Jerry and his wife June now live in Victoria, where they are enjoying more time with their daughters and their daughters’ families. I had the good fortune to work with Jerry over the last eight years, gleaning valuable insights from his decades of experience. I must thank him for recruiting me to UBC and to Vancouver—if not for Jerry, I would not be working at this great institution and living in this wonderful city.
Kin Lo, CA, Ph.D., holds the CA Professorship in Accounting in the Sauder School of Business at UBC. The CA Professorship is funded by the CA Education Foundation of BC. Send your questions on accounting research to Kin at kin.lo@sauder. ubc.ca.
6 ica.bc.ca Sept. ’07 Care to join us?
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“You can’t be in the service industry without being interested in people. The CA profession is a ‘people business.’”
8 ica.bc.ca Sept. ’07 here are two important things we didn’t and his maternal grandfather was the founder of of eight members and two spares, all UBC grads really discuss,” John Larsen tells me the Vancouver Symphony Orchestra and the and alumni, competed in the 1964 Tokyo Games. Tover the phone the day after our face-to- Ottawa Philharmonic Orchestra. John’s mother John’s team of eight placed out of the medals, while face interview. “Teamwork and integrity.” Elsje was a concert pianist as a teenager, and the two spare members—Dr. Roger Jackson, “We didn’t?” I think to myself, remembering later founded the Vancouver Music School. OC,1 and John’s long-time friend George Hun- our conversation of the previous day. He’s right, “My mother’s real gift,” John says, “was for gerford, OC, QC—competed as a pair and won in a way. Although the concepts of teamwork taking projects and making them a reality.” Canada’s fi rst-ever gold medal in their event. and integrity had underscored our entire conver- A passionate volunteer throughout her life, Ready for his next experience once the Olympics sation, we hadn’t discussed them explicitly. Elsje was recognized with the Order of Canada were over, John headed to Montreal, where I get my pen ready. for her various contributions to the community. he’d secured a position with Wood Gundy. The “My experience in sports taught me the impor- For these same efforts, a point of land near experience was educational. tance of teamwork,” he says, “and this awareness Vancouver’s Maritime Museum was named “Elsje “I realized pretty quickly that I didn’t want to translated directly into my professional life. In Point” in her honour. pursue a sales career in the investment business,” both sports and business, you have to work as a The academics came from his father’s side of the John says. “I was more interested in research.” team to agree on goals and meet expectations. family. Though his father Jack worked primarily A trip to the company’s offi ce in Toronto soon “We don’t work in isolation—certainly not in in the forest industry, his paternal grandfather revealed, however, that opportunities in invest- the audit fi eld,” he adds. “Teamwork is key, both was a scholar of English literature and taught at ment research were extremely limited. with colleagues and clients. It’s like rowing—you the University of BC, and one of his uncles “At that time,” John recalls, “there were only can’t fake it in a shell. Everybody has to give served as headmaster of Shawnigan Lake School, three people employed in research for all of 100%.” where John was a student. Wood Gundy.” His background in sports, he tells me, is one of While the regimented atmosphere of private It was 1965, and John was at a crossroads. The the reasons he has found the CA profession to be school didn’t appeal to him—“I never liked the death of his father later that same year catalysed a great fi t. Another is the profession’s emphasis hierarchy,” he says—it was at Shawnigan that his decision to return to Vancouver. on ethical behaviour. John discovered a passion for sports. In addition to “He was only 53,” John recounts. “I was 22 at “I’ve always tried to conduct myself with integ- playing A-class squash, he participated in a variety the time, and my sister was just eight. I felt a big rity,” he says. “I’ve always believed in the of team sports, including rugby and rowing. sense of responsibility. I fi gured it was time to importance of taking a principled approach. He continued to participate in sports while get more serious about my life.” That’s why I’m so enthusiastic about the profes- attending the University of BC, where he majored John’s return home also reunited him with the sion—especially today.” in math, minored in political science, and took woman he describes as “the love of his life,” his courses ranging from art history to philosophy. future wife Gay. That said, becoming an accountant was not His participation on the UBC rowing team, With IBM being the word on the street, John something John ever envisioned for himself which trained under the auspices of the Vancouver applied for a job as one of its systems engineers. growing up. Rowing Club, led to a once-in-a-lifetime oppor- Though his interview went well, he was ultimately A third-generation Vancouverite, he was born tunity during his graduating year: the chance to told that IBM wasn’t the place for him. into a family of musicians and academics. On his try out for the Olympics. “It was true, I guess,” John muses. “I’m not a mother’s side were direct descendants of German After qualifying at the Olympic trials, the team conformist, at that time, IBM had a very staid composer and conductor Felix Mendelssohn. His maternal grandmother was a singing teacher, 1 Jackson and Hungerford were both named Offi cers of the Order of Canada (OC) in 1984.
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Sept ’07 ica.bc.ca 9 corporate culture—strictly grey suits and white shirts.” He decided it was time to get more education to improve his career prospects. Accounting wasn’t the immediate choice. “I’d taken an accounting course in university, and just hated it,” John explains with a laugh. “I remember telling people: ‘I will never go into accounting. Double-entry bookkeeping is so boring!” After some friends in the CA profession (including his future brother-in-law, Tom Sharp) dispelled some myths about the accounting profession, however, John set his eyes on the CA designation. He met with several fi rms, received four offers, and began articling with McDonald Currie. “I fl oundered a bit for a while, because courses were only available in the spring and summer back then,” John remembers, “but within the fi rst few months, I’d met and worked with some great people, including partners at the fi rm.” John was so enthused about his new career path that he took every opportunity to spread the word, convincing his friends Robin Elliott, FCA, and Harold Robertson, CA, to join McDonald Currie as well. The following spring, all three friends began taking basic accounting courses. John credits his instructor Bob Gayton, FCA, with having taught him “a practical perspective of accounting.” He was enjoying his articling experience, but it wasn’t without obstacles. “After my fi rst year, I had to write an intermediate exam, which was essentially a mini-UFE,” John recounts. “I didn’t pass, which was a disappointment. Thankfully, however, they discontinued the exam that same year!” One more setback lay ahead however. When he wrote his fi nal exams the following year, John passed the accounting portion, but failed the auditing portion. It was another disappointment, but John was determined to succeed. “I’m sympathetic to students who fail the UFE,” he says. “It was a shock to fail the auditing portion of the exam, but I was fortunate to have a lot of support from my fi rm’s partners. I knew that I just had to buckle down.” After passing the auditing portion on his second attempt, John became a CA in 1970, by which time he was already working as a supervisor at his fi rm.
