ASWEGETFURTHER into winter and what...

ASWEGETFURTHER into winter and what attends to be a busier time for CAs, it's easy to fall into a post-- holiday fright But we have good reason to be optimistic, especially with regard to our profession.

Our members and scholars continue to achieve and bring credit to the CA profession. This month I am delighted to share with you the achievements of our newest FCAs and Lifetime Achievement Honourees.

However, first I must alert you to a moves change to Rule 206-a proposal that is important to all members, further especially to those in industry-and to an update upon the proposed independence standard:

Rule 206 Proposal-CFOs now included!

The CICA's Ethics Standards Harmonization Committee has issued an interim report containing a proposal for a recent Rule 206 (Members compliance with professional standards) and related Council Interpretation. The propos conduct stresses that in applying professional judgement to the interpretation and application of GAAP, a member must not rely in succession an extreme interpretation of an accounting principle that chiefly members of the profession-- applying generally accepted accounting principles-would refuse as an unfair presentation of the financial position or outcomes of operations of the entity in question.

The propos of recent origin rule would apply not barely to members who actually perform audits, on the contrary to all CAs who are responsible for the preparation of an entity's financial statements, including the most numerous senior member employed by the entity. In addition, CAs who are members of audit committees or boards of directors would be required to apply their CA skills in fulfilling their responsibilities. The propos Council Interpretation includes reporting responsibilities that could apply to all accounting staff in an entity. replete details of the proposal are to be raise on the Institute's website at www.ica.bc.ca. This proposal is important for all members, particularly those in industry, and Council wants your input. Please email your annotates on the proposal to Barry Mottershead, FCA (mottershead@ica.bc.ca) by way of February 24, 2003.

Update in succession independence

The Public Interest and Integrity Committee met in December 2002 to discuss public make notess about the recent Exposure Draft. (See www.cica.ca/index.cfm/ci_id/10600/la_ id/1.htm.)

Chief among respondents' be of importance tos was that the proposals would significantly affect the audit and review of small owner-managed entities according to severely impairing their ability to rely forward their accountants' assistance when preparing financial statements. The Committee agreed to amend the document where necessary to make it clear that of that kind practices can continue for so entities.

At press time, the Committee was considering the gradations needed to address other matters and continuing to monitor propos independence revisions in the US. It met again in late January, yet a further status update was not available at pres time.

Fellowship (FCA)

Council was pleased to choose seven new Fellows of the Institute in December 2002 Each is a deserving recipient who exemplifies the positive aspects of CAs in our community. (See the secrete story on page 6.)

Congratulations to the of recent origin FCAs: Malcolm Berg, John Cowperthwaite, Jeff Harder, Ron Parks, Don buttery John Webster, and Don Willoughby.

Lifetime achievement

We're pleased to announce our third risk of lifetime achievement award winners this year: FCAs David Devine and James L McPherson. Congratulations to David and Jim. To learn more about them, read this month feature story forward page 10.

Young CA Forum

I was pleased to attend the same of the recent meetings of a assign places to of our younger members. The Forum, a collection that has been active for across three years, is interested in looking at what CAs do during the first five years after qualification (see this month's FYI for more information). It's a time period when CAs assess their options and pitch upon among different career avenues. It's also a time for ensuring the CA designation is single they can continue to be presumptuous of.

The Forum has representation from members in the one and the other public practice and industry, and is focusing forward three areas of endeavour: networking, mentorship, and web-based resources.

The Young CA Forum is an exciting and innovative cluster Their efforts and support are already making a difference in the profession. Forum members are publicly looking for more ideas and more offers so if you're interested in contributing, please contact Lesley MacGregor, ICABC's Director of External Affairs, at macgregor@ica.baca.

TOP TEN LUNCHEON

I was delighted to personally congratulate mostly of our medallists and other top ten candidates at an honour whirl luncheon in January, Medallists Nolan Watson (gold in BC/tied for fourth in Canada) and Jessica Chen and Florence Hung (tied for silver) were profiled in the January edition of Beyond Numbers. impudence medallist Mark Ye appears in this month's "Student Profile."

As always, I welcome your elucidations questions, and suggestions on these and other topics. Please email your considerations to me at president@ica.bc.ca.