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ISSUE 60 • April 18, 2011
Your e-connection to CGA-BC




CGA-BC PD

See our PD schedule for 2011.


Certificate In Executive Leadership

Make the most of your leadership potential and take your career to the senior executive level. Check out the CGA-BC Certificate in Executive Leadership—where leaders are made. Learn all you need to know about this exciting opportunity here.




Chapter PD

See which professional development seminars the chapters are presenting in April and May.
Career Opportunity
Professional Conduct Case Manager

The Certified General Accountants Association of British Columbia (CGA-BC) is seeking a Case Manager to join its Professional Conduct department.

This is an outstanding opportunity for an experienced professional to use his or her strong organizational and analytical skills as part of an extremely busy yet collegial team. A not-for-profit, professional association, CGA-BC offers an excellent work environment and a culture that respects the importance of work-life balance.

[Read More...]


Members: Make Sure We Have Your Updated Email

The Association needs to have your correct email address in order to send you your dues invoice later this month. If you don't receive your invoice because your email is not up to date with the Association, you risk being deemed to have resigned for non-payment of member dues.


T1 Registration Reminder

If you are a CGA preparing individual T1 tax returns with or without schedules and charge a fee for this service, you are required to register this limited practice with the Association. Registration packages are available.

If you require further information, contact Sandra Domeikiene at (604) 629-5396 or toll free at 1 (800) 565-1211 ext 396.


Association Chair Addresses Rotary Clubs in May

Bruce Hurst, FCGA, CGA-BC Chair of the Board of Governors, will be the featured speaker at two business events this May, and First Vice-Chair Cindy Choi, CGA, will also make an address on May 11.

Sidney Rotary Club (Cindy Choi) Dinner
May 11, 2011

Vancouver Rotary Club Luncheon
May 17, 2011

Campbell River Daybreak Rotary Club Breakfast
May 31, 2011

At each of the speaking engagements, Mr. Hurst and Ms. Choi will deliver the presentation, "Canada in a Turbulent Global Economy: Embracing Challenge and Opportunity."

For more information, contact Tracey Tse.


Check Us Out on Social Media

TwitterFacebook

To find out what’s happening with the Association right now, 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 follow us as a fan on Facebook.


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.

 

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 commitment to 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.
Happy 60th Anniversary CGA-BC!


In the beginning were the names. Fifteen in all. Atherton, Bruce, Clarke…. All male. Coulter, Davenport, Dollman, Dunlop, Everett, Fife, Fox, Green…. And uniformly Anglo-Saxon. Marsh, Maudsley, McCalpin and Weeden. Pioneers all.

The 15 names open the Accountants (Certified General) Act of British Columbia. On April 18, 1951, the provincial legislature enacted Bill 61, which had passed third reading one week earlier. It states that the 15 men “and such other persons as may hereafter become members of the Association, are hereby constituted a body politic and corporate under the name of ‘The Certified General Accountants’ Association of British Columbia’ (hereinafter called the ‘Association’).”

That was 60 years ago. At the time of incorporation, CGA-BC had 69 certified members and 244 non-certified members. “Other persons hereafter” now refers to women as much as to men; and the names come from every part of the world. The 15 men all lived within 20 minutes of downtown Vancouver. Today, members and students together, we are 50 times the size and we live and work in every part of the province, and in several countries overseas.

To commemorate its 60th anniversary, the Association has designed a special anniversary logo. It features an emblematic “60” superimposed over B.C. mountains, and a fitting tag line: 60 Years of Excellence.

Since 1951, our designation has grown ever larger and more prestigious, our members ever more successful and influential.

As we mark the twin accomplishments of 60 years of growth and 10,000 active B.C. CGAs, there will be no shortage of events and publications in which to apply the special logo. Throughout the year we will promote the Association's diamond anniversary online, in addresses by our Chair, Bruce Hurst, FCGA, and in our correspondence. In so doing, we hope to pay tribute to the thousands of members who have come before, and inspire the untold number of B.C. CGAs yet to come.
Strength in Numbers
Association Reaches Milestone of 10,000 Active CGAs
One is the loneliest number, two heads are better than one, and three’s a crowd. So what do you call an association of 10,000 active professional men and women driven to excel in accountancy? How about CGA-BC, British Columbia’s largest and fastest growing professional accounting body.

