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ISSUE 51 • April 21, 2010
Your e-connection to CGA-BC
Check Us Out on Twitter



To find out what’s happening with the Association right now, you need to follow us on Twitter. We’re tweeting daily. You can track what we’re up to whether you’re interested as a student, member, potential student, educator or member of the media.

You can also get face to face with the Association on Facebook.


Give Blood as a Group Effort

     Give Blood

Our aim for 2010 is to donate far more blood and blood products than in previous years. With members, students, staff and our friends and family, we can save more lives.

As rewarding as donating as an individual feels, donating as part of a team is a powerful way to bond and create a strong sense of connection with peers and friends. When you donate together as an office or a chapter, don’t forget to sign in under the CGA-BC Partners for Life team.

Please call 1 (888) 2 DONATE, or visit www.blood.ca to find out how you can give the gift of life.


Subscribe Now to Your Chapter Newsletter

The best way to stay up-to-date on your chapter's activities and news is by subscribing to your online chapter newsletter. It's easy.

  1. Visit the Chapter Newsletter page of our website.
  2. Select your newsletter.
  3. Click on the orange RSS Feed button on the top right of the newsletter.
  4. Select the 'Subscribe to this feed' button to automatically receive new posts via email.

Now you won't need to remember to visit the newsletter online, the news will come to you.

 
Campus Recruiting Forum (Vancouver)
May 4

CGA & BEAC Welcome Reception & Dinner (Richmond)
May 5

HRMA Conference (Vancouver)
May 5-7

Tri-Cities/Ridge Meadows Chapter Student Night (Pitt Meadows)
May 7

SAP Career Development Day (Vancouver)
May 11

GFOABC (Government Financial Officers Association of British Columbia) Annual Conference (Sun Peaks)
May 26-27

CGA Public Practice Speed Interview Night (Vancouver)
May 27

CAAA (Canadian Academic Accounting Association) Conference (Vancouver)
May 27-29

Student Night-Surrey/Langley/North Delta Chapter (Langley)
May 7

Student Night-Richmond/South Delta Chapter (Richmond)
May 13


For more information, please contact Lisa So.
 
 

Maintaining Public Trust

As part of CGA-BC's commitment to upholding our high standard of conduct, members and students are reminded to visit the Protecting the Public section of our website on an ongoing basis. Open to the public, this section relates to our goal of greater transparency and full disclosure. It explains our ethics process and provides up-to-date information on public advisories and the latest disciplinary summaries.




Free In-person Tax Seminars

Did you know you can attend free events and seminars held by the Canada Revenue Agency (CRA) to help you understand your tax-related obligations or those of your client?

The CRA's popular tax seminars are held across Canada and give individuals, businesses, and their representatives important information about how to manage their tax affairs. Seminars for individuals include such topics as: seniors and income tax, the Child Disability Benefit, and newcomers to Canada. Seminars for businesses include topics such as: registering for a GST/HST account, payroll requirements, T4 slip preparation, and more.

Go to B.C. events to register for an event in your area.

Get the latest scoop on CGA-BC's hottest jobs...



New Routes to Professional Development

If you’re interested in webcasts, video seminars and online courses, it’s time to check out PD Net. Visit today and discover a wealth of opportunities on a huge variety of topics. You’ll find seminars on ethics, taxes, leadership and more. And all of these seminars are designed for working CGAs like you.
High Flying CGA is New Okanagan College Dean
Dr. Heather Banham, CGA The career of Dr. Heather Banham, CGA, has taken off again and, not surprisingly, it's flying business class. The long-time Okanagan School of Business professor and administrator has landed the position of Dean of Business Administration and Commercial Aviation.

Banham is currently an Associate Dean in the Okanagan School of Business and has been a professor and administrator for 18 years. She previously served as Acting Dean in 2006-07.

She will replace Dr. Jayne Brooks, who has served as a dean since 2000.

