In this issue On the Cover

Transcription

November/December 2012
On the Cover
In this issue
Unification moves
forward as ICABC and
CMABC sign agreement
to pursue a merger
Business Outlook Survey recap
Managing infrastructure challenges
Business restructurings – a question of risk
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05-MM8963-12_MMI.EN•caipw (8.5x11).indd 1
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3 AM
contents
On the Cover
4Notes from the President
New developments
5
6
Unification
moves forward
Research Corner
Reconciling theory, case law,
and practice in corporate
takeovers
20 Tax Traps & Tips
Business restructurings –
a question of risk
24 PD News
Fall PD highlights
9
Business Outlook
Survey recap
14
PSA Series – Part 3 of 5
The infrastructure
challenges faced by today’s
municipalities
16
Bring Your Own
Device to Work
Key considerations for
employers and employees
18
Ending Relationships
PPC on coping with the
end of a relationship
26 Plugged In
News for and about members
& students
ember announcements
M
P
RL notice
M
ember Profile:
Shan Thomas,CA
I CABC golf tournament
recap
34 For the Profession
New Online Resource
Centre for members in
industry launches
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November/December 2012, No. 507
Published eight times annually by the
Institute of Chartered Accountants
of British Columbia.
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Institute Council
Gordon Holloway, FCA
President
Karen Christiansen, CA
1st Vice-President
Dan Little, FCA
2nd Vice-President
Michael Macdonell, CA
Treasurer
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Olin Anton, CA
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Chief Executive Officer
Richard Rees, FCA
Beyond Numbers is printed in British Columbia and
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Opinions expressed are not necessarily
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Beyond Numbers supports the CA profession in BC
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4
ica.bc.ca Nov/Dec 2012
Notes from the President
By the time of this writing, Richard Rees, FCA, your CEO, and I
had completed 10 stops around the province on the fall schedule of the
Executive Tour. It has been my pleasure to meet with hundreds of members
along the way, and I want to formally thank you for your valuable input, which
we will be sharing with your Council. And, of course, I also thank you for your
local hospitality.
As Richard notes in his unification update on page 6, the big news for the CA
profession is that the ICABC Council and the CMABC Board have signed an
agreement to pursue a merger. Those of you who participated in the recent CA
Fall Recruit will recognize our cover image, which is part of a national CPA One
recruiting campaign. While we recognize that a lot of work lies ahead, we’re
pleased to be moving on to the next phase of the unification process. Richard
details our next steps in his article.
While the unification initiative is, unquestionably, the hottest topic on the tour
and on the professional agenda, there are other issues on the minds of
members: the quality of audits in Canada being called into question; the state of
the economy here in BC and abroad; the newly revised Limitation Act, which will
take effect in 2013; and the move back to the PST.
On the professional agenda, there are other developments in the CA
profession. One example is the new Members in Industry (MII) Online Resource
Centre, which the Canadian Institute of CAs will be launching later in November.
See page 34 for more information on this new resource for members in industry.
It’s just another example of the CICA’s ongoing commitment to member
services—services we plan to continue supporting here in BC.
As I have shared with those I’ve met on the Tour, if you have any questions or
comments about unification or other initiatives, please don’t hesitate to contact
me at [email protected].
—Gord Holloway, FCA
IMPORTANT UPDATE - OCTOBER 25, 2012: CA Ontario has advised its
members that they will be awarded the Chartered Professional Accountant
(CPA) designation effective November 1st. Each member will receive their
CPA certificate by the end of November.
You can keep up with all the unification developments at www.ica.bc.ca.
Research Corner
New study helps to close gap
between theory and practice
Reconciling Theory,
Case Law, and
Practice in
Corporate Takeovers
By Dr. Kin Lo, CA, Ph.D.
A
t the Accounting Research Conference
of the Universities of BC, Oregon,
and Washington this summer, I heard
about an interesting study on corporate takeovers—one that may actually help to close the
gap between theory and practice. Here’s a recap.
For more than 20 years, there has been a
significant gap between what a target company
in a takeover should and must do according to
financial economic theory and case law, respectively, and what the target company actually
does in practice. This gap relates to whether the
target company engages in an auction by soliciting
bids from multiple potential buyers, or instead
negotiates the terms of the sale with only one
bidder.
Existing theory suggests that it is in the interest
of the seller (i.e., the shareholders of the selling
company, represented by the board of directors)
to line up multiple bidders, because competition
among bidders helps to drive up the price. Case
law in the United States is consistent with this view.
In the case of Revlon, Inc. v. MacAndrews &
Forbes Holdings, Inc., for example, the Delaware
Supreme Court concluded that in a takeover,
the role of the target’s board of directors is not to
defend the corporation, but instead to become
“auctioneers charged with getting the best price
for the stockholders at a sale of the company.”1
This so-called “Revlon duty” puts the onus on
the target’s board to engage in an auction with
multiple bidders with the goal of maximizing the
benefits to the selling shareholders.
Despite existing theory and case law, a new
study by Dr. Rafael Rogo, assistant professor at
the Sauder School of Business, shows that only
about half of all target firms actually choose the
auction mechanism, while the other half enter
into bilateral negotiations with a single bidder.
What explains this disparity? Are so many
boards not acting in the best interest of shareholders?
In the aforementioned study, Dr. Rogo attempts
to close this gap. Presenting his work at the
annual Accounting Research Conference,2 he
provided both a theoretical model for why some
target firms would choose the auction route, and
why others would prefer bilateral negotiations.
He also provided empirical evidence consistent
with this model.
The crux of Dr. Rogo’s theory is the amount of
uncertainty in the value of the target company
and the degree of “information asymmetry” that
exists between the seller and the buyer.
First, when something that is being auctioned
has an uncertain value, bidders face “the winner’s
curse,” which is the tendency for the winning
bidder to overpay for the auctioned item since
the winning bid is always the highest bid.
Accordingly, bidders should discount their bids,
to avoid overpaying in case of a win. The larger
the amount of uncertainty, the greater the
expected discounting.
Second, the board of the target company has an
information advantage over potential acquirers
regarding the value of the company. To help
alleviate the uncertainty faced by potential
bidders—called “unilateral uncertainty”—the
board can provide them with non-public
information; however, some of this information
is proprietary—sharing it with too many outsiders
could undermine the target company’s future
operations.
Thus, Dr. Rogo’s model predicts that an auction
is not always the best choice for shareholders of
the selling company. High uncertainty in the
value of the target company dampens the price
that potential buyers are willing to bid. In some
cases, insiders are able to use private disclosures
to the bidder to alleviate a large portion of the
unilateral uncertainty. In such cases, private
negotiations increase the bidder’s willingness to
pay, and the board can expect a higher price
than would be obtainable through the auction
process.
Dr. Rogo tested these predictions using a
sample of 257 takeovers over a six-year period
(2002-2007), and found results consistent with
his theory. The data suggests that going from
little unilateral uncertainty to a lot of unilateral
uncertainty increases the likelihood of a bilateral
negotiation (and decreases the likelihood of an
auction) by about 20%.
Furthermore, the takeover premium—the
percentage paid in excess of the pre-takeover
share price—is systematically related to the
degree of unilateral uncertainty. That is, in
transactions completed through auctions, the
takeover premium decreases with unilateral
uncertainty; this is consistent with the idea
that uncertainty dampens auction bidders’
willingness to pay. By contrast, in transactions
completed through bilateral negotiations, the
takeover premium actually increases with the
amount of unilateral uncertainty; this is consistent
with the idea that negotiating as a means to
convey valuable information increases a buyer’s
willingness to pay.
The results of this study highlight the importance of considering the information effects
in important transactions such a mergers and
acquisitions, and help to close a wide chasm
between theory and practice. In time, this study
may even influence future jurisprudence.
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. Kin welcomes your
questions on accounting research, and can be
reached at [email protected].
Revlon, 506 A.2d at 182 (Del. 1986).
The Accounting Research Conference of the
Universities of BC, Oregon, and Washington
was held at the Sauder School of Business
in Vancouver on August 24-25, 2012. The
conference was generously supported by
the KPMG Research Bureau and the CA
Education Foundation.
1
2
Nov/Dec 2012 ica.bc.ca
5
On the Cover
Unification Moves Forward
By Richard Rees, FCA
W
e are pleased to announce that the ICABC Council and the CMABC Board have signed
an agreement to pursue a merger. Accordingly, the two organizations will work together
to become the Chartered Professional Accountants of British Columbia (CPABC).
Throughout this process, we kept in mind the overwhelming message received from firms and
members during our consultation process, which was to stay aligned with the national profession. With
that in mind, we actively participated in the CPA initiative, representing BC’s interests as the direction
for unification was set.
To that end, we’ve seen positive momentum over the last few months: CPA Canada will be established
January 1, 2013; the Ontario CA Institute is committed to adopting the CPA designation and the CPA
Certification Program; the Alberta CMA and CGA boards have voted to unify under the CPA banner;
the Manitoba CMA and CA organizations are working to unify and use, the CPA Certification
Program, which they have already endorsed; and talks continue in every other jurisdiction. With these
significant announcements, the establishment of the Chartered Professional Accountant designation as
the leading Canadian accounting credential seems assured, and we enthusiastically join our colleagues
in this enterprise.
Over the next several months, we will be focused on three primary areas: 1) implementing the CPA
Certification Program; 2) petitioning the provincial government to change our legislation and enact
the CPA designation in BC; and 3) establishing a joint-venture with CMABC, through which the CPA
program and member services can be delivered while CPA legislation is pending.
CPA Certification Program
The CICA and CMA Canada are currently
developing the CPA program, and this will
continue to be the top priority of CPA Canada
once the organization is established. In addition,
the CPA Competency Map and supporting
educational requirements were recently released,
and John Gunn, FCA, formerly CEO of the CA
School of Business, has accepted the position of
project manager for the development of the new
program.1 Both the ICABC and CMABC have
committed to using the CPA program once it is
available in September 2013, with the first CPA
national “Common Final Examination” taking
place in September 2015.