Reaching 10,000 active members is a great accomplishment. We’ve come a long way from the 69 certified members we had in the year of our founding. It also means we’ve been growing—never standing still—for 60 years.

“We are proud that CGA-BC has just admitted its 10,000th member,” says CGA-BC Chair Bruce Hurst, FCGA. “This, combined with the nearly 5,000 students in our program, is a testament to how CGA has become the professional accounting designation of choice in the province.”

Our 60th anniversary refers to “60 years of excellence in British Columbia,” but what do we mean by that?

“We’re referring to excellence on several levels,” says Association CEO Gordon Ruth, FCGA. “It means we’re recognized for the excellent training our students receive in technical and ethical business practices, and the work we do as individual CGAs, helping businesses of all types to grow and succeed. Collectively, it means our work over the years has led to excellence among the organizations that employ CGAs and hire them as business advisors.”

This in turn has led to respect and trust of the Association and the designation as a whole, says Ruth. “Surveys consistently put CGAs among the professionals most trusted by the public and the business community. And government increasingly looks to our members as trusted advisors on financial and economic matters. Needless to say, that didn’t happen overnight. Sixty years on, however, ‘CGA’ is a synonym for excellence in business, not just in B.C., but wherever our members work in the world.”

Who, then, is the 10,000th member? When CGA-BC recently welcomed its newest CGAs into membership, Anthony Klassen, CGA, had no idea the honour of pushing through the turnstile as current active member 10,000 was his. Of course, since 1951 the Association has certified many more members than that, but this was the first time in its history that it could count 10,000 active CGAs in B.C.

Given the rather random nature of being Mr. 10,000, Klassen knows his real accomplishment comes not in any numbers, but in earning the letters C-G-A. Klassen, the Assistant Controller for Marpole Transport Ltd., is keenly aware of what a CGA designation means for his career.

“Having these three simple, yet incredibly difficult to obtain, letters behind my name provides me with career advancement opportunities that would be unavailable to me otherwise,” he says.

Congratulations and thanks to all of the CGAs that preceded our 10,000th member, and welcome to all those who follow him.
Association Shreds CGA-BC Building Mortgage
Association Shreds CGA-BC Building Mortgage

CGA-BC Chair Bruce Hurst, FCGA, snuck out of his busy public practice for a few moments this morning to lead the CGA-BC office in a modern version of the burning the mortgage ceremony.

"As fires are frowned on by the ecologically sensitive, and we are at the vanguard of watching our carbon footprint, we decided to shred the mortgage instead," he told the assembled staff. (Nor did we wish to set off smoke alarms and sprinklers in the now paid-for building.)

Hurst called paying off of the mortgage a wonderful achievement. "Most not-for-profits are happy just to pay off the rent each month, and could never dream of owning their own building. It's a great asset, and to have paid it off in 10 years is amazing."

CGA-BC occupies the second and third floors of the CGA-BC Building at 1867 West Broadway in Vancouver.
CGA-BC Presentation of Best Business Concept Award
Makes for One Very Hapi Company
CGA-BC Presentation of Best Business Concept Award Makes for One Very Hapi Company CGA-BC helped Small Business BC honour British Columbia's top small businesses at the 8th annual Successful You Awards on Tuesday, March 29.

CGA-BC Chair Bruce Hurst, FCGA, presented the Best Business Concept Award to Hapi Food Group founders and owners Corin and Brian Mullins of Sechelt. Hapi Foods Group is the maker of Holy Crap and Skinny B cereals, organic, gluten-free, wheat-free, salt-free and sugar-free cereals that blend chia plants from Mexico with hulled hemp seeds and buckwheat.

In his acceptance speech, Brian Mullins thanked the new company’s business advisors, singling out their accounting firm. ”CGAs count, “ he said. “They’ve really helped us, with the business plan and our growth. You can’t do this alone.” By “this” Mullin referred to his company’s outstanding growth.

Two years ago he and Corin invested $28,000 in their startup. “Today we have 13 employees, distribution with IGA and Whole Foods as well as distribution opportunities in 11 countries, and a factory in development.”