"We're excited to announce the selection of Heather as the new dean," said Dr. Andrew Hay, Vice President of Education at Okanagan College in an April 12 news release. "Applications were received from candidates across the country. The students and graduates from the Okanagan School of Business have a very successful track record and Heather has been an integral contributor to that success."

[Read more...]
Moe Jones, FCGA, Appointed CGA-BC Interim Executive Director
Maurice Jones, FCGA The Board of Governors of the Certified General Accountants Association of British Columbia announced on Monday, March 29, that Maurice (Moe) Jones, FCGA, has been appointed interim Executive Director of the Association. He fills the position left vacant by R. W. (Bill) Caulfield, BA, FCIS, CGA (Hon.), who passed away on January 29. Jones, a CGA who worked in industry and public practice in Vancouver and on the North Shore for more than 40 years, served as the Association's President in 2006 and has served in several other official capacities on behalf of the Association. Most recently he chaired the Association's search for Canada's top 100 CGAs as part of its centennial celebrations and continues to serve as a trustee of the CGA-BC Educational Foundation.

The Board has struck a search committee to recruit a permanent Executive Director. The committee will be chaired by CGA-BC President John Pankratz, FCGA. The Association has retained the executive search firm Odgers Berndtson to undertake the search. Additional information about the position will be provided as it becomes available.

Jones has a remarkable record of service with the Association. With the exception of 2009, he has worked on at least one committee every year for the past 14 years. In addition to serving on the Board of Governors from 2002 through 2008, he has taken on the role of Conference Committee Chair three times; sat as a trustee for the Educational Foundation's Board four times before this year; and chaired the Discipline (2002, 2003 and 2004) and Appeals (2007) committees.
BCIT Business Students Connect With CGAs
BCIT Business Students

More than 125 BCIT financial management and marketing students got a crash course in networking "like a CGA" earlier this month at the annual Connect event at the Hilton Vancouver Metrotown Hotel.

The students met CGAs from industry and public practice, marketing representatives from a variety of industry employers, 19 PEP employer representatives, CGA-BC Board members and several senior Association staff. The night's theme was, appropriately enough, networking. Keynote speaker and success coach Sue Clement shared her secrets to successful networking with the students (and other attendees) and then let them put her pointers into practice.

Students "worked the room," as they connected with prospective employers and CGA-BC promoted the accounting profession in B.C. and described how far the designation can take CGA students and members.

This was the sixth Connect event and, as with past years, the student organizers selected a charitable cause to support. On this night, they were proud to present a cheque of $1,610 to the James Lee Foundation. Lee was a young advertising copywriter and a gifted creative talent. The Foundation disburses scholarships to young people working in a broad range of creative media.

Another highlight was the panel discussion and Q&A segment in which students asked the panelists how their BCIT education helped their careers, how they got their starts in their profession, the transition from school to work, and, of course, the importance of networking. The informative and frequently entertaining panel discussion was hosted by CGA-BC Recruitment & Employment Manager Jas Randhawa, CGA.

See the Connect 2010 photo gallery.
Bill Caulfield Inspires Friends to Conquer Cancer
Bill Caulfield Inspires Friends to Conquer Cancer

In tribute to late longtime Association Executive Director Bill Caulfield, Barbara Hurst is taking the two-day, 260 km Ride to Conquer Cancer. Bill died on Jan. 29, 2010, after a two-year battle with lymphatic cancer. He was 60.

Conquer Cancer Barbara Hurst is the wife of Bruce Hurst, CGA, the Association's First Vice-President and a partner in the public accounting firm Reid Hurst Nagy Inc. Barbara and Danielle are working to raise $5,000 for lymphatic cancer research. See Barbara's message and donate to the cause. The June 19-20 ride is for cyclists of all levels.

Two out of every five British Columbians will be diagnosed with cancer in their lifetime. The Ride to Conquer Cancer funds the BC Cancer Agency, which provides a comprehensive cancer care program for everyone in B.C. and the Yukon, including cancer prevention, screening and early detection, diagnosis, treatment and care, patient and family support services, rehabilitation, and end-of-life care.