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-1, ÊEÊ, /, /Ê-" 1/" -Ê◆Ê * "9 Ê /-ÊÊ *,6/ Ê 6 -/ /Ê /Ê◆Ê-/,1 /1, Ê- // /-
6ANCOUVER 0ARK 0LACE "URRARD 3TREET 6ANCOUVER "# 6# 8 4 & 4OLL &REE ,INE 6ICTORIA 'RANGE 2OAD 6ICTORIA "# 6: 3 4 & 6ISIT US ONLINE AT WWWZLCNET “Trust is imperative, “I’d found the work really enjoyable right from and became a partner in 1976. In 1980, John’s the start,” John recalls. “Early on, I had the including with mentor John Dawson, FCA, then leader of the chance to work on big, challenging jobs, with Vancouver offi ce’s forestry practice, left for To- great clients like Sauder Industries and Island clients. You need ronto to work with Coopers & Lybrand’s senior Tug & Barge—companies with subsidiaries in a leaders. John took over as leader of the forestry variety of businesses. In those days, we were clients to have practice, taking on leadership of the audits of doing the equivalent of SOx audits, and I feel West Fraser Timber Co. Ltd. and Slocan Forest very lucky to have been so aware of the impor- integrity. You have Products Ltd. tance of internal control systems in business. Founded and owned by the Ketcham family Now computer technology and Sarbanes-Oxley a responsibility to out of Seattle, West Fraser was a good fi t for have brought the issue back full-circle.” John. He worked closely with the family, owners, John was promoted to audit manager in 1972 know them.” and management for over 20 years, and was (the same year in which the Canadian fi rm adopted particularly impressed by how the Ketchams its international name “Coopers & Lybrand”), treated their employees. “Sam and Pete Ketcham knew everyone by name, and knew their spouses and kids’ names as well—whether they worked in the head offi ce or on the assembly line,” John remembers. “They ran their business like a family, and my wife and I got to be a part of it.” John was involved with West Fraser when it went public. He was also part of the process when Slocan went public. “Ike Barber, Slocan’s chairman, had such respect for people,” John says. “And he had a lot of common sense. He knew that to be successful, the company had to be a low-cost producer.” Other career highlights include his 30-year relationship with Seaspan, which ran from 1965 to the late 1990s. “Back then,” John explains, “the relationships auditors had with their private company clients were much closer. We were deeply involved in At MNP, going back to work doesn’t mean helping clients solve a full range of fi nancial, ac- counting, and business issues, and it was a huge giving up your family. Seriously. privilege to get to know our clients so well.” After the introduction of SOx in 2002 and new regulatory requirements in Canada, John had to give up all of his long-standing clients. “Since SOx, that kind of close relationship is mostly forbidden,” he says. “I never had a problem with independence though—I always respected Julie Oliver, CA, Manager, Red Deer the responsibility of independence, and I saw it We understand returning to work after maternity leave doesn’t mean your family is all grown as a state of mind. Still, a change had to be made, and it was good to move on. I took on other up. That’s why we work closely with our team members, helping tailor their schedules to forestry clients within the fi rm, as well as con- meet the demands of raising a family. sumer products clients, and got involved with the formation of income trusts.” Going back to work doesn’t have to mean less time for your family. Don’t believe us?Visit us John has also been working with several clients at mnpcareers.ca or call BobTwerdun, VP Human Capital at 403.536.2162 to find out more. in the mining industry since 2003, the year in Work for a firm that works for you. which he became an incorporated partner with PricewaterhouseCoopers. Today, he continues to Work at MNP. serve as a senior partner in the fi rm’s assurance practice. Finding the “I don’t have a full workload now, and it has Chartered Accountants and Business Advisors right answer worked out well,” John says. “Because of our mnp.ca starts here. rotation policy, we have to have four partners on each public company audit client. It’s good for
12 ica.bc.ca Sept. ’07 the fi rm to have experienced people to fi ll in any in terms of skills and leadership for current and important issues of the profession. Given the collaboration gaps. taking place between Institute staff, volunteers, and members, I think there is a real opportunity for “In all,” he adds, “I’ve had a tremendous range substantive change. And that’s what we need.” of experiences in public practice, and I’ve enjoyed coming to work every day.” John seems to have inherited his mother’s gift for making things happen. His enthusiasm—for his family, his work, his profession, and his community—is palpable, as is his desire for collaboration. His Having a reduced workload has enabled John to anecdotes are peppered with references to other people—family, friends, teammates, mentors, and devote more time to volunteer endeavours. His colleagues—and it is surely a sign of his integrity that he so readily gives credit to others where it is due. volunteerism in the community includes many How fi tting then, that he should now serve as team leader for the BC profession. years of service with the BC Cancer Foundation, including terms as treasurer and president, and John and Gay have three children: Melinda, a homemaker and former schoolteacher; Chris, a computer 12 years as a director. John has also served on animator with Slant Six Games; and James, an engineering grad with AMEC. They also have three grandsons. the board of the Cancer Control Agency and contributed to the United Way and the Boy Scouts, and was involved as a fundraiser in the 2 See For the Profession on page 5. creation of the John M. S. Lecky UBC Boathouse, which opened in September 2006. The latter was a joint venture between UBC (which supplied the coaches), St. George’s School, and the City of Richmond. The campaign was chaired by John’s old friend and former Olym- pic rowing teammate George Hungerford. Also involved in the project was John’s friend Roy McIntosh, CA, a former partner with KPMG and fellow Shawnigan Lake School alum. “UBC rowing hadn’t had a home since it was founded in the 1920s, and this facility is a big accomplishment,” John explains. “Now we have to raise money to buy the shells and related equipment.” In addition to his longstanding work in the community, John has volunteered for many years in the CA profession, serving on the BC Institute’s Discipline Tribunal since 1998 and on the Audit Committee from 2003 to 2006 (including a 2005/2006 term as chair). He also served as a member of the ICABC’s Standards Appeal Board for 18 years and served on the CICA’s study group on Environmental Costs & Liabilities in 1993. His decision to run for the BC Council was inspired by several friends and mentors. “John Dawson had always said how much he’d enjoyed his work with the Institute,” John says, “and I also knew Bob Wallace and Ritchie McCloy [FCAs, and past president and CEO, respectively].” Soon after being elected to Council in 2003, John was encouraged by his old friend Robin Elliott, FCA, the ICABC president at the time, to throw his hat in the ring for the presidency. He decided to go for it.
With his own presidential term now under- way, John is clear about his priorities for the . coming year2 and is excited about the prospect of making tangible progress. “The Council retreat in July was wonderful,” he says. “There is signifi cant talent at the Institute
Sept ’07 ica.bc.ca 13
2007/2008 ICABC Council
John Larsen, FCA Doug Murphy, CA Karen Keilty, CA Robert Wicks, CA Jack Arnold, CA Lindalee President 1st Vice-President 2nd Vice-President Treasurer MacKay LLP Brougham, CA PricewaterhouseCoopers LLP West Vancouver Deloitte & Touche LLP Coast Capital Savings Credit Union Surrey LL Brougham Inc., CA Vancouver Vancouver Victoria Victoria
Susan Burns Kyman Chan, CA Karen Christiansen, CA John Crawford, CA Ken Gelhorn, CA·IT Jill Guthrie, CA Public Representative Grant Thornton LLP Meyers Norris Penny Pacifi c Blue Cross Gelhorn Information Systems Ltd. Walsh King Vancouver Victoria Kelowna Vancouver Richmond Vancouver
Al McNair Peter Norwood, CA John Sims, FCA James Topham, CA Kenneth Tung Praveen Vohora, CA Public Representative Langara College Ernst & Young LLP KPMG LLP Public Representative Vohora & Company Kamloops Vancouver Vancouver Vancouver Richmond Prince Rupert
Photos of John Larsen, Doug Murphy, and John Sims by Kent Kallberg of Kent Kallberg Studios Ltd. Photo of Lindalee Brougham by Quinton Gordon. Photo of Susan Burns by Vincent L. Chan of Invisionation Photography.
Sept ’07 ica.bc.ca 15 A “Little GAAP” Can Go a Long Way! By Greg Edwards, CA
Note from Amy Lam, CA, Senior Director of Member Services: For some time, we in Advisory Services have heard about the frustrations those of you involved with small and medium-sized entities face with regard to GAAP. You’ve told us many times that one size does not fi t all.
Well, here is your opportunity to help shape the future of fi nancial reporting by private companies: Until the comment period ends on October 31, 2007, the AcSB is asking for feedback on three possible approaches to developing private enterprise GAAP (described by Greg Edwards in this article). The AcSB is seeking this feedback from all affected stakeholders, including CAs in public practice and industry. Accordingly, the ICABC is currently organizing roundtable discussions (see sidebar) to get your input on this critical issue to the members of the AcSB.
We urge you to get informed and get involved!
