Chartered Accountants Carry the Torch - The Institute of Chartered ...

Chartered Accountants Carry the Torch 

One of the highlights of the 2010 

Olympic Games was that many 

proud Canadians had the opportunity 

to participate in the Olympic Torch Relay. 

Congratulations to the five Manitoba CAs 

who carried the Olympic Torch on its tour of 

our province! 

Shauna Arnott, CA 

Wayne Demkey, CA 

Aileen Madden, CA 

Don Streuber, CA 

Cheryl Zealand, CA 

Part of the Olympic Spirit 

Canada’s CAs also cheered on our athletes 

with some sponsored programming. When you 

tuned into the Games, you may have seen the 

new advertisements created especially for this 

occasion. 

The ads were an extension of the successful 

Decisions Matter campaign, launched a year 

ago, and took the theme into the realm of sport. 

Submission 

to Minister 

of Finance 

Approved 

As part of the pre-budget consultation 

process, the Minister of Finance seeks 

input from interested parties with respect 

to the preparation of the Government of 

Manitoba budget. 

Council approved The Institute’s 

submission at its January meeting. You 

can view the submission at 

www.icam.mb.ca 

Top left: Aileen Madden, CA, 

runs with the Olympic Torch in 

Carmen. 

Top right: Don Streuber, CA, 

carries the Olympic Torch 

through Winnipeg. 

Bottom right: Cheryl Zealand, 

CA, ran with the Torch from the 

Foot of the Provencher Bridge 

down Waterfront Drive. 

Issue #163 

February / March 2010 

FOLIO 1

Reply to the Toast by Natalie Bessette 

Good evening distinguished guests, 

Chartered Accountants, family, 

friends, and fellow graduates. It is 

an honour to stand before you and attempt to 

represent the 81 successful Manitoba candidates 

of the 2009 UFE. 

We are here to celebrate our successful 

completion of the UFE. You know, I wish 

somebody would have explained to me what 

exactly was involved in this so called “UFE 

Process” before I started. 

A process that at times seemed to present 

us with a never-ending series of hurdles to 

overcome before even writing the UFE; 

with CASB modules, face-to-face weekends, 

revisions-upon- revisions -upon- revisions and 

then… more revisions, and finally the mock 

UFE. 

All of these challenges came before we could 

even take a shot at the final hurdle, the UFE. 

From the outset, the challenges that the UFE 

presented seemed as though the process would 

be an endless race. The more I heard about it, 

the more it seemed not like a hurdle, but a high 

jump or even a pole vault. 

But the 81 of us celebrating today along 

with all of the CAs in attendance got over the 

hurdle. We lifted ourselves up with hard work, 

perseverance and the help of our wonderful 

support systems. Now as we look back we 

realize this impossible hurdle was actually 

achievable. 

It seems that the theme of the past several 

years, culminating in this point today, is that of 

perseverance. 

The candidates before you in this room 

persevered over a long and sometimes very 

challenging academic and professional 

endeavour, all while dealing with personal 

challenges and priorities such as children, 

engagements and marriages. 

The candidates here today will go on to 

numerous vital practises within the business 

world, public practise, academia, government, 

and elsewhere. 

However no matter where people go and 

where our professional lives take us, we will 

always be able to reflect back on our years of 

perseverance and perhaps this will provide us 

with the needed inspiration to help guide us 

through our future endeavours. 

When we look back at the hurdles within 

this process that we have successfully passed, or 

even just stumbled over, the challenges that the 

future will undoubtedly bring seem reasonably 

surmountable. 

FOLIO 2 

One challenge we probably 

all faced after the UFE was over 

was what to do with all of that 

spare time. It seemed like every 

spare moment during our run 

through CASB was spent doing 

homework – or feeling guilty about 

doing something else when there 

were outstanding revisions in our 

mailboxes. 

I remember envisioning what I 

would do with all of this amazing 

spare time I would have A.U. – 

After UFE. I was going to learn to 

knit and sew, and bake fresh muffins 

every morning, I was going to do 

hot yoga and run 5 miles a day. 

And while I’m greatly 

appreciating not having homework 

assignments or studying to feel 

guilty about not doing, I’m still 

waiting for that amazing free time. 

It seems as though when one door closes 

others open and I am now busy with countless 

other things. In discovering that I didn’t 

suddenly have the free time I thought I would, 

I realized that the way I got through the UFE 

process was with the support of others who 

would help me out with those many little things 

that are now consuming my time. 

We did not accomplish this milestone in 

our lives without the assistance of others and I 

would like to take this opportunity to thank the 

numerous support systems in our lives. 

Thank you to our families, our friends, and 

our significant others. You stood by us through 

a time when some of us got more than a little 

stressed out. Thank you for your support and 

understanding. 

Thank you to our firms and colleagues. You 

supplied us with the numerous resources we 

needed to succeed and with much sought after 

advice and assistance. 

Also I’d like to thank the many CASB 

facilitators, and in particular Susan Deleau and 

Dean Austin, our face-to-face facilitators. 

On a personal note I would like to thank 

those who helped me stay sane and get through 

this process, my husband Kingsley, my parents 

and sister, and my colleagues at the Office of the 

Auditor General. 

Having gotten through this big hurdle, we 

cannot be ready to sit back for a life of ease and 

complacency. We will encounter many more 

hurdles in our lives and can always look back 

on this experience for inspiration to overcome 

CICA Honour Roll recipient Natalie Bessette delivers the Reply to 

the Toast at the Dinner Dance held at the Convention Centre on 

February 6, 2010. 

whatever lies ahead. 

I am reminded of a quote from Josiah 

Bartlet: “Every time we think we have measured 

our capacity to meet a challenge, we look up 

and are reminded that that capacity may well 

be limitless…we are not measured by the 

challenges we are prepared for, but those which 

we must rise above and meet.” 

CA programs continue to set the bar higher 

with greater challenges; we cannot sit back and 

think we have mastered the final challenge with 

the UFE…we must understand that there will 

be countless challenges ahead of us that far 

exceed anything we have seen so far, reminding 

us that we were not taught to analyze for the 

UFE but that the UFE taught us to analyze to 

solve real life challenges. 

We will look back and see that the UFE was 

only the beginning a preparation for a much 

larger never-ending competency based challenge 

in both our professional and personal lives. 

Finally, I will wrap things up – one of the 

speech writing tips I got when preparing for this 

was keep it short! 

Congratulations to all of the successful 

UFE writers of 2009 – we have achieved or 

will soon achieve a much respected and valued 

professional designation. Thank you to all for 

coming here tonight to help us celebrate. And 

with that, let’s celebrate! 

Congratulations to all of 

our graduates!

Always Read the Fine Print in Your Insurance 

Policy 

Have you ever signed a contract only to find 

out months later that you didn’t get everything 

that you thought you were getting? This can be 

the case when you are purchasing professional 

liability insurance (PLI) for your accounting 

practice. 

In order to protect the public, your Institute 

requires that all public accounting firms 

carry professional liability insurance with the 

following minimum PLI limits: 

• $1 million where one member practises 

public accounting; 

• $1.5 million where two or three members 

practise public accounting; 

• $2 million where four or more members 

practise public accounting. 

PLI is required to pay out awards to an 

injured party in the event that the member or 

firm has been found to be at fault. 

It is important that members and firms 

carefully review all of the provisions on the 

insurance contract to be certain that it provides 

you with the coverage you require. Some of the 

inconsistencies that we have noticed include the 

following examples: 

1. If the limit of the liability includes defense 

costs it could mean that a good portion, if 

not all, of the insurance could be used to 

pay the defense costs of the claim rather 

than being used to pay out an award to the 

injured party. This is not consistent with the 

minimum PLI requirements and would leave 

you exposed for any shortfall. 

