Professional matters: news and views for members - October 2014

CPA Canada’s Cairine Wilson is selected to join a national steering committee charged with developing a Canadian financial literacy strategy by 2015. Plus, a new study shows that accountants in senior corporate positions are optimistic about economic prospects for Q2.


A seat at the national financial literacy table

CPA Canada’s Cairine Wilson is one of 15 members of a national steering committee charged with developing a Canadian financial literacy strategy by 2015.

Wilson, who was chosen from more than 100 applicants, believes that CPA Canada’s ongoing investment in award-winning financial literacy programs — which produced three books and a growing network of 9,200 volunteers who share their experience and expertise by delivering free education sessions in their communities — was among the top reasons she was picked to join the team. The committee is led by Canada’s financial literacy leader, Jane Rooney, and reports to the minister of state (finance).

"Our participation benefits the profession because we’re key influencers of the strategy," says Wilson. "There’s a prestige factor for sure. But more than that is the opportunity for collaboration with others on the committee. Collectively, we’ll get more bang for our buck."

In her role as vice-president of corporate citizenship, Wilson is charged with promoting the good work of members and staff, spreading the word about opportunities and creating more ways for the profession to give back.


Optimism abounds in Q2

Heading into the second half of 2014, accountants in senior corporate positions remain optimistic.

More than half (56%) of those surveyed in June for the CPA Canada Business Monitor were optimistic about economic prospects over the next 12 months. (The percentage was almost identical in Q1.) Only 6% of respondents were pessimistic.

Almost half (48%) predicted an increase in employees at their companies in the year ahead. (The figure was 43% in Q1.)

In Q1 and Q2, 73% expected corporate revenue to grow in the next year. In Q2, 69% forecast an increase in profit; in Q1, the forecast was 66%.

In Q2, 66% were optimistic about their company’s overall prospects; in the previous quarter, the figure was 62%.

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Drilling into IFRS for oil and gas

CPA Canada’s three new Viewpoint publications make it easier for junior oil-and-gas companies to apply international financial reporting standards (IFRS) to their operations.

Identifying Levies discusses levies, liabilities and a new interpretation of IFRIC 21. Segment Reporting explores IFRS requirements, exceptions and the expectations of Canadian securities administrators. Accounting for Share Purchase Warrants outlines the need-to-knows on warrants.

Each Viewpoint offers examples and analysis that should interest CFOs, controllers and auditors. Find free PDF copies at

"From the outset, proponents of unification understood what success would entail: building and consistently communicating a high-level vision that was also firmly rooted in such practical benefits as efficiency, brand strength, competitiveness and global clout."

— Kevin Dancey, quoted in "Accounting for change," IABC COMMUNICATOR.

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