November 29, 2022

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World Finance Reviews

2022 Canadian Accounting Hall of Fame Inductees announced

CPA Canada volunteers have been honoured with Accounting Hall of Fame inductions (Getty Images/Jon Feingersh Photography Inc.)

NEW CANADIAN ACCOUNTING HALL OF FAME INDUCTEES ANNOUNCED

The Canadian Accounting Hall of Fame (CAHF) Board of Electors welcomed 11 new inductees who have made significant contributions to the accounting profession.

“The inductees’ contributions to the accounting profession in Canada have been exemplary and some have also made major contributions internationally,” says Alister Mason, FCPA, FCA, FCMA, director of the CAHF. “These amazing inductees include founders of the profession, as well as those whose leadership roles have been more recent.”

Here are the 2022’s honourees:

Founders of the profession:

  • Ellen L. Fairclough
  • James J. Macdonell
  • Francis G. Winspear

Leaders of the profession:

  • Paul G. Cherry
  • Sheila Fraser
  • Michael Gibbins
  • Richard F. Haskayne
  • Louis Ménard
  • Patricia L. O’Malley
  • Gordon Richardson
  • Guylaine Saucier

These awards mark important developments for the profession, but also serve as a historical record for future students to learn about accounting in Canada. “There is a great feeling of pride to be in the same profession as these inductees,” adds Mason.

Learn more about the inductees and their achievements here.

2022 ANTI-MONEY LAUNDERING GUIDE RELEASED

In April, CPA Canada released its updated Guide to Comply with Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Legislation to raise member awareness about changes to federal anti-money laundering (AML) and anti-terrorist financing (ATF) requirements.

“The AML/ATF rules apply only to CPAs engaged in activities covered by the AML/ATF legislation,” said Marc Tassé, CPA, financial crimes expert and guide contributor. “However, if your work veers into those areas, you not only need to know the rules, you need to make sure you comply with the requirements by having an appropriate compliance program in place, among other obligations.”

The new guide offers insights that will help CPAs understand if AML/ATF obligations relate to their activities. It also highlights enforcement methods by FINTRAC, the AML/ATF regime supervisor, and the risks of non-compliance.

Additionally, Episode 8 of the Foresight podcast with CPA José Hernandez, founder and CEO of Ortus Strategies, examines the evolution of corruption at local and global levels and the CPA’s role in stopping it. The episode also features insights from Michele Wood-Tweel, FCPA, vice-president, regulatory affairs at CPA Canada, about the new AML/ATF regulations and what they mean for CPAs.

Previous podcast episodes can be found here.

SURVEY: INFLATION, SUPPLY CHAIN ISSUES STILL A CONCERN

CPA Canada’s latest Business Monitor (Q1 2022) survey highlights supply chain problems and inflation as the main challenges among business leaders.

“These issues remain prominent challenges exacerbated by the situation in the Ukraine, so we will need further hard work and ingenuity to keep our economy on a growth path,” says David-Alexandre Brassard, CPA Canada’s chief economist.

According to the survey, 40 per cent of respondents are optimistic about Canada’s economy in the coming year, as compared to 43 per cent in 2021’s Q4, while pessimism rose from 19 per cent to 29 per cent in just one quarter. Pandemic concerns fell dramatically, dropping to 10 per cent this quarter, from 37 per cent in Q4 2021.

The Business Monitor also noted that government action to reduce climate change impact is a priority, with 57 per cent of those surveyed wanting the federal government to focus on mitigation

“Climate change can impact strategy and have significant financial and operational impacts, especially long-term, so there is value associated with finding sustainable solutions to reduce emissions and to accelerate the transition to a strong, low-carbon economy,” says Pamela Steer, FCPA, FCA, CFA, president and CEO, CPA Canada.

For additional details, the full report can be found online.

SUSTAINABILITY STANDARDS AND REPORTING UPDATES

Climate change and accounting for sustainability remain significant topics of importance for the profession. To keep CPAs on top of these issues, CPA Canada continues to monitor and contribute to sustainability-related standard-setting and regulatory developments.

As such, the organization has responded to a consultation paper by Independent Review Committee on Standard Setting (IRCSS) in Canada on the structure and governance for creating accounting, sustainability and assurance standards in Canada. The submission reviews seven main comments that focus on: continuing support for Canada’s standard setting; improving this process and independence; and encouraging the IRCSS to create future-ready recommendations.

To keep members informed about sustainability reporting, CPA Canada presented a webinar on International and Canadian Sustainability Reporting Developments. The free online event provided updates on the IFRS’s newly formed International Sustainability Standards Board, its first proposed standards for consultation, Canadian regulatory developments and sustainability standard-setting in Canada.

The webinar is worth one CPD hour and is available on demand.

KEEP LEARNING WITH CPA CANADA

Stay current with new and emerging issues that matter to the profession with CPA Canada’s insights and resources.

Here are some of the latest offerings:

STAY CURRENT WITH THE PROFESSION

Review the new regulatory changes in the 2022 AML guide, an AML/ATF webinar and other AML resources.

Plus, see what’s happening at the virtual ESG Annual Symposium and check out the lineup for this year’s The One conference.