2. An insurance provider may decide to exclude 

certain high risks clients such as public 

companies from coverage by your insurance 

policy. 

Don’t Miss the CPD Deadline 

Report on-line today at www.icam.mb.ca! 

The CPD Reporting deadline for CPD completed in 2009 is March 31, 2010. This marks the 

end of the first three year reporting cycle. Members must meet the annual requirement for 

2009 as well as the requirements for the three year cycle (if applicable) ending December 31, 

2009. 

• 

• 

• 

Each member must complete a minimum of 20 hours annually. 

Each member must complete a minimum of 120 hours in each three year rolling cycle 

(commencing January 1, 2007), including a minimum of 60 hours verifiable. 

Members living outside Manitoba are required to submit a declaration indicating you 

have reported to another provincial institute or foreign accounting body. If you are not 

reporting elsewhere you must report detailed hours to the Manitoba Institute. 

REMEMBER - you do NOT need to report courses that you attended at the Institute’s 

CA Learning Centre because your CPD was automatically updated when you signed the 

attendance sheet. 

Go to the Institute’s website at www.icam.mb.ca and under the Professional Development 

drop-down menu select Continuing Professional Development and then click on Report CPD 

Hours. Review the instructions for the on-line CPD reporting system and report your hours! 

A copy of the CPD Reporting Form can be downloaded from the website for you to complete 

and return to the Institute. Or, you can request a copy of the reporting form by contacting the 

Institute at 942-8248 or icam@icam.mb.ca. 

Explanations about exemptions and verifiable vs. unverifiable PD are available at www.icam. 

mb.ca > Professional Development > Continuing Professional Development > Report CPD 

Hours. 

CPD Reporting Deadline is March 31, 2010! 

Please ensure that there are no such 

exclusions in your policy. 

3. Some insurance providers restrict coverage 

for services performed prior to the inception 

of a policy. While this may seem reasonable 

on the surface, policies for professional 

liability insurance are written on a claimsmade 

basis. This means that a lawsuit made 

today could be for services provided as far 

back as six years ago and if your policy does 

not provide coverage for your prior acts; 

there will be no coverage for the claim even 

though you had a policy in force at the time 

the services were rendered. Therefore; your 

policy must provide full prior acts coverage. 

4. Since policies are written on a claims-made 

basis, the Institute requires that insurance 

be carried for a minimum of six years after 

a member dies, or ceases to practice. If you 

are a partner in a firm; the firm usually 

continues to carry insurance for retired 

partners and former partnership throughout 

this six-year period. However, if a sole 

practitioner retires, he/she must continue to 

carry professional liability insurance for the 

six-year discovery period. Please ensure that 

your policy provides coverage for this entire 

period. 

5. Many insurance providers indicate that 

they provide worldwide coverage; however, 

upon more careful review of your policy you 

may find that coverage is only available if 

the suit is brought within North America 

and Bermuda. Generally, if the Canadian 

CA is doing work outside Canada, which is 

happening more frequently as CAs work in 

the global marketplace, any ensuing lawsuit 

would be brought within the country where 

the services were performed. 

It is your responsibility to ensure that your 

policy provides the coverage required for you to 

meet the Institute’s mandatory insurance by-laws 

that have been put in place to protect the public. 

Always read the fine print in your insurance 

contract. That way you will not be surprised if 

you ever face the unfortunate situation of having 

to make a claim under your policy. 

This article was written by Gary Hannaford, FCA, 

Chair of the profession’s Public Trust Committee 

and Justine Bond, CEO of AICA Services Inc. 

FOLIO 3

IFRS Resources 

IFRSs available in Handbook 

International Financial Reporting Standards 

(IFRSs) are now available in Part I of the 

CICA Handbook - Accounting. IFRSs will be 

required for publicly accountable enterprises 

and government business enterprises for periods 

beginning on or after January 1, 2011. They 

will also be available for any entity within the 

scope of the CICA Handbook – Accounting that 

chooses to adopt IFRSs such as not-for-profit 

organizations and private enterprises. 

Available at the Knotia Store – www.knotia.ca 

Transition to IFRSs − Communicating the 

Impact of the Changeover 

Talking IFRS with your investors? Your 

adoption of IFRSs could result in a myriad of 

changes to your financial statements in 2011 

– you do not want to catch your investors by 

surprise. 

A new Canadian Performance Reporting 

Board publication discusses how to summarise 

the effects of the changeover in the MD&A. 

Transition to IFRSs − Communicating the Impact 

of the Changeover provides examples of ways to 

provide a succinct MD&A discussion of the 

impact of the changes in a way that highlights 

significant differences, including how changes 

will impact your future financial reporting. 

Go to www.cica.ca/ifrs under Transition Resources. 

FOLIO 4 

2009 Financial Reporting in Canada under 

IFRS 

2009 Financial Reporting in Canada under 

IFRS is designed to help preparers of financial 

statements, practitioners and students gain a 

better understanding of IFRS. 

It examines and explains IFRS requirements; 

illustrating their application using real-world 

extracts of financial statements from companies 

that have already adopted IFRS. Packed with 

over 1,000 pages of comprehensive guidance, 

this practical new guide provides an overview of 

IFRS and discusses how the new requirements 

differ under the current Canadian reporting 

system. 


International Financial Reporting 

Standards 

This searchable, electronic collection provides 

you with the complete set of 2007 and 2008 

International Financial Reporting Standards, 

as well as the 2009 Standards in PDF format, 

incorporating International Accounting 

Standards and Interpretations. 

Updated monthly, International Financial 

Reporting Standards provides up-to-date 

coverage of all current IASB Exposure 

Drafts and Draft Interpretations, as well as 

revisions and amendments of Standards and 

Annual General Meeting 

& 

Professional Development Day 

Save the date! June 17, 2010 

Radisson Hotel Downtown Winnipeg 

Attend the AGM & PD Day and you get: 

PD Breakfast 

• continental breakfast and guest speaker 

• $75+GST, 2.5 hours eligible CPD 

ICAM’s Annual General Meeting 

• FREE 

2010-11 PD Pa s s P o r t Va l i D 

No price increase from 2009! 

Luncheon with keynote speaker 

• $35+GST, 1 hour eligible CPD 

One of three concurrent afternoon PD 

sessions 

• 

$50+GST, 3 hours eligible CPD 

Or, save $10 and attend the whole day for only $150+GST 

and earn 6.5 hours of eligible CPD! 

Full details and registration information to come. 

Interpretations that have been issued. 


Model Financial Statements – IFRS/IAS 

Model Financial Statements – IFRS/IAS 

is designed to help publicly accountable 

enterprises prepare for the implementation 

of IFRS and comply with the new financial 

reporting obligations. This practical reference 

tool includes a CD-ROM of customizable 

financial statements that allows you to create 

statements to meet the needs of your clients and 

your business. 


Other PD 

Opportunities 

Women in Leadership - The success 

factors 

Date: Thursday, May 13, 2010 

Location: Manitoba Club 

Five of the speakers at this event are CAs! 

You will hear from: 

• 

• 

• 

• 

• 

Chris Couture, FCA 

Catherine Kloepfer, FCA 

Heather Reichert, CA 

Cathy Rushton, FCA 

Lynn Wray, CA 

Register today at: registration@fci-cwi. 

com 

From the University of Winnipeg: 

• English for Internationally 

Educated Accountants 

April 12 – July 5, 2010 

(Monday and Wednesday evenings) 

• English for Business Professionals 

April 13 – July 6, 2010 

(Tuesday and Thursday evenings) 

To determine if you are eligible for the 

program or to request more information, 

visit their website at http://esp. 

uwinnipeg.ca/ or contact the Program 

Assistant at infoesp@uwinnipeg.ca, or 

phone (204) 982-1818.