As we told approved training offices in August
of this year, the timing for the new program
means that BC firms wanting to continue using
the preferred, two-year CASB cycle will need to
enrol students in the CPA program in September
2013. We are currently finalizing arrangements
so that student registration for the new program
can proceed on the usual schedule, beginning in
February 2013.
Any CA students who are unable to complete
the legacy program by September 2015 will
transition to the CPA program. They will be
fully supported by the profession, and bridging
programs will be provided. Moreover, all of the
education and practical experience completed
through legacy programs will count towards
CPA requirements.
Gunn stepped down as the CEO of CASB on
October 1, 2012. Scott Palmer, FCA, a senior
member of the CASB Board, has assumed the
role of interim CEO.
1
ICABC President Gord Holloway, FCA, and CMABC Chair Pat Kennedy, CMA, FCMA, sign
the agreement. Also present: ICABC CEO Richard Rees, FCA, and CMABC President and
CEO Vinetta Peek, CMA (Hon), CMA. Photo by Jay Shaw Photography in Vancouver.
6
CPA legislation
powerful precedent we hope to build on in
Canada. Be assured of our continuing commitment to this goal.
We will be petitioning the government of British
Columbia to change our legislation and establish
the CPA designation in BC. Given the upcoming
election and other priorities, this may take some
Joint venture
time.
In the New Year, many aspects of the profesWe have been asked what designation we
sion’s national work will move to CPA Canada,
will award to successful candidates if the new
and CPABC will need to interface with the
legislation takes longer than expected. The
national body and our colleagues across the
simple answer is that we will award whichever
country as “CPABC.”
designation we are authorized to award. Under
To achieve this, the ICABC and CMABC have
the current legislation, our organizations can
agreed to establish a joint venture to offer the
award the CA or CMA, respectively. When the
CPA program and develop a member services
legislation is updated, we will award the CPA. If,
and support function to serve members, pendhowever, the legislation doesn’t change, members
ing legislation and a formal merger. This joint
will be eligible to apply for the CPA in jurisdictions
venture will be overseen by a Transitional Steering
where the new legislation has been implemented.
Committee that reports to the ICABC Council
We certainly hope and expect that we will have
and the CMABC Board. The Committee will be
our new name by 2016, when the first graduates
are eligible to receive the new designation.
The bottom line is that for now, the status quo
remains. We will advise members and firms on
how to handle the change once the timing is
known. Be assured that in our merger plans, we
have agreed that signage and printed material
should be updated over time (per the date of
office lease or signage lease renewal, for example).
You should also be aware that as part of the
establishment of the Chartered Professional
Accountant profession, we are seeking uniform
regulation of professional accounting across
Canada. Work is underway to establish a framework that reflects the best of existing legislation
in Canada and the Uniform Accounting Act in the
US. Firms operating in multiple jurisdictions
have indicated that such a move would be
extremely beneficial. This will likely be a lengthy
12.RTurnbullChartAd1 9/18/12 12:03 PM Page 1
process, but the recent success in the US sets a
made up of executive committee members from
the two bodies. Existing regulatory functions
will continue to be the responsibility of the
legacy bodies. A detailed transition plan is being
developed, and we will update you as appropriate,
and as the plan is implemented.
These are exciting times for our profession,
and we appreciate the support you have given us
as we’ve worked through the process to date.
Please let us know if you have any comments or
questions about these developments. We will
keep you updated through the ICABC website
at www.ica.bc.ca and our social media channels
as new information becomes available.
Richard Rees, FCA, is the CEO of the Institute of
Chartered Accountants of BC.
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C
As Pragmatic About Province’s
Economic Outlook: Global Economic
Uncertainty Remains a Major Concern
By Vanessa Woznow
A
ccording to the results of the 11th annual CA Business Outlook Survey (2012), CAs believe
that BC is performing better than many other jurisdictions, but ongoing domestic and international developments continue to temper optimism for future economic developments.
Our members’ projections for the province’s economy remain cautious, particularly in light of uncertain
global markets, the upcoming provincial election, and the province’s return to the provincial sales tax
(PST). The results of the ICABC’s 2012 survey are summarized in this article.
On the Canadian economy
Of the CAs who responded to the 2012 survey, the vast majority (97%) rated Canada’s economy as
“fair” (59%) or “good” (38%)—a slight dip of 1 percentage point (ppt) from the total for these two
rankings in 2011. None of the respondents rated the current state of Canada’s economy as “excellent,”
and 3% described it as “poor.”
On the BC economy
Similarly, the vast majority (95%) of the 2012 survey respondents described the BC economy as “fair”
(59%) or “good” (36%). However, the percentage of CAs who selected “good” is 10 ppt lower than in
2011, and 1 ppt lower than in 2010. Only 1% of the 2012 survey respondents rated the economy as
“excellent,” while 5% described it as “poor” (see Figure 1 below).
On the US economy
Respondents to the 2012 survey, saw the US
economy lagging in comparison to both the
Canadian and BC economies. An equal number
of CAs rated the US economy as either “fair” or
“poor” (48%), while only 4% gave it a “good”
rating.
According to a recently released forecast by the
US Federal Reserve Board and the Federal Open
Market Committee, unemployment remains a
grave concern, and the US government is likely
to pursue a highly accommodative monetary
policy until the country’s economic recovery
strengthens.1
Given BC’s long-standing economic ties with
the US, this ongoing volatility could adversely
affect the province’s economic stability.
Federal Reserve Board and Federal Open
Market Committee, Press Release, September
13, 2012. (www.federalreserve.gov/newsevents/press/monetary/20120913a.htm)
1
Figure 1
Current state of economy (BC)
70.0%
60.0%
50.0%
40.0%
30.0%
On future
prospects
20.0%
10.0%
0.0%
Excellent
Good
Fair
Poor
2010
1.9%
37.3%
55.6%
5.2%
2011
1.4%
42.6%
52.9%
3.2%
2012
1.2%
35.8%
58.5%
4.5%
9
On future prospects
Figure 2
This year’s survey results reveal that the majority
of respondents do not expect a significant turnaround in the economies of BC, Canada, or the
US over the next two years.
Most respondents (58%) said they expect the
60%
national economy to stay the same over the next
two years. Only 25% said they expect conditions
50%
to improve—a marked drop from 2011, when
40%
34% of respondents said they anticipated
30%
improvement. At the same time, however, only
12% of 2012 survey respondents said they expect
20%
the economy to worsen—a 4-ppt decrease from
10%
2011.
0%
Thoughts about BC’s economic future echoed
2010
2011
2012
projections for the national economy, and were
Improve
42%
26%
26%
identical to the responses received in 2011. As
Stay the same
43%
51%
51%
shown in Figure 2 (right), a slight majority of resWorsen
15%
23%
23%
pondents (51%) said they expect the BC economy
to stay the same; 26% predicted that it will get
There has been muted optimism regarding BC’s economic state
better; and 23% predicted that it will worsen.
and its future prospects since 2010, as illustrated above.
Projections for the US economy over the next
two years mirrored projections for the BC and
Canadian economies. Interestingly, however, the results were slightly more optimistic than those recorded in 2011. The percentage of 2012 survey respondents
who said they expect the US economy to stay the same was 46%, while those who predicted that the economy will improve rose to 37%—an increase of 10
ppt from 2011. Moreover, those who said they expect the US economy to worsen dropped to 17%—a decrease of 16 ppt from 2011.
Overall, the five-year outlook results for all three economies were decidedly positive, with 76% of all 2012 survey respondents foreseeing economic growth
for Canada, 63% foreseeing economic growth for BC, and 73% foreseeing economic growth for the US.
BC's two-year economic
forecast
On policy making
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Mergers & Acquisitions
When asked to rate the Canadian government’s
ability to create a successful business and investment climate, 8% of the 2012 survey respondents
described it as “excellent”; this marked an increase
of 1 ppt from 2011. Another 50% of those
polled said the Canadian government was doing
a “good” job, while 35% rated its performance in
this area as “fair.” The percentage of respondents
who described the government’s efforts as
“poor” increased by 3 ppt from 2011, reaching
7%.
Overall, the ratings for the BC government
were slightly lower than the ratings for its federal
counterpart: 5% of respondents said the provincial
government had done an “excellent” job in its
efforts to support the economy; 37% rated the
government’s performance as “good”; 46% rated
its performance as “fair”; and 12% described it
as “poor.”
Results for this question have not changed
significantly since 2011. In particular, when
asked to name the most important step the
provincial government could take to improve BC’s
economy, the majority of 2012 survey respondents
listed the same answers as the majority of
respondents in 2011: the reconfiguration of a
BC value-added tax, followed by a reduction in
red tape.
On business challenges
As indicated in Figure 3, the top six issues the
2012 survey respondents identified as either
major or moderate challenges to business success
were (in order of importance): 1) uncertainty
with regard to the global economic climate; 2)
attracting and retaining high-calibre employees/
skilled labour; 3) housing prices; 4) the ability
to raise capital; 5) uncertainty with regard to
the provincial economy; and 6) uncertainty
with regard to the Canadian economy. Notably,
attracting high-calibre employees made the
biggest move between 2011 and 2012, jumping
from seventh position to second. By contrast,
uncertainty surrounding the Canadian economic
climate fell three positions, and consumer
confidence levels (which ranked sixth in 2011)
dropped out of the top six completely.
Figure 3
Top six issues ranked as major or moderate
challenges to business success in BC (2012)
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Global
economic
climate
Total
On financial management
In terms of business growth, the 2012 survey
marked the second consecutive year in which
the majority of CAs in industry (47% in 2011
and 48% in 2012) said they expect the size of
their clients’ businesses to stay the same over the
next two years (see Figure 4). The percentage of
respondents who predicted business expansion
was slightly lower, coming in at 43%; this was
identical to the prediction for business expansion
made in 2011. Another 9% said they expect their
clients’ businesses to contract—down 1 ppt from
last year.
The majority of CAs working in public
practice (71%) said they expect their clients’
businesses to stay the same size over the coming
two years—an increase of 6 ppt from 2011 (see
Figure 5 on page 12). The percentage who said
they expect businesses to expand declined by
7 ppt, dropping from 28% to 21%; since 2010,
this indicator has decreased by 10 ppt. As in
2011, only 8% of 2012 survey respondents said
they expect their clients’ businesses to contract
over the next two years.