See the video of the Small Business Awards.

The past six months have been a marketer's dream for the Mullins. They taped auditions for the CBC Dragons' Den television program and were recognized with awards from Simon Fraser University and the Canadian Food Processing HR Council. After the Hapi couple appeared on Dragons' Den, cereal orders rocketed from 10-20 per day to 1,000 each day.

The networking event and ceremony took place at the Hyatt Regency Vancouver with over 300 attendees including sponsors CGA-BC, Insurance Bureau of Canada, BC Hydro, WorkSafe BC and Telus.

[Read More...]
QCC Celebration Set for May 13-Register Now
Look forward to an evening of fun, appreciation for your years of service, a great meal and a chance to make some new memories.

Sophie Lui CGA-BC is pleased to announce that Global BC morning news anchor Sophie Lui will emcee the 2011 Quarter Century Club on Friday, May 13 at the Vancouver Sutton Hotel.

“We’re extremely happy that Sophie Lui has agreed to emcee this important event,” said Edward Downing, CGA-BC Director of Communications. “Not only is she a poised professional behind a microphone, she’s also a bright light in the Vancouver media scene. We’re lucky to have her.”


[Read More...]
Fraser Valley Students Connect With CGAs, PEP Employers


CGA-BC's Connect networking dinner series found its way to Langley on Wednesday, March 16, to connect prospective students with CGA-BC's Partners in Employment Program (PEP) companies and CGAs from the Fraser Valley. More than 60 accounting students from Kwantlen Polytechnic University, University of the Fraser Valley, Trinity Western University and Douglas College were in attendance and eager to meet the CGA representatives, including the evening's keynote speaker, Chair of CGA-BC's Board of Governors, Bruce Hurst, FCGA.

In his keynote address, Mr. Hurst stressed the importance of networking and branding oneself while making the transition from school to work. The students quickly put the Chair's words into practice, as they had ample opportunity to meet and network with CGAs from the public practice, financial services, government, retail, hospitality and manufacturing sectors. Staff representatives from CGA-BC were also on hand to answer questions about the CGA Program of Professional Studies and how to enrol. A bit of musical chairs was involved as students moved through the PEP and CGA-BC tables to make the most of their networking opportunities.

CGA Connect is an annual networking dinner series that provides prospective CGA students from post-secondary institutions across B.C. an opportunity to meet CGAs and CGA-BC's PEP employers face-to-face.

See gallery of this event.
Analyze This: CGA-Canada Comments on Federal Budget Highlights
CGA-Canada has produced a helpful rundown of the federal budget highlights affecting individuals and businesses. See InfoBudget 2011.

Those highlights include:
  • Canada's economic action plan to deliver $60 billion in stimulus funding; the majority of this support will wind down on March 31, 2011.


  • New measures to support jobs:


    • Providing small businesses with a temporary Hiring Credit of up to $1,000 against a small firm's increase in its 2011 Employment Insurance (EI) premiums over those paid in 2010.


    • Extending work-sharing agreements by up to 16 weeks so companies can offer EI benefits to workers willing to work a reduced work week.


    • Renewing the Best 14 Weeks and Working While on Claim EI pilot projects for one year.


    • Extending the Targeted Initiative for Older Workers to support training and employment programs for older workers.


  • Enhancing the Guaranteed Income Supplement for those who rely exclusively on their Old Age Security and Guaranteed Income Supplement by providing a new annual top-up benefit of up to $600 for single seniors and $840 for couples.


  • Forgiveness of up to $40,000 of the federal component of Canada Student Loans for new family physicians, and up to $20,000 for nurse practitioners and nurses.


  • Enhancement and expansion of Canada Student Loans and Grants for part-time and full-time post-secondary students.
Budget Missed Opportunity to Simplify Taxes, Says CGA-Canada
Seniors and families will benefit from the March 22 federal budget, but small business will have to wait some time before it sees real improvement to red tape, says CGA-Canada, in response to the federal budget. While the budget proposes several initiatives directed at small business and recognizes issues of compliance and red-tape, the government missed an opportunity to launch a major initiative on tax reform.

