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SUMMER 2010

Will you shape it,or let it shape you?

SUMMER 2010 CMA UPDATE 3CERtifiEd ManagEMEnt aCCoUntantS | BRitiSh ColUMBia

CovER Photo: ShUttERStoCK, thiS PagE: iStoCKPhoto, Jay Shaw PhotogRaPhy

In ThIs Issue

Y Features10 Untie the Ribbon

Customizing the Microsoft office Ribbon feature By Ken Puls, CMA

13 On strategy, growth and survival By Don Nilson, CMA, FCMA

15 Watch what you’re doing to hit the mark you need to go beyond strategic planning – monitor execution for real results By Connie Siu, MBA, P.Eng, CMC

17 Ride the wave a small change can become a movement if you know where to hop on By Graham Dover and Tom Lawrence

19 Eyes on the road targeted learning helps new CMas plot the way ahead By Jeffrey Sparling, CMA

22 Learning curve five organizational development initiatives that cost almost no money By Mark Frein, MA, PhD

24 Transition anomaly or fraud? financial statements under ifRS By Daniel Laflèche, CA and Patrick McParland, CMA

32 2010 CMA BC Leadership Conference

Y Departments4 Letter from the Editor

5 Message from your President & Chair

6 News and notes the latest CMa events, CPld opportunities and CMas out in the community

27 Diary of a CMA in training the final countdown By Geoff Bryant, Candidate in the CMA Program

28 CMA program updates the Case Exam By Bob Gautama, CMA

30 Member update Members on the move, new faces and members in memoriam

34 Chapter profile Central interior/Peace

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ACCOunTInG MAnAGeMenT sTRATeGY

Certified ManageMent aCCountants | British ColuMBia4 CMA UPDATE suMMer 2010

LETTER FROM THE EDITOR

s many of you may know, last year I made the decision to pursue my CMA and entered into our CMA Executive Program last September. It has been a busy and challenging year as I’ve been immersed in furthering my technical accounting and finance knowledge. Having finished the first year foundation

phase of the Executive Program, I now have an even greater respect for our program candidates as they balance work, family and school. The CMA program requires a huge time and energy commitment, but as I can now personally attest, it is richly rewarding and provides an ideal learning environment to learn from one’s peers. This past year has redefined for me what really distinguishes our members and designation – it’s our expertise in strategy, management and accounting, and how we are able to holistically apply these three distinct skills sets. I believe the program’s focus on these three pillars is increasingly relevant in our global marketplace, and as companies transition for economic recovery.

This issue we look at change – what you can do now to inspire creativity, and increase engagement with your staff, and how small changes can result in larger organizational

shifts in thinking, working or overall strategy. We continue with our updates on the CMA programs by our Director of Programs, Bob Gautama, on page 28 and our “Diary of a CMA in Training” series by Geoff Bryant on page 27. I would like to thank Geoff, who is nearing the end of his journey through the CMA Strategic Leadership Program™, for his two-year contribution to Update.

Also, I would like to thank all of the members who attended our sold-out fourth annual CMA BC Leadership Conference in Burnaby May 18-19. Feedback from the conference has been very positive, with many of you telling us it’s time to move to a bigger venue and to expand the conference. I’m happy to announce that next year’s conference will be at the Hyatt Regency Hotel, a larger venue in downtown Vancouver. Plans are underway to make the 2011 conference the biggest yet. I encourage members to stay up

to date on conference news by visiting the Society’s professional development website at www.cmabc-pd.com. Details about next year’s keynote and seminar speakers will be announced on www.cmabc-pd.com as well as in future issues of Update and CMA E-News, the Society’s monthly e-newsletter.

I wish everyone a pleasant and relaxing summer and hope to see you at one of the upcoming Society events this fall.

Vinetta Peek, CMA (Hon.)Candidate in the CMa ProgramVice President, Programs and [email protected]

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Position your company’s message in front of B.C.’s strategic management and management accounting leaders by advertising in the next issue of Update. You’ll reach over 5,000 CMAs, CMA candidates and students. Contact Karen Rice at 604-205-1711 or [email protected] for advertising details.

suMMer 2010

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Please return undeliverable copies to address above.

n n n

ExECutiVE BoARdCHAiR donnie Macdonald, CMa, fCMa

PAst CHAiR Mia Maki, CMa, fCMa

fiRst ViCE CHAiR Kelvin stretch, CMa, fCMa

sECond ViCE CHAiR stephen lee, CMa, fCMa

tREAsuRER Patricia Kennedy, CMa, fCMa

sECREtARY Colin Bennett, CMa, fCMa

diRECtoRs-At-lARgEMichael Brown, CMa, Jeff Champion, CMa,

gerald dragomir, CMa, Clay harmon, CMa, fCMa, ron Matthews, CMa, Jim olsen, CMa,

simon Philp, CMa, Cecil stoochnoff, CMa, tammy towill, CMa, laura hartley, CMa - yuKon

lAY REPREsEntAtiVEsChamkaur Cheema, Maxine dehart

ExECutiVE stAffPREsidEnt And CEo Colin Bennett, CMa, fCMa

ViCE PREsidEnt, oPERAtions rick lightheart, CMa, fCMa

ViCE PREsidEnt, PRogRAMs & MARKEting Vinetta Peek, CMa (hon.)

uPdAtE stAffEditoR – ViCE PREsidEnt, PRogRAMs & MARKEting Vinetta Peek, CMa (hon.)

AssoCiAtE EditoR – CoMMuniCAtions sPECiAlist tiana MahuPdAtE EditoRiAl tAsK foRCE: david andru, CMa,

geoff Bryant, CMa Candidate, don nilson, CMa, fCMa, roy Quinones, CMa, Jeffrey sparling, CMa

Canada Wide Media, 4th floor, 4180 lougheed highway,Burnaby, B.C. V5C 6a7

Phone: 604-299-7311 | fax: 604-299-9188n n n

EditoRiAl CooRdinAtoR Cécile PearceARt diRECtoR edwin PabellonAdVERtising sAlEs Karen rice

PRoduCtion MAnAgER suzy Williamsonstudio MAnAgER Kristina Borys

PRoduCtion CooRdinAtoR sonia PrasadPRoduCtion sYstEMs MAnAgER Kim Mclane

AdVERtising PRoduCtion allison griffioen, Miki May, Chris sherwoodsEnioR iMAging tECHniCiAn debbie lynn Craig

ElECtRoniC iMAging laura MichaelsElECtRoniC PRoduCtion ina Bowerbank

n n n

CHAiRMAn & CEo Peter legge, o.B.C., lld (hon.)