Learn more about the event and see an overhead video of the course.

If you would like to register for the ride as either a team member or individual, click here.
Association Celebrates the Life of Bill Caulfield
Life of Bill Caulfield

More than 300 friends and colleagues honoured Bill Caulfield on March 26, 2010 at a celebration of his life and work. Several Past Presidents of the Association, coworkers and friends eulogized him as a great leader, a personal mentor, loyal friend and family man, and nonconformist golf scorer.

See the photo gallery.
Share Your Volunteer Experience to
Promote Your Favourite Charities
Volunteer For years you’ve heard how B.C.’s CGAs and CGA students are influential, ethical and highly respected by both the business community and general public. What sometimes gets overlooked is the tremendous work we do away from the office for our communities—as volunteers for schools, teams, and charities from A to Z.

If you are a volunteer, whether president of the board of a charitable society, coach to your child’s soccer team, or regular visitor to your local seniors centre, we want to know about your good work. Just fill in our five question survey and we’ll post the results on our website. We’ll learn how diverse our volunteer efforts are and you’ll have a chance to promote the charities and institutions near to your heart as we link to the sites of those not-for-profit organizations.

Volunteer As word spreads and our volunteer database grows, we’ll feature a Volunteer of the Month in each issue of CGA Update. It’s a win-win-win-win situation as you, your charity, end users, and your Association make new contacts and benefit from new opportunities and heightened reputations.

Get the ball rolling by telling us about Your Volunteer Work and what it means to you. We promise it can be done in a minute. Even if you don’t currently volunteer but would like to put your name forward as willing to perform treasury services or board work for a local charity, we’d like you to visit the survey page.
Bookkeeping and Other Related Services May Require Public Practice Registration
At the September 2009 CGA-BC Annual General Meeting, a motion was passed that changed the definition of public practice. This change means that certain additional activities including certain aspects of bookkeeping services now require registration in public practice. In order to accommodate this, a second limited registration category has been established: “Limited Registration–Other.”

Members are required to register in this category if they are providing any of the following:

  • forensic accounting, financial investigation and financial litigation support services; and/or
  • an accounting service insofar as it involves summarization, analysis, advice, counsel or interpretation but excluding an accounting service which is incidental to the provider’s primary occupation which is not public accounting; and/or
  • statutory filing services (e.g., preparation of GST, PST, T4s, T5s, payroll withholdings).
These members will be exempted from public practice registration requirements with the exception of the following, which must be provided at the time of registration:

  • payment of all applicable fees; and
  • proof of purchase of professional liability insurance.
To assist members with their understanding of the new definition of public practice, a Frequently Asked Questions listing is being provided. This listing includes a link to the registration form.
SVI Chapter Greets Year of the Tiger With a Roar
SVI Chapter Greets of the Tiger With a Roar

Almost 70 CGAs, students and friends welcomed in the Year of the Tiger at Ming's Restaurant on March 3, 2010 with the Annual (nine-course!) Chinese New Year Dinner & Silent Auction. Bidders received some fantastic deals and the SVI Board members rounded up an amazing selection of auction items to raise funds for the CGA-BC Educational Foundation.

Brenda Waechter, FCGA, Foundation Trustee, described the good works the monies raised would go to and thanked the chapter for its continued support. The Chinese New Year Dinner and Silent Auction surpassed last year's results, raising close to $2,800 for the Foundation.

Volunteers helped make this event a huge success. Thanks to CGA-BC Board member Cindy Choi, CGA, for working the room as Master of Ceremonies; Heidi Reinebeck, for working the door; and, of course, the SVI Board members. The CGA-SVI Board did some great work to ensure the event was a success. A special salute goes out to the generous donors without whom the auction would not be possible.
BCBusiness Online
How to Protect Your IdeasThe 2010 Guide to MBAs in BC
No longer villains - a new crop of MBA graduates is determined to make the world a better place. Read More...
 
