UPDATE Government to review Civil ...

UPDATE

Government to review Civil Liability

On April 16th the BC control announced it was reviewing civil liability and seeking public input. A public consultation paper onward civil liability was released, and a deadline of June 15th was wager for public feedback.

Of major interest to the profession is that the review will apply the mind at joint and several liability. According to the consultation paper, "deep-pocket defendants face enormous liabilities, and rising insurance premiums, to pay entire damage awards that are gone out of proportion to their extent of fault."

The consultation paper noted that there are a variety of reform possibilities in the areas of joint and several liability, and the following questions were bring forward forward for feedback:

* Should the law of joint and several liability be legislatively modified or abolished?

* If thus what type of legislative solution is preferable?

* for what cause might the interests of the plaintiff be screened if joint and several liability is abolished or modified?

* Who should be required to obtain and maintain insurance, and for what emblems of actions?

* What alternatives are there to compulsory insurance?

* What do you behold as the outcome of the turn toward limited, and possibly unavailable, insurance?

This is the first time a BC dominion has taken a serious examine at the issue of joint and several liability. The ICABC will be providing input to the government's review, and will provide updates in hereafter issues of Beyond Numbers.

Information in succession the civil liability review is available at www.ag.gov bc.ca/liability-- review/index.htm.

Accounting Advisory Committee

John Cowperthwaite, CA, will chair the government's accounting advisory committee. The seven-member committee will guide the sway as it moves to completely adopt GAAP by April 1 2004 Other committee members are: Alan Barnard, FCMA; Bev Briscoe, CA; Elaine Eccleston, CMA; rap Harvey, CGA; Usa Pankratz, CA, CFA; and Joe Wurz CA.

New substitute Minister of Finance

The BC restraint has appointed Paul Taylor to the position of representative Minister of Finance and Secretary to Treasury Board. Taylor was already Secretary to Treasury Board and takes athwart the Deputy Minister position from Chris Trumpy The ICABC will be meeting with Taylor in succession May 7th to update the of the present day Deputy on our issues.

CAs Appointed to Health Authorities

The BC guidance has shown that they understand the value CAs bring to an organization. Five CAs have been appointed to the strange health authorities, including: J.S. (Woody) Hayes, FCA, and ed Robinson, CA (Vancouver Island Health Authority); cognizance Galbraith, CA (Fraser Health Authority); and David Brownlie, CA, and Trevor Johnstone, CA (Vancouver Coastal Health Authority).

Chamber of illicit [i]or[/i] criminal intercourse Economic Policy Committee

Institute CEO Richard Ree FCA, has been appointed to the BC Chamber of Commerce's Economic Policy Committee. The Committee considers and reports in succession matters related to provincial and federal economic progressive growth as well as on finance and taxation policies, with particular emphasis forward the small business perspective.

BC Check-Up, 2002 Edition:

The ICABC-will be releasing an expanded BC Check-Up report in the fall of 2002 This year's Check-Up report will add the provinces of Manitoba and Saskatchewan to the study-additions that should provide for a certain number of interesting results. Since its inception in 1999 the BC Check-Up report has become increasingly compaatice in nature, and in 2000 was expanded to include Ontario, Alberta, and the national average.

To avoid solely repeating the analyses being done on other bodies, the 2002 Check-Up will also take into account the BC Progres Board's report.

The 2002 edition of the BC Check-up will be released to coincide with the BC government's parcel consultation meetings.

Past ICABC President Alison Morse, FCA, chairs the BC Check-Up advisory committee.

BC Legislative Agenda

As this issue of Beyond Numbers went to pres the direction had introduced only 20 pieces of legislation, the most numerous notable of which was Bill 20-Registry Statutes Amendment Act, 2002 The prolonged overdue legislation amends the Company Act, Manufactured hearth Act, Partnership Act, and Personal ownership Security Act to allow the Registrar of Companies, within regulation-making powers, to move from a paper-based registration hypothesis to implementing an electronic delivery of services. It's estimated that the actuate will save the BC guidance approximately $1.1 million per year.

Major amendments to the Company Act are look fored before the end of this month as are major deregulation initiatives, and amendments to the forest practices collection of laws and labour code.

Copyright Institute of Chartered Accountants of British Columbia May 2002

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