PREsidEnt Karen fossExECutiVE ViCE PREsidEnt heather Parker, Cga

sEnioR ViCE PREsidEnt Millie Warren, Cga

ViCE PREsidEnt PRoduCtion Corinne smithViCE PREsidEnt MARKEting And digitAl MEdiA samantha legge, MBa

ViCE PREsidEnt EditoRiAl Kathleen freimondViCE PREsidEnt finAnCE farnaz riahi, Ca

A notE to REAdERsUpdate is published four times a year by the Certified Management

accountants society of British Columbia and is mailed to 4,000 CMas, 1,000 CMa students and industry partners throughout the province.

opinions expressed are not necessarily endorsed by CMa British Columbia. ®/™ registered trademarks/trademarks are owned by the society of

Management accountants of Canada. used under license.

suMMer 2010 CMA UPDATE 5Certified ManageMent aCCountants | British ColuMBia

MESSAGE FROM YOUR PRESIDENT & CHAIR

ith summer half over and plans underway for fall, we’d like to take this opportunity to update members, CMA candidates and students on our past successes and future activities. On May 17,

the CMA BC Board of Directors reviewed and approved the Society’s business plan and financial budgets for 2010/2011. As in past years, we continue to focus on membership growth, and member, candidate and student satisfaction, as well as increasing the profile of the CMA designation and our CMA members. Currently, there are 4,488 CMAs and 916 CMA candidates and students in B.C., and our membership is growing about four per cent a year.

Here are some of the many new and continuing Society activities and initiatives we have planned for 2010/2011:

n Expanded in-class and distance education, and self-study offerings for CMA students. We’ve increased capacity within our prequalification programs – CMA QuickStart and CMA Accelerated Program – and increased student support resources for the CMA National Entrance Exam (study guides, problem sets and practice tests).

n We continue to build upon our successful annual provincial members’ conference. This year’s conference on May 18-19 was sold-out and saw 400 members, CMA candidates and students and other business professionals come together for two days of professional development and networking. We are expanding next year’s conference on May 19-20, 2011 to the Hyatt Regency Hotel in downtown Vancouver.

n We have offered more Society-hosted Continuous Professional Learning and Development (CPLD) events for our members and have expanded the CMA BC professional development website (www.cmabc-pd.com) to include a library. We will also be offering more online learning opportunities in the coming year.

n This year we streamlined the online reporting option for CPLD and will upgrade some of the Society’s software and technology.

n Member communications have increased in frequency, particularly online with the implementation of a Society blog, www.cmabcblog.com, and social media networks on LinkedIn.com, Facebook.com, YouTube.com and Twitter.com. Both our monthly e-newsletter, CMA E-News and Update magazine, underwent a redesign this year. Both publications now have a greater focus on profiling members and professional development opportunities, as well as on how members and the Society are helping build the profile of CMAs in the workplace and community.

n We continue to sponsor and hold a number of events for student recruitment, including our popular CMA Career Night (formerly Four Courses, One Evening, No Final) event, case competitions for high school and university students, CMA mentor-matching program for university students, CMA information sessions around the province, as well as lunch-and-learn sessions

about the CMA designation with top B.C. employers.n The Society continues to build its employer and industry

relationships by improving our CMA Elite Employer Program and exclusive CMA BC jobsite www.cmabcjobs.com.

n Our annual Executive Tours continue in recognition of members who’ve been CMAs for 25 years or longer, as well as nominating members for B.C. life membership and the CMA Canada Fellowship (FCMA).

The CMA BC Society continues to participate in, and support, the many initiatives being carried out by CMA Canada and the CMA partnership, including many new international initiatives, continued development and enhancement of our national programs, and development and implementation of the new CMA branding campaign, Create Possibilities™, among others. We hope this gives you some sense of our direction and how we are continuing to forge ahead in a positive and progressive manner for the benefit of our members and the long-term sustainability of the Society.

Best regards,

Colin Bennett, CMA, fCMAPresident and CeoCMa British [email protected]

donnie Macdonald, CMA, fCMAChair, CMa British ColumbiaBoard of [email protected]

W As in past years, we continue to focus on membership growth, and member, candidate and student satisfaction, as

well as increasing the profile of the CMA designation and our CMA members.


NEWS & NOTES

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his spring and summer the Society sponsored a number of industry conferences and events including Afternoon With

a CMA at BC Hydro (May 4) and the RCMP (June 2). This event brings post-secondary students who are interested in the CMA designation to the offices of CMAs, to meet accounting and finance staff, network and find out more about CMAs’ roles within their companies.

On May 17, CMA British Columbia sponsored the Vancouver Board of Trade’s Company of Young Professionals (CYP) annual Leadership Bootcamp. This event, held at UBC Robson Square, had a panel discussion on business, management and how young profes-sionals can take a strategic approach to their career. This year’s panel included Kambiz Asrar-Haghighi, CMA, Lighthaus Logic Inc.; Rebecca Bolwitt, Miss604.com; David Helliwell, Pulse Energy Co-Founder; and Sophie Lui, Global BC Weekend Anchor. Jason McLean, President and CEO, the McLean Group, acted as the panel’s moderator.

This year’s fourth annual CMA BC Leadership Conference (May 18-19) was a sold-out event that saw 400 CMAs, CMA candidates and students and other business professionals come together for two days of professional development and networking. See pages 32-33 of this issue for more about the conference.

Earlier this summer, the Society held its first round of Executive Tours around

CMA sponsorships and events

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the province beginning in Kamloops (May 4), Okanagan (May 5), Upper Island (May 25) and Vancouver (June 16) in recognition of members who have held their CMA designation for 25, 30, 35, 40, 45, 50, 55 and 60 years.

In June, the Society sponsored both the Government Finance Officers Association of British Columbia (GFOA) conference in Sun Peaks (May 26-28) and attended the Financial Executives International (FEI Canada) Conference (June 9-11) in Victoria, for which CMA Canada was a platinum sponsor. The Society also sponsored the University of Victoria’s Build Your Future Conference (June 23-25) in Victoria.