PD Passports 

on SALE 

Now! 

Prices unchanged from 

2009! 

Valid for the 2010 Spring PD 

Program, the 2010 AGM & PD 

Day and the 2010-11 

Fall / Winter PD Program. 

The Personal Passport 

Offers the convenience and flexibility of 

5 seminar days (any combination of ½ 

day, full day and two day sessions). 

• Member Pricing: 

$800 until October 15 

$950 after October 15 

• Non Member Pricing: 

$1,100 until October 15 

$1,200 after October 15 

The Corporate Passport 

Allows you or others in your 

organization 9 seminar days (any combination 

of ½ day, full day and two day 

sessions). 

$2,000 until October 15 

$2,200 after October 15 

The Mini Passport ONLY for members 

who are exempt from paying fees or are 

paying reduced fees. 

Offers the convenience and flexibility of 

3 seminar days (any combination of ½ 

day, full day and two day sessions). 

$250 until October 15 

$300 after October 15 

Buy early & SAVE! 

Personal and Mini Passports can be 

purchased through the Member Login 

area at www.icam.mb.ca. 

Or, go to www.icam.mb.ca and 

download a registration form or call us 

at 942-8248. 

2010 SPRING PD PROGRAM 

Transitioning to Accounting Standards for Private Enterprises 

Seminar Date: May 11, 2010 

Seminar Leader: John Kelly, FCA 

The objective of this seminar is to provide a comparison of current GAAP standards 

contained in CICA Handbook - Accounting XFI (with additional references to the current 

CICA Handbook – Accounting) with the new standards for non-publicly accountable 

enterprises and, possibly, not-for-profit enterprises. 

By the end of the session, participants should understand the new standards and feel 

comfortable implementing them. 

Design and Establishment of Internal Controls for Not-For-Profit and 

Government Organizations 


Seminar Leader: Massood Oroomchi, B.Sc. (Econ.), FCA (U.K.) 

This full day seminar provides an Internal Control Framework for Not-For-Profit (“NFP”) 

and Government organizations. It takes the best practices and the applicable elements of 

Bill 198/SOX control environments for publicly traded entities and applies them to NFP 

and Government organizations. 

The objective of the seminar is to provide participants with a practical understanding 

of cost efficient internal control environments. A strong internal control environment will 

lead to operational efficiencies, will reduce likelihood of error and fraud, and will improve 

the accountability to stakeholders. 

The seminar will also show participants how to sustain and streamline their existing 

internal control systems and how to integrate them with their daily business activities. 

Accelerate the Financial Close Process and Enhance the Close 

Controls 

Seminar Date: May 14, 2010 (am) 

Seminar Leader: Massood Oroomchi, B.Sc. (Econ.), FCA (U.K.) 

During these challenging times and with escalating pressure on the Finance Groups to meet 

increasing complexity in financial reporting and transition to IFRS as well as accelerated 

reporting and regulatory obligations, optimization of the financial close process and 

enhancement of the supporting controls is considered as one of the most key and critical 

initiatives that the CFOs, Controllers and Accounting Managers should embark on. 

This course will show how to strike a right balance between speed and accuracy without 

compromising the internal control environment. 

Business Writing That Gets Results 


Seminar Leader: Marie Antaya 

You are what you write! Does your business writing enhance your professional image and 

contribute to your success? Are you using the key strategies for writing a quality document 

within a tight time frame while making a strong impact on your reader? Or...is poor written 

communication costing you and your organization time and money because of errors and 

misunderstandings? 

Participants will gain significant benefits by attending this intensive, skill-building 

workshop. The content focuses on providing you with practical tools that you can begin to 

use immediately to enhance the effectiveness of your written communication and to build a 

powerful professional image. 

The workshop material includes a comprehensive manual with a valuable grammar and 

usage reference section. 

Full seminar descriptions are available at www.icam.mb.ca/seminars.cfm. 

Register online today using the Member Login section. 

FOLIO 5

Official Call for ICAM Council Nominations 

Nomination Process 

Nominations are now invited for the 2010 

Council election. All members of the Institute 

resident in Manitoba are eligible for election. 

All nominations, including those submitted 

by fax, must be received at the Institute by 4 pm 

Friday, May 7, 2010. 

• All nominations must be in writing, signed 

by two members, and have the written 

consent of the nominee. 

• A candidate biography (maximum 100 

words) must accompany the nominations 

which will be sent to Institute members 

along with the election ballot. 

- The biography should cover only factual 

matters relating to firm or employment, 

date of admission to the Institute, and 

appointments and offices held. 

- The Institute will not edit the 

biographies. 

• A nomination form is available for you 

to use. Visit www.icam.mb.ca or call the 

Institute at 942-8248 to request a copy. 

Number to be Elected and Term of Service 

In accordance with the provisions of Bylaw 

201(2)(a): 

• The number of members to be elected to the 

Council in 2010 is five. 

• Each elected member of Council shall hold 

office for a term of two years. 

• At least one elected member of Council 

shall be resident and employed or practising 

outside the boundaries of the City of 

Winnipeg. 

Roles and Responsibilities 

The Institute’s mandates are to serve the 

public interest and satisfy the needs of the 

membership. The Council’s role is to determine 

the Institute’s mission, set its objectives, 

strategic priorities and policies, and through 

oversight of management, ensure that these are 

fulfilled. 

The duties of a Council member are to: 

• prepare thoroughly for Council and 

committee meetings and be sufficiently 

well-informed to make appropriate decisions 

for the good of the profession and the 

membership 

• act consistently in accordance with the 

values and ethics of the profession 

• exercise sound, practical judgment and care 

in the performance of his/her duties 

• apply specific skills, experience and expertise 

in the interest of the Institute’s affairs 

FOLIO 6 

• 

attend all meetings of Council and assigned 

committees, or, if absent from a meeting (or 

any part thereof) remain informed of what 

transpired 

Time Commitment 

Council meets about nine times per year and 

meetings are typically three hours long. 

Council members may serve on one 

Committee of Council. The number of 

committee meetings varies, but each committee 

has at least three meetings a year. 

Rick M. MacKay, FCA, Secretary-Treasurer 

The Institute of Chartered Accountants of 

Manitoba 

Notice of Annual General 

Meeting 

Manitoba Chartered Accountants Foundation Inc. 

The Manitoba Chartered Accountants Foundation Inc. will hold its annual meeting at the 

Radisson Hotel Downtown Winnipeg on Thursday, June 17, 2010, commencing at 11 am. 

Matters to be dealt with are: 

• Receipt and consideration of the report of the President and the Board; 

• Adoption of the financial statements for the year ended March 31, 2010; 

• Appointment of the auditors for the year ending March 31, 2011; and 

• Consideration and transaction of such other business as may properly be brought 

before the meeting. 

G.B. Hannaford, FCA, Executive Secretary 

Manitoba Chartered Accountants Foundation Inc. 