Should B.C. Businesses Vote?BC's Most Innovative Companies
The 20 most groundbreaking and game-changing organizations in B.C. Read More...
 
Vancouver Real Estate SpecialLook Who's Lagging Behind
Tony Wanless has a message for B.C.'s service companies: start innovating if you want to survive. Read More...
 
 
Sign up for the BCBusiness eNewsletter.
Upcoming Ethics Seminars: July 1 - Dec 31
The following seminar opportunities are for Black and White ... and Sometimes Grey: A Review of Business Ethics for CGAs.

Registration available online starting May 1, 2010
July 19
8:30 am - 12 pm
or
1 - 4:30 pm
Arbutus Club, Vancouver
August 25
8:30 am - 12 pm
or
1 - 4:30 pm
Executive Plaza Hotel and Conference Centre,
Coquitlam
August 25
8:30 am - 12 pm
or
1 - 4:30 pm
River Rock Casino Resort, Richmond

To see the ethics seminars for the rest of 2010, including those at Conference 2010,
click here. Due to the expected HST implementation, these will not be available for online registration until July 1.
Dialogue With the Premier
Gordon Campbell CGA-BC and the Kitsilano Chamber of Commerce are proud to invite you to the annual Dialogue With the Premier.

This annual Vancouver Westside event is a wonderful opportunity to hear from and speak with Premier Gordon Campbell in an informal setting. Space for this event is limited, so if you plan to attend, please register as soon as possible.

If you have any questions, please contact the Chamber at (604) 731-4454.


Where:
University Golf Club - 5185 University Boulevard

When:
Wednesday, April 28
Registration: 6:15 pm
Dinner and dialogue: 6:30 - 8:00 pm

Price:
KCC & CGA-BC Members - $35 + GST
General Admission - $65 + GST
Psst, Free Privacy Resources Available Online
It's no secret that a lot of important privacy research is underway in Canada and around the world. What is less well known is that much of this is available free of charge online. See the NYMITY website for analysis of privacy breaches, as well as privacy abstracts, studies, books and more.
Team CGA Invites You to Join the 24-Hour Relay
The Money Mart Easter Seals 24-Hour Relay
June 19-20, 2010 at Swangard Stadium


Money Mart What convinced us to register? For some of us it’s the fun, slightly goofy spirit of the event—“Reason No 632: The starter’s gun is a water pistol.” For others it’s the chance to socialize with CGA-BC’s extended family and help our community. The fact that we needn’t be great runners and we can walk, stroll or march sold a few more on entering.

For all of us, the Relay is more than just staying up all night with our friends running in circles; it’s 24 hours that can make a lifetime of difference in the lives of children with disabilities.

This is no ordinary year for Team CGA: 2010 marks the 25th consecutive year of tearing up the track. Some members, such as team leader Gary Mah, CGA, have been with us since the beginning, so it must be a fun time to keep him coming back year after year. Twenty-five years—that’s a feat worth celebrating, and an event worth joining.

See the CGA Running team webpage.

Reason 519

The excitement is building for the 2010 Money Mart Easter Seals 24 Hour Relay for the Kids.
To join Team CGA, contact Gary Mah at MahG@dnv.org.

If you have questions about the relay, contact the organizers at Relay Central: (604) 873-1865 or info@24hourrelay.com.
Public Practice News
Public Practice Speed Interview Night Runs May 27

The next Vancouver Public Practice Speed Interview Night will take place on Thursday, May 27. This free evening event provides CGA firms with the opportunity to employ quality staff.

If your firm needs to find quality staff quickly, consider participating in Public Practice Speed Interview Nights.

To register your firm, contact Lisa So. Job seekers, check CGAjobs.org for registration start dates.