Other post-secondary and high school events the Society sponsored include Junior Achievement of British Columbia’s JA Leadership Award and Celebrate JA! event on June 10. The award is presented to a high school student who shows significant devel-opment of leadership skills while participating in the JA Company Program – a Student Venture. The Society also sponsored the UBC Diploma in Accounting Program’s (DAP’s) Launching Your Professional Accounting Career workshop (June 28-29) for first year DAP students, as well as the SFU Accounting Student Association Banquet on July 27.

Above: Kambiz Asrar-Haghighi, CMA, Product Marketing Manager, LightHaus Logic Inc. at the CYP Leadership Bootcamp. Top Right: Attendees at the CYP Leadership Bootcamp. Right: Chris Zhu, CEO of the student-run company Phresh and JA Leadership Award recipient with Winnie Wan, CMA BC Marketing Administrator.

Far left: all left to right: Upper Island Executive Tour recipi-ents: (back row) Sherman Long, CMA; Stephen Kass, CMA; John Hingston, CMA; and Bob Fell, CMA; (front row) Ernest Tesluck, CMA; Colin Bennett, CMA, FCMA, President & CEO CMA BC; and Donnie MacDonald, CMA, FCMA, Chair, CMA BC Board of Directors. Left: Chapter Chair Bruce McLennan, CMA thanks Upper Island Executive Tour keynote speaker Bruce Williams, /A\ channel’s Manager of Community Relations and weather host.


NEWS & NOTES

Y Digital DashboarDMicrosoft Excel keyboard shortcutstry out the following time-saving shortcuts the next time you’re using excel:

[Alt] and ‘ Open the Style dialog box[Ctrl] and * Select the data

region surround-ing the active cell

[Ctrl] and [ Select cells that a formula directly references

KEYSTROKE FUnCTIOn

new Elite EmployersCMa British Columbia would like to welcome Vancity to the society’s elite employer Program.

the CMa BC elite employer Program was developed to create partnerships

with companies who employ, or are interested

in adding, CMas and CMa candidates to their team. Benefits of becoming an elite employer include preferred access to member networking events, exclusive events hosted by CMa BC on your company’s behalf, exposure – as well as free entry-level job postings – on www.cmabcjobs.com and much more. for more information about the elite employer Program, contact nicole Wears at [email protected] or at 1-800-663-9646, ext. 7005 or 604-484-7005.

Online membership dues tax receipt

CMa BC membership dues tax receipt can now be downloaded. online receipts are available within two business days of your

payment being processed. all members and CMa candidates and students were sent a dues letter in June. the deadline for dues payment is July 31, 2010. to download your tax receipt, log in to your member record on www.cmabc.com under “i am a CMa” or “students & Candidates” and then click on “Member login.”

Have you reported your 2009-2010 CPLD?all certified members need to report a minimum of 20 learning credits annually, with 120 learning credits reported over a rolling three-year period. the deadline to submit your CPld for the past year (July 1, 2009 to June 30, 2010) is september 30, 2010.

update your CPld online today. log in to your member record at https://www.cmabc.com/eseries/source/security/member-logon.cfm and then click “CPld online reporting.”

CPLD Opportunitiesfifth annual CMa BC ConferenceMay 19-20, 2011, hyatt regency hotel, Vancouver, B.C.

stay tuned for announcements of next year’s keynote speakers and seminar presenters. Visit www.cmabc-pd.com/conference for more details.

CMA Public Accounting ProgramCMas wishing to provide public accounting services, as defined in Bylaw 1.01, other than as an employee of a professionally licensed public-practising office, must enrol in and complete the society’s post-designation CMa Public accounting Program. these courses are offered in conjunction with the university of Waterloo’s Continuing studies department.

the registration deadline for the fall intake of tax i, ii and iii and audit i and ii is september 8, 2010. Visit ce.uwaterloo.ca/Certified_Management_Accountants.htm#t for course information. for more information about public accounting in B.C., contact Christa Janke at [email protected].

The Directors Collegethe directors College oversees the development of training and other program-ming in conjunction with its founding partners, the Conference Board of Canada and the degroote school of Business at McMaster university. the directors College has two levels of education – the Chartered director Program, where members can earn accreditation as a Chartered director (C.dir.) and other specialized programs and courses. CMa Canada members save 10 per cent on directors College registration fees.

to learn more about these and other upcoming CPld opportunities, visit the society’s professional development website at www.cmabc-pd.com.

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Top: Left to right: David Helliwell, Sophie Lui, Jason McLean, Rebecca Bolwitt, and Kambiz Asrar-Haghighi, CMA panelists at the CYP bootcamp. Left: Tim Spielman, CMA speaks with CMA BC’s Development Officer nicole Wears and Andrea Civichino, Editor of CMA Management magazine at the FEI Conference in Victoria.


NEWS & NOTES

CMAs in the communityMAs are active in a community near you. The CMA BC Vancouver chapter Sun Run team was up bright and early May 9 and had a respectable team finish of 15th out of 34 teams in the educational corporate

team category. Thanks to Stuart Mah, CMA for organizing this year’s running team and Rob Pellatt, CMA, FCMA for being the team’s official photographer.

“There are a ton of undergraduates flooding the

job market today, but by getting a CMA they will create value for employers and gain

an edge over the competition.”

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Richard HonkanenCapilano Campus [email protected]

“The focus of the SLP program is not just accounting, but also

management and strategy. The coursework integrates

other areas of business, such as marketing, operations,

economics, etc. As a result of this broad training, CMAs have

the flexibility to work in various areas of business and add value wherever they go, which I find

very appealing.”

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Shanal PrasadKwantlen Campus Rep

[email protected]

“The best part of being a CMA Campus Rep is knowing that you are actively making a difference.

The impact may not be that noticeable on a day-to-day

basis, but in the long run, to be able to step back and say, ‘I contributed,’ is more rewarding

than anything else. Being the rep also gives me the opportunity to share, with other students in my field, the enthusiasm I have for the designation.”

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Frank HuSFU Campus Rep

[email protected]

Welcome, CMA BC Campus Reps!CMA BC would like to introduce our new CMA Campus Representatives for the 2010-2011 academic year: Frank Hu at Simon Fraser University, Shanal Prasad at Kwantlen Polytechnic University and Richard Honkanen at Capilano University. The reps act as the Society’s contact for both on-campus students and CMA members working on campus. Our Campus Reps will be up to date on CMA campus events and are available to answer questions on the CMA designation.