16 ica.bc.ca Sept. ’07 The ICABC is hosting roundtable discussion sessions to give members an opportunity to An important issue to consider is the amount provide input on this issue to AcSB staff. of connection the private enterprise standard Please contact Amy Lam, CA, at 604-488-2629 should have with public enterprise GAAP. Strong linkage improves comparability and or [email protected] if you are interested in consistency of reported information, and also participating at the following locations: reduces the number of accounting systems with which stakeholders have to be familiar. As noted above, the Discussion Paper presents Fraser Valley October 4, 2007 the results of a comprehensive examination of Vancouver October 4, 2007 user needs. Respondents should carefully study this information and use it as a basis for Victoria October 5, 2007 commenting on the issues raised in the ITC and Discussion Paper. When will we reach the end? The timing and implementation of private enterprise GAAP he AcSB has recently issued an Invitation The ITC highlights several tentative conclusions depends on the approach taken. Under the fi rst to Comment (ITC) and accompanying drawn by the AcSB in its deliberations. These approach, the AcSB could begin to develop TDiscussion Paper on “Financial Reporting conclusions can be summarized as follows: differential alternatives immediately. Timing of the by Private Enterprises.” These documents include, • The private enterprise standard will be second approach would depend on fi nalization among other things: a comprehensive review of GAAP. GAAP is developed to meet the needs of the IFRS-SME, and the amount of time the needs of private enterprise fi nancial statement of a wide range of external users; however, needed by the AcSB to examine whether “cus- users; tentative conclusions on a few critical issues; many private enterprises do not have any tomization” is needed; however, it might not be and three possible approaches to developing signifi cant external users. The Discussion Paper appropriate to require that private enterprises private enterprise GAAP. This is wonderful provides details on who is considered a implement an IFRS-based approach prior to news for some, as the “big GAAP/little GAAP” “signifi cant external user”; but, in summary, public enterprises doing so. The third approach debate has vexed the profession for many years, taxation authorities, owner/managers, and could take a signifi cant amount of time to create, and the ITC begins the process of developing some creditors are not included. A follow-on depending on what is used as a starting point. GAAP for private enterprises. “Beginning” is the issue to this conclusion is whether separate No matter which option is chosen, the AcSB best way to think of the ITC; it does not focus guidance of some kind should be developed will ensure that appropriate measures are taken on debating technical aspects of GAAP, but for entities without signifi cant external users. to ensure a smooth transition period. rather on the approach that should be taken in • The private enterprise GAAP will be designed Many who are involved in the private enterprise developing private company standards. for use by private enterprises of all sizes; no sector tend to steer clear of the standard-setting While the scope of the ITC is restricted to private, size test will be used to exclude certain entities process. However, the importance of the current profi t-oriented enterprises, public enterprises will from using the standard. On the other hand, consultative process and the need for stakeholders eventually be adopting International Financial Re- any private enterprise may elect to use the to get involved cannot be over-emphasized. The porting Standards (IFRSs) as well, and the IFRS used by publicly accountable enterprises. AcSB will be taking various steps to ensure that AcSB will be undertaking a similar, but separate, • Private and public enterprise GAAP will stakeholders are informed about the issues and strategic exercise to determine the fi nancial share the same conceptual framework; this provided with an opportunity to make their reporting needs of, and appropriate standards framework sets out the fundamental under- views known. Again, responses to the ITC are for, the not-for-profi t sector. pinnings of GAAP. However, it should be requested by October 31, 2007. The issue of fi nancial reporting by private noted that using the same framework does enterprises is not unique to Canada. The Inter- not preclude differences in accounting treat- Greg Edwards, CA, is a principal in Accounting national Accounting Standards Board (IASB) has ments—there is considerable fl exibility in how Standards with the CICA. To reach Greg with published an Exposure Draft on proposed “IFRS the framework can be applied in different questions or comments on this topic, contact him at for Small and Medium-Sized Entities” (IFRS- circumstances. [email protected]. SME). Comments are requested by October 1, 2007, and Canadian stakeholders are encour- Here are the three possible approaches to deve- aged to respond. loping private enterprise GAAP: Get more info In addition, the US Financial Accounting • A top-down approach based on public enterprise Standards Board (FASB) and the American GAAP, providing differences or exemptions for More information on this Institute of Certifi ed Public Accountants (AICPA) private enterprises. issue is available on the recently set up a committee to make recommen- • Adoption of the IFRS-SME, perhaps with some dations about whether there should be modifi cation. CICA Implementation differences in accounting standards for private • An independently developed standard based Support Gateway at: enterprises under US GAAP. While the outcome on the same conceptual framework. of this effort is uncertain, it appears that the US http://cpd.cica.ca/ssg/ is contemplating an approach similar to our pe_page.cfm. current differential reporting model.
Sept ’07 ica.bc.ca 17 Tax Traps & Tips A common way to eliminate a shareholder loan balance and prevent an income inclusion for the Additional planning is shareholder is to declare and pay a dividend at the end of the taxation year. However, when a now required before shareholder loan issue is discovered subsequent paying a dividend. A Paying a Dividend: to the taxation year end, the corporation cannot corporation is required It Ain’t Easy reduce this loan through payment of an eligible dividend. A corporation cannot designate a divi- to designate a dividend By Bernice Yip, CA dend as eligible after the dividend has been declared and paid. By contrast, an ordinary as eligible when the dividend does not need to be designated, and dividend is paid. eclaring a dividend is not as easy as it therefore no designation documentation is ne- used to be. As a result of new eligible cessary. Ddividend rules, a Canadian-Controlled In order to prevent this problem, a shareholder Furthermore, these additional taxes payable may Private Corporation (CCPC) that pays out a should regularly monitor his or her loan balance. result in interest and penalties payable by the dividend to its individual shareholders who are Should the shareholder expect their loan balance shareholder. Canadian residents must specify if the dividend to be outstanding for two consecutive year ends, If a corporation’s taxation year is reassessed paid will be an eligible dividend. the corporation can still pay out an eligible and the amount or nature of taxable income is An eligible dividend is paid out of a corpora- dividend if the loan issue is caught before the adjusted, the corporation’s GRIP balance and tion’s general rate income pool (GRIP) and is second taxation year end, because it can designate the eligible dividends that were previously paid capped at the amount of GRIP the CCPC has at the dividend as being eligible early enough to could be affected. For example, if a sale of the end of the taxation year in which the divi- meet the requirements stated above. land that had been reported on income account dend is paid. Generally speaking, GRIP is A corporation can designate an eligible dividend is reassessed and treated as being on capital comprised of the after-tax earnings of the CCPC, in several ways, including the following: account, the taxable capital gain will be subject excluding any earnings that have been subject • Indicating it as such on the cheque stub that to refundable tax rates and will not result in an to the small business deduction or refundable accompanies the dividend payment; accretion to the GRIP balance. tax on investment income. Additionally, GRIP • Recording it in the directors’ minutes if all If the GRIP balance increases as a result of a is increased by any eligible dividends received the shareholders are directors; or reassessment, there is no adverse affect on the from another corporation, and is reduced by any • Notifying each shareholder in writing. corporation or the shareholders who received an eligible dividends that have previously been eligible dividend. However, if the GRIP balance distributed. When a taxable dividend is paid In addition, the T5 form, which is required to decreases as a result of the reassessment, the during the taxation year, the CCPC is now report dividends paid by a corporation, also has corporation may have unwittingly paid an required to calculate its GRIP balance at the end a separate box to report the eligible dividend. eligible dividend in excess of its GRIP balance at of that taxation year and fi le this information There are other specifi c rules with respect to year end. An election to treat the excessive along with its T2 Corporation Income Tax Return. designating eligible dividends: portion of the eligible dividend as an ordinary In most cases, a Canadian resident individual • A dividend is declared on a particular class of dividend will be accepted by the CRA only if shareholder will prefer to receive an eligible a corporation’s shares. This means that when certain conditions are met: The election must be dividend as opposed to an ordinary dividend, as a dividend is designated as eligible, all share- made within 90 days of the mailing date of the the former receives preferential tax treatment. holders of that particular class of shares will notice of assessment requiring the corporation receive an eligible dividend. to pay the 20% tax; the corporation and all its Designation of eligible dividends • If non-residents of Canada own shares of a shareholders must be in agreement on the elec- A corporation must designate the dividend as class, some GRIP will be wasted on them. tion; and all the shareholders must pay the eligible when it is paid. In many cases, this could • A corporation cannot designate only a portion additional personal income tax, interest, and present a problem; for example, where a corpo- of a dividend paid as an eligible dividend. penalties as a result of the election. ration plans to pay an eligible dividend to eliminate a shareholder debit balance, but the Excessive eligible dividends Plan before you pay debit balance amount is not calculated until after When a corporation pays an eligible dividend Consult a tax specialist before paying a dividend, the end of the taxation year. in excess of its GRIP balance at the end of a as the new rules are complex and require compli- taxation year, the excess is subject to a tax of ance with documentation and calculations within 20%. Alternatively, the corporation can elect to time limits. treat the excessive portion of the eligible dividend as an ordinary dividend, thereby avoiding the Bernice Yip, CA, is a senior analyst in Tax Services requirement to pay the 20% tax. However, even with Grant Thornton LLP in Vancouver. though the additional tax will be avoided at the corporate level, the shareholders will be required to pay additional taxes as a result of receiving an ordinary dividend instead of an eligible one.
