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News from the profession

The Chartered Accountants of Canada and Scotiabank Group have teamed up to publish The Estate Planning Toolkit for Business Owners: Building and Preserving Your Wealth. The official launch of the toolkit was held in Toronto in late 2009.

“Knowing more about where you are now and where you are heading is very much in your own self-interest, and that of your family,” said Cairine Wilson, CICA’s vice-president, member services.

The toolkit was written by Peter B. Lillico, BA, LLB, and Steven C. Bark, BA, BComm, CA, with contributions from Pina Melchionna, BA, LLB, MBA, national director, will and estate planning, Scotia private client group. All three made brief presentations at the sold-out event held at the Toronto Board of Trade. Estate planning involves creating, managing, preserving and passing on wealth. It incorporates financial, tax and succession planning, along with risk management and personal protections.

“The event’s sellout reflects strong interest in the subject matter,” said Board of Trade president and CEO Carol Wilding. “The toolkit launch was an ideal springboard to provide valuable information about estate planning. We were pleased to host an event that brings this kind of added value to our members.”

Additional information about the toolkit, including how to order a copy, is available on the CICA website, www.cica.ca/estateplanning.

 

Stable platform for 2011 IFRS adoption

The Accounting Standards Board (AcSB) staff has released an update of an analysis titled Which IFRSs are Expected To Apply for Canadian Changeover in 2011?, which discusses anticipated changes to international financial reporting standards. The latest analysis makes it clear that there are unlikely to be any further significant changes to IFRSs that will be mandatory for 2011 adoption, though a number of standards are likely to be available for voluntary early adoption.

“This is good news for Canadian companies,” said Ian Hague, principal, accounting standards dealing with the AcSB’s IFRS transition plan. “Companies can now select accounting policies secure in the knowledge that they will not be required to change them again by the end of 2011. However, companies should continue to pay attention to changing standards and consider whether they wish to early adopt any new IFRSs.”

To help publicly accountable enterprises (PAEs) plan appropriately, the AcSB staff analysis provides information about: IFRSs that are expected to be applicable for the first year of adoption; IFRSs that PAEs can safely study and plan for now; and the anticipated timetables for IFRSs that will be changing. It also discusses which IFRSs will change again shortly after an entity has adopted them and what the effect of such changes could be.

The analysis includes all changes presently on the IASB active agenda.  Given the usual time to complete a major standards project it is unlikely further significant changes will be made until several years after Canada’s adoption. The AcSB is monitoring all IASB projects closely and will, as necessary, discuss the need to avoid undue difficulty for the Canadian adoption of IFRSs.  

The updated analysis is available for free download on the CICA’s IFRS website. Visit www.cica.ca/IFRS for a broad range of useful IFRS planning and implementation resources.

 

Not-for-profits — future financial reporting direction update

With more than 160,000 not-for-profit organizations in Canada ranging from local sports and cultural associations to such organizations as hospitals and universities, the future financial reporting direction is of interest to many.

The Accounting Standards Board and the Public Sector Accounting Board plan to release a document for comment in the first half of 2010 that proposes possible reporting options for this diverse and complex sector. Until a new direction has been established, existing accounting standards used by the sector — those from the CICA Handbook — Accounting — will continue to apply unchanged.

Not-for-profits considering adopting IFRSs should note that although Canadian PAEs are required to adopt IFRS on January 1, 2011, not-for-profits won’t follow that timeline. The transition for not-for-profits will be based on a separate timeline, allowing adequate time to successfully plan and transition.

Stay involved by subscribing for e-updates and visiting the CICA Canadian Standards in Transition website at www.cica.ca/transition.

 

Ontario’s information and privacy commissioner speaks at CA event

The CICA officially launched its publication The Canadian Privacy and Data Security Toolkit for Small and Medium Enterprises at a Toronto event in late 2009.

The easy-to-use toolkit provides practical guidance about how companies can effectively address data security and privacy risks.  

The toolkit was authored by Claudiu Popa, a security industry veteran and president of Informatica Security Corp. 

The informative publication uniquely features a foreword written by Jennifer Stoddart, privacy commissioner of Canada and an introductory chapter by Ann Cavoukian, information and privacy commissioner of Ontario. Both Cavoukian and Popa spoke at the toolkit launch.

“Management and employees, especially those on the front-lines, should have a clear understanding of why personal information needs to be protected and how best to protect that data,” said Cavoukian. “The CICA toolkit provides valuable guidance in a format that is easy to understand and accessible to non-privacy professionals.”

The event was hosted by the CICA and Ryerson University’s Privacy and Cyber Crime Institute.  

More information about the toolkit is available on the CICA website (www.cica.ca/privacy).

 

New IFRS resources — free and online

With the transition to international financial reporting standards entering the homestretch, the CICA has added three new online resources to its program of support to members and the larger business community.

For small and medium-sized enterprises
From the Trenches — IFRS Infocast:  a series of conversations with Canadian companies making the transition to international accounting standards. “Listening to the experiences of other enterprises that are moving through the transition may provide insights that will help your organization,” says Gord Beal, CICA principal and project leader for the CICA’s IFRS transition strategy. The first episode focuses on the experience at Marsulex Inc.  This medium-sized public company’s IFRS transition plan pays significant attention to property plant and equipment, which makes up more than 50% of its total assets.

Listen to the 15-minute podcast online or download the file and listen when it is more convenient for you.
Get to the Point — Practical how-to tips for small and medium-sized companies: a web-based presentation that helps cut through the complexities of the transition to IFRS. The first session provides basic information, including the transition timeline and core issues to consider. The second session covers information that will help analyze accounting standards and determine accounting policies.

Build your IFRS learning path
How much do you need to know about IFRS? All accounting professionals require a basic understanding of IFRS. Some need in-depth knowledge about issues specific to their industry. CICA’s new Learning Path tool helps assess your learning needs and develop an educational path. Simply answer a five-question survey and the tool will provide you with education and training options.

Visit the CICA’S dedicated IFRS website, www.cica.ca/IFRS, for these and other IFRS resources, including guides and publications, GAAP comparisons, sample financial statements, checklists and other practical planning and implementation tools.

 

Accounting standards for Canadian private enterprises now in the Handbook

Accounting standards for private enterprises in Canada have been finalized and are now part of the CICA Handbook — Accounting. They can be accessed through Knotia. The Accounting Standards Board consulted widely with stakeholders in development of the standards, which are designed specifically with the needs of private enterprises and users of financial statements in mind. Standards for private enterprises become mandatory for years beginning on or after January 1, 2011. Early adoption is permitted. To learn more, visit www.cica.ca/pe.

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