NoTES & NEwS
Breaking Ground: First Joint
Presentation to Budget 2014
Consultations
A
Providing Lessons
in Leadership
nother sign that BC’s accounting landscape has changed was evident when the profession
made its first joint presentation to the province’s Select Standing Committee on Finance
and Government Services, chaired by MLA Dan Ashton.
Richard Rees, CPA, FCA, the CEO of the Institute of Chartered Accountants of BC and the
BC transitional CEO, presented a summary of our BC Check-Up report and Business Outlook
Survey (see pages 12 and 18). He also identified four key areas that require action in the next
budget: 1) a tax strategy for liquefied natural gas (LNG); 2) simplification of the PST; 3) a review
of the Budget Transparency and Accountability Act; and 4) promotion of financial literacy.
While recognizing the economic and tax benefits of LNG, Richard called for clarity around
the proposed gas export tax, telling the Committee that the uncertainty is delaying investment
decisions.
Echoing earlier submissions, he also called for a simpler, more competitive sales tax, as the
major issue for business under the PST is the loss of input tax credits.
“We already know that when businesses are not taxed on investment, they purchase new machinery and equipment and hire and train more people,” Richard said, urging the government
to consider turning the BC PST into a value-added tax.
While supporting balanced budgets, Richard also told the Committee that it’s time to review
the 2001 Budget Transparency and Accountability Act, as accounting principles—especially the
GAAP “matching principle”—have undergone major changes in the past decade. “Following
outdated accounting standards can make balancing the budget difficult,” he said.
Finally, Richard addressed the monetary health of individual British Columbians and the
need to promote financial literacy, saying: “Good financial fitness is very much like having
a healthy and fit population. In the absence of high levels of financial literacy, we can expect
significant public policy issues and costs.”
To read our full submission online, visit the News & Events section of our website at
www.bccpa.ca.
On August 21, Eric Gounder, CPA, CGA;
Grace Mok, CPA, CA; and Jessica Pursell,
CPA, CMA, served as panellists for the
Vancouver Board of Trade’s Leaders of
Tomorrow Mentorship Program. The Program’s speaker series focused on lessons in
leadership from accounting professionals.
Eric Gounder, CPA, CGA, shares his insights on leadership at the
Leaders of Tomorrow speaker series event. Photo by Geoff Livingston
of Noravera Visuals.
CMABC Volunteer
of the Year Awards
On September 24, 2013, a volunteer appreciation breakfast was held
at the Hotel Georgia in downtown Vancouver to thank all CMA
members, candidates, and students who gave generously of their time
over the past year to help support CMABC initiatives.
At this year’s event, four CMAs were recognized for providing
outstanding support to Society activities through their work and
volunteer hours. Volunteer of the Year awards were presented to:
Mia Maki, CPA, CMA, FCMA; Jessica Pursell, CPA, CMA; and Judith
Watson, CPA, CMA, FCMA. In addition, a Lifetime Achievement
Award was presented to John Mould, CPA, CMA, FCMA, for his
years of service. Profiles of these latest award recipients are available
online at: http://blog.bccpa.ca.
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CPABC in Focus • Nov/Dec 2013
Volunteer of the Year honourees Judith Watson, CPA, CMA, FCMA (left) and Jessica Pursell, CPA, CMA (right),
with CMABC chair Tammy Towill, CPA, CMA, FCMA.