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CANADA/US FINANCIAL REPORTING AND ACCOUNTING CONFERENCE
Conference held in Toronto on June 21, 22 & 23, 2005
Chairs: William K Orr, Fasken Martineau DuMoulin LLP; Nick Capanna, Deloitte & Touche (Montreal); Elliott M. Jacobson, Mintz & Partners LLP; William C. Dovey, Cole & Partners Limited
CD-ROM: Over 13 hours of video presentations
To purchase, please contact Federated Press.
LATEST REGULATORY DEVELOPMENTS
Panel discussion: Current regulatory issues at the OSC
Jonathan Lampe, Member, Executive Committee and Co-Chair, Corporate Securities, Goodmans LLP; Francis R. Allen, Senior Partner, Borden Ladner Gervais LLP; Patricia L. Olasker, Senior Partner and Member of the Management Committee, Davies Ward Phillips & Vineberg LLP; William K. Orr, Partner, Fasken Martineau DuMoulin LLP
- Recent Court Cases and Their Implications on Accounting
- The Hazards and Benefits of Internal Disclosure Policies
- Responding to Regulator Investigations: Lessons Learned
- Financial Review Obligations Expected by Regulators
- The Due Diligence Process and the Role of Internal Audit
"There have been several court cases in the recent past which have set a precedent for the industry. Lessons learnt include detailing parameters of internal disclosure policies so they can be realistically followed by the organization. Be timely and vigilant in responding to regulator investigations, as it may set the tone for the ensuing process. Finally, understand the new stringent due diligence expectations. What before may have sufficed will no longer be acceptable."
Video: 62 minutes
Current regulatory issues at the SEC
Riccardo Leofanti, Partner, Skadden, Arps, Slate, Meagher & Flom LLP
- Overview of the American Regulatory System and Reporting Obligations
- Understand the Financial Reporting Requirements for Canadian Private Issuers
- Restating Financial Statements: Practical Tips and Frequent Mistakes
- Sarbanes-Oxley Implications for Senior Officials and Mandatory Reviews
- Responding to an SEC Comment Letter
"Recent trends indicate that the number of restatements in the United States is on the rise. Most of these restatements are the result of flawed accounting policies and practices. If your organization encounters a material misstatement due to error or accounting irregularity be aware of the Sarbanes-Oxley requirements and the best restatement methodology. This includes conducting a thorough internal investigation, issuing a carefully drafted press release and filing the necessary restatement forms."
Video: 60 minutes • Overheads
Panel: New developments in Canadian Accounting Standards
Mark Walsh, FCA, Principal and Ian P. N. Hague, CA, Principal, Accounting Standards Board (AcSB)
- Outline of the Accounting Standards Setting in Canada
- Proposed Re-Evaluations to the Accounting Standards Board Caused by the Changing Financial Market
- Amendments to the Generally Accepted Accounting Principles (GAAP)
- Current Canadian Accounting Standards Board International Partnership Projects
"There have been several modifications and additions to the Generally Accepted Accounting Principles (GAAP) Handbook. The revisions affect the classification of liability and equity and entail mandatory fair value measurement for investment companies. Other accounting standard modifications comprise new rate regulation accounting guidelines and regulations for non-monetary transactions."
Video: 61 minutes • Overheads
ACCOUNTING FOR COMPLEX TRANSACTIONS
Overview of ACG-15: Consolidation of variable interest entities
Nick Capanna, Firm Director, Deloitte & Touche (Montreal)
- Defining and Comparing the Variable and Voting Criteria Models
- Assessing the Applicability of Regulation ACG-15
- The Business Scope Exemption: Determining the Character of an Entity and Your Relationship to It
- Key Steps in Identifying a Variable Interest
- Overview of Regulations on Franchise and Limited Partnership Arrangements
"My experience has been that organizations focus too much on the variable interest aspect and not enough on the consolidation feature of this regulatory standard. Be careful not to dismiss this parameter as it is above all a consolidation guideline. A key difference in this regulation is the introduction of a framework where an organization may control an entity without having voting rights because of its variable interest exposure."