The Certified Public Accountants Association of Manitoba 

The annual meeting of members of The Certified Public Accountants Association of 

Manitoba will be held at the Radisson Hotel Downtown Winnipeg on Thursday, June 17, 

2010, commencing at approximately 11:10 am. Matters to be dealt with at the meeting 

are: 

• Election of governors; and 



I.R. Seymour, CA, President 

The Certified Public Accountants Association of Manitoba 

The Institute of Chartered Accountants of Manitoba 

The Institute of Chartered Accountants of Manitoba will hold its Annual General Meeting 

at the Radisson Hotel Downtown Winnipeg on Thursday, June 17, 2010, commencing at 

approximately 11:15 am. Matters to be dealt with at that meeting are: 

• Adoption of the financial statements for the year ended March 31, 2010; 

• Appointment of the auditors for the year ending March 31, 2011; 

• Consideration and, if thought appropriate, approval of the Bylaws of 2010; 

• Receiving the report on the results of the election of Council members for the ensuing 

two years; and 



R.M. MacKay, FCA, Secretary-Treasurer 

The Institute of Chartered Accountants of Manitoba

Communications Survey Results 

509 members responded to the emailed 

Communications Survey that was sent out in 

early November of 2009, a response rate of 

23%. This is what you had to say: 

Overall 

• Over 83% of respondents were satisfied 

or very satisfied with the AMOUNT 

of information from the Institute on its 

activities and initiatives. 

• Nearly 83% were satisfied or very satisfied 

with the TYPE of information they received 

on Institute’s activities and initiatives. 

• Just under 80% were satisfied with the 

AMOUNT of information received from 

the Institute on professional news and 

updates. 

• About 79% were satisfied with the TYPE of 

information they received on professional 

news and updates. 

• About 83% were satisfied or very satisfied 

in general with communications from the 

Institute. Another 14% were neither satisfied 

nor dissatisfied while 3% were dissatisfied. 

In terms of importance, Folio was considered 

to be the most important communication tool 

that the Institute utilized. On a scale of 1 to 5 

with 1 being not important at all and 5 being 

very important, the average rating for Folio was 

4.08. 

This was followed closely by email updates 

at 3.99 and the Institute website with an 

average rating of 3.95. The area considered least 

important to members was MB Check-Up with 

an average rating of 3.07. 

In terms of satisfaction, Folio also ranked the 

highest with an average rating of 4.18, with 

emails at 3.93 and the Institute website at 3.90. 

Media releases ranked the lowest in satisfaction 

with an average rating of 3.50 while MB Check- 

Up had a satisfaction ranking of 3.58. 

Website – OK but could do more. 

Less than 7% of the respondents visit the 

website weekly while nearly 32% visit it on 

a monthly basis. More than 60% visit it less 

than monthly while almost 8% never visit the 

website. 

For those who do use the website it is most 

frequently used to report CPD hours or to 

obtain information about PD courses. About 

half use it for news. 

Folio – Paper still preferred. 

Nearly 99% of members receive Folio and 

most of them have read at least one of the past 

three issues. 92% found it to be either very 

informative or somewhat informative. 

Almost 56% prefer to receive Folio in the 

mail, while 42% indicated they would prefer it 

to be emailed. 

Emails – Not too many, not too few. 

More than 81% of members indicated that 

they received email reminders from the Institute 

about news announcements and upcoming 

courses/events. 

Nearly 36% found the emails to be very 

useful and another 47% found them somewhat 

useful. Less than 25% indicated that they were 

not very useful or not at all useful. 

When asked about the frequency of emails, 

almost 90% said that they received “just the 

right amount of reminders”. 

News to members – How do we reach you? 

One of the questions asked was what the 

most effective method of communicating news 

or events to members when this information 

did not coincide with the release of Folio would 

be. Most people indicated that sending an 

email to members was the most effective means 

of getting this information. Very few were 

interested in using social media such as Twitter, 

Facebook or LinkedIn. 

MB Check-Up – Worth continuing…for 

now. 

Nearly 88% of participants recalled receiving 

a copy of MB Check-Up. When asked if they 

thought it was effective in making the point that 

CAs are leaders in business and do more than 

auditing, tax and financial reporting, 12.9 % 

felt that it was very effective and 37.2% thought 

it was somewhat effective. 

One-third of respondents were neutral and 

just under 17% said it was either not very 

effective or not at all effective in making the 

point. 

47% of members agree or strongly agree that 

MB Check-Up should continue to be published 

while nearly 40% neither agree nor disagree. 

Approximately13% disagree or strongly disagree 

with continuing to publish the report. 

Media coverage – We want more. 

Over 60% of respondents feel that the 

Institute receives too little media coverage. 

However, there were no suggestions as to how 

to generate more. 

Most recall seeing newspaper announcements 

about Council and member recognition awards 

and nearly 90% indicated that these were either 

somewhat or very important. Again, nearly 90% 

felt that these should be continued. 

Now what? 

The 2009 Member Communications Survey 

indicates that members are generally satisfied 

with the Institute’s communications. 

As always, we are taking the details of the 

survey into account (including the many 

and varied comments and suggestions) and 

considering these in our plans for the future. 

Once again, thanks to the all of the members 

who participated in the 2009 survey. Your input 

and comments will help us to communicate 

more effectively with you. 

Training 

Outside of 

Traditional 

Career Paths 

In Canada, 70% of CAs work outside 

public practice. Industry employers, 

government agencies and non-assurance 

practice areas within CA firms can now 

seek approval to train CA students. 

ICAM is pleased to announce that last 

fall Council approved Investor’s Group 

and the Winnipeg office of Deloitte 

Enterprise Risk Services (ERS) as 

Expanded Experience Opportunity CA 

Training Offices. 

Investor’s Group and Deloitte ERS 

join Great West Life and over 40 

other organizations across the country 

currently training CA students in nontraditional 

career paths. 

A complete listing of CA Training 

Offices can be found on the 

CATO Advantage website at www. 

catoadvantage.ca. 

If your organization is interested in 

learning more about becoming a CA 

Training Office in either the Traditional 

or Expanded Experience areas, please 

contact Kathy Zaplitny, CA at the 

ICAM office. 

FOLIO 7

Linnzi Brown (right), receives the James 

W. Clarke Award from ICAM President & 

Chair, Ian Seymour, CA. 

Charles Henaire, FCA, (middle) presented Mickaela 

McAuliffe (left) and Marc Jaworski (right) with The 

Great-West Life Leadership Award. 

FOLIO 8 

Convocation and D 

CICA President and CEO 

Kevin Dancey delivers the 

address to the graduates at 

the Convocation ceremonies. 

Dustin Mansfield (left) and Rebecca Guderian (right) 

recipients of the William G. Eamer Award, stand with 

presenter Bill Eamer, FCA. 

ICAM President & Chair, Ian Seymour, CA, 

presents Natalie Bessette with the CA Medal of 

Excellence and CICA Honour Roll Certificate. 

Student Awards are made possible by the generous support of the Manitoba 

Chartered Accountants Foundation. Consider making your donation today. 

Contact Gary Hannaford, the Foundation Secretary at ghannaford@icam.mb.ca for details.

inner & Dance 2010 

Geoff Garland, a recipient of the 

2009 Early Achievement Award, 

gave the Toast to the Graduates at 

the Dinner & Dance. 

FOLIO 9

Changes to Independence Standards to be 

Considered in Two Phases 

As reported in the April/May 2009 issue of 

Folio, the profession’s Public Trust Committee 

formed an Independence Task Force (ITF) to 

review the independence provisions included 

in the Rules of Professional Conduct and 

determine whether or not any changes are 

needed. 

The review was precipitated because of 

changes that were made to the independence 

standards included in the Code of Ethics 

(the Code) of the International Federation of 

Accountants (IFAC) last year. The changes to 

the Code were released in July 2009. 

The CA profession is a member of IFAC 

and, as such, monitors IFAC developments 

to facilitate convergence of national and 

international standards. As a member of IFAC, 

the CA profession’s Rules of Professional 

Conduct “shall be no less stringent” than the 

requirements included in the Code. 