PSAB Proposes Financial Reporting Changes by Government Not-for-Profit Organizations

The Public Sector Accounting Board (PSAB) has issued two exposure drafts that propose to change financial reporting standards for government not-for-profit organizations.


Exposure Draft 1

The first Exposure Draft "First-time Adoption of Public Sector Accounting Standards by Government Organizations," proposes to issue a new CICA Public Sector Accounting (PSA) Handbook Section, FIRST-TIME ADOPTION BY GOVERNMENT ORGANIZATIONS. This section would apply to government organizations adopting the PSA Handbook for the first time. The section does not apply to governments adopting the PSA Handbook for the first time. They would refer to ACCOUNTING CHANGES, Section PS 2120.

The Introduction to Public Sector Accounting Standards requires government organizations adopting the PSA Handbook for the first time to apply the standards retroactively, with restatement of prior periods.

The Exposure Draft proposes to allow government organizations a choice to adopt some aspects of one or more of the following standards either prospectively or retroactively:
  • retirement and post-employment benefits;
  • business combinations;
  • investments in government business enterprises; and
  • government business partnerships.
In addition, the Exposure Draft proposes exceptions prohibiting retroactive application for some aspects of standards relating to:
  • hedge accounting; and
  • tangible capital asset impairment.
The proposed section would be effective for fiscal periods beginning on or after January 1, 2011. The comment period has been extended to April 16, 2010.


Exposure Draft 2

PSAB has issued an additional Exposure Draft that sets out financial reporting proposals applicable to government not-for-profit organizations. This Exposure Draft proposes to:
  • Incorporate into the Public Standards Accounting (PSA) Handbook, the 4400 series from the CICA Handbook - Accounting. No substantive changes to these sections will be made at this time.
  • Amend the Introduction to Accounting Standards That Apply Only to Not-for-Profit Organizations to set out the applicability of standards in the PSA Handbook to government not-for-profit organizations.
  • Amend the Introduction to Public Sector Accounting Standards to direct government not-for-profit organizations to apply the standards for not-for-profit organizations in the PSA Handbook for fiscal periods beginning on or after January 1, 2012.
Comments must be received by July 15, 2010.


EIC Disbanded March 31, 2010

In 1988 the Emerging Issues Committee (EIC) was established by the Accounting Standards Board (AcSB) to provide a forum for the review of emerging accounting issues likely to receive divergent or unsatisfactory treatment in practice in the absence of some guidance. With the adoption of the International Financial Reporting Standards (IFRS) and accounting standards for private enterprises, the EIC has been wound up, effective March 31, 2010.

Its role will be carried out through the use of the IFRS Discussion Group, the Private Enterprises Advisory Committee and the Not-for-Profit Advisory Committee. They will advise the AcSB on issues on the relevant standards in the CICA Handbook - Accounting.


Fees and Insurance Deadlines

Public Practice registration fees are due on or before July 1, 2010. Renewal of professional liability insurance is due on or before August 1, 2010. Invoices for the Public Practice registration fee will be mailed on May 1, 2010 and the Association's insurer (AON Reed Stenhouse) will send you a renewal notice in early June 2010. An administration fee of $150 will be levied for public practice fees unpaid by July 1. A separate administration fee of $150 for failure to renew and maintain professional liability insurance by August 1 will be levied.

If public practice registration fees and/or professional liability insurance premiums remain unpaid 30 days after the due date, the member is without notice, deemed to have resigned from public practice unless written notice of extenuating circumstances is received within 30 days from the original due date.

Note that member dues are also payable on or before July 1 each year, after which a $150 administration fee applies. In accordance with Bylaw B114 (a), if annual dues remain unpaid after July 31, the member is without notice deemed to have resigned from membership unless the Board has accepted a written notice of extenuating circumstances. Members who have resigned are automatically deregistered from public practice as a Certified General Accountant.