On May 30, Society staff came out for the Walk to Fight Arthritis. The CMA BC team raised more than $6,500 for the Arthritis

Society of BC & Yukon’s fundraising walk. Special note to Colin Bennett, CMA, FCMA

and Rick Lightheart, CMA, FCMA, who each individually raised more than $3,000

and were just behind the third-highest individual fundraisers nationally.

Team CMA at the Vancouver Sun Run included Top row, left to right: Winnie Wan;

Jackie Hoffmann; Bob Gautama, CMA; Middle row:

nicole Parisi; Rajesh Gandha, CMA; Freemont Woo, CMA;

Front row: Brad Goodwin, CMA; Stuart Mah, CMA (team

captain); Glen Skidmore, CMA; and team mascot

golden retriever Toby.

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NEWS & NOTES

Looking for a past issue of Update?digital and Pdf versions of Update are available for download.

Missed your copy of Update in the mail? looking for a past article on strategy, management or accounting, such as our excel or leadership development/CPld article series?

access past issues of Update at www.cmabc.com under the “Connect with CMa” link in the “news and Publications” section. as of the fall 2009 issue, Update is available in an interactive digital Pdf format and can also be viewed on the society’s blog at www.cmabcblog.com.

If you have a news and notes item for the next issue of Update, please email Tiana Mah, [email protected], with your CMA event photos and tips.

The Victoria chapter was swinging and singing in the rain on May 30 at its annual chapter golf tournament and dinner at Prospect Lake Golf Course.


If you’re like most of the power user crowd, you’re probably asking: What was Microsoft thinking? The answer to this question actually lies in one of the core accounting principles: consistency. Microsoft wanted a consistent interface across program instances, and even applications. This was intended to make it easier to find commands, train new users and allow for help-desk support.

To this end, the UI design team removed the ability to create your own Ribbon tabs, as these would not fit the mould. The unfortunate part is that the commands were grouped by command type, (so that we could find them) but this forces us to flip tabs to utilize the variety of controls we need to accomplish our tasks. Microsoft felt it was sufficient to let us tack a few commands on the Quick Access Toolbar (the single line of icons above the Ribbon) to overcome this issue.

Despite its deficiencies, however, the Ribbon isn’t going away. So let’s look at what we can do with it.

Hiding the RibbonIf you really don’t like the Ribbon and want your space back, you can collapse it. To do so, right-click anywhere on the Ribbon and choose “Minimize the Ribbon,” which forces it to shrink to a one-line toolbar, as shown in Screenshot 1. Clicking on the tabs will temporarily pop the Ribbon back into view.

Exposing the Developer tabIf you make use of macros or forms controls at all, you’ll want to expose the hidden “Developer” tab. To do this in Office 2007, you need to click on the Office logo, then “Excel Options.” On the “Popular” tab, check “Show Developer Tab in the Ribbon.”

Customizing the Quick Access Toolbar (QAT)We can add our frequently used commands to the QAT. There are two methods to do so:

1. Right-click any command in the Ribbon and choose “Add to Quick Access Toolbar.” (Adding the PivotTable dropdown is shown in Screenshot 2.)

2. Click the arrow on the right end of the QAT. (See Screenshot 3.) This menu contains several of the more popular commands (such as print preview), as well as the “More Commands” option.

Clicking “More Commands” will take you into a window that lists all of the application’s commands. Simply click the command on the left, then the “Add” button, and it will show up on your QAT. Of particular interest here is the “Choose Commands From” dropdown box, where you’ll find all the commands grouped, including a group for all the commands that are not in the Ribbon at all. So if you miss having Excel read your spreadsheet out loud to you, you’ll find the missing menu item here. (Look for “Speak Cells” in the list.)

But I really want to make my own tabs!Personally, I find the QAT offerings a little weak for my purposes. For example, when I’m auditing a spread-sheet I use formula auditing tools, colours, fonts, data-grouping tools and more. The Ribbon leads to an

nyone who has used Office 2007 has come face to face with Microsoft’s new user interface (UI): a strip of tabs across the top of the screen known as the Ribbon. While some love it, there are many who don’t, their biggest complaints being that the Ribbon takes up too much space and/or they can’t find the items in the new menu paradigm.

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Screenshot 1: The minimized Ribbon.

Untie the RibbonCustomizing the Microsoft office ribbon featureBy KEn PUlS, CMa


incredible amount of mouse travel and time-wasting while hunting and tab-flipping.

The good news is that there are a couple of ways to build your own tabs in Office 2007:

1. Install the Ribbon Customizer add-in from: pschmid.net/office2007/ribboncustomizer/index.php

2. learn to program with XMl.The Ribbon Customizer is great, and even has a

free version, but it requires installation. This can be a show-stopper for some corporate users if they don’t have administrative rights to their desktops or an understanding IT department.

And while programming XML isn’t exceedingly difficult, it does take time to learn. This may be a daunting task, although a colleague and I ended up writing RibbonX – Customizing the Office 2007 Ribbon to provide a clear guide on doing exactly that.

If neither of those options appeal to you, you’re stuck – at least until you install Office 2010.

Customizing the Ribbon in Office 2010 After a huge outcry from the community, Microsoft reversed its position of a non-customizable UI, and

Screenshot 3: Accessing additional commands.

Screenshot 2: Adding the PivotTable dropdown.

Does your process for Managing Data work as well today as it did 5 years ago?

WE ARE SOLUTION PROVIDERS SPECIALIZING IN DATABASES and DATA MANAGEMENT. If you need to develop a new software application, rebuild an old one, or connect one to another, our Microsoft Certified specialists can help. We can make your data work for you. CALL TODAy fOR A fREE CONSULTATION: 604-684-8211www.compuwork.net

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Ken Puls, CMA is Controller and Director of IT at Fairwinds Community and Resort in Nanaimo. He is also a Microsoft MVP for Excel and principal of www.excelguru.ca.

Screenshot 5: A custom tab in Office 2010.

Screenshot 4: The Office 2010 customization utility.

Office 2010 shipped with a built-in utility to do exactly that. To build your own tabs and groups in Office 2010, simply right-click anywhere on the Ribbon and choose “Customize Ribbon.”