18 ica.bc.ca Sept. ’07
beyond_numbers.indd 1 8/24/2007 9:10:05 AM The Key to a Successful Career Unlocking a wealth of career opportunities has never been easier • CanadianSearch our Institute extensive list ofof job Chartered postings Accountants • Register for the CareerVision e-newsletter for career and HR advice • Post your resume conÀ dentiallyFull page • Set up job alerts to be notiÀ ed4C when the job you are seeking is posted • View our comprehensive career resources • Over 40% of job postings from Western Canada Visit CA Source today
Go to CA Source today to register for the free CA Source Webinar “Achieve! Life! Balance!” presented by Randall Craig on September 25, 2007. All registrants will also receive a free copy of Randall’s latest book: “Personal Balance Sheet: A Practical Career Planning Guide”.
beyond_numbers.indd 1 8/24/2007 9:10:05 AM Local Government Accounting & Auditing Preparing for Second Life PD News Seminar This seminar is designed to explore the fi nancial, The ICABC is pleased to offer this seminar in legal, and health issues for those preparing for conjunction with the Government Financial their retirement years (their “second life”) and/ Offi cers Association of BC. or assisting friends or family in doing the same. The seminar will help practitioners and auditors Experts will address fi nancial planning and get up to speed on practices, discuss issues, and considerations for retirement and health; assisted exchange ideas. You will learn the latest rules living options and considerations; and the legal and how they interact. You will also have the issues faced by those in or entering second life. opportunity to interact and exchange ideas with This seminar is free for ICABC members. some of those involved in the standard-setting Oct 10, 9am-12:30pm, Sutton Place, process. Vancouver Nov 15&16, 8:30am-4:30pm, Vancouver Convention & Exhibition Centre Executive Breakfast Seminars Canada Revenue Agency’s Aggressive FREE PD International Tax Planning Incentive THE COLOURFUL WORLD OF PD • FALL 07 The following seminars are FREE to ICABC The CRA has instituted a new group dedicated members. Pre-registration is required. to identifying, auditing, and assessing the inter- national tax-planning transactions that it considers AcSB Invitation to Comment on Financial aggressive and contrary to Canadian law. This Reporting for Private Enterprises joint presentation with the CRA will review the This seminar will provide a high-level overview nature of the initiative and its implementation, of the AcSB’s recently published Invitation to and comment on the current state of existing tax Upcoming Professional Comment and Discussion Paper, which proposes jurisprudence relating to GAAR, tax avoidance, Development three approaches to fi nancial reporting by private and transfer pricing. enterprises. Oct 17, 7:30-9:30am, Sutton Place, Vancouver The seminar will be valuable for members who 2007 FALL PD PROGRAM are responsible for fi nancial reporting in a private Charitable Foundations: Private Vs. Public As autumn approaches, it’s time to start planning enterprise, and members in public practice who The objective of this seminar is to address legal your fall PD activities. We have another great provide services to private enterprises clients. and tax issues specifi c to the creation and struc- selection of courses to choose from, including This free PD event is available to CA members turing of private and public foundations. 40 new titles. Here are just some of the highlights only. The seminar will be of particular value to CAs in from our upcoming fall program. Please see the Sep 27, 1-3pm, Sutton Place, Vancouver the not-for-profi t sector, and to practitioners fall PD brochure or check our website at www. who audit or provide advice to registered chari- icabc-pd.com for the complete listing of titles. What is Happening to Canadian GAAP? ties. Paul Cherry, CA, the chair of the Accounting Oct 30, 7:30-9:30am, Sutton Place, Vancouver Kelowna PD Day – Oct 17 Standards Board, will update participants on the This full-day conference will focus on your transition to International Financial Reporting Handling Transfer Pricing Disputes professional development needs, with break-out Standards (IFRS) for Canadian public compa- The CRA and the IRS are aggressively auditing sessions and opportunities for networking and nies, and on the challenges this transition poses, Canadian taxpayers’ transactions with non-arm’s idea-sharing. Our speakers are leaders in the including education and training implications. length non-residents. This seminar will outline CA profession as well as highly regarded busi- Paul will also discuss the research on private the transfer pricing dispute resolution process, ness professionals in the business and fi nancial company reporting, the AcSB’s recent Invitation and help tax practitioners and taxpayers under- community. to Comment, and how it compares with proposals stand the critical factors to consider in resolving Don’t miss this opportunity to learn, participate, issued by the IASB for small and medium-sized transfer pricing disputes with the CRA. network with peers, and enjoy a dynamic, inter- enterprises. Oct 11, 7:30-9:30am, Sutton Place, Vancouver active full-day session. This free PD event is available to CA members Oct 17, 8:40am-5pm, Grand Okanagan, only. Kelowna Oct 04, 7:30-9:30am, Sutton Place, Vancouver
Don’t forget to mark these dates on your calendar! Kelowna Grand Okanagan Nov 13-16 and Nov 26-29 Parksville Quality Bayside Oct 22-26 Surrey Sheraton Guildford Oct 29–Nov 2 Vancouver Sutton Place Nov 19-24 Victoria Dunsmuir Lodge Nov 05-09 PD WEEKS
20 ica.bc.ca Sept. ’07 Keeping Up with PIPA IFRS in Canada – A Comparison to Eligible Dividends As the third anniversary of PIPA approaches, the Canadian GAAP The objective of this seminar is to inform advisors privacy of personal information continues to This seminar will examine the major differences about the new era in planning for dividends. attract greater public interest and media attention. and similarities between Canadian GAAP and The seminar will introduce the new tax regime This seminar will discuss updates to the law in International Financial Reporting Standards. It in dividend and bonus planning. Even advisors BC and Canada, address emerging privacy issues, will explain and illustrate the effects of these who will not ultimately use the new rules should provide practical advice on compliance with differences on corporate fi nancial statements, at least be aware of them. PIPA, and discuss best practices for protecting describe the context in which IFRS are developed, Sep 28, 9am-12:30pm, Ramada, Abbotsford the personal information of employees and clients. and review the IASB-FASB convergence plan Oct 24, 9am-12:30pm, Coast Canadian Inn, This seminar is designed for small-business and IASB active-agenda items. Kamloops CAs in public practice and managers responsible The seminar and accompanying learning ma- Oct 29, 1:30-5pm, Sutton Place, Vancouver for privacy in their organizations. terials will help participants understand how the Nov 27, 1:30-5pm, Grand Okanagan, Kelowna Nov 02, 7:30-9:30am, Sutton Place, accounting for assets and liabilities will be different Dec 06, 9am-12:30pm, Conference Centre, Vancouver under IFRS. Victoria Dec 11, 9am-5pm, Four Seasons, Vancouver Selected Upcoming Dec 14, 9am-5pm, Ocean Pointe, Victoria MANAGEMENT Seminars Coaching for Performance Preparing Working Papers of an Audit Coaching is becoming a more recognized core ACCOUNTING The objectives of this seminar are to provide competency for today’s effective managers as Audit of Simple (Small & Medium-Sized) practical guidance on how to document an audit employers strive to make the most of an increa- Entities fi le that will comply with the new Handbook singly diverse and challenging workforce. The rapid, substantial, and continuing transfor- requirements, provide hands-on experience on This highly interactive and engaging workshop mation of auditing standards toward international how to prepare relevant documentation using a will help you explore ways to engage your convergence and full risk-based auditing continues small-business entity as a case study, provide employees in meaningful conversations that will to be a diffi cult challenge for practitioners. The a model fi le (based on the case study used) for uncover their potential and move them towards objective of this course will be to demonstrate future reference, and address frequently asked higher performance. how embracing these new standards can result in questions. Oct 30, 9am-5pm, Dunsmuir Lodge, Victoria effective, effi cient, and more interesting auditing. Oct 26, 9am-5pm, Sutton Place, Vancouver Nov 27, 9am-5pm, Sutton Place, Vancouver This course will focus on auditing general Nov 08, 9am-5pm, Dunsmuir Lodge, purpose fi nancial statements prepared using Victoria Enhancing Your Leadership Impact GAAP. Content will be organized in the order This highly interactive and engaging