87.6%
Attracting
and
retaining
high-calibre
employees/
skilled
labour
72.9%
Housing
prices
Ability to
raise
capital
BC
economic
climate
Canadian
economic
climate
72.2%
70.2%
69.4%
67.7%
Figure 4
Over the next two years, respondents in
industry expect their clients' businesses
to...
60%
50%
40%
30%
20%
10%
0%
Expand
Stay the same
Contract
2008
45%
45%
11%
2009
54%
37%
9%
2010
51%
39%
11%
2011
43%
47%
10%
2012
43%
48%
9%
On business
confidence
11
Figure 5
On business confidence
Over the next two years, respondents
in public practice expect their clients'
businesses to...
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008
2009
2010
2011
2012
Expand
28%
32%
31%
28%
21%
Stay the same
50%
56%
63%
65%
71%
Contract
21%
13%
7%
8%
8%
The results of the 2012 CA Business Outlook
Survey reveal that CAs are cognizant of the
challenges posed by international volatility and
other external factors, including uncertainty in
the American and European economies, and the
potential impact of these challenges on future
economic growth. Not surprisingly, this awareness
tempers survey respondents’ optimism with
regard to BC’s economic future.
Moving forward, focusing on sustainable
resource initiatives and job creation/ retention,
as well as maintaining solid fiscal management
and a high credit rating, will help ensure the
province’s economic stability in the long-term.
Vanessa Woznow is the manager of Public Affairs
at the ICABC.
On tax rates
About respondents
The majority of 2012 survey respondents working in both public practice (79%) and industry (70%)
said that an increase in corporate tax rates could impact their clients’ business investment plans.
Business Outlook Survey in
The ICABC conducted the CA
August 2012. A total of 609 CAs
completed the survey. Of those
dap_beyondnumbers_aug28_may.eps 1 8/28/2012 1:54:17 PM
who participated, 47% worked in
industry, 40% worked in public
practice, and 10% worked in
other fields. Half of the
respondents worked for
companies with more than 50
employees, and just two-thirds
were located in the Lower
Mainland.
12
Left to Right:
Vern Blai r, Cheryl Shearer, Rober t D. Mackay, Kiu Ghanavizchian, Chad Rutquist, Gary M. W. Mynett,
Chris Halsey-Brand t, Andy Shaw, Jeff P. Matthews, Farida Sukhia
Blair Mackay Mynett Valuations Inc.
is the leading independent business valuation and litigation support practice in British
Columbia. Our practice focus is on business valuations, mergers and acquisitions,
economic loss claims, forensic accounting and other litigation accounting matters.
We can be part of your team, providing you with the experience your clients require.
Suite 1100
1177 West Hastings Street
Vancouver, BC, V6E 4T5
Telephone: 604.687.4544
Facsimile: 604.687.4577
www.bmmvaluations.com
Vern Blair:
Rob Mackay:
Gary Mynett:
Andy Shaw:
604.697.5276
604.697.5201
604.697.5202
604.697.5212
Jeff Matthews:
Cheryl Shearer:
Farida Sukhia:
604.697.5203
604.697.5293
604.697.5271
Chris Halsey-Brandt: 604.697.5294
Kiu Ghanavizchian:
604.697.5297
Chad Rutquist:
604.697.5283
The Infrastructure Challenges Faced
by Today’s Municipalities
By Cory Vanderhorst, CA
A note from Member Services: This is the third instalment in our five-part
PSA series. For resources on public sector accounting, visit the ICABC website
at www.ica.bc.ca or contact Professional Advisory Services at the ICABC
(604-681-3264; toll free in BC: 1-800-663-2677).
“If you build it, he will come.”
That famous line from the movie Field of Dreams inspires a hint of nostalgia—and maybe even some
wishful thinking. And just like Kevin Costner faithfully carved his baseball diamond out of a corn field
in Field of Dreams, municipalities around the province undertake their own projects, building playing
fields, community parks, recreation and convention centres, and more—all in the hopes of attracting
residents and visitors to their new facilities. But with the hope of: “If you build it, he will come,” comes
the reality for municipalities: “If we build it, future costs will come.”
Municipalities have more to think about than buildings and recreational facilities. They are also
stewards of roads, sewer and water systems, bridges, waste disposal sites, and a number of other assets
that contribute to the high quality of life that we enjoy in British Columbia. Many of these assets were
constructed 40 or 50 years ago and are nearing the end of their useful lives, which means repair and
replacement costs must be considered. (The importance of this consideration has been underscored by
some notable examples of infrastructure failure in recent years, including the Ville Marie Tunnel
collapse in Montreal on July 31, 2011.) The issue of aging infrastructure is also relevant for our education and healthcare sectors, which strive to provide high levels of learning and patient care against a
backdrop of rising service costs, in buildings that need safety upgrades and replacement.
What this means is that municipalities face the daunting challenge of addressing infrastructure needs
while also maximizing the value of municipal services to the community.
Changing compliance requirements
To complicate matters, the adoption of PS 3150 to the PSA Handbook, effective January 1, 2009,
required all municipalities to update their accounting for tangible capital assets.
In the past, municipalities recorded their capital assets as expenditures; and while they did track the
accumulating amounts of expenditure, most did not amortize those assets over the assets’ useful lives.
As a result, municipalities typically had large historical cost amounts on their books and there was a
disconnect between the financial reporting and the asset management functions. Moreover, in many
cases, engineers in the public works department handled the asset management in isolation from the
finance team.
By complying with the requirements set out in PS 3150, municipalities now have a base for moving
forward with asset management and integrating it with the information used by the public works
department.
This base has two vital components:
1.An inventory of all assets owned and maintained by the municipality; and
2.Cost information used to value the assets, including a mix of historical records, appraisal, and replacement costs.
The replacement cost estimates are very useful, as they can be combined with condition assessments
and useful life estimates to give the community a better picture of the costs that will need to be incurred, and when.
14
Managing the infrastructure
deficit
Condition assessments are where we step out of
the realm of accounting and into the world of
engineering. Often these assessments use a
simple rating system, with easily understood
labels such as “good,” “fair,” “poor,” and “fail.”
Many public works and engineering departments
already use a system such as this to determine
when assets need to be repaired or replaced, and
to make sure they have the budget in place for
these costs.
By combining the condition assessments and
the estimated future replacement costs, along with
the anticipated timing of these replacements,
municipalities can get a better sense of the challenge that lies ahead: their infrastructure deficit.
The term “infrastructure deficit” can be defined
broadly as the additional investment needed to
repair and maintain existing municipally-owned
infrastructure assets at appropriate service levels
and in a good state of repair. In 2007, the
Federation of Canadian Municipalities commissioned a report, which estimated that the
Canadian infrastructure deficit for existing
municipal infrastructure was $123 billion, before
considering any expansionary needs (estimated
at an additional $115 billion).1
Linked to the infrastructure deficit concept is
the need to shift planning and budgeting from a
short (one- to five-year) time frame to a model
based on the life cycle of the assets being
managed. When a new recreation centre is built,
for example, planning for the costs that will be
incurred for its 50-year useful life (including
costs such as roof replacement, heating/cooling
system replacement, and other significant
scheduled repairs) will give the municipality a
clearer picture of its commitment.
Many municipalities are addressing these issues
proactively by building cross-functional teams
and allocating funding and time for studies on
their own infrastructure deficits. Many provincial
associations, such as the Government Finance
Officers Association of BC, the Local Government
Management Association of BC, and Asset
Management BC, among others, have also stepped
up to the plate—dedicating more resources to
assist municipalities by offering training and
seminars, and creating asset management tools.
A tool-based scenario
Balancing residents’ needs with fiscal responsibility
The CBC website has a very interesting tool in
its interactive “Big Fix” section: an infrastructure
deficit calculator that challenges the user to cover
the deficit and provide for expansion needs over a
20-year period by: 1) adjusting federal, provincial,
and municipal taxes; 2) finding new sources
of revenue; and/or 3) reallocating funding and
priorities.2
Using this tool, there are many ways to
approach the infrastructure deficit problem. For
example, recognizing that we are in a period
where there is significant pressure to lower taxes
at all levels of government, I attempted to “cover
the deficit” by re-allocating monies and priorities,
rather than increasing taxes or finding new
revenue sources. I also ignored the $115 billion
of expansionary needs and focused solely on the
$123 billion of mandatory fixes. By reallocating
1% of the provincial budget and 0.75% of the
federal and municipal budgets towards capital
infrastructure, I was able to generate $125
billion to cover the infrastructure deficit over a
period of 20 years.
This may seem like an easy solution; however,
it would mean removing that same $125 billion
from healthcare, education, and other governmentfunded services. According to the calculator,
reallocating budgets can have a larger impact on
covering the deficit than raising new revenues,
but it also means a significant decline in the
levels of other vital services. To continue our high
quality of life, including fixing infrastructure
and maintaining the high level of services to
which British Columbians have grown accustomed,
a mixture of new revenues (taxes or other forms)
and a reallocation of government spending is
required.
The infrastructure deficit calculator has its
limitations, as does any tool, but it certainly
provides a good opportunity to consider infrastructure issues and come up with solutions.
Faced with the increased pressure to balance residents’ needs with fiscal responsibility, many municipalities recognize that they need to be innovative in their approach. And while some municipalities may
keep their focus on status quo taxation, many are looking inward at their costs and are performing—or
hiring consultants for—organizational or core-service reviews. These kinds of reviews are an ideal time
for a municipality to align its objectives to a long-term focus and a balance of services and infrastructure
maintenance.
Saeed Mirza, Ph.D., Danger Ahead: The
Coming Collapse of Canada’s Municipal
Infrastructure (a report for the Federation of
Canadian Municipalities), November 2007.
2
To check out the tool, go to www.cbc.ca/
news/interactives/infrastructure-calculator/#.
1
Cory Vanderhorst, CA, leads the Vancouver Island Public Sector Practice for MNP LLP.