Once in the “Excel Options” window, (see Screenshot 4,) you can:

1. Create new tabs2. Create new groups (on custom or built-in tabs)3. Rename tabs (custom or built-in)4. Change the order of the tabs5. Add/remove commands to/from custom

groups6. Show/hide groups by checking/unchecking

themAs an example, let’s say that we wanted to create an auditing group that shows some of our favourite commands (note the following example requires Office 2010). To do this:

n Right-click the Ribbon and choose “Customize Ribbon”

n Click “new Tab”n Select the tab, click “Rename,” and type,

“Auditing”

n Click “new Group” and then the “Remove” button

n Click the “Choose Commands From” drop-down and select “Main Tabs”

n Expand “Home,” click “Font” and then click “Add”n Expand “Formulas,” click “Formula Auditing”

and click “Add”n Expand “Data,” click “Sort & Filter” and click

“Add”n Expand “Review,” click “Comments” and then

click “Add”n Click “OK,” and you should see a new tab in

your Ribbon, as in Screenshot 5.You can, of course, also create custom groups and add the specific commands that you need as well.

It’s nice to see that customizability has returned to Office 2010, as this was missing in Office 2007. This change is well timed, as the Ribbon has now been added into many other programs, including Outlook and Visio. Unfortunately, we still lack some of the handy tools that were available in Excel 2003, such as tear-away toolbars, which we can only hope will return in future versions of the program. n


Truth is, when the boom was on, you and your organization were probably run off your feet trying to keep up with demand. It was crazy, but it was a happy crazy because the money was flowing. (Do remember, though, what a nightmare staffing was in the last uptick.) With time and excess capacity on your hands, the downturn is actually a signal for you to do the things you didn’t have time for before.

It’s an ideal time to clean up “messes” in your organization, be they physical messes accumulated around your workplace, or processes that failed under the pressure of the boom. What failed? Why did it fail? What is needed to make it better? If your answer to these questions is that nothing failed – everything worked perfectly – odds are you’re lying or fooling yourself. So, dig deeper. Talk to staff, talk to your

key customers and suppliers. Remember, when the next uptick comes (which it will), you’ll be run off your feet again. So now is the time!

A downtick is also the ideal time to address strategy. When did you last take the time to do this? Can’t remember? A lot of people associate “strategy” with something high-falutin that emanates from MBA school. The definition of strategy in the Oxford Dictionary is, curiously, all about warfare. However, the root of the word is Greek and comes from “generalship.” You indeed are the “general” of your organization, regardless of whatever other title you might put on your business card.

So you say you have a pre-existing strategic plan on record? That’s good, but

On strategy, growth and survivalBy DOn nilsOn, CMa, fCMa

K, so there’s a recession in progress and business is down. As an entrepreneur or business leader, you have a choice in how you deal with the transition time before things pick up again. You can mope and feel sorry for yourself and worry about when the corner

will be turned to the next boom, or you can seize the opportunity of the moment.

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CERtifiEd ManagEMEnt aCCoUntantS | BRitiSh ColUMBia14 CMA UPDATE SUMMER 2010

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you don’t get a free pass. No value edge remains sharp forever. To keep your edge honed, you need to reassess it periodically. Most strategies have a lifecycle and a season. Be wary that the season may be changing, and your plan isn’t adequate anymore. The time to jump on this is now – before the plan runs out of gas. Strategic planning can also be a bit overwhelming if you embrace it across your entire organization and all your processes. Perhaps the more doable, “bite-sized” approach is to identify specific departments, functions or processes and target these for new thoughts.

By the way, newness isn’t likely to come from old places. You need to get away from your workplace to foster new thoughts – that’s why retreats are popular. New social associations are also conducive to creative thinking. So it’s time to crowbar off the nails that have you attached to your familiar perch.

This isn’t just an ad for resort getaways – it’s based on neuroscience. Experiences modify the connections between neurons. But when the brain is subjected repeatedly to the same stimuli, the neurons respond with decreasing vigour. Our brains are basically lazy energy-conservers. They take the path of least resistance and activate the neurons that have been previously programmed to interpret stimuli. The downside of that energy efficiency is that past experi-ence pre-programs our future perceptions. When faced with new experiences, the brain is forced to work harder and make new connections. In short, novel experiences incubate novel ideas.

How about a technology review?For starters, this should already be institutionalized in your existing processes. You should have an annual technology budget. Some of this will get spent annually on obvious things – something breaks and needs replacement. But as you approach the end of your budgeting year and significant tech dollars aren’t spent yet, that’s a sign for proactivity – go and find something to spend money on. I promise this won’t be superfluous spending. Rather, it will be the clarion call to progress. Technology improvements may be very specific to your industry, or they may be more generic. Do all of the workstations in your admin department have dual monitors? Are you addressing unnecessary paper flow, or just ordering reams of paper from Staples? Going green isn’t just about Gaia’s environmental issues; it is also about being business-smart. I guarantee that somewhere your processes include unnecessary paper production. Look into current scanning technology to see the neat things that are happening there. If you have people on the road, have you addressed technology

upgrades to make them more efficient? Are you up to date on cellphone technology? Have you considered building an intranet – that’s an in-house website – to enhance firm-wide communication and to capture and house the firm’s collection of intellectual capital? The buzz term for that nowadays is “KM” – knowledge management.

How are you spending your own time?Recent research in the U.S. estimated the average American watches 151 hours of TV per month – that’s five hours a day on average. If you’re one of those, you need to do some reallocation and find time for reading. Amidst the business press schlock, there are some excellent business books. Pick up Jim Collins’ Good to Great and embrace his “flywheel” to great-ness, which includes the now-famous “get the right people on the bus” mantra, as well as the “hedgehog concept” and “building a culture of discipline.” Evan Dudek will inspire and mutate your thoughts on inno-vation with his approach of lighting many tiny fires, rather than pouring all of your fuel on one giant one.

What metrics do you use?Are they still useful, or tired? Do you take them for granted or actually pay attention to what they say? It may be time to think of some new metrics – pick a few really salient ones and focus on them. If you’re not sure, consult your advisor or accountant for some new ideas.

Filling/emptying the busThis applies to both your staff and your customers and suppliers. Every Good to Great seminar I have attended has sent attendees away swearing to do some HR house-cleaning when they get home. Conventional wisdom says to cut costs to survive a downturn. Fair enough, but cut the right costs! Now may actually be the right time to spend more on staff training. Why? See the aforementioned discussion about being too busy in the uptick! Focus your training dollars on the hard stuff. Save the touchy-feely-training dollars for another day.