Video: 44 minutes • Overheads
Business combinations
Sylvie Léger, Partner, National Assurance and Professional Practice and Sheldon Gunn, Senior Manager, KPMG LLP
- Appropriately Account for Pre-Existing Relationships When Combining Businesses
- Regulations on Purchasing Procedures and Non-Controlling Interests
- Modifications to the Definition and Scope of a Business Entity
- Assessing Assets Acquired and Liabilities Assumed in an Acquisition
- Changes Affecting Accounting Standards Due to the Adoption of the Economic Unit Approach
"There have been significant changes made to purchasing procedures. The definition of a business entity has been broadened in the new guidelines and fair value measurement has been adopted for several accounting applications. Standards for the recognition of acquired assets and assumed liabilities have also been modified and new disclosure obligations have been included that you must observe."
Video: 45 minutes • Overheads
Long-lived assets: Impairments and discontinued operations
Bhupender Gosain, Senior Manager, Public Companies Practice, Mintz & Partners LLP
- Properly Disposing of Long Lived Assets by Other Means Than Sale
- Effectively Measuring Long Lived Assets to be Sold
- Recognizing a Gain and Excluding Future Losses in the Sale of a Long Lived Asset
- Classifying, Reporting and Presenting Discontinued Operations
- Identifying and Disclosing Asset Impairment
"When your organization decides to dispose of an asset that is no longer being used, there are fundamentally three options available. Understanding the nuances of each method is critical as it will affect your reporting and disclosure obligations."
Video: 45 minutes • Overheads
Preparing for new accounting standards for financial instruments
Ian P. N. Hague, Principal and Kate Ward, Principal, Accounting Standards Board (AcSB)
- Timeline and Scope for the Emerging Standard on Financial Instruments
- Asset and Liability Classification Categories
- Techniques for Determining Fair Value
- Principles of Hedge Accounting: Hedged and Hedging Items
- Contrasting Cash Flow and Fair Value Hedged Accounting Models
"The real meat of the new standard is in the classification regulations. If you get the classification right, the rest will flow from there. If on the other hand, you make incorrect or inappropriate categorizations, you will likely be stuck with unsuitable accounting you don’t want down the road."
Video: 56 minutes • Overheads
FINANCIAL REPORTING
Revenue recognition: Making sure your statements comply
Elliott Jacobson, Partner, Advisory & Assurance, Mintz & Partners LLP
- Identifying a Consignment Arrangement
- Determining Revenue Based on Delivery and Performance
- Price and Collectible Considerations When Recognizing Revenue
- Bundled Product Revenue Concerns
- Distinguishing Bill-and-Hold, Rebate, Barter and Product Return Revenue
"Most of the regulations in this area are direct reactions to an increasing trend of organizations to restate their financial statements. This is partly due to the transition from an earnings based approach to revenue based analysis. It is important that you familiarize yourself with the accounting standards for recognizing revenue to avoid inappropriate accounting practices."
Video: 55 minutes • Overheads
Writing the MD&A
Brian A. Ludmer, Securities and M&A Lawyer, Managing Director for a Fund of Funds, Ogilvy Renault
- The Scope and Purpose of MD&A Requirements
- Case Studies of MD&A Failures and the Lessons Learnt
- Accounting for Business Segments, Disaggregation, Non-Financial Metrics and More
- Complying with the Forward Looking MD&A Component
- Best Disclosure Practices for Off-Balance Sheet Arrangements
"The purpose of MD&A is to complement and supplement the financial statements. Since it is an analytical corporate narrative that speaks to issues behind the numbers, it cannot exclude the input of operating business unit heads. It must be a live document that is continuously being updated in correspondence with the ebb and tide of your business."