Comptroller General
Commentary:
“Why the Provinces and PSAB Should Meet Each Other
Halfway: An Opinion Piece” by Bill Cox, CA
(Beyond Numbers, October 2012)
A
s British Columbia’s comptroller general, I completely agree with Bill Cox’s assertion
that sound public sector financial reporting is extremely important to taxpayers and
it must be done carefully and consistently. Financial information is most useful if it
is conceptually consistent across jurisdictions and over a long period of time so that users can
understand what it means and make meaningful comparisons.
As Bill points out in his article there is active, ongoing debate on the application of the new
transfer payment standard with very different positions being taken by preparers and auditors
in different jurisdictions. This is why our approach to managing changes in public sector
accounting standards is to work actively with standard setters, auditors and other jurisdictions
to understand how changes relate to historical practice, to identify conflicts that indicate
problems either with past practice or new guidance, and to plan for implementation so that we
can prepare financial statements that are relevant to past periods as well as future ones. We take
a conservative approach because the risk of taking an accounting approach that is later found to
be incorrect would undermine the long term usefulness and credibility of financial reporting.
One part of Bill’s article that I have to clarify is the characterization of the purpose and
requirements of the Restricted Contributions Regulation. The way the article is written the
reader may conclude that the “defer and amortize” approach is required for all capital transfers.
This is not the case. The regulation mirrors guidance in PS3410 and requires that contributions
be deferred only when appropriate stipulations are in place to constitute a liability as outlined
in PS3200. The regulation was needed to address broad inconsistency in the early positions
taken by preparers and auditors. At the outset many auditors felt that there was no provision
for deferral in PSAB, and while we have moved beyond that point there is still much work to
do to get to a consistent understanding about what actually constitutes a valid stipulation and
how it affects recognition.
I appreciate the active interest in public sector accounting issues within the accounting
community. Continued dialogue and debate across the broader community are exactly what is
needed to achieve the consistency we strive for as a profession.
Stuart Newton, CA
Comptroller General
Ministry of Finance
15
Bringing Your Own Device to Work:
What to Consider
By Dave Iverson, CFE, PCI QSA, CISSP
H
istorically speaking, employers have provided their employees with the tools needed to
perform their jobs. In the accounting profession, this may have begun with pencils and paper.
As technology continued to evolve, pencils and paper gave way to ever more sophisticated
tools, bringing us to where we are today—armed with computers, spreadsheet software, access to the
Internet, and mobile devices such as cell phones and tablets. However, there has been a change in this
pattern recently, as employees are increasingly asking their employers if they can bring their own
devices to work. This trend is known as “BYOD” or “Bring Your Own Device.”
To employers, this might seem like a fantastic idea—at first. BYOD could potentially enable
employers to minimize their IT spend, while at the same time keeping staff happy. After all, if an
employee is able to use their home device for work—a device they’re comfortable with and have
customized to their liking—where’s the harm? And since consumers are typically early adopters of
technology—unlike businesses, which typically take a wait-and-see approach with regard to new
technology—the employer stands to benefit when employees pay for their own cutting edge technology.
Before entering into a BYOD arrangement, however, both employers and employees need to have a
clear understanding of (among other things) how data on the mobile device will be accessed, who will
own this data, the steps that will be taken should the employee decide to leave the organization, and
the kind of security that will be implemented on the device.
What could go wrong?
Let’s assume that an individual named Carl is employed as a sales manager by a company called White
Corp. On his personal mobile device, Carl keeps a contact list of all the employees within White Corp,
as well as a contact list of all of the company’s preferred clients. On a long drive to the family cottage
one weekend, Carl’s daughter gets fidgety and cranky. In an effort to keep her occupied, Carl hands her
his phone so she can play a rousing game of “Angry Birds.” After a few games, however, Carl’s daughter
becomes bored; she then proceeds to press random buttons on the phone. Before Carl knows it, his
daughter has sent an email containing gibberish to various suppliers and key contacts. This practice
goes on until Carl either asks for his phone back or his daughter moves on to some other activity.
This scenario could cause harm to White Corp on several fronts. First, customers aren’t likely to
appreciate receiving one or more nonsensical messages to their work email accounts. Second, White
Corp customers may view the unnecessary emails as signs of a security breach and reconsider doing
business with Carl. In turn, the loss of client trust may result in reputational impact to White Corp,
and, eventually, to a loss of corporate earnings.
Damage to White Corp could have been avoided in one of two ways: 1) Carl could have purchased a
separate mobile device specifically for his daughter; and/or 2) White Corp could have segmented the
data on the mobile device so that client lists and phone numbers could not be accessed easily.
Carl made an error in judgment. Let’s assume that the IT department at White Corp made a similar
error—although aware of the potential for a security breach, it bowed to pressure to meet budgets and
deadlines, and allowed Carl’s mobile device to exist on the White Corp network without putting
adequate safeguards in place. A failure of security on both sides.
So what are businesses and employees to do if they want to embrace the BYOD trend and keep risks
at a minimum? The following list offers some key considerations; it is by no means intended to serve
as a comprehensive guide on how to successfully implement a BYOD policy in the workplace—rather,
it is meant to promote discussion. Ultimately, the more knowledge shared on this topic, the better the
likelihood of avoiding costly breaches in security.
16
Key considerations in a BYOD
environment
•Segregate the data that is on the device to keep
company data separate from personal data.
•Install remote wiping software on each device.
This will enable the IT department to delete
sensitive company information remotely in the
event of device loss or employee termination.
•Password protect the device, so that after a set
amount of time a password is required for
access. This will help prevent unauthorized use
should the employee misplace or lose their
mobile device, or if the device is stolen.
•Determine which manufacturers of mobile
devices will be supported. Most IT budgets are
limited, whereas the number of mobile devices
seems almost limitless. Employers need to consider whether they will support Blackberry,
Apple, Android, and Windows mobile devices,
or some combination thereof. By limiting the
number of devices for support, IT can better
focus their efforts and minimize potentials
impacts to the business.
•Determine how system updates will be handled.
Mobile device manufacturers are constantly
upgrading their operating systems. And unfortunately, with each upgrade some of the
mobile device’s previous functionality seems to
be lost. Therefore it is important to determine
in advance how and when system updates will
be performed.
•Determine who owns the phone number.
Although the employee may bring a phone
number with them to the company, this phone
number may become associated with the company over time. In such cases, the employer
may decide to retain the phone number if the
employee decides to leave the company—even
if that means purchasing it from them.
•Have a written mobile device policy that is
clearly understood by the company and employees. A well written policy will cover many
of the items listed above and should be read and
agreed to (in writing) by both the company
and the employees on an annual basis.
Convenience often
comes with
increased risk.
Putting safeguards
in place will help
employers and
employees avoid
costly breaches
in security
Food for thought
The BYOD trend will likely continue to grow as
employees become more and more tech savvy
and ask to use personal devices as part of their
daily work activities—especially as employers
look to cut IT costs. Yet before all parties agree
to the BYOD concept, the employer needs to
take a close look at their objective. At the end of
the day, having an IT department that supports
in-house devices (such as company-issued
notebook computers), as well as a wide variety of
mobile devices on a variety of competing
platforms, may not reduce IT costs—it might
actually increase them.
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Dave Iverson, CFE, PCI QSA, CISSP, is a
security consultant in Vancouver, specializing in
computer forensics and network security.
17
Ending Relationships and Staying on Good Terms
By PPC Canada
A note from Member Services: For more information about PPC and your member benefits, visit the ICABC website at www.ica.bc.ca/ppc. To book services,
contact PPC directly at www.ca.ppcworldwide.com or call 1-800-663-9099. To
access the online health and wellness tools, use the following log-in: username:
“healthy”; password: “living”; key code for e-counselling: “healthyliving.”
I
n the October 2012 issue of Beyond Numbers, we offered some advice on how to cope with major
life transitions. Among these major life transitions, few may be as painful and challenging as the
break-up of a significant relationship. This month’s article aims to help you deal with the aftermath
of a break-up, be clear about practicalities, and cope when things get difficult.
Dealing with the aftermath
Immediately after the break-up of a relationship, you may feel hurt, angry, confused, devastated, and
more. These feelings can make it very difficult to stay on amicable terms with your ex-partner. That’s
why it’s important to give yourself some time to recover. Don’t expect to be able to be objective straight
away. A little time will give those raw feelings a chance to fade.
If you don’t feel able to deal with certain things right away, don’t be afraid to say so. You might want
to ask a friend to pick up your things from your ex-partner’s home, for example. Or you might tell your
ex that you’ll be ready to talk about the practicalities of separating once a few weeks have passed.
Be ready to build yourself back up. Get as much support as you can from friends and family, and try
to look after yourself by taking a little time off work, writing in a journal, or spending more time on
your creative pursuits, hobbies, and “bucket list” items.
Being clear about practicalities
There are always practical issues that need sorting out after a relationship ends. The following steps will
guide you through this process and help you to avoid arguments later on:
•Write a list of all the decisions that need to be made and ask your partner to do the same. This might
include decisions about your children, financial matters, dividing possessions, notifying friends and
family of the split, etc. Spend some time thinking about what is most important to you, and where you’re
prepared to make compromises. If you really want the sofa, for example, what are you willing to give up?
•Arrange a meeting on neutral territory. Ask your ex-partner to put aside any unresolved emotional
issues before this meeting, and attempt to do the same. You may want to ask a neutral party to be
present to provide an objective view.
•Combine your lists. Spend some time agreeing on your priorities—what needs to be sorted out most
quickly? What concerns can be set aside for the time being? Take the top three decisions and see if
you and your ex can reach an agreement on each one. Your friend/third party may be able to make
suggestions if you get stuck.
•When you’ve reached agreements, write them down clearly and in detail. Write down any necessary
actions, such as getting a valuation of the house, on a separate page.
•Divide these actions between you, and set up a time and place for your next meeting.
•If the atmosphere becomes heated, arrange for a five-minute break to clear your heads. If necessary,
end the meeting and reschedule. Try to agree beforehand (whether by email or by phone) about
how you will deal with conflict if it arises again.
What to do when things get
difficult
It is almost inevitable that you and your
ex-partner will clash over certain issues when it
comes to the process of dissolving your relationship.