Anne-Marie Fink believes that “high-performing workplaces make for happy employees,” and not vice versa. This puts the onus squarely on the “general” to seize moments like these to raise the bar on performance. For you auto-racing fans, Collins’ bus has slowed down around one of the economic curves, and it’s your job to turbo-charge the vehicle for the inevitable full-speed straight-stretch that lies around the corner. n

Don nilson, CMA, FCMA is the Principal at Nilson & Company. He is also a member of the Update Editorial Task Force.


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perational effectiveness is about doing the right things right. When different areas of a business collaborate toward a common goal, you get exceptional results: minimal

duplication and rework, shared knowledge and expertise – the hallmarks of high productivity. Unfortunately, many businesses can’t get there.

Conventional wisdom tells us we need a strategic plan to drive the direction of our business – a meticulously thought-out document defining what we want to achieve and how. Strategic planning is certainly key to business success, but without proper execution, it’s nothing but a management exercise. Only consistent and ongoing monitoring of your execution strategy and tactics will deliver on your goals.

Most businesses face a variety of barriers to effective operation. These can include everything from “silo” operations, where departments and business units work in isolation, failing to share information or proactively collaborate, to the under-utilization of technology and outdated business practices. Often solutions meant to be short-term fixes become adopted norms and consume resources that could have been better utilized. Disparate applications and processes implemented over time result in immense effort wasted in non-value-add activities such as duplicate data entries in multiple applications, reconciliation of results and reinventing the wheel due to mistrust of data.

In order to build a scalable and sustainable operating model to deliver on your strategic goals, here are two best practices to build into your business.

Process, technology and people alignmentState-of-the-art technology is not a silver bullet, but it can boost your productivity when you weave it into your business activities

in a rational way. This requires exploring how current business processes can be modified, training staff to use technologies effectively and understanding how your business could leverage these technologies to provide critical decision-making information and achieve results that were not viable before.

An example – I was involved in streamlining the product return process for an Alberta retail company that incurred significant costs when it added e-commerce capabilities for the holiday season. Some products sold online were returned to the company’s retail store, where there was no access to the billing system. As a result, the returns had to be forwarded to the company’s warehouse for manual billing reversal.

With return rates much higher than anticipated, a huge backlog ensued. Only two people in IT were trained to do billing reversals. The warehouse created an Excel file to inform IT about the returns, and additional data was scattered in other ad hoc documents, which added complexity for support. The process resulted in higher processing costs than the retail price of some of the products sold.

The issues:n The end-to-end process was poorly defined – the warehouse,

retail location, IT and marketing departments worked in silos, and didn’t take time to define the product-return process. Had they collaborated, problem areas could have been identified and a more holistic process could have been implemented.

n The company relied on an ineffective existing return process, which didn’t work with the newly implemented technology and resulted in a host of issues that weren’t anticipated in the original plan.

This example illustrates that to align process, technology and people, you need a thorough understanding of what you want to achieve, and who does what, when and how. In the case cited, mapping out the return process would have identified areas that required attention. This helps pinpoint critical activities and steers you in the right direction when designing a solution.

Watch what you’re doingto hit the mark you need to go beyond strategic planning – monitor execution for real results

By Connie SiU, MBa, P.Eng, CMC

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CERtifiEd ManagEMEnt aCCoUntantS | BRitiSh ColUMBia16 CMA UPDATE SUMMER 2010


Performance drivers that countAll businesses review financial results and other key performance metrics closely. Metrics such as revenue, number of complaints and return rates tell you what you’ve achieved. Unfortunately, these are “lagging” indicators, and you’ll find yourself in a reactive, or autopsy, mode when results are poor. Why not be proactive and monitor the activities that drive results in the first place?

In order to determine what delivers the results you desire, you need to understand the activities performed. By monitoring these activities, you can identify problems early and implement changes before the bottom line is affected. These performance-driver metrics are “leading” indicators – and you want to focus on them.

In the case discussed above, the company focused on revenue as the key indicator of success. When the billing reversal backlog built up, it was more than three months before a proper team was assembled to diagnose the issues. Prior to that,

individual departments were managing their issues independently. Customer complaints were mounting as the return rate rose as high as 32 per cent. In monitoring returns processing, more appropriate metrics would be:

n Transit time to transfer returned products from the store to the warehouse;

n Time required to complete a billing reversal.These two metrics would have clearly indicated

where the bottlenecks were. Rather than adding more people in each area to handle the returns, it would have been more effective to invest in a system enhancement.

Monitoring performance-driven metrics gives you a framework and factual information for making sound decisions that improve operation, which in turn improves productivity and the bottom line. In combination with a proper alignment of people, process and technology, this approach can help you build a coherent operating model and a disciplined approach to execution. n

Connie Siu, P.eng., MBA, CMC is a consultant and guest speaker on operational effectiveness, and president of CDC Synectics Inc. (www.cdcsynectics.com). iS

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Not only was the declining and homogeneous church membership transformed into a growing and more diverse community, but the hot breakfast idea morphed into the establishment of a Day Centre. This facility now serves several thousand homeless people, providing 20,000 meals a year, as well as a range of services from legal assistance to laundry facilities.

Normally, you would expect to read a list of key factors that brought about the change – for example, a specific strategy, an influential style of leadership or a key triggering event. However, a team of researchers from the University of Texas (Donde Plowman, LaKami

Baker, Tammy Beck, Mukta Kulkarni, Stephanie Solansky and Deandra Travis, authors of Radical Change Accidentally: The Emergence and Amplification of Small Change) found that this particular change looked very different. It wasn’t planned or intended – it simply emerged. There were no major projects or deliberate plans. The effects of small radical initiatives just seemed to snowball in unpredictable ways.

Butterfly changeThe researchers believed this phenomenon was not unique, and occurred in many different settings. The idea that small changes can have monumental, unpredictable consequences is often explained through the example of a butterfly, and the flapping of its wings in one part of the world creating a storm elsewhere. But why do some small changes have such far-reaching effects and others seem to fizzle? For Plowman and her colleagues, the answers lie in understanding the complex interaction of factors that create organizational instability. It is this insta-bility that provides the fertile ground for an initially

Ridethewave

t all started with a discussion at a dinner table. The members of a church in a U.S. city decided to serve hot breakfasts to homeless people on a Sunday morning. It was hardly

a radical change in itself, but the effects were to ripple through the church and the community.