The ITF has considered a detailed 

comparison of the independence provisions in 

the revised Code and those contained in the 

Rules of Professional Conduct. It is of the view 

that it is appropriate to adopt the Code into 

the Rules, amended only as appropriate for 

Canadian specific circumstances. This approach 

reflects the CA profession’s obligation as a 

member of IFAC and also reflects the approach 

taken with the adoption of international 

accounting and auditing standards in Canada. 

The ITF has determined that changes should 

be considered in two phases. In the first phase, 

the ITF will issue an Exposure Draft for public 

comment recommending the early adoption 

of the partner rotation provisions contained in 

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the Code, which would change the Canadian 

requirements for rotation after five years and 

a five year “time-out” period to seven and two 

years respectively. The Exposure Draft will be 

released sometime in late March or early April 

with a response date still to be determined. 

The ITF will consider the views expressed 

in response to the Exposure Draft with the 

intention of making recommendations of any 

changes to the Rules of Professional Conduct to 

the Provincial Institute/Ordre Councils/Boards 

later this year to be effective as soon as possible. 

In most provinces, any changes to the Rules 

of Professional Conduct need to be approved 

ultimately by a vote of the membership. 

The second phase sees the ITF issuing 

a Consultation Paper soliciting views on a 

number of other changes that may be made to 

the Rules of Professional Conduct. Feedback 

will be requested on the appropriateness of 

the proposed Canadian modifications and 

the implications of moving to the Code 

requirements. 

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09-265_EN-CAS FOLIO 10 third-pg ad.indd 1 2/9/2010 2:09:23 PM 

by Gary Hannaford, FCA 

The ITF will consider the views expressed 

in response to the Consultation Paper in 

determining the approach to recommend. The 

proposed changes to the Rules of Professional 

Conduct will then be exposed for public 

comment with a view to having any new 

requirements approved by the Provincial 

Institute/Ordre Councils/Boards by the end of 

2011 and subsequently voted on by members as 

appropriate. 

It is expected that the Consultation Paper 

will be released concurrently with the Exposure 

Draft on partner rotation, with a similar 

response date. 

Please keep an eye out for both the Exposure 

Draft and the Consultation Paper as your 

views will be important in determining the 

final changes that will be made to the existing 

Rules of Professional Conduct pertaining to 

independence. 

Gary Hannaford, FCA, is the Chair of the 

profession’s Independence Task Force. 

New Fee Structure Approved 

Council approved a new fee structure for resident members at its January meeting. The 

newly approved structure was put forward for member comment in November of 2009 

with a comment deadline of January 8, 2010. 

For the most part, comments received were favourable. Details of the changes and the 

rationale behind them are available on the website at www.icam.mb.ca. Full details will 

also be provided with the annual fee notice which will be mailed to members in mid 

March. 

THE IFA ALLIANCE 

SETTING THE STANDARD FOR INVESTIGATIVE 

AND FORENSIC ACCOUNTING 

Visit www.cica.ca/ifa for details on how to become a CA-designated 

specialist (CA•IFA) through the Graduate Diploma in Investigative and 

Forensic Accounting (DIFA) or for general information regarding the 

IFA Alliance and its products or services: 

1. Annual Investigative and Forensic Accounting Conference 

2. Standard Practices for investigative and forensic accounting 

engagements 

3. Media Directory

New accounting standards for private 

enterprises available 

Private enterprises now have accounting 

standards that have been developed specifically 

for them. They can benefit by early adoption 

or waiting until 2011. Alternatively, private 

enterprises can choose to adopt International 

Financial Reporting Standards (IFRSs). 

This article provides information about the 

key changes in the new standards for private 

enterprises and how to make the transition to 

these new standards easy. For more information, 

visit www.cica.ca/transition. 

The overview 

In December 2009, the Accounting Standards 

Board (AcSB) issued a new set of accounting 

standards developed specifically for Canadian 

private enterprises. These new standards will 

seem very familiar to most, as they are closely 

based on the existing CICA Handbook - 

Accounting. 

Rather than starting from scratch, the 

Accounting Board modified existing standards 

that had caused significant difficulties to private 

enterprises in the past. The new standards better 

meet the needs of private enterprises without 

requiring accountants and others to learn a 

completely new set of standards. 

Private enterprises now have a choice. They 

can adopt either IFRSs or the new private 

enterprise standards that were developed by 

focusing on what is most appropriate for private 

enterprises. 

The new standards take into account the 

fact that the primary users of private enterprise 

financial statements are lenders, rather than 

equity investors. They also address the fact 

that private enterprises have a generally more 

limited ability to apply complex accounting 

standards. Both of these factors affect the costbenefit 

trade-off that is one of the important 

considerations in developing accounting 

standards. 

Timing 

Private enterprises can continue to use the 

existing Handbook until years beginning on 

or after January 1, 2011. At that time they 

must adopt either the new private enterprise 

standards or IFRSs. 

With a 2011 deadline, private enterprises will 

have sufficient time to become familiar with the 

new standards and learn how to apply them. 

There is the option, however, to adopt either 

IFRSs or accounting standards for private 

enterprise earlier. In particular, a private 

enterprise may choose to adopt the new 

standards for its 2010 reporting or even for its 

2009 reporting. 

The new private enterprise standards 

include a number of simplifications, as well as 

significant reductions in disclosures. 

Some companies may wish to obtain these 

benefits as soon as possible and therefore 

consider adopting them before 2011. 

Companies should also consider the time and 

effort required to understand the new standards 

and to make the process and other changes 

(including systems) required. 

Companies with relatively simple accounting 

that is not significantly affected by the 

accounting changes in the new standards may 

wish to adopt early to benefit from the reduced 

disclosure requirements. 

Other companies may need to take more 

time to understand the new standards, 

including available alternatives, before making 

the change. 

Making the choice 

As Canadian private enterprises consider the 

pros and cons of adopting new accounting 

standards for private enterprises or IFRSs, they 

need to look at costs and benefits. 

While it is expected that most enterprises will 

adopt the new private enterprise accounting 

standards, some private companies will 

likely adopt IFRSs in spite of their increased 

complexity and more extensive disclosure 

requirements. 

A key factor for many companies is likely to 

be the requirements or preferences of current 

and future users of the financial statements. 

For example, a company considering an 

Initial Public Offering (IPO) in the near future 

may prefer to use IFRSs so it will not have to 

change its reporting when the IPO occurs. 

Other private companies may have a parent 

company or subsidiaries that report using 

IFRSs and using the same accounting standards 

would simplify the accounting for the group of 

companies as a whole. 

Like other accounting policy choices, 

management determines whether the new 

private enterprise standards or IFRSs will 

be used. This is different from Differential 

Reporting where unanimous shareholder 

consent is required. 

If the private enterprise standards are chosen, 

then all of those standards must be applied and 

similarly if IFRSs are chosen — a company 

cannot take a “mix and match” approach of 

picking some standards from IFRSs and some 

from private enterprise standards. 

Key changes in the new private enterprise 

standards 

The most significant area of simplification is 

financial instruments where a new standard 

has been developed to replace several existing 

standards. 

This standard requires most financial 

instruments to be valued at cost (or amortized 

cost). Only quoted equity securities and 

freestanding derivatives must be measured 

at fair value, although there is an option to 

measure other financial instruments at fair value 

if the company wishes. 

Other areas where accounting simplifications 

have been made include development costs, 

employee future benefits, goodwill, stock-based 

compensation and asset retirement obligations. 

Existing choices available to private 

enterprises on consolidation and income tax 

accounting have been retained — these have 

been used extensively in practice. 