workshop will of the normal audit cycle as applied to simpler/ TAXATION help you identify and enhance your leadership smaller entities. Catching Up: 5 Years of Income Tax impact through completion of the Myers-Briggs Oct 19, 9am-5pm, Best Western, Kamloops Developments Type Indicator (MBTI) and the Fundamental Nov 02, 9am-5pm, Dunsmuir Lodge, Victoria Income tax changes and evolves over time, and Interpersonal Relations Orientation-Behavior Nov 19, 9am-5pm, Sutton Place, Vancouver keeping up to date is an ongoing and continuous Indicator (FIRO-B). Participants will receive a Nov 30, 9am-5pm, Ramada, Abbotsford process. Unfortunately, many people don’t have 17-page customized leadership report that will the time or resources to stay informed and end help them explore and identify how to enhance IFRS in Canada – Are You Ready? up falling behind. They then struggle to catch their leadership impact while remaining true to The objective of this seminar is to provide an up. This course will provide an opportunity for themselves and their own style. overview of IFRS and IFRS convergence in those who haven’t regularly taken tax update Oct 29, 9am-5pm, Dunsmuir Lodge, Victoria Canada in order to provide integrated guidance courses to get caught up on notable income tax Nov 26, 9am-5pm, Sutton Place, Vancouver on what needs to be done and by when. This is developments. a course tailored for CAs and other individuals Oct 18, 9am-5pm, Pan Pacifi c, Vancouver Achieving Balance in Work and Life who are starting to think about IFRS, and who Oct 25, 9am-5pm, Quality Bayside, Parksville Due to the constant stress of a fast-paced life, want both technical and practical guidance on Nov 01, 9am-5pm, Sheraton Guildford, Surrey overwork, and family demands, it’s easy to feel how best to learn the new accounting rules, as- Nov 28, 9am-5pm, Grand Okanagan, Kelowna that life is out of balance. When this happens, all sess the impact of IFRS, and plan effectively. areas of your life can suffer. By learning key The accounting requirements for fi rst-time methods for setting priorities and overcoming adopters (IFRS1) will be addressed, along with stress, you can achieve new levels of balance and how to develop an IFRS implementation plan. greater results. Having more balance in your life Nov 19, 9am-12:30pm, Sutton Place, will allow you to do less of what you don’t want Vancouver to do, and more of what is truly important to you. Nov 21, 9am-12:30pm, Ocean Pointe, Oct 24, 9am-5pm, Pan Pacifi c, Vancouver Victoria
Sept ’07 ica.bc.ca 21 Plugged In: News for and about members & students
Congratulations!
CASB student Ben Hurd, an associate with PricewaterhouseCoopers LLP in Vancouver, has been recognized by the fi rm as its Vancouver Volunteer of the Year for his work as a director on the board of the Vancouver Hospice Society, an organization that provides compassionate care for the terminally ill. For the past two years, Hurd has served as treasurer of the Society and as its primary resource for all fi nance and accounting matters. He has also played a key role in establishing a thrift store, and has developed important relationships with a partnership organization. In recognition of his contributions, a cash donation of $2,000 will be made to the Society. PwC also recognized runners-up for this award, including CASB students Dennis Cojuco (Enspire Foundation) and Marianne Carroll (Canuck Place Children’s Hospice). The fi rm will make donations of $1,000 to their respective charities.
Jasen Kwong, CA, became a partner in PricewaterhouseCooper’s BC Tax group in July. Kwong specializes in providing tax advice to Canadian and non-resident private companies in sectors such as real estate, leisure, and gaming.
Following a municipal by-election in the spring of 2007, sole-practitioner Neal Nicholson, CA, was Annual CA Hockey Tournament appointed a councillor for the City of Coquitlam. Nicholson also serves as a director on the board of Did you know that there’s an annual CA hockey the Douglas College Foundation and is treasurer of the Evergreen Cultural Centre. tournament in the Lower Mainland? The event takes place after tax season, typically in late Darryl Parsons, CA, has joined the ICABC’s Practice Review & Licensing department as a full-time spring/early summer. practice review offi cer. Parsons has worked extensively in public practice, including as a partner with a This year’s tournament was held in May at small fi rm, and most recently served in a senior management capacity with BDO Dunwoody LLP. He Sunset and Kitsilano arenas in Vancouver. First: has a strong interest in owner-managed businesses. Two pools of three teams played round-robin games; then, during the semi-fi nals, the top Varshney Capital Corp.’s 11th annual charity golf tournament, which was held July 24th and team from each pool played the second-place organized by Anuja S. Varshney, CA, raised a tournament record of $106,500 for the St. Paul’s team of the other pool; and, fi nally, the winners Hospital Foundation, the BC Children’s Hospital Foundation, and Room to Read. Since its inception of the semi-fi nals played for the tournament in 1997, the tournament has raised $672,500 for local children’s charities. Varshney Capital Corp. is championship. run by Hari B. Varshney, CA, and Praveen K. Varshney, CA. This year, Pool A consisted of teams from PricewaterhouseCoopers LLP, Ernst & Young Erratum LLP, and KPMG LLP, while Pool B consisted of Vivian Y. Wang, CA, qualifi ed as a CA in December 2006, but her name was omitted from the teams from Deloitte LLP, Grant Thornton LLP, convocation list printed in our summer issue. Our apologies, and a belated congratulations! Wang and Smythe Ratcliffe LLP. After some close currently works with Johnsen Archer in Vancouver. round-robin and semi-fi nal match-ups, Smythe Ratcliffe (a team represented by current and for- mer fi rm employees and members of other small and mid-sized Vancouver fi rms), came out on CA novelist has a penchant for travel top to win the tournament. Donald Gordon Wilkes, CA, is a writer/novelist living in Victoria, BC. Coming Up Short, his third Sean Adamick, a CASB student with KPMG, novel (written as Donald Gordon) was published in December 2006 (Abbey Isle Publishing: Victoria). organized the tournament for the past two years. The story follows Steve Wrift, an accountant “fated to attract trouble,” who leaves Canada’s West Winners of the tournament for the last fi ve years Coast for employment in Australia. From a run-in with the Yakuza (“Japanese mafi a”) during a stopover have been KPMG (2006 and 2005), Deloitte in Japan to a reunion with an old wastrel friend in Melbourne, Steve fi nds himself getting more than (2004), and Smythe Ratcliffe/Ellis Foster (2003 he bargained for on his overseas adventure. and 2002). In addition to publishing two other novels—Shattered Expectations (Lugus: Toronto, 1996) and If you’d like more information about this No More Illusions (Abbey Isle: Victoria, 2005)—Wilkes has published over 180 articles on assorted event, please contact the 2008 tournament orga- topics. He is currently working on a non-fi ction book about writing, expected to be published late in nizer and coordinator, Joseph Meagher, a CASB 2007, and also plans to write a non-fi ction book about his wife’s 12 years on a Malahat farm. student with Smythe Ratcliffe in Vancouver. For more information on Coming Up Short, contact the author at [email protected]. He can be reached at 604-687-1231. Or contact Gary Luedke, CA, a partner with Smythe Ratcliffe. He can also be reached at 604-687-1231.
22 ica.bc.ca Sept. ’07 ICABC Launches Ultimate Frisbee Tournament By Amy Lam, CA, Senior Director of Member Services
t was my great pleasure to help organize the ICABC’s fi rst-ever Ultimate Frisbee Tourna- Iment this summer. We had a great turn-out, with one team from BDO Dunwoody, one from Wolrige Mahon, and two teams from KPMG competing for bragging rights and fi rst-place prizes. On the fi eld were members, CA students, and even one Institute staffer. Players demon- strated amazing athleticism (the leaps! the dives!) and sportsmanship (each team gave their competi- tors perfect scores for “spirit of the game”). Bragging rights ultimately went to team “Iceman” from KPMG. Congrats to them once again! My thanks to Industry Advisor Veronica Do- lenc, CA, for helping to organize the event and Mark Moran, CA, of KPMG for bringing the concept to our Advisory Services department in the fi rst place. His passion for the sport is known throughout Vancouver, and he did much to assist us in promoting and organizing the event. A great turn-out! My thanks also to Richard Cheung, CA, for getting the tournament t-shirts printed with the new CA logo. Everyone had a great time enjoying the cama- raderie and the sunshine, and by the end of the afternoon, players were already talking about next year’s tournament. So if you’re interested in participating next year, be sure to watch for our event announcement online in the spring of 2008! And they’re off!