Here are a few tips to get you through the
rougher patches:
•Try not to get pulled in to arguments. Solutions
are rarely found when emotions are running
high. Take a mental step back from the
conversation, take a deep breath, and try
saying something like: “I know we can’t agree
on this right now, but I’m hoping we can
come up with some ideas that will work for
both of us.” If necessary, table the contentious
topic for the time being, and reschedule your
meeting or phone call for another time.
•Spend some time alone thinking things
through. Why are you getting so upset or
angry? What buttons are being pushed?
Becoming more aware of your “sore spots”
can help you to detach from the argument
emotionally and focus on practical issues.
•Ask a good friend for their opinion on your
difficulties. Encourage them to be honest
about how they think you’re dealing with the
situation, and ask if they have any suggestions
for what you could do differently. Then try
to listen to their advice!
•If you are finding it impossible to communicate
with your ex, consider getting some professional
support. Try a mediation service and consider
seeking legal advice if appropriate.
It can be a real challenge to untangle emotions
from practical issues at the end of a relationship.
However, clear and honest communication at
this time can make an enormous and positive
difference for both of you, especially if children
are involved. When in doubt, remember that
any effort to be patient and understanding in the
early days will reap rewards later on.
Help with relationships is only a phone call way
As the members’ assistance provider for the ICABC, PPC Canada can help you and your immediate family members cope with
relationship issues, including separation and divorce. Services include:
•Professional and confidential counselling services;
•Legal advice on a variety of topics, as well as legal referrals to a local professional at a 25% discount; and
•Help with financial or debt management issues. Please call PPC Canada at 1-800-663-9099 to learn more about the various programs offered or to book an appointment.
18
Reporting CPD online is easier
than ever…
Just ask the 75% of our members who reported online
last year!
And don’t forget that the CPD online system is open year-round for you to
log and track your CPD hours prior to reporting!
Coming soon
The 2012 CPD reporting forms and online report submission
capability will be available mid-November.
Questions about CPD or CPD reporting?
Visit the Institute’s website at www.ica.bc.ca/cpd and click on FAQs.
Or contact us at the Institute:
Lisa Murray
604-488-2614
[email protected]
Roger Merkosky, CA
604-488-2611
[email protected]
Continuing Professional Development
19
CA-W
Tax Traps & Tips
“When considering the reallocation or transfer
Business
Restructurings –
A Question of Risk
By Savia D’Souza, SA Fin, and
Jennifer Paul, MA Economics
B
usiness restructurings are becoming
increasingly common in today’s marketplace as companies strive to remain
competitive and achieve efficiencies in their
businesses. A business restructuring involving
associated enterprises might comprise the
cross-border transfer of an asset, the termination
or substantial renegotiation of an existing
arrangement, or even the relocation of an entire
business division to another country. Often,
such restructurings result in a reallocation of risk
between parties. Regardless of the nature and
complexity of the business restructuring, there
will be implications if the restructuring is
scrutinized by the Canadian (or other) tax
Extend your reach
across the border.
of risks, the OECD notes the importance of
reviewing the contractual terms of the
arrangement, and... the ‘economic substance’
of a risk transfer...”
authorities and the enterprises involved are
regarded to have not “acted at arm’s length.”
The transfer pricing considerations of a business
restructuring were discussed in a previous
article in Beyond Numbers,1 which outlined the
documentation requirements relating to a
restructure, including: why the restructuring is
being undertaken; what is being transferred
outside of Canada; the value of the assets being
transferred outside of Canada; the deductibility
of restructuring costs incurred in Canada; and
the appropriate transfer pricing treatment of
post-restructure related-party transactions. This
article picks up where the previous article left
off, and provides commentary on assessing the
US and cross-border tax is our business,
we can help you with yours.
US citizens
resident in Canada
Cross-border
business activities
Canadians with
US investments
US tax return
preparation
Laura McLeman, CA
Warren Dueck, FCA/CPA
Steven Flynn, CA/CPA
604.448.0200 | 1.855.448.0200 | www.wldtax.com
Vancouver | Richmond | Calgary | Ottawa
20
BeyondNumbers-ad-square_2012.04.10.indd 1
4/18/12 11:18:03 AM
allocation of risk in a business restructuring,
particularly with reference to whether the risks
must be tied to the functions of a business.
OECD2 guidance – Chapter IX
transfer pricing aspects of
business restructurings
The OECD Guidelines 3 acknowledge various
commercial reasons for undertaking a business
restructuring (along with a corresponding reallocation or transfer of risk), and offer guidance
to multinationals and tax administrations when
assessing the arm’s-length nature of that restructuring.
When considering the reallocation or transfer of
risks in a business restructuring, the OECD notes
the importance of reviewing the contractual
terms of the arrangement, and also highlights
the need to review the “economic substance” of a
risk transfer to determine whether arm’s-length
parties would enter into a similar arrangement.
(Note: The OECD purports that even though
there may not be evidence of arm’s-length
parties engaging in the same or similar
arrangements, this does not automatically mean
that the arrangement is not arm’s length.)
Specifically, the OECD identifies three considerations4:
1.Whether the conduct of the associated
enterprises conforms to the contractual
allocation of risks;
2.Whether the allocation of the risks in the
controlled transaction is arm’s length; and
3.What the consequences of the risk allocation
are.
Jennette Chalcraft, CA, “Business
Restructurings – Transfer Pricing
Considerations,” Beyond Numbers,
September 2009.
2
The Organisation for Economic Co-operation
and Development. (www.oecd.org)
3
OECD Transfer Pricing Guidelines for
Multinational Enterprises and Tax
Administrations, July 22, 2010.
4
OECD Guidelines, paragraphs 9.10 to 9.47.
1
CA-WLC Beyond Numbers AD_Layout 11-12-04 12:02 PM Page 1
A voice for women
in the profession
Go to www.cica.ca/women
and join the conversation.
The CICA's Women's Leadership Council is a voice for women CAs. We act as a catalyst for change, promoting
a work environment within the Chartered Accountancy profession that provides for the retention, promotion
and advancement of women to positions of leadership without bias, unintended or otherwise, based on gender.
We provide resources and education to further women's advancement in the CA profession.
Guidance on applying these three considerations when reviewing the risk allocation is provided below.
Conduct of the parties vs. contractual arrangements
Although it is necessary to review the contractual arrangements, the OECD states that the parties’
conduct should generally be taken as the best evidence concerning the true allocation of risk.5 For
example, even though the legal agreements may state that one party bears the economic risk of a transaction,
the environment and other factors may result in another party being exposed to that risk in practice. As
such, it is important to review the allocation of risk in the context of how the parties actually operate,
and consider whether the legal form of the transaction is consistent with the economic substance of the
transaction.
Consider the example of a manufacturing supply chain that is restructured such that Canadian
manufacturing operations have ceased and are now being performed by an associated enterprise in the
US, with the remaining Canadian operations being restricted to the limited risk distribution of the
manufactured goods. We would anticipate that the Canada Revenue Agency would expect to see the
US entity bear the risks that were previously borne by the Canadian entity, particularly if the postrestructuring profitability of the Canadian entity is now lower than before the restructuring.6
Allocation of risk
When assessing whether the allocation of risk is one that might be agreed to by independent parties
in similar circumstances,7 the OECD articulates two important factors that should be considered:
1) control over the risk; and 2) financial capacity to assume the risk. While the latter is self-explanatory,
we believe the former warrants some discussion.
Control over risk is described by the OECD as the “capacity to make decisions to take on the risk”
and “whether and how to manage the risk.”8 The OECD acknowledges that it is not necessary to
perform the day-to-day monitoring and administration functions in order to control a risk (as it is
possible to outsource these functions); however, merely hiring another party to administer and monitor
the risk on a day-to-day basis is not considered sufficient to transfer the risk to that party. According
to the OECD, in order to “control” a risk, one has to be able to assess the outcome of the day-to-day
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Consider the case of a portfolio fund manager
who is hired by an investor to invest funds on
its behalf. Depending on the nature of the
arrangement, the portfolio fund manager may
have the authority to make investment decisions
on behalf of the investor on a day-to-day basis,
while the risk of loss is borne by the investor.
The investor controls its risks by making three
decisions: 1) hiring the fund manager; 2) giving
certain instructions and authority to the fund
manager; and 3) determining how much to
invest. In this case, the portfolio manager would
be entitled to a contractually agreed commission
fee/fixed fee for its day-to-day functions, and the
investor would earn the entrepreneurial returns
of the investment because it retains the investment
risk.
Similarly, a parent company may outsource
certain day-to-day distribution functions to an
associated enterprise. The associated enterprise
would be entitled to a fee for its distribution
activities and for its management of the associated
risks. The parent company would bear the
market risk and suffer any associated financial
loss should the risk be realized. As a result,
the parent company would be entitled to the
entrepreneurial returns.
Consequences of the risk allocation
Generally accepted transfer pricing principles
suggest that when there is a transfer of risk, there
should be an associated increase in the expected
return of the party that now bears that risk.
Further, the party that now bears the risk would
be expected to bear the costs of managing or
mitigating it, as well as the costs that might arise
if the risk is realized.
In determining the appropriate returns of each
entity after the transfer of risk, it is necessary to
look at the nature and economic significance of
the transferred risk. If the risk transferred is not
considered to be economically significant in the
context of the business (i.e., it does not carry
significant profit potential), the transferor would
OECD Guidelines, paragraph B.1. 9.14.
We would also expect the CRA to analyse
whether a transfer of assets occurred (for
example, in the form of machinery, processes,
and supplier/customer relationships), and, if so,
whether the Canadian entity should be
compensated for this transfer.
7
The OECD indicates that it will also be
important to consider the allocation of risk in
any comparable transactions that can be
identified.
8
OECD Guidelines, paragraph B.2.2.1, 9.23.
5
6
Spencer Cotton, CA, CBV, Partner
[email protected]
600 – 925 West
Georgia Street
Vancouver BC
Rosanne Terhart, CA, CFE, Senior Manager
[email protected]
604 688 5421
www.bdo.ca
BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International
Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms. BDO is the brand name for the BDO network and for each of
the BDO Member Firms.
