IFRS: Collateral Impacts

Further anecdotal evidence that the devil is in the details, the non-accounting details is where CMAs may add great value. (See link to lead article from CFO's.com Accounting Newsletter, May 19, 2008)

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSD0EO

In addition to the lead article, a review of the article on spreadsheet accounting is suggested. This was painful for early SOX filers and looks set to rear it’s head again under IFRS. Rafik Greis (Partner, E&Y-Montreal) references a Canadian company who would require 15,000 top-side journal entries per month if IFRS is not pushdown to the transaction level!

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSE0EP

CFERF Report on IFRS Readiness in Canada

The CFERF (Canadian Financial Executives Research Foundation) has recently released a report on IFRS readiness in Canada. The report can be accessed at the following link:

http://www.cmabc.com/pdf/PublicPractice/CFERF_IFRS_Report_2008(2).pdf

Transition to International Reporting Standards

On April 7 the Accounting Standards Board issued its omnibus Exposure Draft (ED) “Adopting IFRS in Canada”. This can be downloaded in English and French from the following CICA IFRS Websites, respectively:
http://www.cica.ca/index.cfm/ci_id/44036/la_id/1.htm (English)
http://www.icca.ca/index.cfm/ci_id/44036/la_id/2.htm (French)

Readers are encouraged to look at the “Readers Guide to Adopting IRFS” before the ED itself. This is a good overview of what stays the same, what IFRS standards are already incorporated into Canadian GAAP, and what IFRS standards are expected to change before the 2011 implementation date. The ED also provides a link to download the full text of the IFRS standards as they existed on January 1, 2007 free of charge. (Yes - all 2,700 pages of them, don’t download to your Blackberry) You should also read the comments of Ron Salole, VP Standards CICA entitled “Don’t Stress over the Introduction of IFRS”.

Some good information and links are also available on the main CICA IFRS Websites at:
http://www.cica.ca/index.cfm/ci_id/39166/la_id/1.htm (English)
http://www.icca.ca/index.cfm/ci_id/39166/la_id/2.htm (French)

Deloittes, who developed the CMA series of IRFS seminars run last year, also have some very good IFRS material on their website. See their “Countdown to IFRS” newsletter at https://www.corpgov.deloitte.com/site/CanEng/menuitem.a1f3300cb77dea78311bc463027ea1a0/

This Blog Is For You

Are there any topics you would like to have addressed on this blog? Please let us know and we will try to find resources on those topics to post here. We would like to make this blog as useful as we can for you and value your input.

Any questions regarding the operation of this blog can be directed to Christa Janke at christa@cmabc.com

CMA Professional Liability Insurance & Risk Management Seminar

On behalf of LMS PROLINK, one of the insurance brokerages managing the CMA Professional Liability Insurance Program, CMA British Columbia wishes to invite you to a complimentary lunch and educational seminar on Wednesday March 26th.

The goals of this seminar will be to:

1. Further your understanding of the Professional Liability Insurance Program available to self-employed CMAs,
2. Identify Risk Management Practices to reduce your chance of experiencing a claim,
3. Outline what to do in the event of a claim,
4. Review past claims scenarios from the program and the identification of trends,
5. Receive your feedback on the existing program.

Please note that Christa Janke, from CMA British Columbia, and Bob Parry, Director of Public Practice with CMA Canada will also be in attendance at the seminar. Christa and Bob will be available to answer any questions or concerns CMAs may have.

All attendees will qualify for 2 CPLD learning credits for having attended this session.
This Seminar will be offered in Burnaby on Wed. March 26, 2008 from 12:30pm – 2:30pm at the Hilton Vancouver Metrotown, 6083 McKay Avenue, Burnaby, BC (close to the “Metrotown” Skytrain Station).

* Lunch will be served.

To register, please RSVP to Christa Janke at christa@cmabc.com or (604) 484-7061 as soon as possible.

As we would like this to be an informative and educational seminar, please feel free to e-mail Derrick Leue derrick@lms.ca with any requests or questions prior to the seminar date.

For over 20 years, LMS PROLINK has been a national leader in managing insurance programs for some of the foremost professional associations across Canada. This seminar will be provided by Derrick Leue, VP Insurance Programs at LMS PROLINK. Derrick is the national team leader for the CMA's Professional Liability Insurance Program and looks forward to having a chance to meet with you in-person.

We encourage you to take advantage of this seminar.

Rick Lightheart, FCIS, CAE, CMA, FCMAVice President, Operations
Christa Janke, CMAManager, Operations

Policy Point Rescinded

At their February 25, 2008 Board meeting, the CMA British Columbia Board rescinded point I.A.3 of the New Public Accounting Policy

I.A.3
"The applicant must hold a Bachelor or graduate level degree as defined by the CMABC (refer the Appendix C). An applicant who has five years of continuous certified membership in good standing will be considered as having fulfilled the degree requirement. "

Registration Available for Taxation I and Audit II

Registration for Taxation I (no prerequisites) and Audit II (prerequisite Audit I) is now available through distance education with the University of Waterloo at the following link: https://student.dce.uwaterloo.ca/dceforms/ce_registration/cma_reg_form.html.

Both courses will begin February 20th Please check previous post titled CMA Public Accounting Overview for course length, cost etc. Course outlines for Taxation I and Audit II are also posted on this blog and can be accessed using the links to the right