along the risk spectrum and exposing themselvesto esoteric assets that were unclear to even themore sophisticated advisors. An investmentstrategy built using the proceeds from the sale <strong>of</strong>a business can now achieve a steady incomestream within the risk tolerance <strong>of</strong> most clients,using simple vehicles and strategies that wouldbe far more com<strong>for</strong>table <strong>for</strong> them.CAs can add value to their clients and/oremployer by encouraging them to think aboutsuccession planning. Use the economic turmoilto highlight the fact that an unexpected event orcircumstance could suddenly occur that makesthe business owner want to step aside. Remindthem that the best time to check their landinggear is be<strong>for</strong>e take-<strong>of</strong>f!It’s never too early to plan <strong>for</strong> succession,because planning <strong>for</strong> and implementing an exitstrategy takes time. It also takes the advice <strong>of</strong>seasoned pr<strong>of</strong>essionals (such as CAs, bankers,lawyers, M&A advisors, and portfolio managers)to bring the “plane” in <strong>for</strong> a smooth landing.Sound, proactive advice will help businessowners pick up and dust <strong>of</strong>f any battereddreams, and begin “the important part <strong>of</strong> life”with a sense <strong>of</strong> achievement and equanimity.Iqbal Tejpar, CA, CFA, is the vice-president anda portfolio manager with BMO Nesbitt Burns Inc.in Vancouver. He has over 15 years <strong>of</strong> experiencein managing wealth, and is a director <strong>of</strong> CFAVancouver, a member <strong>of</strong> the CFA <strong>Institute</strong>’sDisciplinary Review Committee, and a member <strong>of</strong>both the <strong>ICABC</strong> and the <strong>Institute</strong> <strong>of</strong> <strong>Chartered</strong>Accountants <strong>of</strong> Scotland. A long-time resident <strong>of</strong>North Vancouver, Tejpar has served <strong>for</strong> many yearson the board <strong>of</strong> directors <strong>of</strong> the Capilano UniversityFoundation. If you’re looking <strong>for</strong> more in<strong>for</strong>mationon advising Canadian entrepreneurs, BMONesbitt Burns <strong>of</strong>fers a series <strong>of</strong> free podcasts atwww.rtwealthmanagement.ca. Click the “Webcasts”tab, then choose the podcasts link in the fourthentry, “Advice <strong>for</strong> Canadian Entrepreneurs.”DisclaimerOpinions are those <strong>of</strong> the author and may notreflect those <strong>of</strong> BMO Nesbitt Burns. The in<strong>for</strong>mationand opinions contained herein have beencompiled from sources believed to be reliable at thetime <strong>of</strong> this writing; however, no representation orwarranty, express or implied, is made as to theiraccuracy or completeness. BMO Nesbitt Burns Inc.is an indirect, wholly owned subsidiary <strong>of</strong> the Bank<strong>of</strong> Montreal. Member CIPF. If you are already aclient <strong>of</strong> BMO Nesbitt Burns, please contact yourInvestment Advisor <strong>for</strong> more in<strong>for</strong>mation. “NesbittBurns” is a registered trademark <strong>of</strong> BMO NesbittBurns Corporation Limited, used under licence.28 ica.bc.ca June/Summer ’09
PD NewsFor detailed course descriptions or acomplete schedule <strong>of</strong> upcoming PDseminars, consult your spring 2009PD brochure or visit our website atwww.icabc-pd.com. To register, callthe PD department at 604-681-3264.Audit & AccountingIFRS – Intangible Assets and Impairment <strong>of</strong>AssetsThis seminar will provide comprehensive in<strong>for</strong>mationon the accounting treatment <strong>for</strong>, and themeasurement and disclosure <strong>of</strong>, intangible assetsin accordance with international financialreporting standards (IFRS)—specifically wherethese are not addressed by any other standards.The seminar will also cover the IFRS proceduresan entity must apply to ensure that its assets arecarried at no more than their recoverableamounts. This will include discussion <strong>of</strong> thereversal <strong>of</strong> impairment losses and disclosurerequirements.Jun 22, 9am-5pm, Four Seasons, VancouverIFRS – Mining IndustryThis seminar will familiarize participants withthe accounting and disclosure requirements <strong>of</strong>IFRS 6, and update them on the current status<strong>of</strong> the International Accounting StandardsBoard’s ongoing extractive industries project.In particular, the key standards that affect themining industry will be reviewed, includingIFRS rules on exploration, impairment <strong>of</strong> assets,property, plant and equipment, closure and environmentalliabilities, and derivative and hedgeaccounting.Jun 25, 9am-5pm, Four Seasons, VancouverIFRS – Financial Services: BankingThe objective <strong>of</strong> this seminar is to provideparticipants with a solid understanding <strong>of</strong> theimplications <strong>of</strong> IFRS <strong>for</strong> the banking side <strong>of</strong> thefinancial services sector. It will provide participantswith an understanding <strong>of</strong> how