"CGA-Canada believes the government has a strong role to play in creating a positive environment for Canadian small business" says Anthony Ariganello, FCGA, CGA-Canada's President and CEO. "And we believe that job is to take concrete action to improve Canada's tax system - make it fairer, simpler and more efficient. As it stands, Canada's tax system is among the most complex in the world - this hurts our economy and in particular poses a formidable challenge for industry and small business."

See CGA-Canada's complete federal budget analysis, including tax highlights, budget scorecard, and contacts for CGA-Canada's federal budget experts.
Budget Scorecard
CGA-Canada has graded the federal budget in four major categories:
  • Financial prudence and expenditure


  • Taxation


  • Support to SMEs and entrepreneurs


  • Meeting tomorrow's challenges today.
See how the budget fares and what other measures CGA-Canada recommends the federal government take in the 2011 Scorecard.
CGA Ontario Calls on Ontario to Eliminate Deficit, Pay Down Debt
CGA Ontario has asked Ontario's government to eliminate its projected $52 billion budget deficit at an accelerated rate over the next three years. And it wants the province to come up with a concrete plan to tackle its $220 billion debt problem.

"Without a prompt return to balanced budgets, there is concern that growing debt will burden Ontarians for decades to come," said Doug Brooks, FCGA, President and Chief Executive of CGA Ontario, in the group's pre-budget submission.

"It could also limit the government's ability to invest in what we see as priority areas, such as public infrastructure and labour development which would hamper Ontario's economic competitiveness."

In a March 24 speech to the Toronto Board of Trade, Finance Minister Dwight Duncan made it quite clear that Ontario will be awash in red ink for some time, but he is expected to update the timeline in the March 29 budget.

"Economic growth isn't enough on its own to eliminate the deficit," Duncan said, referring to the $18.7 billion budget shortfall for the fiscal year ending March 31, 2011.

CGA Ontario was also one of many business groups to raise health-care costs in its pre-budget submission. It reminded the government that in the late 1980s, about 32 cents of every dollar spent by the Ontario government on programs was spent in health care. That figure now stands at about 46 cents of every dollar.
CGA-Canada to Investors: Be Careful as Companies Move to IFRS
A new study by CGA-Canada advises investors to take care when considering the financial statements of Canadian companies transitioning to International Financial Reporting Standards (IFRS) from Canadian Generally Accepted Accounting Principles (GAAP).

The study, The Effects of IFRS on Financial Ratios: Early Evidence in Canada, compared the financial statements of companies that adopted IFRS ahead of schedule and statements prepared under pre-changeover Canadian GAAP. It also examined the key differences between pre-changeover GAAP and IFRS. The study notes that, in theory, the ratios would be the same if there was no difference between IFRS and pre-changeover Canadian GAAP. In practice, the adoption of IFRS changes accounting figures and therefore financial ratios.

[Read More...]
Job Growth Up But Lacklustre in First Quarter
From Robert Half and the Financial Post

Statistics Canada released its Labour Force Survey and although economists believed job growth would increase at a faster pace, 15,000 jobs were created last month in Canada, bringing total gains over the past three months to 115,000. The unemployment rate did remain steady at 7.8 per cent for the month of February.

The break-down by areas of specialization include:
  • Management ...............................................2.9%


  • Business, finance & administrative .......................3.6%


  • Natural and applied sciences (including IT)...........3.9%


  • Social sciences (including lawyers)...................2.3%
Canada has recovered jobs lost during the recession faster than the United States, but the February data bucked that trend. U.S. employers hired workers at the fastest pace in nine months in February, a report there showed.

Still, Canada has had five straight months of employment gains and has churned out an average of 40,000 jobs per month since December. In February, the few jobs added were generated by a broad spectrum of industries.

The average hourly wage of permanent employees—which is closely watched by the Bank of Canada for inflation pressures—rose 2.5 per cent from February 2010, up from 2.3 per cent year-on-year rate in both January and December.

Looking forward, a net 13 per cent of Canadian executives surveyed for the Robert Half Professional Employment Report plan to add staff in the second quarter of 2011, up ten points from the previous quarter's projections. For more information, the Financial Post offers some additional insight.
Financial Literacy: Move Fast To Implement National Strategy Says CGA-Canada
The comprehensive recommendations put forward by the Task Force on Financial Literacy provide clear direction for an effective national strategy. The federal government should act on them as early as the federal budget, says the Certified General Accountants Association of Canada (CGA-Canada).