In addition, the disclosure requirements of 

each standard were carefully reviewed from the 

perspective of private enterprises. Disclosures 

have grown significantly in recent years, with 

private enterprises often complaining that 

many required disclosures do not provide 

useful information to the users of their financial 

statements. As a result, disclosure requirements 

in the new standards have been reduced 

significantly. 

Adopting the new standards will often affect 

earnings, the balance sheet and various financial 

ratios. Companies will need to understand 

these impacts and may need to discuss them 

with lenders, particularly if such things as debt 

covenants are affected. 

Making adoption of the new standards easy 

A key consideration in adopting the new 

standards are the transitional provisions 

provided in Section 1500, First-time Adoption. 

The overall approach is that the new 

standards are to be applied retrospectively 

which means opening balance sheet amounts 

have to be restated in accordance with the new 

standards. 

continued on the following page 

FOLIO 11

Private Enterprise Accounting Standards cont’d 

continued from the previous page 

In most cases, this will be fairly 

straightforward, particularly for companies that 

are currently reporting using existing Canadian 

GAAP. Not all private enterprises do so, 

however, and over time a number of companies 

that use IFRSs may wish to change to using 

private enterprise standards (for example after a 

privatization). 

Section 1500 provides alternatives for several 

specific areas where requiring retrospective 

application would not meet a cost-benefit test. 

For example, a company may not have 

capitalized costs in a manner consistent with 

Section 3061, Property, Plant and Equipment. 

Restating the cost amount for an asset acquired 

10 years ago might be difficult and, depending 

on the accounting records, could be impossible. 

Section 1500 permits a company to use the fair 

value of the asset as a deemed cost on adopting 

the new standards. 

This choice can be made on an asset by 

asset basis and does not imply that the asset 

has to be measured at fair value on an ongoing 

basis. (Section 3061 does not permit ongoing 

fair value measurement of property, plant and 

equipment.) 

Similarly, a company may not have 

accounted for a prior year acquisition of land 

from a related party in accordance with Section 

3840, Related Party Transactions. Section 1500 

permits the company not to restate the carrying 

amount of that land. 

The choices in Section 1500 can only be 

made at the time of adopting the private 

enterprise standards. It is therefore important 

for a company to review Section 1500 early 

in its planning for the adoption of private 

enterprise standards to see if some of the choices 

provided are relevant and to understand the 

implications of those choices. 

While the choices in Section 1500 were 

developed to address circumstances where it 

would be difficult to adopt the new standards 

on a retrospective basis, they can be used by any 

company when first adopting private enterprise 

standards. 

For example, a company that has previously 

applied existing Canadian GAAP and now 

adopts the private enterprise standards may 

choose to apply fair value to certain fixed assets. 

This choice exists even if the carrying 

amount under existing Canadian GAAP is 

fully consistent with the requirements of the 

new standards. Some companies may see a 

benefit in having the balance sheet more fully 

FOLIO 12 

reflect the current value of their fixed assets. 

This comes, however, at a cost since a valuation 

will be required and it will result in increased 

depreciation (unless the asset is land which is 

not depreciated). 

What do financial statements for the year 

of adoption look like? 

Section 1500 also requires that financial 

statements for the year the new standards are 

adopted show comparative numbers for the 

prior year on the same basis. 

If a company adopts the new standards 

for calendar 2010, it will show comparative 

numbers for 2009 also prepared using the 

new standards. To prepare a comparative 2009 

income statement, the company will have to 

prepare an opening balance sheet as at January 

1, 2009 (effectively December 31, 2008) using 

the new standards, whis is to be included in the 

published financial statements. 

Section 1500 also requires certain disclosures 

in the year of adoption of private enterprise 

standards to help users bridge from the prior 

years’ financial statements. 

These disclosures include a reconciliation 

of the prior year income (2009 in the above 

example) as previously reported to the restated 

income using the new standards. Also required 

is a reconciliation showing all the changes to 

opening retained earnings as a result of changes 

to opening balance sheet amounts. 

For example, if a company makes the 

new accounting policy choice in Section 

3461, Employee Future Benefits, to measure 

pension obligations using a funding valuation, 

the difference in the amount at which the 

obligation is reported is debited or credited to 

opening retained earnings. 

What about companies that have not been 

preparing GAAP financial statements? 

Some companies have felt that the cost and 

effort of complying with the existing GAAP 

standards and the related disclosures was not 

justified in their circumstances. 

The new accounting standards for private 

enterprises may change that judgment, given the 

simplifications and the reductions in disclosures. 

The transitional provisions in Section 1500 

have been designed to facilitate the adoption 

of these standards by companies not previously 

preparing GAAP financial statements. 

Benefits of GAAP financial statements 

include the increased credibility of providing 

audited financial statements to bankers, 

other lenders, suppliers and other users of the 

financial statements. Also, users may place 

a greater value on such financial statements 

because they understand the basis on which 

they were prepared. 

Moving forward 

The new accounting standards for private 

enterprises should be a significant improvement 

for most private enterprises, simplifying the 

more complex accounting areas and reducing 

disclosures. 

Companies need to first determine which 

accounting standards best meet their needs 

— the new accounting standards for private 

enterprises or International Financial Reporting 

Standards. 

Those choosing IFRSs must move quickly to 

develop a transition plan. 

Private enterprises adopting the new private 

enterprise standards need to understand the 

specific changes and accounting policy choices 

contained in the new standards, including the 

one-time provisions in Section 1500. Based 

on this assessment, a decision can be made 

on whether to advance the benefits by early 

adoption of the new standards or to wait until 

2011 to ensure that all aspects of the change are 

duly considered and effectively managed. 

To learn more about the new accounting 

standards for private enterprises or IFRSs, visit 

www.cica.ca/transition. 

This article was published in Report on 

Industry: Focus, a complimentary e-newsletter 

published for CAs in industry on specific 

topics of interest by the Canadian Institute of 

Chartered Accountants. To subscribe, go to 

http://www.cica.ca/roi. 

FAQs regarding 

the new 

Accounting 

Standards for 

Private Enterprises 

are posted on the 

Institute’s website 

at 

www.icam.mb.ca.

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FOLIO 13

Nominate a Colleague Today! 

Member Recognition Awards & the FCA 

Designation 

Now is the time for you to nominate the 

colleague you feel deserves to be recognized 

for his or her outstanding service to the 

profession and/or the community. Members 

of the Manitoba Institute are eligible to be 

nominated for the Early Achievement Award, 

the Community Service Award, the FCA 

designation, and the Lifetime Achievement 

Award. 

The Early Achievement Award 

This award recognizes CAs who, within the first 

ten years of passing the UFE, demonstrate: 

• an ongoing commitment and excellence in 

his or her professional, community or other 

volunteer involvement and 

• exemplary work performance 

Last year’s recipients were Geoff Garland and 

Lisa Kondrat. 

The Community Service Award 

This award recognizes CAs for their outstanding 

contributions to community service or 

volunteer organizations. Outstanding service 

can constitute extensive one time or long-term 

service and excellence in leadership positions 

in one or more than one community service or 

volunteer organization. 

The recipients for 2009 were Helen Kasdorf, 

Marlene Kendall and Robin Myers-Keller. 

The FCA Designation 

The FCA designation recognizes CAs who have 

brought distinction to the profession or given 

outstanding service to it: 

• in the course of their career – positions, 

recognitions, service and achievement in 

public practice, industry, commerce and 

finance, the public sector, education or other 

employment. 

• in voluntary service – positions, service 

and achievement with charitable, civic, 

community, business and professional 

organizations other than the Institute. 