Ia small change can become a movement if you know where to hop onBy GRaham DoveR and Tom LawRence

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small change to grow into something much greater.

Four factors are key in creating organi-zational tension:

n Imminence of decline – the view that an organization’s survival is threatened;

n changed leadership – new approaches that disrupt existing patterns and ways of doing things;

n Struggles with identity – conflicting views about what an organization stands for;

n ongoing conflict – contradictory objectives among members.

The acquisition of new resources and the rearranging of existing ones spark new possibilities. For example, one member of the church who was a doctor started an ad hoc health service for the homeless that morphed into a fully staffed health clinic. Each change amplified the others, which transformed the context – not in a step-by-step manner, but in a complex series of interactions wherein positive feedback had a reinforcing effect.

Equally important, however, is negative feedback. Encouraging people to challenge

and counter any change is essential in keeping a level of organizational tension necessary for continuous transformation.

Sensing patternsSo what does this mean for change agents? According to the researchers, one key is interpreting small changes as they begin to accumulate and labelling them – assigning meaning to the changes rather than creating and directing change, a bit like a surfer riding a wave. This helps makes sense of the unfolding pattern of change, reducing uncertainty and ambiguity for organizational members and making it easier for them to generate ideas about what to do next.

The researchers argue: “The emer-gence and amplification of small change is not orderly. Managers should learn to expect surprise and see it as an opportu-nity rather than as an indication of poor control.” The implication is that change can be continuous, unintended, emergent and radical. Much depends on the ability of change agents to recognize the patterns and to engage in amplifying actions. It offers hope to all those who share their dreams at dinner! n

Graham Dover is a CMA Canada Centre Scholar at the CMA Centre for Strategic Change and Performance Measurement at Simon Fraser University’s Segal Graduate School of Business.

Tom Lawrence is the Weyerhaeuser Professor of Change Management and Director of the CMA Centre for Strategic Change and Performance Measurement at Simon Fraser University’s Faculty of Business Administration.


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By Jeffrey Sparling, CMa

ecently designated CMAs face an array of challenges as new doors open for them. While the CMA Strategic Leadership Program™ is a unique and powerful learn-

ing and training regimen that develops graduates who are able to provide strategic direction, business management and lead-ership in today’s global marketplace, the challenges faced by new grads challenge both the functional and enabling compe-tency sets of the CMA Competency Map. On the one hand, the newly acquired technical skills have not been fully devel-oped due to the lack of overall exposure to different business situations and the opportunity to practise these skills in both depth and breadth. On the other hand, new CMAs are expected to guide and influence, and the necessary lead-ership and interpersonal skills sets and experience may have not been sufficiently developed to do so.

What areas and skills do recent graduates need to work and excel in, to move into senior management roles? How can recent graduates acquire these skills in a timely fashion to achieve their professional ambitions and be the greatest leadership asset to their organizations?

Three critical areas must be addressed when a comprehensive development plan is contemplated for new CMA graduates:

1. What are the immediate needs of the organization and what are the skills required of me in order to carry out the professional responsibilities of my position in the organization?

2. Will I be pursuing a managerial/leadership career path?

reyes on the roadtargeted learning helps new CMas plot the way ahead

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3. Will I be pursuing a subject-matter expert career path?The expansion of both technical and leadership capabilities requires in-depth

skill development. Generally, any additional courses or training should include skill development components, rather than academic exercises alone. The old adage of “use it or lose it” applies here. Most adult-learning venues recognize this requirement and incorporate various exercises and role-playing to simulate real-world experiences. These learning environments help individuals move through new areas of personal development in a fashion that creates experiential situations, which move us out of our comfort zones in order to realize new capabilities.

The Application Phase of the CMA Strategic Leadership Program™ develops teamwork and is

an excellent starting point in developing critical thinking and interpersonal leadership skills.

Further development of the competencies of the CMA Competency Map is a function of time, experience, targeted learning and growth. However, it is real-world experience, supported by targeted learning and growth, that ensures the comprehensive development of a well-

respected strategic leader.Targeted learning in technical, market

and product areas will ensure an individual is well versed in his or her market segment.

Knowledge in these areas will provide the base from which intuition and a sense of understanding of the

market dynamics will emerge. This learning can be approached from a generalist’s perspective or from a subject-matter expert perspective. The former will probably move a person along a leadership path, while the latter will develop in-depth focus and knowledge.

Either of these paths must be supported by well-developed interpersonal and leadership skills. During my career I have seen too many examples of subject-matter experts who have achieved wondrous results technically, but have alienated themselves organizationally. Or leaders who are oblivious to the damage they incur in organizations due to their authoritative style and lack of interpersonal skills.

My experience in the design and delivery of both technical and leadership/interpersonal courses has proven there is a core group of courses that help drive and foster positive organizational culture and help me achieve the mission of my organization: “Dedicated to creating strategically aligned organizations for maximum profitability, organizational health and employee well-being.”

If I were starting out as a freshly designated CMA, I might consider the following program outline to fully develop and support my role:

1. Critical thinking 2. Collaborative negotiating 3. Interpersonal communications 4. Conflict resolution5. Coaching from a business perspective6. Team-building7. Leading changeI encourage both new CMAs and fellow members mentoring

the next generation of CMAs to formalize learning objectives and create a development plan focusing on the skill sets I’ve mentioned here and in past professional development articles for Update. As designated professionals we have an obligation to maintain our professional knowledge, and to lifelong learning. n

Jeffrey Sparling, CMa is the Manager of the Office of Strategic and Performance Management with Bouchard and Company, Chartered Accountants (www.bouchardco.com). He is a member of the Update Editorial Task Force and serves on the CMA Continuous Professional Learning and Development Committee and CMA Public Licensing Committee. He is also a moderator for the CMA Strategic Leadership Program™.


The responsibility for the development of people cannot be outsourced. We win if clients recognize what we can do, what they can do themselves and what role they must play in fostering a good learning culture within their organization.

The following suggestions explore what learning in an organization really is, and what it can be.