"We're delighted with the Task Force's report. We're pleased it recognizes and builds on existing efforts, stressing shared responsibility and cooperation. We call on federal government to move quickly and decisively to implement the Task Force's recommendations to achieve an effective national financial literacy strategy," says Anthony Ariganello, CGA-Canada's President and CEO. "The report is only the first step to a national strategy - the government needs to act on these recommendations."

"We support the principle of accountability, as endorsed by the Task Force, through its recommendation to appoint a national leader to report to Parliament on an annual basis. There is a real opportunity for federal leadership - within a partnership arrangement with involved stakeholders - in any national Canadian-made strategy on financial literacy."

[Read more...]
Canadians Not Employing Social Media for Jobs
Canadians have fallen far behind countries such as China and India in their use of social media for business purposes, according to a new survey.

Randstad Canada’s Global Workmonitor survey finds that while 77 per cent of Canadians have social media accounts, just 27 per cent of those are using social media for business purposes.

By contrast, the survey reported that 78 per cent of India’s social media users and 63 per cent of China’s social media users employ the platform solely to present themselves professionally.

In Canada, just one quarter of the workers surveyed use social media to get customer information versus 68 per cent of surveyed workers in India and 65 per cent of those in China.

The survey also noted that 61 per cent of Canadian employees believe social media can help them find a job, compared with 83 per cent in China, 82 per cent in India, 74 per cent in Turkey and 73 per cent in Chile.

Just over half of Canadians are using social media to prepare for job interviews and to get a sense of a company’s working culture; 51 per cent of Canadian workers said they wouldn’t apply to a potential employer if they found negative comments about the organization on social media.

For more about Social Media, be sure to read the spring issue of Outlook magazine, which will be published next week.
Changes to Public Practice Registration Effective January 1
Several changes made to the rules for entry into public practice became effective January 1, 2011. Highlights of these changes are:
  • Full registrations are now separated into two categories:


    1. Full Public Practice Registration - Assurance

    2. Full Public Practice Registration - Compilation and Tax.


  • In addition to attaining competence in assurance engagements, the Assurance category will require an experience assessment based on 1,250 assurance hours and 200 tax hours. If a member does not have sufficient competence and hours of experience prior to registration, he or she will be required to engage a mentor.


  • Tax 2 or Tax 2 Home Study course (or equivalent) is mandatory and is now a prerequisite requirement.


  • Auditing 2 or Auditing 2 Home Study course (or equivalent) must be completed:


    1. as a prerequisite for those registering in the Assurance category;
    2. on a post-registration basis for those registering in the Compilation and Tax category.

  • A comprehensive Competency Assessment Process will be used to determine a registrant's experience level.


  • The Case Study requirement, which examines a registrant's ability to research legislation impacting clients, became a prerequisite rather than a post-registration requirement.
All CGAs engaged in public accounting are required to register with the Association. See the "Register in Public Practice" area of the website for more registration details. To begin the registration process, contact Sandra Domeikiene at (604) 629-5396 or toll free 1 (800) 565-1211 extension 396.
Play Golf This Summer With the Vancouver Golf League
Whether you are new to golf or an experienced player, the VGL guarantees you will enjoy yourself this season. The VGL is the only recreational golf league in Metro Vancouver that caters to golfers of all skill levels.

Players can expect to have fun in a relaxed atmosphere with plenty of member benefits, including great swag and prizes!

As a partner of CGA-BC, all CGA-BC members will receive 10 per cent off league registration fees while space is available. Just note you are a CGA member on the registration form to receive your discount. The season runs from late May to July with weekend and weeknight play available.

To register or for more information, visit www.vglgolf.ca or email info@vglgolf.ca.

The deadline to register is April 28.
News From CRA:
Employers Can Now File Multiple T4 Web Forms
Starting in January 2011 you can electronically file up to six T4 slips using the Canada Revenue Agency (CRA) T4 Web forms service.