Preparing for the toss.
Another game underway.
Ultimate + hot sun= wiped.
Sept ’07 ica.bc.ca 23 Member Notice Volunteers Wanted
Is your entity a going concern? Name: The Riverview Horticultural Centre Society A key underlying principle to GAAP fi nancial Seeking: Treasurer statements is the going concern assumption. The Riverview Horticultural Centre Society (RHCS) is a non-profi t society dedicated to preserving the Effective January 1, 2008, all entities will be Riverview Hospital site in Coquitlam for public use. The RHCS has approximately 100 members and required to consider additional requirements is seeking a volunteer treasurer to manage its membership fees. The treasurer will also be asked to attend when assessing and disclosing whether they meet monthly meetings at Riverview (no meeting in July or December). No fundraising is involved. The this assumption. Society uses Simply Accounting software. In June 2007, the Accounting Standards Board Contact: Donna at 604-290-9910. (AcSB) issued amendments to Section 1400, General Standards of Financial Statement Presen- Name: Vancouver Ballet Society tation, to include going concern requirements. Seeking: Treasurer Consistent with the AcSB’s strategic plan for Founded in 1946, the Vancouver Ballet Society (VBS) is a non-profi t, charitable organization that publicly accountable enterprises, these new re- promotes ballet and contemporary dance in BC through education, encouragement, and assistance. quirements are fully converged with going The VBS and its archives are run and maintained by volunteers. Funding is by subscription to Dance concern requirements in International Financial International magazine, by membership, and by government grants. The volunteer treasurer position Reporting Standards. However, the AcSB considers requires attendance at the Scotiabank Dance Centre in Vancouver approximately one half-day per week, the new requirements appropriate for all entities. in addition to attendance at monthly meetings. Involvement will include contact with some prominant As proposed in the Exposure Draft issued in people in the ballet world. August 2006, the following requirements are Contact: The Vancouver Ballet Society at 604-681-1525, and ask for Peter applicable: (R. G. Roberts, CA) or Maureen Riches. • Management is required to make an assessment of an entity’s ability to continue as a going concern. Ninth BC Check-Up set for release • In making its assessment, management takes As part of the ICABC’s ongoing initiative to benchmark the provincial economy, we produce the an- into account all available information about nual BC Check-Up report, which examines key indicators of British Columbia’s economic position and the future, which is at least, but is not limited health, and offers a prognosis for the future. to, twelve months from the balance sheet date. The 2007 edition of the provincial Check-Up includes an in-depth focus section for each of our three • Financial statements must be prepared on a sets of indicators: living, working, and investing. In LIVE, we address the issue of BC’s rising cost of going concern basis unless management either living. In WORK, we discuss the labour and skills shortages being experienced around the province. intends to liquidate the entity or to cease And in INVEST, we examine BC’s lagging after-tax corporate profi ts. To provide an overall context, trading, or has no realistic alternative but to we compare our levels of progress with those of Alberta and Ontario, and with the national average. do so. In IFRSs, the term “trading” is used to A core group of CAs from across the province volunteer time and expertise to this publication each refl ect an entity’s daily operations of buying year. Their contribution helps ensure that this initiative continues to deliver insightful and timely com- and selling. mentary with regard to BC’s economic condition. • Disclosure is required of material uncertain- The ninth annual BC Check-Up will be released to the media and the public in three stages, beginning ties related to events or conditions that may with INVEST on September 28; WORK on October 5; and LIVE on October 12, 2007. Each section cast signifi cant doubt upon the entity’s ability will be posted online after its release at www.bccheckup.com, and hard copies will be mailed to all to continue as a going concern. members in mid-October. • When fi nancial statements are not prepared If you have any questions or would like to know more about the BC Check-Up report, please contact on a going concern basis, that fact must be Kerri Brkich, the ICABC’s manager of Public Affairs at 604-488-2625 or [email protected]. disclosed, together with the basis on which the fi nancial statements are prepared and the reason why the entity is not regarded as a going concern.
These new requirements are effective for interim and annual fi nancial statements relating to fi scal years beginning on or after January 1, 2008. More information on the going concern re- quirements is available at www.cica.ca/index. cfm/ci_id/24734/la_id/1.htm. If you have any questions or comments about this project, please contact Rebecca Villmann, CA, CPA, the AcSB’s principal of accounting standards, at rebecca. [email protected] or 416-204-3464.
24 ica.bc.ca Sept. ’07 The ICABC Member
Recognition Program s nearing $50,000 – Intermediate Accountant ogram and plans, A senior level student who i completion of their pr ector of Financeperience a $120,000 – Dir to receive their designation next year the Do you know a CA who’s gone A 2000 qualified CA with ex an is seeking a newganization. opportunity They within have focused in the manufacturingorganiza- and a growing or e interested in the extra mile in the community, distribution industries is seekingganization majority of their experience within made an exemplary contribution opportunity with a dynamic hi-tech industry and ar tion. They are seeking an or pursuing an opportunity withineconcili- a dif- their contributionsnt will team. add valueThey industry. They have experience where ferent nal entries, to the profession, or achieved ss eparing balance sheet r to the seniorong manageme skill set in systems, pub- in pr outstanding success early in his bring a str ations, preparation of joureparation. lic reporting, budgeting and busine monthly accrual entries and assisting or her career? Acknowledge development. with the month-end pr their achievements with an e $85,000 – Public Practices at a management $43,000 – Accounts Payable This A CA with two year Supervisor ICABC award nomination! level is seeking an opportunity wher This candidate has 6 years experi- partnership potentialge exists. firm and future ence in the accounts payable func- eview Nominate a colleague for: candidate articled in a lar tion and has worked their wayhas up gained moved to a medium sized firms. to Theyget from an Accounts. This candidate Payable Clerk to a • Fellowship (FCA) am ori- Supervisor more involved in client relations, te r of and compilation engagement their industry experienceong team inbuilding distribution. skills posi- • Lifetime Achievement are a motivated manager and They have a str ented individual who enjoys aMoxxon variety and excellent interpersonalous of finding skills. a This • The Honorary CA organization. challenges in their work. oller candidate is desirogressive Designation tion with a pr $70,000 – Assistant Contr th an Assistant. • Early Achievement A recently designated individual is $38,000 – Accounts Receivableing for a 2/3owing companyPage vertical • Community Service looking for a position as ined in An Accounts Receivable clerk wi Controller with a gr estry indus- 3 years experience is look • The Ritchie W. McCloy They have solid experience ga te has position with a stable company that the manufacturing and for will provide growth opportunity in the Award for CA Volunteerism 2Ctries at this (Blacktime.e to supervisionThis candida and expe- and future. CYAN) had exposureparing financial statements, rience pr Nomination deadlines: yearend working papers, budgets, etc. • Fellowship, Lifetime Achievement, Honorary CA: October 15, 2007 • Early Achievement: October 31, 2007 • Community Service: January 31, 2008 • Ritchie McCloy Award: January 31, 2008 Nomination forms Forms are available on the Institute website at www.ica. bc.ca under Member Centre/ Forms and Dues/Member Recognition/Nomination Forms.
Sept ’07 ica.bc.ca 25 Member Recognition 2007 The Institute held its annual Member Recognition dinner in June, bringing together ICABC honourees, their family members, friends, and peers, along with Council members, and Institute staff. A great time was had by all.
Photos by Kent Kallberg of Kent Kallberg Studios Ltd.
Council member Praveen Vohora, CA (right), joins in a toast with (counter-clockwise): Celebrating two lifetimes of achievement: Community Service Award winner Ron Rasmussen, CA; Ron’s wife Enid; and their FCAs Chester Johnson and Ron Park. daughters Dawn Dubuc, ACIA, and Dana Montalbano.
New FCA Larry Prentice (second from left, back row) shares the Community Service Award winner Helen Ross, CA, receives celebration with family. congratulations from President John Larsen, FCA.
