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The Ledger N E W S & N O T E S F R O M C G A O N T A R I O CGA ONTARIO HOLDS TOWN HALL MEETINGS CGAs Voice Their Opinions on the Future of the Accounting Profession CGAs heard from the Association’s chair of the board of directors and its chief executive officer in meetings like this across Ontario. CGAs across Ontario gathered for a series of town hall meetings throughout June and July to voice their opinions on the changing landscape of the accounting profession. In response to the recent announcement of exploratory merger talks between the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada), CGA Ontario scheduled six town halls across the province, plus a virtual town hall meeting via webcast, to provide a forum for CGAs and students to ask questions and share their opinions on the future of the accounting profession. More than a hundred CGAs attended a two-hour town hall meeting in the Greater Toronto Area in July. Town Hall Meeting, Golden Horseshoe Region An Open Environment Many members expressed their appreciation for the opportunity to express their opinion and discuss the future of the profession in an open environment with their colleagues and the leadership of the Association. Led by Blake Mercer, FCGA, chair of CGA Ontario’s board of directors, and chief executive officer Doug Brooks, FCGA, the meetings drew more than 600 CGAs, reaching capacity in several locations, while many more CGAs participated in the virtual town hall, which has been archived for viewing by all CGAs and students (log in to cga-ontario.org and click on “News and Updates”). Opinion, Consensus Not surprisingly, there was a variety of opinions expressed on the future of the accounting profession. Members are confident about the strength of their designation and their prospects for the future. They also see the potential emergence of global accounting designations, given the globalization of business and the increasing standardization of accounting practices around the world. Discussion will undoubtedly continue as new developments emerge in the accounting profession and talks continue between professional accounting organizations. 4 STATEMENTS AUGUST/SEPTEMBER 2011
CGA ONTARIO RELEASES HST GUIDE Supporting Best Practices for Ontario Businesses CGA Ontario is pleased to announce the publication of Harmonized Sales Tax for Ontario Business, an update to our highly popular HST booklet, Harmonized Sales Tax in Canada, which was published in 2009. This valuable and user-friendly HST booklet, authored by HST subject matter expert Diane Gaudon, FCGA, offers businesses useful tips on how to comply with HST, highlighting important changes that have occurred since the 2009 implementation. “It was important for the Association to publish a second HST booklet that could take Ontario businesses from a place of transition to best practices,” said Ted Wigdor, CGA Ontario’s vice-president of government, regulatory and corporate affairs, upon the release of the booklet in June. The Honourable Sophia Aggelonitis, Minister of Revenue, echoed his thoughts. “CGA Ontario plays an important role in helping business understand the most significant tax change in a generation,” said the Minister. “I look forward to working with CGA Ontario as we move forward with implementation for Ontario’s Tax Plan for Jobs and Growth.” Harmonized Sales Tax for Ontario Business can be read online in the publications section of CGA Ontario’s website (cga-ontario.org) under Information Booklets and Brochures. CGA CANADA HOUSE- HOLD DEBT REPORT Fourth Report Reveals Alarming Consumer Trends On June 14th, CGA Canada released its fourth comprehensive research report on household debt and consumption, entitled “A Driving Force No More: Have Canadian Consumers Reached Their Limits” The report details in depth how Canadian families face an ongoing battle against the balance sheet as household debt reaches an historic high. “The debt of a typical household is rising,” says Rock Lefebvre, CGA Canada’s vice-president of research and standards and the co-author of the report. “The financial situation of certain groups of households is much worse than average and continues to deteriorate.” The survey-based report reveals several alarming trends, as single-parent families, retired Canadians, and those with annual household income of less than $50,000, face a bleak financial situation. The full report is available at cga-canada.org. CGA ONTARIO ANNUAL GENERAL MEETING CGA Ontario’s annual general meeting will be held on Friday, September 16, 2011, at the Hilton Toronto on Richmond Street West. The AGM will begin at 6 p.m. and will be followed by the Member Recognition and Awards Dinner at 7p.m. If you plan to attend, please register online at cga-ontario.org. Leaders from CGA Ontario and the Schulich School of Business convened for the signing ceremony on June 22, 2011. CGA ONTARIO PARTNERS WITH SCHULICH SCHOOL OF BUSINESS New Chair in Global Competitiveness for Smalland Medium-Sized Enterprises CGA Ontario is pleased to announce a $2 million gift to the Schulich School of Business at York University to support the creation of a new, endowed academic chair focusing on global competitiveness for small- and medium-sized enterprises (SMEs). The CGA Ontario Chair in Global Competitiveness for SMEs will carry out intensive research into the success factors — as well as the challenges — currently affecting the internationalization of SMEs. This research can then be used to enhance export knowhow and foreign investment competence of businesses; to identify and leverage extensive international networks; and to develop public policies specifically designed to create the conditions necessary for Canadian SMEs to become more broadly engaged in the global marketplace. “We’re very excited to be working with Schulich in this joint project, as the SME business community is the backbone of today’s economy,” said CGA Ontario’s chief executive officer, Doug Brooks, FCGA, at the signing ceremony held at the Schulich Scool of Business on June 22, 2011. “A significant percentage of CGAs in Ontario serve SMEs. Research by the CGA Ontario Chair in Global Competitiveness for SMEs will play an important role in assisting SMEs to become more competitive outside their domestic markets.” Dezsö J. Horváth, dean of the Schulich School of Business, thanked CGA Ontario and its members for making this vital new chair possible. “Canada needs to do more to turn our small- and medium-sized enterprises into global competitors,” said Horváth. “What we lack is detailed knowledge about the success factors and challenges affecting the internationalization of smallto medium-sized enterprises. “The CGA Ontario Chair in Global Competitiveness for Small- and Medium-sized Enterprises will help us build that knowledge.” From left to right: Mamdouh Shoukri, president & vice-chancellor, York University; Doug Brooks, FCGA, chief executive officer, CGA Ontario; and Dezsö J. Horváth, dean, Schulich School of Business. AUGUST/SEPTEMBER 2011 STATEMENTS 5
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