the accounting<strong>for</strong> assets and liabilities will differ under IFRS, aswell as an appreciation <strong>of</strong> the accounting choicesthat companies will need to make be<strong>for</strong>e changeover,and the implications <strong>of</strong> these choices oncorporate financial statements.Jun 26, 9am-5pm Sutton Place, VancouverManagementCredit and CollectionThis two-hour workshop will provide basicprinciples and simple applications <strong>for</strong> maximizingpr<strong>of</strong>itability through credit management. Thiscourse is a must <strong>for</strong> CAs who have accounts receivable<strong>of</strong> their own and <strong>for</strong> those who provideadvice to organizations with accounts receivable.Jun 16, 7:30-9:30am, Sutton Place, VancouverCritical Thinking and Self-ReflectionSuccessful leaders and managers all have onething in common: They learn by doing and byapplying their experience to day-to-day activities.At the core <strong>of</strong> their learning style is an ongoingassessment <strong>of</strong> the assumptions that in<strong>for</strong>m theirapproach to both decision-making and relationships.This seminar will identify the links betweenlearning style, critical thinking, and self-reflectionin both our pr<strong>of</strong>essional and personal lives,and explain how to use these tools to enhancepersonal effectiveness.Jun 17, 9am-5pm, Sutton Place, VancouverEmployment Standards OverviewThis seminar will provide a general introductionto key provisions <strong>of</strong> the BC Employment StandardsAct (ESA), with an emphasis on commonlymisunderstood requirements. The seminar isdesigned to help participants identify ESAcompliance requirements and current HRcompliance issues, and <strong>for</strong>mulate solutions.Jun 25, 9am-12:30pm, Sutton Place, VancouverFaster and Better Financial ProcessesFinancial processes affect all areas <strong>of</strong> business:operations, sales, marketing, purchasing, R&D,etc. These functions require timely and accuratein<strong>for</strong>mation and transaction processing. Improvingfinancial processes can decrease cost and improvethe bottom line by increasing efficiency andeffectiveness. Financial process review (FPR) canbe used to achieve dramatic improvements incritical per<strong>for</strong>mance measures: cost, quality,capital, service, and speed.This seminar will teach participants how toimplement an FPR in their organizations in arealistic and effective manner.Jul 09, 9am-5pm, Sutton Place, VancouverFinancial Tools that Go Beyond theStatementDo the owners and managers <strong>of</strong> your companyfully comprehend the financial statements andper<strong>for</strong>mance reports you provide? Do people inyour company or organization really use financialstatements as strategic planning tools?This program will focus on practical and provenfinancial tools to go “beyond the statement” andturn your company’s income statement and balancesheet into incredibly powerful managementtools. By analysing the financial statements <strong>for</strong>your company and by implementing these tools,you will strengthen your role as a trusted advisorand manager.Jun 19, 9am-5pm, Four Seasons, VancouverLenders, Banking, and Your Client: WhatYou Need to Know to Get Through theRecessionThis is a hands-on course designed to introduceaccounting pr<strong>of</strong>essionals to the seeminglyimpenetrable world <strong>of</strong> commercial lending. Thiscourse has been overhauled and updated toreflect the new economic reality; it will give youthe in<strong>for</strong>mation you need to better manageborrowing relationships during the recession.Jun 24, 9am-12:30pm, Sutton Place, VancouverStrategy Tools <strong>for</strong> Not-<strong>for</strong>-Pr<strong>of</strong>itThis seminar will take the concepts <strong>of</strong> strategicplanning and extend them using strategy mapsspecifically designed <strong>for</strong> not-<strong>for</strong>-pr<strong>of</strong>its (NFPs),with the ultimate goal <strong>of</strong> managing resourcesmore effectively.One <strong>of</strong> the problems facing NFP managementtoday is the need to allocate resources to severalkey initiatives while at the same time trying tomaintain excellence in core operations. Thisseminar will use lecture, discussion, and casestudy exercises to show you how to apply per<strong>for</strong>mancemeasurement in practical ways to achievestrategic goals.Jul 07, 9am-5pm, Grand Okanagan, KelownaJul 08, 9am-5pm, Sutton Place, VancouverTaxationForeign Affiliate Rules <strong>for</strong> the MiningIndustryCanada’s tax system is uniquely complex when itcomes to <strong>for</strong>eign-controlled corporations. Thisseminar will provide you with a basic understanding<strong>of</strong> the framework <strong>of</strong> these importantrules under both the existing law and theproposed amendments. The seminar will alsodescribe how these rules typically apply in thecontext <strong>of</strong> <strong>for</strong>eign mining operations.Jul 13, 9am-12:30pm, Sutton Place, VancouverJune/Summer ’09 ica.bc.ca 29
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