22
not generally accept a lower post-transfer profit
potential.9
For example, a contract research and development
service provider would not be likely to accept a
lower return if an associated enterprise is willing
to bear foreign exchange risk on its behalf,
particularly if, historically, this risk has not been
material.
Canadian guidance
Canadian transfer pricing rules are found in
section 247 of the Income Tax Act (Act). Per
these rules, Canadian taxpayers involved in
cross-border transactions with a non-resident
related party are required to transact under the
terms and conditions that would have prevailed
had the associated enterprises been dealing at
arm’s length. While the Act (or any other CRA
publication for that matter) does not specifically
cover the transfer pricing implications of a business
restructuring, the definition of a “transaction” or a
“series of transactions” in s.247(1) is broad enough
to cover business restructurings. In addition, the
CRA’s administrative guidance references OECD
guidance.
If it is found that the intercompany dealings of
a Canadian taxpayer did not transpire as those
between arm’s-length parties would have, the
CRA may adjust the terms and conditions of the
transaction(s) or allocations to reflect those
it believes would have transpired between
arm’s-length parties. In limited circumstances,
the CRA may also adjust the nature of the transactions—essentially “looking through” the
business restructuring to recharacterize the
transactions and construct an allocation of the
functions, assets, and risks that it believes would
occur in an arm’s-length situation.10
In our experience, the CRA has most often
challenged business restructurings on the grounds
that the entity in the lower-tax jurisdiction had
neither the ability to control the risk nor the
financial capacity to assume the risk (risks such
as those related to intellectual property ownership
and research and development programs). In
such situations, the taxpayer would be expected
to provide evidence that each associated enterprise
has sufficient expertise and financial capacity to
control and bear the allocated risks.
Key takeaways
The CRA supports the OECD’s view that it is necessary to review a business restructuring holistically.
When reviewing the allocation of risks in the context of a business restructuring, it is not only important
to review the contractual assignment of risk, but also the economic substance of the arrangements
pre- and post-restructuring in the context of the wider business. Each associated enterprise should be
able to clearly demonstrate that it is capable of controlling and bearing any risks allocated to it as part
of the restructuring. The recent commentary from the OECD suggests that it is not necessary for a
party to directly perform all of the functions related to managing its risks, but that it must be able to
control these risks (and to monitor and assess the activities of any third party that performs day-to-day
functions related to managing these risks) in order to support earning the economic returns associated
with them.
Savia D’Souza, SA Fin, and Jennifer Paul, MA Economics, are managers with Deloitte Canada’s
national transfer pricing group in Vancouver.
Helping future CAs
Have you ever wondered how you could help students who are
interested in becoming members of our proud profession? Consider
donating to the CA Education Foundation (CAEF).
The CAEF is a registered charity established by the BC Institute of
CAs to support the endeavours of current and future CAs. One of the
Foundation’s important activities is to ensure that scholarships are
available to students at universities and colleges in BC.
Currently there are more than 30 scholarships available each year, all of
which go to students who’ve indicated their intentions to become CAs.
There are different ways to donate:
• General donations – Mail, fax, or drop off a donation at the ICABC’s
offices in downtown Vancouver.
• Planned giving – Include the CAEF in your will.
• Giving in memoriam – Make a gift in honour of a colleague or family
member.
• Matching scholarship program for CA firms and associations –
Participate in the CAEF’s matching program.
Please visit the CA Education Foundation’s website at www.caef.bc.ca
for more information.
OECD Guidelines, paragraph 9.41.
The CRA also has the ability to apply the
provisions of the general anti-avoidance rule
(GAAR) at s.245 of the Act; however, the
threshold for the CRA to apply GAAR is
considerably higher than the threshold to
apply the transfer pricing recharacterization
provisions of the Act.
9
10
23
PD News
New: ASPE: A Comparison to IFRS
This seminar will examine the major differences
between the accounting standards for private
enterprises (ASPE) and those for publicly
accountable enterprises (IFRS). Participants will
learn about the impact of current developments,
and about one-time considerations on transitioning.
Nov 19, 9am-5pm, Vancouver
FALL 2012 PD PROGRAM
For detailed course descriptions or a complete
schedule of upcoming PD seminars, consult
your fall 2012 PD catalogue or visit our website
at www.icabc-pd.com. To register, call the PD
department at 604-681-3264.
PD Conference Day
CAs in Industry Day
Our popular conference day for members in
industry is back with plenary sessions on the
economic outlook and demographic changes, as
well as breakout sessions on financial performance, technology tools, motivation, and tax
and accounting updates.
December 11, 8:30am-5pm
Vancouver Convention Centre West
Accounting & Assurance
Accounting Update for CAs in Industry
This seminar is designed to review recent
revisions to the CICA Handbook, with emphasis
on Accounting Standards for Private Enterprises Part II. It will also cover (in less detail) Accounting
Standards for Not-for-Profits - Part III, and include
an outline of the changes in IFRS.
Dec 5, 1:30-5pm, Vancouver
ASPE: The Transition
Are you looking for more guidance on how to
make the transition to ASPE and all the required
decisions? This seminar is all about the transition,
and will include discussion and examples.
Dec 3, 1:30-5pm, Vancouver
24
Assurance & Accounting Issues for Public
Companies
This seminar is designed to help practitioners in
small and medium-sized firms address assurance
and accounting issues specific to public companies (particularly venture companies). It will also
provide accountants and managers of public
company financial statements with insight on
the unique assurance and accounting issues
faced by public companies.
Effective Use of Analytical Procedures
This seminar will explore the various available
analytical procedures and application techniques
participants can use to maximize the effectiveness
of audit or review work while continuing to
meet the requirements of the profession.
Nov 27, 9am-12:30pm, Vancouver
File Review Methodologies
This seminar will emphasize the relationship
between the review process and the requirements for engagement file reviews under the
Canadian auditing standards. It will discuss the
different approaches needed in the various
review roles as a result of the CSQC 1 quality
control requirements.
Dec 12, 9am-5pm, Vancouver
Financing Strategies
The objective of this seminar is to provide an
in-depth review of the various forms of financing
used to fund capital projects and acquisitions, or
to restructure an existing capital structure. These
various forms of financing include operating
lines, term debt, subordinated debt, and private
and public equity.
Nov 28, 9am-5pm, Victoria
Fraud Happens! What to Do When You
Suspect Fraud
You don’t encounter fraud every day. This seminar,
taught by an experienced fraud investigator,
will provide you with the basic skills needed to
react to allegations of fraud in an efficient and
effective manner.
Dec 4, 9am-5pm, Vancouver
Internal Control for Small Audit
This seminar will provide guidance on how to
apply the best practice approach of “Top Down
and Risk Based” to effectively evaluate and
document internal controls. Participants will
learn why the traditional “Bottom-Up” approach
to internal control evaluation is often less than
effective.
Upcoming IFRS Seminars:
•A Survey of Standards - Dec 11-12
•Accounting for Financial Instruments - Dec 7
•Accounting for Income Taxes under IAS 12 Dec 10
•Fair Value Measurement - Nov 29
•Financial Statement & Note Disclosure Nov 21-22
•Focus on PP&E, Intangible Assets, and
Impairment of Assets - Nov 16
•Interim Reporting - Dec 3
•IFRS on a Need-to-Know Basis - Dec 5
•Real Estate - Nov 30
•Resource Exploration & Mining Industry
Basics - Dec 10
Management
Clear Thinking/Clear Speaking
If you’d like to be one of those people who
always seems to say the right words, at the right
moment, consider taking this course. This
seminar will help you learn to respond to
questions effectively, speak up at meetings, and
even feel more comfortable in social situations.
New: Communicating Like a Champion
The objective of this seminar is to teach participants
the new language of “Strategic Emotional
Expression.” Using communication techniques
applied by award-winning actors and successful
politicians, attendees will learn how to make
meaningful connections with co-workers and
clients, and how to gain people’s trust.
New: Developing Resilience and Hardiness
at Work
It is surprisingly easy to hide and/or ignore
depression in the workplace, but doing so can
drain your bottom line and cause untold pain
and misunderstanding. Learn how depression
shows up in the workplace, what you can do to
support individuals who are dealing with
depression, and how to reduce the impact of
depression on productivity.
Enhancing Your People Skills
To be successful professionally, you must
establish effective and long-lasting relationships,
and have the ability to influence others.
This one-day course will focus on techniques,
strategies, and principles you can apply to your
relationships with co-workers, clients, and
people outside of work.
Excel Boot Camp
This intensive two-day program is designed
to take experienced, self-taught users to the next
level. It will provide real-world examples developed
by accountants for accountants, and cover features
found in Excel 2003, 2007, and 2010.
Nov 26-27, 9am-5pm, Vancouver
Top Employment Issues Affecting Your
Bottom Line
This half-day seminar will provide an overview
of the top employment issues that materially
affect the bottom line, including recent developments in workplace law. It will benefit anyone
working in public practice or industry who deals
with employment issues.
Income Tax Issues for the File Preparer
Accountants who prepare files and income
tax returns often see the issues, problems, and
opportunities first. The ideal participant for this
course is a technician, para-professional, newly
qualified accountant, or staff accountant who
has general income tax knowledge. Planning,
problems, and approaches will be emphasized.
Smarter Communication
We need to express our ideas and opinions
as clearly and convincingly as possible. This
workshop will help you get organized quickly
and deliver your message clearly and memorably,
while making your communication more relevant
and helpful for your listeners.
Income Tax Planning Refresher for
Corporate Tax
This is a refresher course for those who want to
update their knowledge about the various taxes
and tax-planning activities that affect corporate
taxpayers. At the end of the two days, participants
should have a good understanding of the taxes
that affect corporations. They should also be in
a position to identify tax planning opportunities
for corporate taxpayers.
Nov 9-10, 9am-5pm, Victoria
Nov 16-17, 9am-5pm, Abbotsford
Nov 23-24,9am-5pm, Vancouver
New: Work Vs. Personal Life: Rethinking
the Balance Questions
How can you get a better balance between your
work hours and your personal hours? This
course will offer you some very specific and practical next steps to take. Be ready for a provocative,
stimulating day that will help you reach your
own conclusions about work/life balance.