New FCAs Graham McIsaac and John New FCA Bob Elton, with his daughter Past president Peter Roberts, FCA, with Larsen share a laugh before the event. Rachel and wife Christine. Todd Humen, CA, one of four Early Achievement winners.
26 ica.bc.ca Sept. ’07 From left to right - Back row: Ron Anderson, CA (Community Service); Rajan Bains, CA (Community Service); William Ng, CA (Community Service); Todd Humen, CA (Early Achievement); Ali Pirbhai, CA, CPA-Illinois (Early Achievement); David Merrell, FCA; Sang-Kiet Ly, CA, CFA (Early Achievement); Chris Burnley, CA (Ritchie W. McCloy Award for CA Volunteerism); Larry Prentice, FCA, FCIRP; Dave Mitchell, CA (Community Service); Ron Rasmussen, CA (Community Service). Front row: David Elliott, FCA; Graham McIsaac, FCA; Helen Ross, CA (Community Service); Chester Johnson, FCA, OBC, CM (Lifetime Achievement); Ron Park, FCA, CMA-Hon (Lifetime Achievement); Carlene Hornby Allen, FCA; John Larsen, FCA; Grayden Hayward, FCA; Bob Elton, FCA. Not photographed: Archie Johnston, FCA, CA·CIA; Trevor Johnstone, FCA; Jill Leversage, FCA; Tanner Philp, CA (Early Achievement); Dan Rollins, CA (Community Service); and Bill Wellburn, FCA.
Community Service Award winner Rajan Bains, CA, gathers with Lifetime Achievement winner Ron Park, FCA, with daughter (from left to right): Peter Dodge, director of the Learning Disabilities Eileen MacDonald, wife Marjean, and son Randy Park. Association of BC – Vancouver Chapter (LDAV); Diane Sugars, executive director of the LDAV; Rajan’s wife Cindy; and Thealzel Lee, past president of the LDAV.
Lifetime Achievement winner Chester Johnson, FCA, with his wife Doreen and family. Myra McCloy and her daughter Nikki Katz, CA, present the Ritchie W. McCloy Award for CA Volunteerism to Chris Burnley, CA.
Sept ’07 ica.bc.ca 27 Procedures for the Election Of Fellows Nominate a 1. Nominations for the election of Fellows shall be sought from all members of the Institute and the Members’ Recognition Committee.
Peer for ICABC 2. Nominations shall be submitted on an ap- proved nomination form signed by a proposer and two seconders. Fellowship 3. Nominators must demonstrate that their nominee has given outstanding service to the profession or brought distinction to it in Call for Nominations – Election of Fellows the following areas*: a. in the work of the British Columbia or of Chartered Accountants Canadian Institute; b. in the work of an Association having Each year, members are asked to identify peers who have demonstrated outstanding leadership and objectives relating to the candidate’s chosen rendered distinguished service to the profession, and to nominate them for election to the Institute’s business or profession; Fellowship. The “FCA” recognizes a CA’s leadership and outstanding performance in at least two of c. in the pursuit of his/her career; fi ve areas, as detailed in number three of the offi cial procedures. d. in service (civic, community, political, or FCA Nomination forms are available on the Institute’s website at www.ica.bc.ca under Member not-for-profi t organizations); Centre/Forms and Dues/Member Recognition/Nomination Forms. Alternatively, you can access the e. in research, teaching, writing, or speaking form directly at www.ica.bc.ca/pdf/fca_nomination.pdf or by contacting Sandy Parcher, manager of on professional matters. the ICABC Executive Offi ce, at [email protected] or 604-488-2602. Nomination forms must be received at the Institute offi ce by no later than October 15, 2007. 4. The fullest possible information on the nominee is to be given, together with reasons why he/she should be considered for election as a Fellow, all supplemented by additional comments where necessary. To be recognized Is It My Broker’s Fault? as having brought distinction to the profes- sion, it is of paramount importance that in the activity cited, the member is clearly identifi ed as being a Chartered Accountant. When investors lose money during Service must be rendered while a member of falling or volatile stock markets, they the Institute of Chartered Accountants of sometimes wonder if there is an British Columbia. Proposers or seconders avenue of recovery through the may wish to contact the assistant, spouse, or courts or the Investment Dealers business associates of the candidate, or the Association arbitration program. candidate directly, if additional information on certain sections of the form is required. Critical initial steps are to evaluate the regulatory 5. Sitting members of Council, exclusive of the responsibility of a dealer and its Institute’s First Vice-President, shall not be employees, to reconcile stock eligible to be elected Fellows. positions, and to compare the results with a suitable portfolio. 6. An FCA designation may be awarded posthumously only if the candidate died after the Members’ Recognition Committee Stirling Shultz Clayton Shultz BA, CFP C.Arb, FCBV, FCA recommended the awarding of his/her fellowship. An exception would be made if an outstanding individual died before the Semiahmoo Professional Centre Email: [email protected] next Members’ Recognition Committee meet- #307 1656 Martin Drive Visit our website: Surrey BC V4A 3E7 Canada *Except in extraordinary circumstances, the Tel: (604) 538-1838 Fax: 1-866-432-3769 nominee must have provided leadership and Toll Free in North America: 1-877-285-3143 www.claytonshultz.com service with distinction in more than one of these areas.
28 ica.bc.ca Sept. ’07 ing, when the Executive Committee could 14. The election of Fellows shall be by ballot of refer that individual to the current Members’ Council members, each Council member Recognition Committee for its consideration. being entitled to one vote for each candidate.
7. Nomination forms shall be submitted to the 15. There shall be one ballot only, and all Council Members’ Recognition Committee to consist members shall vote for or against. At least of a minimum of fi ve members (the “Commit- 70% of Council must vote in favour of tee”). The Chair of the committee shall be the candidate for him/her to be elected. If an FCA appointed by Council at its June the government representative(s) deem(s) it meeting, and he/she shall select his/her appropriate to withdraw from the voting, committee at his/her discretion from FCAs, the withdrawal will not represent an absten- including, always, a past president of the tion, and Council will be regarded as Institute. complete without his/her/their participation. Where a confl ict of interest arises, the Council 8. The Chief Executive Offi cer should attend all member(s) should so indicate on the ballot; meetings as staff liaison and resource person. Council will be regarded as complete without his/her/their participation in regard to that/ 9. The procedures for election of Fellows are to those particular candidate(s). be published in the August and September issue of Beyond Numbers, with a view to 16. Scrutineers of the ballot shall be the President educating the members on the election pro- and the Chief Executive Offi cer. cess and eliciting nominations. 17. Announcement of the successful candidates 10. Nominations shall be sought in the period shall be made to Council as soon as the ballots from August 1 to October 15 of this year. have been counted. Those elected shall be informed immediately. All members and the 11. The Chief Executive Offi cer shall review press shall be advised of the results of the each nomination form, delete information election as soon as conveniently possible. known to be in error, and add information known to be omitted. If necessary, the Chief 18. Proposers of unsuccessful candidates should Executive Offi cer shall contact the proposer be advised of the candidate’s lack of success at or seconders for additional information. either the nomination stage or the election stage (without disclosing which) by the 12. The Committee shall perform the following: Chair of the committee and/or a member of a. review the nominations received from the the committee as delegated by the Chair. members, accept or reject them, correct or add to data submitted; 19. Nomination forms for those members not b. prepare its own nominations, as considered elected shall, on the recommendation of the necessary; outgoing committee, be brought forward to c. ensure that all nominations have been the committee the following year for consi- vetted by the Chief Executive Offi cer for deration. The applicable forms will go forward disciplinary matters; and from the outgoing committee to the incoming d. prepare a complete list of candidates to committee, with a transmittal letter, and the appear on the election ballot. incoming committee will be responsible for contacting the original proposers for the 13. The Chair of the Members’ Recognition purpose of updating the information. Committee shall report to Council during an in-camera session on the results of the 20. The Members’ Recognition Committee committee’s deliberations before the ballots shall meet again in late spring or early summer are distributed. Reviews of FCA candidates for the purpose of preparing a list of potential are to include advice of any violations of the nominees for submission to the incoming Rules of Professional Conduct through the committee. The incoming committee will then disciplinary process, regardless of when the be responsible for preparing and processing offences may have occurred, except viola- the forms. tions where an anonymous Determination and Recommendation was issued more than July 2007 two years prior to the FCA review and was Chartered Accountants - Business Advisors accepted by the member cited.