Important facts
  • Simple - This online, interactive service eliminates the need to send paper copies of your T4 slips to the CRA by allowing you to file them online at T4WebForms


  • Fast - No software required. All you do is enter the data for your employee(s) onto the online slips.


  • Complete and secure - The T4 Web forms online service will let you:


    1. file original, additional, amended, and cancelled slips directly from the CRA Website;
    2. create an electronic T4 information return;
    3. validate data in real time, with prompts to correct errors before filing;
    4. calculate the totals for the summary;
    5. print T4 slips for employees; and
    6. securely submit encrypted returns over the Internet.


  • When you file your return, you will get a confirmation of receipt that includes your Business Number, name, tax year, and the date and time of receipt.
For more information on filing your T4 and other information returns electronically, go to www.cra.gc.ca/iref.
Public Practice News
Next Vancouver Public Practice Speed Interview Night - May 2011

The next Vancouver Public Practice Speed Interview Night will take place in late May. This free evening event is an efficient way for CGA public practice firms to hire staff.

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

To register your firm, contact Anita Fortune. For job seekers, check CGAjobs.org for registration start dates.


Fees and Insurance Deadlines

Public Practice Registration Fees
Public Practice registration fees are due on or before July 1, 2011. Invoices for the Public Practice registration fee will be mailed on May 2, 2011 by CGA-BC.

Professional Liability Insurance
Renewal of professional liability insurance is due on or before August 1, 2011. Note that, although August 1 is a statutory holiday, this is the final renewal date. The Association's insurer (AON Reed Stenhouse) will mail postcards to practitioners in early June as an insurance renewal reminder. Further details on the registration process will be released as they become known.

Penalties
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.


Review Engagements - Possible Standard Changes
The Auditing and Assurance Standards Board (AASB) approved the issuance of an Invitation to Comment (ITC) on the International Auditing and Assurance Standards Board's (IAASB) Exposure Draft ISRE 2400, Engagements to Review Historical Financial Statements. The AASB required comments by April 11, 2011.

The AASB has not decided whether to adopt ISRE 2400. However, adopting such standards has some appeal because it would enable the AASB to adopt future IAASB review engagement standards with minimal amendments should it decide to do so. The AASB will conduct its own research and monitor the progress of the IAASB's project before deciding whether to adopt revised ISRE 2400. Any decision to adopt international standards would be subject to public comment from Canadian stakeholders.

The objective of this project is to revise the standards for review engagements to:
  • improve the robustness of the standards by reflecting current practice; and


  • appropriately address the needs expressed and issues raised by practitioners and other Canadian stakeholders.
The scope of this project is expected to include revising or replacing the following Sections:
  • Section 8100, General Review Standards;


  • Section 8200, Public Accountant's Review of Financial Statements; and


  • Section 8500, Reviews of Financial Information Other than Financial Statements.
Richmond Plant to Build Temporary Homes for Japan
March 25, 2011

Mississauga-based Viceroy Homes Ltd., a manufacturer of pre-engineered homes, announced today it has started work on some of the 30,000 temporary homes requested by the Japanese government to accommodate those displaced by the earthquake and tsunami.

Most of the prefabricated housing units will be manufactured at Viceroy's plant in Richmond, using Canadian construction materials, before being shipped to Japan over the next two to three months.

Viceroy president Dan Fox told Business in Vancouver the company doesn't typically build temporary housing units but is happy to do the necessary retooling to accommodate the work.

Viceroy Homes is working with its exclusive Japanese building partner, Selco Homes, with whom it has a longstanding relationship. Selco Homes' head office is in the northern city of Sendai, at the centre of one of the most heavily damaged prefectures.

Fox was quick to offer help to "Japanese customers, colleagues and friends who have endured an unbelievably difficult situation.

"This is obviously not a high-margin, big-business opportunity. But at the end of the day you'd like to think there is honour in business - even though it seems to be a vanishing aspect of it. These are our business partners and we want to help them out."

Beyond responding to this initial emergency request from the Japanese government, Viceroy Homes will continue working with Selco to provide permanent housing solutions as Japan looks to rebuild upwards of 100,000 single-family units over the next three to five years in the devastated northern region.