Tax Withholding Process Eliminated for Certain Non-resident Investors

The federal government, in its 2010 budget, proposed to narrow the definition of taxable Canadian property to eliminate tax reporting under Section 116 of the Income Tax Act for certain types of properties. The tax withholding process, which requires certain non-resident investors to file a Canadian tax return or obtain a clearance certificate on the disposition of taxable Canadian property, will be eliminated for some non-residents. This will enhance the ability of Canadian businesses to attract foreign venture capital.
New Member Benefit Partner: Sutton Place Hotel
Situated in the heart of downtown Vancouver, the Sutton Place Hotel allows guests to experience exceptional service and amenities within the cosmopolitan ambience of the city.

Inside, luxury abounds, from the lavishly appointed guest rooms and conference facilities to the innovative Progressive Northwest cuisine and complete beauty and fitness centre at Vida Spa.

A perennial Condé Nast Traveler Gold List favourite and ranked in Travel and Leisure's Top 500 list, the hotel is just steps from the arts and entertainment district, and within walking distance of the chic boutiques on Robson Street.

The following corporate rates apply for 2010 and 2011:

Room Type January 1, 2010 - June 30, 2011
Sutton Guest room $159
Premium Guest room $174
Executive Suite $189
Grand Suite $204

We also have special rates negotiated with The Sutton Place Hotel ChicagoThe Sutton Place Hotel Toronto, and The Sutton Place Hotel Edmonton.

To make reservations, please book online.
International Tax Hits Home

Graystone

By Deborah Graystone, CGA

This article is general in nature and should not be relied upon to replace specific professional advice.

There have been a number of recent developments internationally and in Canada to secure improved worldwide compliance with tax regulations. They serve as a rather stark reminder that most jurisdictions, including Canada, effectively tax on the basis of residency, and that Canadian residents are taxable on their worldwide income.

Perhaps the most high profile international events relate to the Internal Revenue Service of the U.S. and their efforts to secure disclosure from the Swiss bank UBS AG of some 50,000 U.S resident and citizen account holders. After a court challenge UBS AG agreed to turn over details of 4,450 Swiss bank accounts on the basis of the possibility the operation of these accounts involved some level of fraud.

The Canadian tax authorities will no doubt be following the IRS lead. Just the publicity of the U.S. proceedings has been enough to compel more than 50 Canadian clients of UBS to come clean with their offshore details. This has so far resulted in more than $7 million in unreported income being voluntarily disclosed to the CRA.

[Read More...]
Chapter PD
May 8 Burnaby/Royal City Chapter - Professional Development Seminar: Countdown to Retirement Burnaby
May 8 Richmond/South Delta Chapter - BC HST Transition for Accountants Richmond
May 13 Southern Vancouver Island Chapter - PD - Lunch - Success Leaves Clues - Modelling Excellence Victoria
May 15 Tri-Cities/Ridge Meadows Chapter - Applied Ethics for CGAs Coquitlam
May 29 Surrey/Langley/North Delta Chapter - GAAS/GAAP Update Langley
May 29 North Shore/Sunshine Coast Chapter - Professional Ethics North Vancouver
CGA-BC PD for May
May 4Black and White ... and Sometimes Grey: A Review of Business Ethics for CGAs (am) Kelowna
May 4Black and White ... and Sometimes Grey: A Review of Business Ethics for CGAs (pm) Kelowna
May 7BC GST/PST and HST Harmonization Kelowna
May 7BC HST Implementation Q and A Workshop Kelowna
May 14Black and White ... and Sometimes Grey: A Review of Business Ethics for CGAs Prince George
May 14Black and White ... and Sometimes Grey: A Review of Business Ethics for CGAs (pm) Kamloops
May 26Public Practice Update Victoria
May 27Charities: the Law and CRA Victoria
May 27High Octane Charitable Gifting: How Donors, Charities and CGAs Cope with This Rapidly Growing Industry Victoria
May 27-28Review and Compilation Engagements Victoria
May 28BC GST/PST and HST Harmonization Victoria
May 28Independent Verification of Income Victoria