Video: 47 minutes • Overheads
Resolving U.S./Canada GAAP differences
Jeremy Justin, Senior Manager, Complex Accounting & Transaction Expertise, Deloitte & Touche LLP
- Differences in the Shared Based Payment Measurement Standards
- Liability and Equity Standard Differences
- Defined Benefit Pension Plan: The Additional Minimum Liability Standard
- Divergences in Hedge Accounting Standards
- Determining Other-Than-Temporary Impairment
"Most of the difference in the Canadian and American Generally Accepted Accounting Principles is rooted in the differing historical underpinnings of the standards. The USA has adopted a rules based approach, employing stringent guidelines that attempt to rule out loop holes. In contrast, Canada has applied a principles based approach which provides more room for judgment. The best practice perspective is to find the research tools that are best suited for you and to continuously update your research results as the USA GAAP standards often change."
Video: 42 minutes • Overheads
DISCLOSURE AND CONTROLS
Going beyond Sarbanes-Oxley to transform accounting and reporting systems at RBC
Sheila M. Jones, Senior Manager, Financial Controls, RBC Financial Group
- Cause and Scope of Sarbanes-Oxley
- Implementing a Comprehensive Compliance Framework
- Key Factors for a Successful and Consistent Documentation
- Evaluating Design and Operating Effectiveness of Key Controls
- Implications of SOX on the Audit Committee and the Internal Audit Team
"While it has been almost three years since the enactment of Sarbanes-Oxley, it continues to be the focus of management and the auditing team. The requirements of section 404 continue to challenge SEC filers, as the guidelines and rules face continuous interpretation by the regulators, issuers and auditors."
Video: 31 minutes • Overheads
Reporting goodwill and other intangible assets for improved balanced sheet management
William C. Dovey, Partner, Cole & Partners Limited
- Defining the Valuation of Intangible Assets and Goodwill
- The Transition from Cash to Accrual and Balance Sheet to Income Statements
- Comparing Old and New Value Measurement Models
- Assessing the Value of Customer Relationships
- Evaluating Patents, Trademarks, Domain Names and Acquired Trademarks
"Intangibles are now often the drivers behind profitability and business income. That being said, it is difficult to manage something you cannot see, cannot touch and cannot book. The advantage of the new rules on intangible asset management is that the process allows you to identify intangibles and identify their increasing or decreasing value. This ultimately results in improved balanced sheet management."
Video: 42 minutes • Overheads
CICA guidelines on continuous disclosure requirements
Alan Willis, President, Alan Willis & Associates, Project Director, Performance Reporting Initiatives, Canadian Institute of Chartered Accountants
- Components of the Continuous Disclosure Obligations in National Instrument 51-102
- Understanding the Requirements of the Core Business Reporting Package
- The Role of Board Members in Financial Statement Preparation and Submission
- Overview of the Six General Principles of the CICA MD&A Guidance Report
- Summary of the CEO and CFO Certification Requirements in Regulation MI 52-109
"Much has happened since the CICA first came out with the guidance on MD&A preparation disclosure in November 2002. New corporate governance obligations and guidelines were introduced, including changes to the CEO and CFO certification requirements. This has contributed to the previously misunderstood perspectives of the MD&A obligations. In general, try to focus on principles instead of rules and make use of the available CICA resources that outline successful fulfillment of MD&A requirements."
Video: 46 minutes • Overheads
Reporting on internal control: Satisfying the CEO/CFO certification requirements
Stuart Hartley, President, FocusROI Inc.
- The Auditors Role and Changing Relationship with Management
- Overview of the Internal Control Framework and Enterprise Risk Management
- Highlighting Mechanisms that Reduce the Cost of the Internal Controls Framework
- The Canadian and American Internal Controls Toolkits
- Recognizing Significant and Material Deficiencies
"The Sarbanes-Oxley regulations on certification will stand the test of time. Although there is a considerable body of knowledge emerging from the short lived experience of SOX, auditors and managers obviously need more practice executing the new oversight requirements. Spend time evaluating the lessons learned and resources available to you as every hour spent in planning can save hundreds of hours in execution."
Video: 42 minutes • Overheads
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