Letters and Tweets — June/July 2014

Letters and Tweets — June/July 2014

CPA is relevant, readable

Three letters published in your May issue are critical of the professionalism of CPA Magazine, but I have been enjoying each issue. The magazine makes connections between our profession and everyday life and I find it very readable. I am proud of my designation but, as a profession, we are more often criticized for a lack of relevancy than a lack of professionalism. Keep up the good work.

Brian Murray, CGA
Moncton, NB

Icy about "Cold Feet"

I was made somewhat apprehensive by the title of the article "Cold Feet on Climate Change" (Worldview, March). Why evade "global warming" in the title? The author, an assistant vice-president of research at the C.D. Howe Institute, appears uninformed on the subject. If he had read the UN Intergovernmental Panel on Climate Change (IPCC) reports, its summaries for decision-makers or the lead researchers’ emails made public before IPCC 15 in Copenhagen, he would not support the IPCC theory as proven or relevant.

I regret that CPA Magazine has published articles in support of this unproven theory and will suffer the loss of public confidence by reason of its support of global warming.

James Shutiak, CA, EMBA, CMC, CFE (retired)

Disclosing a disclosure

With respect to "A Corporate Tax to Grind" (April), we want to bring to your attention misleading comments that could be harmful to our company’s reputation. The article opens with a paragraph about Cameco’s dispute with the Canada Revenue Agency. It implies that Cameco did not disclose its tax dispute with CRA to investors and other stakeholders before the spring of 2013 and that we failed to disclose the information for two years.

In fact, the matter was first disclosed when it originated: see page 46 of our 2008 annual management’s discussion and analysis (MD&A) and note 16 in the notes to the consolidated financial statements. Significant developments since that time have been disclosed in a timely way. The only difference in 2013 was that it was the first year we were required to make a cash payment under the provisions of the Canadian Income Tax Act as a result of the dispute. Also, given our expectation that we would have to continue to make cash payments going forward, we provided an estimate of the potential impact of these payments on our cash flow, quantifying the expected impact using the methodology we believe the CRA is using. In addition to the disclosure provided in our MD&A, our senior vice-president and CFO, Grant Isaac, provided further remarks on the conference call following the release of our results and responded to investor questions. Our 2014 annual MD&A further updated that disclosure.

Cameco prides itself on its disclosure practices and has gone well beyond what is required with respect to this issue to help the investment community and shareholders better understand the dispute and the extent of the potential impact on the company if we were to be unsuccessful in our case.

With respect to the dispute itself, we continue to adhere to our policy of not providing any information beyond what is included in our public disclosure and remain confident of a successful outcome.

Rachelle Girard, CMA, director, investor relations, Cameco Corp.

Not really a big deal

When I picked up the April issue of CPA Magazine, I was sure my eyes were deceiving me. Then I read the photo caption and concluded that it really was Tim Leiweke on the cover.

I acknowledge that I have not read anything about Leiweke in CPA Magazine. From reading about him in the mainstream media, however, I know that he does not hold a university degree, much less a professional accounting designation.

Leiweke is the latest in a long line of sports executives to make an effort toward making professional sport competitively successful in Toronto. This is a sports story. And, despite CPA Magazine’s national mandate, it is a local story without reach much beyond the Greater Toronto Area.

If CPA Magazine must use GTA-based popular-culture figures to wow us with cover photos and stories, please make them about such members as Paul Beeston or Bob Nicholson. Heck, why not Sergio Marchionne? He may not be a household name in Toronto but he has reached near-icon status in Detroit and Turin alike.

David Case, CPA, CA