"We are also prepared to offer our services and technical expertise to the Canadian government, should our government decide to include Canadian housing solutions as part of its own disaster relief program for Japan," said Fox.
Japan Looks to B.C. Wood Products for Reconstruction
The devastating earthquake and tsunami that hit Japan March 11 may increase demand for B.C. lumber, a Scotiabank report says.

"Re-construction in Japan will boost demand and prices for lumber, OSB and plywood, especially from Canada's West Coast, steel and metals over the next six-to-twelve months," said Patricia Mohr, vice-president, economics and commodity market specialist at Scotiabank.

Japanese orders for J-grade lumber and OSB are already picking up at West Coast mills, Scotiabank said in a news release.

"B.C. and Alberta forest products companies, specialists in high-quality, Japanese-specification J-grade lumber, have offered their support to the Japanese government in home rebuilding," Mohr said. "While it will take several months for Japan to map out its plans for re-construction, the Japanese government has already contacted wooden prefabrication plants in Japan to quickly build a large volume of factory-built homes as temporary dwellings in devastated areas. Construction of permanent homes will come later."

About 70,000 commercial, residential and institutional buildings were damaged in the 'quake and tsunami, and Japan has a "wood first" policy for government-funded or sponsored buildings, the news release states.
2010 was Boom Year for B.C. Trade with Asia
BIV Online February 25, 2011

Recent data shows that 2010 was a boom year for trade growth through Canada’s Pacific gateway.

Container traffic increased 22 per cent, bulk trade rose 15 per cent and coal volumes doubled at the Port of Prince Rupert, while rising 25 per cent at Port Metro Vancouver, according to B.C. Ministry of Transportation and Infrastructure data.

Cargo through the Vancouver International Airport rose 18 per cent compared with 2009, the ministry noted.

Business in Vancouver reported recently on trends in B.C exports to Asia.

Japan continues to be the largest destination for B.C. exports to Asia, but China is responsible for the recent growth of B.C. exports to that continent.

According to BC Stats, exports to China grew 325 per cent between 1999 and 2009. That compares with shrinking exports to Hong Kong (–20 per cent) and Japan (–22.5 per cent) during the same period.

Transportation and Infrastructure Minister Shirley Bond and executives from Port Metro Vancouver, Port of Prince Rupert, Canadian National, Canadian Pacific, Burlington Northern Santa Fe Railway and Vancouver International Airport went on a trade mission to Asia in November 2010.

Some results of the mission, according to Bond, were increasing demand for B.C. coal and wood pellets, as well as:
  • POSCO, the world’s fourth largest steel producer plans to increase coal exports from B.C. by 15 per cent annually;


  • Tokyo Electric Power Co. is interested in B.C.’s thermal coal and in exploring wood pellets as an alternative for electricity production in the city; and


  • Copper concentrate from the Copper Mountain mine near Princeton will ship to Mitsubishi Materials Corp. of Japan through the Port of Vancouver.
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Four-Hour Ethics Seminars Scheduled for 2011
The following seminar opportunities are for Making the Case for Ethics.

May 19
8:30 am - 12 pm
or
1 - 4:30 pm
Ramada Hotel and Conference Centre, Kelowna
June 1
8:30 am - 12 pm
or
1 - 4:30 pm
Comfort Inn, Victoria
June 24
8:30 am - 12 pm
or
1 - 4:30 pm
Arbutus Club, Vancouver
Recruiting Events
April 19 Afternoon Information Session (In-house)
April 26 Afternoon Information Session (In-house)
May 5 BC Women in Business Luncheon
May 5 Tri-Cities/Ridge Meadows Chapter Student Night
May 6 BEAC (Business Educators' Articulation Conference) Farewell Lunch
May 5-6 BEAC (Business Educators' Articulation Conference)
May 6 BEAC (Business Educators' Articulation Conference) Farewell Lunch
May 9 Financial Management Institute Victoria Chapter Event
May 9 Campus Recruiting Forum
May 14 Junior Chamber International Convention
May 18-21 ACE (Association for Co-operative Education) Conference
May 18 Richmond Chapter Student Night
May 19 Southern Vancouver Island Student Night
May 25 CGA Information Session at SFU
May 27-29 PICPA (Philippine Institute of Certified Public Accountants) International Conference
May 28 SUCCESS Career Day