Taxation
Excel PivotTables for Accountants
This session will include such topics as drag-anddrop pivoting, grouping and ungrouping, creating
calculated items and fields, and drilling down to
underlying details. PivotTables consolidated
from multiple ranges will also be covered, along
with PivotTables dynamically linked to external
databases and financial accounting systems.
Managing Yourself – Quantum Leaps
This day is about dramatically improving your
self-management skills. It will draw from quantum physics, neuroscience, positive psychology,
and management theory. You will examine how
this technology applies to your past experiences,
and how you might use it differently in the future.
PDF Documents – What Accountants Need
to Know
Understanding how to use PDFs effectively is
rapidly becoming a necessary business skill, especially as more and more organizations migrate
to paperless environments. Don’t miss this
opportunity to learn a full range of skills for
working with PDF documents.
Nov 28, 1:30-5pm, Vancouver
Advanced Personal Cross-Border Issues
This seminar will provide an in-depth look at
the following issues: Canadian departure tax
rules; returning former residents of Canada;
social security and payroll tax; withholding taxes
on payments to non-residents of Canada pursuant
to Regulation 105; US estate and gift tax; US
expatriation tax; and the personal taxation of
hybrid entities such as S corporations and US
limited liability corporations.
Annoying Basics of Tax
For many newly qualified CAs, one of the main
challenges is transitioning from the knowledge
of what can be done to the execution of what
needs to be done. The best laid plans can fail
when the correct paperwork is not filed with the
CRA. This is truly a case where the devil is in the
details.
This seminar will help participants develop a
practical approach to dealing with day-to-day
tax requirements.
Dec 13, 9am-12:30pm, Victoria
New: Knowing Your Rights, Your Risks, and
Your Obligations During Audits and
Criminal Investigations
Being the target of an audit or criminal investigation by the CRA can be unnerving. The
presentation will provide an overview of an
investigation from start to finish, and will
discuss the penalties and criminal sanctions that
may be imposed on both clients and their
advisors when things go wrong.
Nov 15, 7:30-9:30am, Vancouver
RRSPs and TFSAs – Overview and Recent
Developments
As the number of Canadians who have created
RRSPs and TFSAs continues to grow, it’s
important to understand the tax issues arising
from these investments.
This breakfast seminar will review the types of
property that can be held in RRSPs and TFSAs,
as well as the restrictions on these investments,
with particular focus on recent changes to the
Income Tax Act.
Nov 29, 7:30-9:30am, Vancouver
US Real Estate – Personal Investment:
Canadian and US Tax Implications
This course will provide a basic understanding of
the various Canadian and US tax issues that arise
on the acquisition, ownership, and disposition of
US real estate by individuals resident in Canada.
25
Plugged In: News for and about members & students
Announcements
Congratulations!
Wayne Audette, CA, was recently elected president of the Probus Club of Vancouver by the chapter’s 400 members. The
Club was formed by, and for, retired and semi-retired professionals and business people who meet each month for
fellowship, and to learn from guest speakers. There are 28,000 Probus members in Canada, and more than 300,000
worldwide.
Norm Daley, CA, and the team at Daley & Company LLP in Kamloops made the news recently after catching a giant white
sturgeon during a team-building fishing trip on the lower Fraser River. It took a team effort and more than 50 minutes to
reel in the fish, which was measured at 11 feet, 8 inches long. It’s estimated that the sturgeon weighed 1,000 pounds and was
more than 100 years old. The fish was subsequently tagged and released, in keeping with BC’s conservation regulations.
Don Thomson, CA, has been reappointed to the International Ethics Standards Board for Accountants (IESBA) for a
three-year term, effective January 1, 2013. The IESBA is an independent standard-setting. Its members are appointed by
the board of the International Federation of Accountants (IFAC), and approved by the Public Interest Oversight Board.
Thomson has been with Grant Thornton LLP and its predecessor firms since 1977, and is currently the firm’s national
managing partner of quality, based in Vancouver. He is also a past chair and member of Canada’s Auditing and Assurance
Standards Board.
Two CAs to Receive BC CEO of the Year Awards
As announced in October, David Schellenberg, CA, and Nolan Watson, CA, are among the six industry leaders who have
been chosen to receive the first BC CEO of the Year Awards. Schellenberg is the CEO of Conair Group and Cascade
Aerospace. Watson is the CEO of Sandstorm Gold Ltd., and was profiled in the September 2012 issue of Beyond Numbers
as a recipient of the Queen’s Diamond Jubilee Medal.
The CEO awards were established by Business in Vancouver and MacKay CEO Forums to identify outstanding leaders of
private and public organizations. Criteria for the honourees in the inaugural competition included vision and strategy,
financial performance, people development, innovation, and social responsibility.
The recipients will be honoured at an awards dinner on November 20, 2012.
PRL Notice – Cancelled Licences
Pursuant to its meeting of September 27, 2012, the Practice Review & Licensing Committee announces that the following
firms are no longer in public practice under these names:
Firm Name
City
C Stephen Hodson CA
Langley
Charles Shier, CA
Victoria
Charvine Adl, Chartered Accountant
Richmond
Craig Whyte, Chartered Accountant
Burnaby
Darryl J. Parsons Ltd.
Langley
David L Tindall CAGrand Forks
H.A. Benson Inc.
Mission
J. Scott Bond, CA
Kamloops
Kapil & Company
West Vancouver
Laurie Pettijohn, CA
Trail
J. Morash & Company Inc.
Kelowna
26
FVCAA Presentation Series
The Fraser Valley CA Association is
pleased to announce the following
events:
January 3, 2013
Family Law
Karen McNeilly, LL.B., RDM Lawyers
February 7, 2013
Accounts Receivable Insurance
David Newstead, Euler Hermes ACI
March 7, 2013
US Voluntary Disclosure and CrossBorder Topics
Viviane Barber, CA, CPA
(Washington), Facet Advisors, LLP
For more information, visit
www.fvcaa.ca or contact FVCAA
coordinator Laurie Daschuk at
604-850-5085/[email protected].
Volunteer Wanted
Name: Concordia Lutheran Mission
Society
Seeking: Director/treasurer
The Concordia Lutheran Mission
Society (www.concordiamissions.org)
raises funds to support the overseas
missions of Lutheran Church-Canada.
The Society is seeking a new director/
treasurer to replace William W. D.
(Bill) Andrew, CA, who will be
stepping down after six years (the
Society’s bylaws limit terms to a
maximum of six consecutive years).
Contact: Bill Andrew, CA, at
[email protected] or 250-287-8047.
Nominate a future president
Think you know a CA who could lead the ICABC through a constantly
evolving environment? Nominate them for future presidency!
We’re looking for CAs who are dynamic leaders and front-runners in their
professions and communities—CAs who have the ability to inspire others.
The candidate chosen by Council will be appointed third VP of the
ICABC in early 2013, and must seek election to Council if they are not
already a Council member. If the individual is elected, it is anticipated
that they would subsequently be appointed second VP in June 2013.
Then, provided that they remain an elected member of Council, it is
anticipated that they would be appointed first VP in 2014, and
president in 2015.
Nomination steps:
•Submit a nomination form. Forms are available on the ICABC website
at www.ica.bc.ca under Member Centre>Forms>Member
Recognition/Nomination Forms>Presidential Nomination Form. You
can also access the form by direct link at www.ica.bc.ca/pdf/
presidentialnominations.pdf, or by contacting Sandy Parcher, the
manager of the Executive Office, at [email protected] or 604-488-2602.
•Be aware that candidates, proposers, and seconders must be
members in good standing with the ICABC.
•Tell us why you think the nominee should be considered for election
to the ICABC presidency. Please note: Candidates should have
demonstrated leadership in one or more of the following areas:
The work of the British Columbia or Canadian Institute
The pursuit of his/her career
Voluntary service (with business, charitable, civic, community,
political, or professional organizations)
Research, teaching, writing, or speaking on
professional matters
•Make sure the nominee will accept the position
if selected.
Nomination forms should be marked
“Confidential” and addressed to:
Attn:
Chair of the Presidential Nominating Committee
c/o Chartered Accountants of BC
Suite 500, One Bentall Centre
505 Burrard St, Box 22
Vancouver, BC V7X 1M4
All nomination forms
must be received at
the ICABC office by
Friday, November 30,
2012.
27
Member Profile
Finding a New Voice: Shan Thomas, CA
By Michelle McRae
Shan Thomas, CA (right), with friend and colleague Moira Bryans, CA, on Bowen Island this
summer.
A
s the busy fall PD season got underway in September, a number of members contacted the
Institute to ask if Shan Thomas, CA—one of the Institute’s most popular PD instructors for
the past 20 years—would be teaching any seminars this season. Given the intense interest in
her courses and her outstanding contributions to CA education, we wanted to explain why Shan’s
name doesn’t appear in the latest PD catalogue. We also wanted to share some of her inspiring story.
“As some of my course participants know, I developed a vocal cord disability a few years ago,” Shan
explains. “It was ultimately diagnosed as ‘Abductor Spasmodic Dysphonia,’ a neurological condition
for which there is no cure.”
After the initial onset of the disability in 2007, Shan’s condition worsened over an 18-month period
before finally stabilizing.
“On any given day, there is a fluctuation in voice quality that, for the most part, seems to be independent
of any specific factors,” she says. “Some days are just better than others.”
Recognizing the limitations of her vocal condition, Shan began to scale back her teaching engagements.
28
“Moira Bryans and her team in PD were
incredibly supportive and helpful as I scaled
back further and further,” she says.
After teaching for only a few days in each of
the past two years, Shan officially resigned as a
PD instructor this summer.
“Having a strong, confident voice is something
I always took for granted,” she says. “It turns out
that having a vocal disability can be unexpectedly
limiting. Now that my voice is weak and
breathy, I’ve discovered that people react in
different ways. Some interpret it as me being
anxious or nervous (nope—not after all those
years of teaching!), or that I am somehow doing
it deliberately (nope), or that it indicates that I
have a reduced mental capacity (well, maybe
over the years, but not voice-related!). Words
starting with the letter ‘h’ are the most difficult,
so I try to avoid saying them—not exactly easy
when you’re teaching a Handbook Update
course!”