• in the work of the Institute, CICA or other 

provincial Institute. 

• in other areas of professional endeavour such 

as research, teaching, and communications, 

including writing (books, articles, reviews, 

etc.), public speaking; and electronic media. 

Except in extraordinary circumstances, the 

nominee must have brought distinction to the 

profession or have provided outstanding service 

in more than one of the areas noted above. 

FOLIO 14 

Last year, Stuart McKelvie and Craig Roskos 

received their FCA designation. 

The Lifetime Achievement Award 

This award recognizes sustained distinction in 

service to the profession, a career, or community 

achievement which brings honour to the 

profession throughout one’s lifetime. 

Only one Lifetime Achievement Award 

may be presented annually. In some years, if a 

worthy candidate is not identified, the Award 

will not be presented. 

Last year’s recipient of the Lifetime 

Achievement Award was Gregg Hanson, FCA. 

The Nomination Process 

Nomination forms that can be filled and 

completed online are available at www.icam. 

mb.ca under “Member Services > Member 

Recognition Program” or you can contact the 

Institute to request a copy. Nominations will 

only be accepted if completed in the prescribed 

format. 

Nominations should be addressed to the 

Chair of the Honours and Awards Committee 

and received at the Institute by May 31, 2010. 

The nomination process is confidential 

and ensures nominees are not disappointed if 

they are not elected. You may have to gather 

information from colleagues, spouses, and 

assistants. The Committee also considers 

information the Institute has on file regarding 

members’ volunteer and other professional 

activities. 

The election of a member requires a twothirds 

vote by the Council. Nominations are 

considered based on the recommendations of 

the Honours and Awards Committee. 

Award Presentation 

The presentation of all of the awards and the 

FCA certificates will be made at the Annual 

Member Recognition Dinner on Tuesday, 

November 9, 2010 at The Fairmont Winnipeg. 

Specialty Register 

The following members were entered in the 

Institute’s specialty register and are entitled 

to use their specialist designation. 

Kylie R. Cameron, CA•CBV 

Fraser J. McLean, CA•CISA 

Priti H. Mehta-Shah, CA•CBV 

Oksana Semotiuk, CA•CBV 

Firm Changes 

David J. Asselstine, Chartered Accountant, 

changed from a full-time to a part-time practice 

effective December 1, 2009. 

E.K. Bryson (2000) registered the name Erin 

Bryson, Chartered Accountant, as a full-time 

practice of public accounting in Portage la 

Prairie. 

The practising firm name Collins Barrow, 

Chartered Accountants, was deregistered. 

J.A. Gray (1972), R.A. McNamara (1976) 

and G.J. Bradshaw (1984) registered the name 

Gray, McNamara, Bradshaw LLP Chartered 

Accountants for public practice. 

R.G. Hatch (1975) reregistered the firm name 

Hatch Wilson, Chartered Accountants, for 

the practice of public accounting effective 

January 1, 2010. 

Charles H. Weppler, Chartered Accountant, 

was deregistered effective December 31, 2009. 

Applications for incorporation of a professional 

practice were accepted for Ira Friesen 

Chartered Accountant Ltd., Frank A. Wiebe 

Chartered Accountant Inc., and Donald A. 

Yakel Chartered Accountant Ltd. The latter 

commenced the full-time practise of public 

accounting effective January 1, 2010, and, 

accordingly, deregistered the practice name 

Donald A. Yakel, Chartered Accountant. 

Meeting and 

Seminar Room 

Available 

The CA Learning Centre is available 

to rent. Fees include use of projector, 

computer, screen, and whiteboard. For 

more information, contact Michelle at 

mchartrand@icam.mb.ca or 942-8248. 

Member Rates: $200 for full day 

$125 for half-day 

Non-Member Rates: $300 for full day 

$200 for half-day 

There is limited availability during the fall 

PD program.

News of Members 

Welcome to New Members 

■ Admitted by Examination 

Olia Patricia BASARAB 

Linnzi Jade BROWN 

Karen Mary CARTWRIGHT 

Darryl Thomas CLARKE 

Rajbir K. GILL 

Rubinderjit Singh GILL 

Jennifer Lorie GREEN 

Rebecca Joan Martens GUDERIAN 

Manisha GUPTA 

Garry John HARGREAVES 

Kyle I. HENDIN 

Harswinder JAWANDA 

Marc Andrew JAWORSKI 

Gavin William JOHNSTONE 

Sadia Bashir KHOKHAR 

Brian Larry KORNELSEN 

Colin Frank LANE 

Dustin M. MANSFIELD 

John Daniel MASSON 

Alexander James MCAULEY 

Jordan Thomas MCLEAN 

Anju MEHTA 

Jonathan J. MURRAY 

Mark D. O’ROURKE 

Jonathan Patrick RAY 

Renee Nicole ROCAN 

Liberty Faith RONQUILLO 

Kathryn Mackenzie STONE 

Natalia SVIRIDOVA 

Wai Yee TANG 

Ana Isabel ULLA 

Rachel WALDNER 

Matthew Cory WEDLAKE 

Jordan Charles WURCH 

Marissa Louise ZURBA 

Readmitted 

Patricia Ann VIEIRA 

Here and There With Members 

(Unless otherwise noted, members are resident in Winnipeg.) 

BURDEY, Gary P. (1972) recently retired 

as Director of PKBW Group Chartered 

Accountants Business Advisors Inc. 

CHAPUT, Gilles J.L. (1975; FCA 1995) has 

retired from BDO Dunwoody LLP after 

completing his term as CEO. 

EDIRMANASINGHE, Jonathan M. (2009) 

previously with Deloitte & Touche LLP is 

now Audit Senior with Ernst & Young in 

Grand Cayman, Cayman Islands. 

FRY, Neil (1976) formerly with BDO 

Dunwoody LLP is now with the Thomas Sill 

Foundation. 

GILL, Satnam S. (2009) has left Deloitte & 

Touche LLP and is now Assistant Manager 

(Segregated Funds) with The Great-West Life 

Assurance Company. 

HO, P.S. Wendy (2002) previously with the 

Government of Canada, Department of 

National Defense, is now Regional Director 

Finance and Material Management, 

Manitoba Region of Health Canada. 

HOLMES, Thomas R.E. (2009) formerly 

with Deloitte & Touche LLP is now Senior 

Accountant with BDO Canada LLP. 

KATZ, Shaun R. (2009) recently left 

PricewaterhouseCoopers LLP to accept the 

position of Senior Staff Accountant with 

Booke & Partners. 

KURY, Heather L. (2001) has returned from 

Ireland and is now Manager, Performance & 

Technology Advisory Services with KPMG 

LLP in Calgary, AB. 

MAPP Survey Results Now 

Available 

Results have been released to the specific partners/sole proprietors who submitted responses 

to the Managing a Public Practice (MAPP) Survey, Part 1 - Billing rates, compensation and 

benefits (2009). 

If you wish to access the results for Part 1, please contact that person in your office. Please 

note that results are confidential and are available only to offices that participated. They are 

not intended for general distribution and are not available for purchase by non-participants. 

LABOSSIERE, Paul A. (2009) previously 

with BDO Dunwoody LLP is now with 

Biochambers Incorporated. 

LAMOTHE, Jeffrey G. (1990) accepted the 

position of Chief Financial Officer with 

Smith Carter Architects and Engineers 

Incorporated. 

MADDEN, M. Aileen B. (1995) recently 

left Deloitte & Touche LLP to accept 

the position of Director Audit, Risk & 

Compliance with Air Canada. 

MEHTA, Anju (2009) formerly with Ernst & 

Young LLP is now with Deloitte & Touche 

LLP in Toronto, ON. 

