Ian Seymour Elected President - The Institute of Chartered ...

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Accounting Standards for Private Enterprises New accounting standards for private companies take an important step forward Much attention has been focused on the 2011 adoption of International Financial Reporting Standards (IFRS) for publicly accountable enterprises but Canadian standards setters recognize that IFRS might not meet the needs of all private companies. “The AcSB recognizes that one size does not necessarily fit all. While some private businesses will opt to report under IFRS, the majority will prefer to adopt a more straightforward set of standards specifically tailored to address private business issues,” said Ron Salole, Vice-President, Standards - Canadian Institute of Chartered Accountants The AcSB’s proposed changes to Private Company GAAP are outlined in a recent Exposure Draft Generally Accepted Accounting Principles for Private Enterprises. This Exposure Draft puts forward a separate set of accounting standards focused on private enterprises. “The proposed standards focus on the needs of users of private enterprises financial statements and take into account the difficulties private companies face in applying complex accounting standards,” said Greg Edwards, Principal with the AcSB responsible for private enterprise issues. “They include simplified recognition and measurement standards for several complex accounting issues, including financial instruments, and substantially reduced disclosure requirements.” Congratulations! Chartered Accountant William H. Loewen and his wife Shirley E. Loewen were recipients of the Winnipeg Arts Council Arts Champion Award. The Award was presented by Councillor Gord Steeves, on behalf of Mayor Sam Katz at the Mayor’s Luncheon for the Arts on June 11, 2009. The Arts Champion Award honours an individual or business patron that has demonstrated sustained support to the arts in Winnipeg. For decades, William and Shirley Loewen have supported the arts in Winnipeg. They were nominated by the Winnipeg Symphony Orchestra, The Manitoba Opera, and the Manitoba Theatre Centre. Congratulations to Bill and Shirley who received a unique work by Winnipeg artist Jeanette Johns. Pictured on the right, Gord Steeves (left) presents Shirley and Bill Loewen, FCA with the Winnipeg Arts Council Arts Champion Award. FOLIO 4 Go to www.acsbcanada.org/edpegaap to view the Exposure Draft. Comments are to be received by July, 31 2009. Senior level AcSB and CICA staff are participating in various events across the country to raise public awareness of the proposed standards and encourage stakeholder input on the exposure draft. For more information see the cover story in CAmagazine (May) Private Matters and visit the CICA’s Canadian Standards in Transition website for developing orientation and training materials. Updates on the deliberations will be made public on AcSB’s website (www.acsbcanada.org) following the comment deadline. Overview The proposed standards are built from the existing CICA Handbook– Accounting, which will be familiar to many users thereby not requiring extensive education or training. Change on recognition and measurement issues is limited to areas of most concern to stakeholders, most notably: financial instruments; employee future benefits; asset retirement obligations; internally developed intangible assets; impairment testing for goodwill and other intangible assets; and, stockbased compensation. Other major changes include elimination of EIC Abstracts as they currently exist, deletion of sections and guidelines thought to be generally irrelevant to this sector, and a total refocus of disclosure requirements. The new standards aim to reduce the number of specific disclosure requirements (reduced by approximately one-half as compared to the existing Handbook) while still providing sufficient information to give a fair presentation of an enterprise’s financial position and operating results. The Exposure Draft also contains a new section that sets out transitional provisions for first-time adoption of the proposed standards. Section 1500, First-time Adoption, is designed to ensure an enterprise’s first financial statements prepared in accordance with the new standards contain high-quality information that is transparent and comparable, provide a suitable starting point for accounting under new standards, and can be generated at a cost that does not exceed the benefits to financial statements users. The proposed standards would be effective for annual financial statements relating to fiscal years beginning on or after January 1, 2011, but early adoption would be permitted. The AcSB expects that the final standards will be issued in time for use for 2009 calendar-year end financial statements. They will be available to any private enterprise. No size threshold or other barriers, such as unanimous consent by shareholders of other users, will be imposed.
Foundation Board Approves New Strategic Plan The Manitoba Chartered Accountants Foundation approved its new strategic plan on May 5, 2009. The is the first new strategic plan in almost 10 years and it focuses on five key strategies: • Influencing increased CA candidate intake • Implementing a comprehensive fundraising strategy • More effectively promoting the Foundation • Promoting academic excellence • Updating other existing Foundation activities The new plan reflects modernized thinking with a significant shift toward focusing on students in secondary schools and universities as well as immigrants and potential career changers. In the past, most of the awards, bursaries and scholarships have been more focused on individuals who have already become CA students. The Board also feels more attention must be spent on recognizing and attracting young aboriginals into the profession. In Manitoba, in particular, this should be considered a significant untapped resource that may benefit substantially from some financial support as they pursue careers. To accomplish the strategic plan the Board has also identified specific action steps for the next two years and the work is already underway. Scholarships Awarded Students from over 200 high schools across the province applied and seven individuals were chosen to each receive a $1,000 scholarship. Each recipient displayed high scholastic achievement together with outstanding accomplishments in work, school, and community activities. In addition, they have all indicated that they will be continuing their education at a Manitoba university and that they intend to enter the CA profession upon completion of their degree. CA High School Scholarships The Institute of Chartered Accountants of Manitoba is pleased to announce that Stephanie Faintuch, Alison Smith, Jennifer Solman, and Mark Tomiak are the recipients of the 2009 Chartered Accountant High School Scholarships and wishes them every success in their future endeavors. Stephanie Faintuch Alison Smith Jennifer Solman Mark Tomiak Allan M. Moore Scholarships The Manitoba Chartered Accountants Foundation congratulates Jaylene Hoffman, Steven Honcharik, and Dustin Johnson, recipients of the 2009 Allan M. Moore Scholarships, and wishes them every success in their future endeavors. Jaylene Hoffman Steven Honcharik Dustin Johnson Retiring Foundation Chair Paul Wright, FCA, served the past two years as President of the Manitoba Chartered Accountants Foundation and was Vice-President from 2006-2007. He first joined the Board seven years ago. Right, retiring Foundation Chair, Paul Wright, FCA, accepts a token of appreciation from outgoing Institute President, Heather Clarke, FCA at the Annual General Meeting held June 16th, 2009 at the Winnipeg Convention Centre. FOLIO 5
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