Though her sense of humour is firmly intact,
Shan admits that the disability has turned her
world upside down.
“Before the onset of this condition, I was exactly
where I wanted to be in terms of my career,” she
says. “I was a PD instructor in accounting and
auditing in BC, as well as a facilitator of several
conferences. My teaching load was an almost
even mix of scheduled Institute PD courses and
‘in-house’ custom courses, which are also done
via the Institute, but allow for more customized
and private sessions. Clients for these sessions
included: Telus, BC Ferries, the Auditor General
of BC, the Ministry of Finance, as well as
numerous CA firms wanting to hold private PD
sessions. I had planned to continue to teach, and
gradually reduce teaching as I moved into the
next phase of my life.”
It was a logical plan for someone who’d been
passionate about teaching for almost 30 years.
Shan actually began her teaching career at the
high school level in the Okanagan before
earning her CA designation in 1986. Almost
immediately after becoming a CA, she began
teaching UFE prep courses for the School of
Chartered Accountancy (the precursor to the
CA School of Business). She continued to teach
over the coming years, while also raising a family
and maintaining a successful career in public
practice, which included the launch of her own
Summer Watch I (2012)
Summer Watch II (2012)
firm in 1989. By the time she sold her practice in 1999 to begin working in industry, she had already been teaching for the Institute’s PD program for
several years.
Shan says she could no longer avoid the reality of her disability when course evaluation commentary began to indicate that participants were having a hard
time understanding her speech. For someone who’d enjoyed stellar feedback throughout her teaching career, it was a tough blow.
“There is a tremendous amount of goodwill and support for me out in the CA community, for which I have been very grateful,” she says. “However, from
the perspective of participants, it is hard enough to stay focused in a technical content course without the added challenge of a delivery that is difficult to
understand—including missing pieces of words, and variable volume. It took a long time for me to admit that my Dysphonia was irreversible, and that my
chosen career was permanently curtailed. But, gradually and reluctantly, I had to admit that I was no longer capable of doing this job.”
Rather than be defeated by her circumstances, however, Shan ultimately saw an opportunity to create a new path for herself.
“In the serendipitous way that things happen in life, I began to look for non-voice dependent avenues, and ended up looking at my life, and my love of art,”
she says. “Art has been a lifelong hobby. I’d previously explored and enjoyed it informally, via part-time courses and workshops, but I suddenly saw an opportunity to pursue it more seriously.”
Shan started taking courses at Langara College, and then transferred to the Emily Carr University of Art and Design (ECU), where she is now in the third
year of a bachelor of fine arts degree, with a focus on painting and drawing. Most recently, she was accepted into the ECU’s exchange program for third-year
students, which will enable her to spend the January-June 2013 semester studying in Valencia, Spain. (Learning Spanish is now on the agenda.)
“I had forgotten how much work it is to be a student!” she laughs. “But I feel so very lucky to have this whole new world opening up. Art, for me, was always
the pathway not chosen in my life. Now I think of it as ‘my new voice.’”
Looking back, Shan says she has nothing but fond memories of teaching in the CA profession.
“I have so loved my time teaching with the Institute, working with the PD department, and having the opportunity to meet and learn from—and connect
with—so many people over the years,” she says. “It was great, and I know I will miss it. I hope to stay in touch, though. And from now on, I will enjoy being
a participant in PD instead of an instructor!”
Shan holds a bachelor of science (biochemistry and cell biology) and a teaching certificate (secondary school) from the University of British Columbia, and a master’s
degree in microbiology from the University of Northern Colorado. Now that their four children have left home, she and her husband Craig live on their boat “Alegria”
(“happiness” in Spanish) with their flat-coated retriever “Lex.” Moving onto the boat, which they moor either in False Creek or Snug Cove, was the fulfilment of a
lifelong dream.
“Shan’s name has been synonymous with excellence in accounting education in BC for two decades,” says Moira
Bryans, CA, director of PD for the ICABC. “It would be hard to imagine how many CAs throughout the province have
benefited from her expertise and instruction over the hundreds of courses she has taught. Her exceptional abilities as
a lecturer are warmly remembered by the many students and members she taught and mentored. She will be greatly
missed by her fellow instructors, colleagues, members, and the PD team. We wish her every success in her new
vocation and look forward to attending her first art show soon!”
29
ICABC Annual Golf
Tournament Recap
By Ben Moxon, CA
T
he 53rd annual ICABC Golf Tournament took place on Thursday, September 13th, on a
perfect day in Vancouver. One hundred and eight CAs and their guests had a chance to play
either a regular or scramble format, and contend for trophies in each category. The University
Golf Club continues to maintain the excellent condition of its course, and everyone had a great
afternoon of golf and camaraderie, followed by cocktails, dinner, and prizes.
Similar to prior years, we were fortunate to have many generous sponsors donate prizes to the event.
As a result, the prize table was packed with excellent items, and no one left empty-handed. Particular
thanks go to the firm Heming, Wyborn and Grewal for donating a beautiful art print by accomplished
marine artist Robert McVittie. Draws were also done for a top of the line TaylorMade driver, a $1,000
gift certificate for Hyak Wilderness Adventures (donated by Davidson & Co), and box seats for the
Odlum Brown Vancouver Open (donated by Floyd Hill, CIM, of Odlum Brown). Richard Rees, FCA,
our Institute CEO, was there to present the trophies and prizes and to offer congratulations.
Next year’s tournament is set for Thursday, September 12, 2013. Mark it in your calendar!
Ben Moxon, CA, the founder and owner of Moxon Personnel Ltd. in Vancouver, has been the organizer of
the ICABC Golf Tournament since 1989.
Richard Rees, FCA (centre) presents the trophy for
Team Low Gross to (from left): Dave Chucko, FCA;
Kathryn McGarvey, CA; Andrew Clarke; and Kevin
Isomura, CA
Richard Rees, FCA, congratulates
Gary Wozny, CA, winner of the
Low Gross Score – Men’s over-55
trophy.
Davin MacLennan, CA; John Keserich, CA; Yad Garcha; and Patrick O’Flaherty, CA, take
home the trophy for Team Low Scramble.
30
Richard Rees, FCA, presents Kevin
Isomura, CA, with the Low Gross Score Men’s over-40 trophy.
Kathryn McGarvey, CA, receives the award
for Women’s Low Gross Score.
Shawn Campbell, CA, receives the award
for Men’s Low Gross Score.
The ICABC
Member Recognition Program
Classifieds
MERGER OR SUCCESSION
OPPORTUNITY
Successful mid-size Vancouver-based
firm is looking to expand through
succession or merger opportunities
throughout the Lower Mainland.
Reply in confidence to:
[email protected].
SUCCESSION OR RETIREMENT
PURCHASE
Downtown Vancouver multi-partner
firm is looking to expand by assisting
with your retirement or succession
plan. Please reply to:
[email protected].
Some of our 2011/2012 award winners, photographed by Kent Kallberg Studios Ltd.
Do you know a CA who has gone the extra mile in the community,
made an exemplary contribution to the profession, or achieved
outstanding success early in his or her career? Acknowledge their
achievements by nominating them for an ICABC award!
You can nominate a colleague for:
Fellowship (FCA)
Lifetime Achievement
The Honorary CA Designation
Early Achievement
Community Service
Ritchie McCloy Award
Nomination deadlines:
• Fellowship, Lifetime Achievement, Honorary CA: Now closed
• Early Achievement: January 31, 2013
• Community Service: January 31, 2013
• Ritchie McCloy Award: January 31, 2013
Nomination forms
Forms are available on the Institute website at www.ica.bc.ca under
Member Centre/Forms and Dues/Member Recognition/Nomination
Forms.
31
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33
For the Profession
New Members in Industry Online Resource Centre Launches
By David Chiang, CA, CIA, CMC
O
n November 21, 2012, the Canadian
Institute of CAs will be launching its
new Members in Industry Online
Resource Centre, which will provide CAs in
industry with a valuable support system. Created
in conjunction with provincial and territorial
CA institutes/Ordre, the Members in Industry
(MII) Online Resource Centre is intended to
become the “go to” place for MII resources,
including publications, webinars, online content,
and other tools on selected topics designed to
help those of you in industry manage your
organizations and your careers.
The MII Online Resource Centre has been
divided into two key categories: “Managing My
Organization” and “Managing Myself and
Others.” Within these categories, you’ll find
relevant information on everything from technical issues to soft skills—including:
•Financing;
•Strategic planning;
•Governance;
•Financial reporting and analysis;
•Information technology;
•Business compliance;
•Leadership skills;
•Career planning;
•Work/life balance resources;
•Diversity in the workplace; and
•Communications.
34
As the category names indicate, you will find
relevant and current information on enterprisewide financing and operational activities in the
Managing My Organization section. For example,
under “Finance Activities,” you’ll find information
on how to finance corporate growth, as well as
resources for applying the accounting standards;
under “Operational Activities,” you’ll find
publications, webinars, and other resources on
information technology and privacy issues. In
the Managing Myself and Others section, you’ll
find resources to help you enhance your
management and soft skills. For example, you’ll
find online career planning tools in this section,
as well as tools for team building and leadership.
“The primary goal of the Resource Centre is
to help CAs in industry achieve professional
excellence, and provide members with additional
tools to position them as organizational leaders,”
says Carol Gubisi, CA, the CICA’s principal
and national practice leader for finance and
management, and the project manager for the
MII Online Resource Centre. “We are tremendously excited that members will now have
access to this valuable information.”
The MII Online Resource Centre will go live on
November 21, 2012, at:
www.cica.ca/finance-and-management.
User feedback will prove invaluable
to the Resource Centre’s effectiveness.
By sharing your feedback on current
and future topics, you will help
ensure that this toolkit not only
becomes the preferred “go to”
resource for CAs industry,
but that it also continues
to evolve to meet your
needs.
David Chiang, CA,
CIA, CMC, is the
senior director of
Member Services
at the ICABC.
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