MORRIS, Jillian D. (2009) is now Senior 

Accountant with KPMG in Hamilton, 

Bermuda. 

NICKEL, Jason M. (2006) previously with 

Meyers Norris Penny LLP is now Manager of 

Taxation with The Great-West Life Assurance 

Company. 

RUSHTON, Catherine M.F. (1995; FCA 

2008) has been appointed Interim President 

and CEO of Red River College. 

SOLVASON, Matthew A. (2008) has left 

KPMG LLP to accept the position of 

Manager with M Group. 

YUEL, Laryssa M. (2002) is now Senior 

Vice-President, Finance, with Platinum 

Underwriters Reinsurance Inc. in New York, 

New York. 

In Memoriam 

We record with regret the passing of: 

Thomas Edward ATKINS 

(Member 1980) 

Passed Away December 23, 2009 

Francis Arnold BALL 

(Member 1953) 

Passed Away February 12, 2010 

FOLIO 15

FOLIO 16 

THANK YOU TO OUR SEMINAR LEADERS 

The Institute thanks the following committed seminar leaders for the contribution of their time 

and talent which helped make our 2009 – 2010 Professional Development programs a great 

success. 

Brian J.L. Anderson, CA 

Tim Beauchamp, CMA 

Ward Blatch, CA, BComm, MCSA 

Lisa Dorian, CA, CPA, CIA 

Larry H. Frostiak, FCA, CFP, TEP 

Geoffrey A. Garland, CA 

John M. Granelli, CA 

Kenneth W. Grower, FCA, BA, TEP 

Bob Hahn, CA 

Cec Hanec, CBA, CVA, CPTA, CPDA 

Gary B.J. Hannaford, FCA 

Stuart Hartley, FCA, CA·IT 

Louise J. Hunter, CA 

Raymond J. Hutton, CA, CFI, CFE, 

CAMS, CPIM 

Brian D. Janzen, CA 

Dr. Vijay Jog, PhD 

Save the Date 

Full details to come. 

Telephone Numbers & Email Addresses for Institute Staff 

Gary Hannaford FCA 

Chief Executive Officer 

ghannaford@icam.mb.ca Direct Line: 924.4410 

Kathy Zaplitny CA 

Practice Advisor & Director of Members’ Services 

kzaplitny@icam.mb.ca Direct Line: 924.4411 

Shirley Sommer CA 

Registrar & Director of Standards Enforcement 

ssommer@icam.mb.ca Direct Line: 924.4414 

Dianne Laidler CMA 

Director of Administration 

dlaidler@icam.mb.ca Direct Line: 924.4412 

Tanya Beck 

Manager of Communications 

tbeck@icam.mb.ca Direct Line: 924.4416 

John F. Kelly, FCA 

Maureen Kennedy 

James W. Kraemer, FCA, CFP, TEP 

Sean C. Marek, CA 

Eileen Pease, BA, BEd, MEd 

Wendy Phaneuf 

Jeffrey Pniowsky, LLB 

Ian Quigley, MBA, CFP 

Kurt D. Rosentreter, CA 

Alan Salmon 

Dean B. Schinkel, CA 

Tamara L. Schock, CA 

Terri-lyn Scott, CA, CPA 

Jeffrey D. Sherman, CA, BComm, MBA, 

FCSI 

Dr. Patricia D. Walters, PhD, CFA 

Garrett Wasny, MA, CMC, CITP 

If you, or someone you know, are interested in developing or instructing a seminar for us, 

please contact the ICAM office at 942-8248 or e-mail icam@icam.mb.ca. 

The Chartered Accountants of Manitoba 

Beyond the Perimeter 

Conference 

Monday & Tuesday 

September 13 & 14, 2010 

Location: Elkhorn Resort 

09.13-14.2010 

Jody Bibeau 

Receptionist/Clerk 

jbibeau@icam.mb.ca Direct Line: 942.8248 

Michelle Chartrand 

Executive Assistant 

mchartrand@icam.mb.ca Direct Line: 924.4418 

Darlene Kochanski 

Communications Assistant 

dkochanski@icam.mb.ca Direct Line: 924.4415 

Marie Kostiuk 

PD Coordinator 

mkostiuk@icam.mb.ca Direct Line: 924.4413 

Kimberly Leung 

Assistant Registrar & Accounting Assistant 

kleung@icam.mb.ca Direct Line: 924.4417 

Deadlines & 

Coming Events 

Eric Mitchell Hockey Tournament 

Dakota Community Centre 

Saturday, April 17 

9 am Start 

Deadline for Council Nominations 

Friday, May 7 

Nominations must be received at the 

Institute office by 4 pm 

Deadline for Member Recognition 

Award and FCA Nominations 

Monday, May 31 

Softball Tournament 

Blumberg Softball Complex 

Saturday, June 5 

ICAM Annual General Meeting 

& PD Day 

Radisson Hotel Winnipeg 

Thursday, June 17 

Members Golf Tournament 

Breezy Bend Country Club 

Thursday, June 24 

Beyond the Perimeter Conference 

Elkhorn Resort 

September 13 - 14 

Uniform Evaluation 

September 14-16 

Member Recognition Dinner 

The Fairmont Winnipeg 

Tuesday, November 9 

UFE Results Release 

Friday, December 3 

Folio published by: 

The Institute of Chartered Accountants of Manitoba 

500-161 Portage Ave. East, Winnipeg, MB R3B 0Y4 

Tel: 204 942.8248 Fax: 204 943.7119 

Toll Free in MB: 1 888 942.8248 

icam@icam.mb.ca www.icam.mb.ca

Class of 2009 

Back Row (left-right): Jason Xu, Derek Witzky, Kurtis Schwindt, Matt Pilloud, Harbie Jawanda, Jordan McLean, Jonathan Ray, Ashley Williamson, Manisha Gupta, 

Jonathan Murray, Andrew Hodgson, Mike Derksen, Mark Sterdan, Jordan Wurch, Sean Prawdzik, Alex Shewtchenko, Matthew Wedlake, John Unger, Sunny Mahal, 

Michael Dutka, Greg Hartley 

Fourth Row (left-right): Kate Dobie, Jen Green, Wilson Lai, Shaun McKee, Jaime Clemmensen, Mark Ritchie, Jonathan Pokhoy, Mark O’Rourke, Garry Hargreaves, 

Darryl Clarke, Alex McAuley, Colin Lane, Kyle Hendin, Kevin Beyer, Thierry Lesage 

Third Row (left-right): Jordan Oakley, Ashley Jia, Rachel Waldner, Anna Mae Bryant, Lindsay Minaker, Kyle Giesbrecht, Vanessa Lucki, Brigitte Lazarko, 

Busola Famuyide, Marvin Lisan, John Masson, Josh Gnutel, Brent Smith, Rubi Gill, Rajbir Gill, Indeep Sandhawalia, Ryan Blundon, Matthew Dolan 

Second Row (left-right): Robin Hoops, Karen Cartwright, Angela MengFei Yang, Khristine Bhowani, Jen Brownridge, Kendle 

Dubyts, Ashley Fairbairn, Helen Wong, Kathryn Stone, Renée Rocan, Bernadette Maingat, Qingsu Zhang, 

Henedyna Badere, Faith Ronquillo, Marissa Zurba, Melissa Bjarnarson, Gavin Johnstone, Jun (Jay) Wu 

First Row (left-right): Mickaela McAuliffe, Linnzi Brown, Marc Jaworski, Dustin Mansfield, Rebecca Guderian, Natalie Bessette

Chartered Accountants Carry the Torch - The Institute of Chartered ...

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