Sept ’07 ica.bc.ca 29 ICABC’s Benevolent Fund offers support to members in need
All information is held in the strictest confi dence To apply for assistance, contact Barry Mottershead, FCA Senior Director of Regulatory Affairs & Fund Secretary Phone: 604-488-2628 Toll Free: 1-800-663-2677 Email: [email protected]
30 ica.bc.ca Sept. ’07
WorkLife 07.indd 1 8/20/2007 2:47:36 PM TROUBLE FINDING THAT PERFECT BALANCE? WE CAN HELP — WITH CICA WORK/LIFE TOOLS AND RESOURCES ONLINE
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32 ica.bc.ca Sept. ’07 Classifi eds
NUMBERS GAME LOOKING TO PURCHASE - Average work week – 37.5 hours, tax season included! CA with 20-years experience interested in acquiring an - Average commute – 15 minutes. accounting practice in the Victoria area via purchase, These are our numbers at Grant Gilmour Chartered partnership, or succession arrangement. Interested parties Accountants. Would you like to work with us? Please email should respond to [email protected]. All replies kept in your resume to [email protected]. the strictest confi dence.
CA PRACTICE FOR SALE OFFICE SPACE AVAILABLE Vancouver-based sole-practitioner with a diversifi ed client Downtown offi ce space available for sub-lease (shared). base looking for retirement, succession planning via sale Fully furnished, kitchen, reception area. Bright, well-kept or merger. Reply in confi dence to: Box 07011 c/o Beyond offi ce in modern building. Space for 1 - 5 people. Contact Numbers magazine. Doug Keller at 604-689-5610 ext. 201.
VANCOUVER SOLE-PRACTITIONER with support and CAREER OPPORTUNITIES professional staff has one offi ce for rent. Suitable for CA Career opportunities available in Northwestern BC for or other fi nancial professional. The offi ces were recently qualifi ed and senior accountants with public practice renovated and are located in a fabulous central downtown experience. Well-established regional fi rm with offi ces in location. Space includes access to meeting room and Prince Rupert, Terrace, and Smithers. If you fi nd reasonable kitchenette. (604) 482-5290. housing costs, virtually no commuting time, current partnership opportunities, and world-class outdoor SPECTACULAR CARIBOO recreation appealing, please contact: Fantastic purchase opportunity for a CA. Accounting and tax Carlyle Shepherd & Co./Wayne Callison, CA services only. Experienced staff. Great lifestyle. Flexible PO Box 3400, Smithers, BC terms. Reply to: Box 06082 c/o Beyond Numbers magazine. Fax: 250-847-3809; email: csco.smithers@telus.net
COMOX VALLEY PRACTITIONER wishing to downsize has VANCOUVER ISLAND PRACTICE FOR SALE block of accounts ($150,000-$200,000) for sale. Please Central Van. Island CA practice. Est. 1991. Small business reply to: Box 07091 c/o Beyond Numbers magazine. and personal tax clients with fees approximately $250,000. Great opportunity for individual in a growing area. Motivated vendor. Please reply in confi dence to: [email protected]. Employment
Sept ’07 ica.bc.ca 33 Ethical Dilemmas recommended the matter be referred to the PCEC for a review and investigation. A further follow-up re- view was also scheduled for later in 2007. George explained to the PCEC that he still wanted to retire, and had advised a number of clients to make alternate arrangements as he would no longer do their work. He told the PCEC he expected to reduce his practice by a 1/3 in 2007. He also told the PCEC that he’d pinned his hopes, in the meantime, on a newly hired CA, James, to improve his practice. Instead, it turned out that James had only followed what had been done in the previous year’s fi les, and George could not ensure that James was improving his standards or complying with the Practice Review & Licensing Committee’s recommendations.
The outcome George’s record of undergoing three consecutive practice reviews and two follow-up reviews without making any signifi cant improvements spoke for itself. The PCEC concluded that George had breached When Education Rule 206.1 (Compliance with Professional Standards) in failing to maintain his professional standards; Rule 202 (Integrity and Due Care) in failing to take appropriate steps to improve his practice despite turns to Regulation— repeated recommendations to do so; and Rule 201.1 (Maintenance of Reputation of the Profession) in Part 2 of 2 continuing to issue a product that was beneath professional standards. The PCEC did not accept that George would change his approach merely as a result of his appearance By Chris Utley, CA before the Conduct Committee, and believed George needed a rude awakening to get back on track. Director of Ethics While the PCEC did not shut down his practice, it did decide to reduce his risk to the public by recom- mending that he no longer perform assurance services—including audits, review engagements, and trust audits. n the June (summer) issue of Beyond Numbers, In addition, they recommended that he accept a reprimand, pay a fi ne, and pay the costs of the I discussed the case of George,* a sole-prac- investigation. George agreed to comply with the recommendations and agreed to provide the PCEC Ititioner who wanted to retire but couldn’t with the results of his upcoming follow-up review, recognizing that more serious disciplinary action fi nd anyone to take over his practice, and I will be taken if no improvement is shown. explained how he’d fallen afoul of the Institute’s Practice Review & Licensing Committee by failing to implement its recommendations over an The message eight-year period to 2005. Now let’s look at what George always seemed cooperative and well meaning in his meetings with practice review offi cers. He subsequently happened and what the Institute made it seem that he was complying with his obligations to keep his standards current. In reality, he recommended in an effort to turn George’s practice never made the effort required or took concrete steps to ensure compliance. He’d hired another CA, around. James, but hadn’t ensured that his new hire was actually improving the fi rm’s standards. And while George was taking professional development courses, he’d only done so under pressure from Practice What happened Review. Eventually the system caught up with him. The ICABC conducted a follow-up review in The PCEC believes its sanctions will grab George’s attention. Whether he changes his behaviour 2006. During this visit, the attending practice remains to be seen until later this year. Stay tuned for an update. review offi cer learned that Ben (the CA George had hired in 2001 to help him improve his fi rm’s Comments or questions? Contact me at [email protected]. standards) had left the fi rm to work for a client, and that George was once again doing the fi le *Please note: This fi ctionalized account is based loosely on an actual case before the PCEC (Professional work. Surprise, surprise: The same defi ciencies Conduct Enquiry Committee). Names and circumstances have been changed to preserve anonymity. The were identifi ed. The Practice Review & Licens- contents of this article are only intended for the general guidance of readers. The PCEC deals with each case ing Committee gave George’s practice another individually, based on its specifi c facts and circumstances. failing grade and recommended a second follow- up review in one-year’s time. George agreed to the recommendations and put in writing his commitment to make improvements. He was warned that he would be referred to the PCEC for Working in Public Practice? failing to maintain professional standards if his practice did not pass the next follow-up review. Make sure you implement Practice Nonetheless, in 2007, it was the same story all over again. The practice review offi cer found that Review recommendations! the same recommendations for improvement from previous years still applied, and even added a few new ones to the list. Its patience worn thin, the Practice Review & Licensing Committee
34 ica.bc.ca Sept. ’07 L to R: Ron Parks, FCA, CA• IFA; Spencer Cotton, CA, CBV; Rosanne Terhart, CA, CFE; Robert D. Mackay, CA, CBV, CFE;
Gary M. W. Mynett, CA, CBV; Hugh G. Livingstone, CGA, CBV; Cheryl Shearer, CA; Jeff P. Matthews, CA; Vern Blair, CA, FCBV, ASA
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Suite 1100 Vern Blair: 604.697.5276 Jeff Matthews: 604.697.5203 1177 West Hastings Street Rob Mackay: 604.697.5201 Cheryl Shearer: 604.781.2905 Vancouver, BC, V6E 4T5 Gary Mynett: 604.697.5202 Rosanne Terhart: 604.309.5923 Telephone: 604.687.4544 Ron Parks: 604.697.5242 Facsimile: 604.687.4577 Hugh Livingstone: 604.697.5238 www.bmmvaluations.com Spencer Cotton: 604.697.5212 É7<
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