Read something really interestingBy really interesting, I mean something that is not a typical leadership-guru or management-trend publication. McKinsey and Co., for example, dropped copies of Jared Diamond’s Pulitzer Prize-winning book Guns, Germs, and Steel on its con-sultants’ desks. There are some very good books on business out there, but there are also many empty and unchallenging reads. McKinsey picked a book that challenges assumptions, opens the mind and makes one think – and contains many gems that can be related closely to the world of business.

Getting together to talk about the book

adds to the value; however, the simple act of reading a mind-stretching book together can create synergies and spark conversation and creativity.

Attend something artistic togetherCinema and artwork are forms of creativity that can inspire, challenge and enter-tain us. Get a team or even a small firm together to attend something artistic, and then spend some time talking about it. If I were to choose a movie or piece of theatre, it would be something that explores ethical issues. I remember showing Spike Lee’s film Clockers to a group of students to explore questions of ethics. As in Lee’s more famous film, Do the Right Thing, he explores questions of leadership, choice, ethics and decision-making in Clockers. All of these topics are hot on the minds of business people these days. But most of the commentary in standard business media tends toward platitudes and apho-risms. Engage your people in something that presents a problem without a clear solution.

Play a gameEveryone has been to corporate barbecues where employees play softball, hockey or another sport. Those are all fun things to do and occasionally do create good team and organizational bonds (although I’ve seen just as many resentments develop from corporate barbecue team sports).

In the literature of organizational culture, we call such things “rites of integration.” For a change, try bringing in a board game, or even a video game, for your team. When people play games together, they’re forced to learn. If it’s a competitive game, they learn to adapt to the competition. If it’s a cooperative game, they learn to “play well with others.” We often use the Nintendo Wii with clients for developmental purposes. The trick is not just to encourage play, but to think about, and then talk about, what happens when we play and what we can learn about working more effectively by playing together. Many of the custom simulations we develop for clients have their roots in strategic board games, and there are plenty of good ones to pick from.

Teach each otherOnce per quarter, all of our consultants come together for a development day, when we focus on teaching each other. It’s one of the few things I hold sacred as Managing Director of the Refinery Leadership Partners. We practise teaching and learning with


five organizational development initiatives that cost almost no moneyBy MARk FRein, Ma, Phd

t might seem strange for a management consultant like me to offer suggestions on how to develop management and leader-ship abilities in organizations and spend nothing – or at least very little. While consultants do want to engage with clients, we also want industry in general to get as smart as possible about

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each other to deepen our individual and collective craft. Many organizations miss opportunities to encourage development by and for themselves.

In addition to being a great way to develop communication skills, there is no better means to deepen one’s knowledge of a subject than to teach it to others. Not everyone is a talented teacher or facilitator, but encouraging employees to try is a great way to engage them and create a challenge.

Foster continuous feedbackWe have worked with clients on occasion to design and develop 360-processes, or custom feedback-generating activities. But this need not be a formal or expensive process. And it need not be about “perfor-mance” – or even be treated too seriously. It can be as simple as setting aside a time for employees to exchange notes on something they noticed another person do that inspired them.

Organizations that are committed to continuously improving make feedback cultural, not occasional. The idea of a once-per-year performance review becomes as ridiculous as the concept of a once-per-year review of the financial health of the organization. We care continuously about financial health and we ought

to care continuously about the growth and development of employees. The more an organization provides means to give and receive continuous feedback, the more feedback can become part of the culture.

These ideas have a few things in common – they’re aimed at expanding knowledge, challenging assumptions and encouraging links between individuals. Almost any activity that accomplishes these three things is, in my opinion, educative.

Some organizations approach the development of people as something that occurs, conceptually, “outside” the bounds of the organization. In the same vein, some organizations see training, development and education as something that is done “to” their people. I would recommend changing this paradigm. Learning is also something done within an organization and between people. Further, learning is a

primary vehicle for the devel-opment of excellence in an organization.

I’m not worried about being put out of business because organizations take development seriously, and teach themselves. I’m worried about organizations not seeing the value of serious learning, and not taking responsibility for the growth and develop-ment of their people. n

Mark Frein, Ma, PhD is Managing Director of the Refinery Leadership Partners Inc.


Transition anomalyor fraud?

Fraud has always been with us: wher-ever people perceive an opportunity to take advantage of someone through deceit and are so motivated (and suffi-ciently lacking in integrity), fraud is likely to occur. The conversion to IFRS has the potential to create just such an opportu-nity. Within the reporting entity, those responsible for corporate governance, as well as management, internal auditors and risk managers, all need to understand the impact of the changeover to IFRS. Shareholders, creditors, suppliers, regu-lators and all other users of the entity’s financial reports should also understand the risks associated with IFRS.

The technical elements of IFRS are well documented elsewhere and not the focus of this article. Instead, we’ll provide a simple example of how financial statements could vary between current GAAP and IFRS statements, and even between IFRS statements themselves, depending on the options selected.

A case studyInvestment property was purchased, at a price of $1 million, for long-term capital appreciation, and is worth $4 million at the end of 2011. The loan was refinanced the day after its fiscal year-end and before the release of the financial statements. Debt-to-equity ratio is defined in the lending agreement as current and long-term debt divided by equity and retained earnings.

The differences among the statements in our example (see table on opposite page) reflect two changes: first is the option in IFRS to value the investment property at either cost or fair value; and second is the classification of loans as current debt under IFRS if the loans are due in the following fiscal year, regardless of subsequent events (i.e. refinancing prior to issuance of the prior year’s financial statements).

In our example, the IFRS FV position presents the “fair value” of the investment property as $4 million, resulting in a significant swing in the debt-to-equity ratio.

Under IFRS there are options allowing for the revaluation of certain assets, including plant and equipment (IAS 16), intangible assets (IAS 38) and investment properties (IAS 40).

Management’s motivation for choosing one valuation method over another (and possibly for misstating the underlying value of assets) will vary depending on a number of factors, including industry sector. Where management’s remunera-tion is based on company performance, there may be motivation for opting for the highest value irrespective of whether this represents the best long-term policy choice for the company.

With respect to the classification of loans, management may choose to refinance debt too soon, or even falsify documents (to reflect an earlier or later renewal date), in order to minimize the impact of any loan reclassification in the statements.

Users of financial statements prepared under IFRS will need to carefully assess how any revaluations may have impacted the financial statements. For example, lenders will need to consider the impact on loan covenants, specifically those related to debt-to-equity or other ratios. Borrowers (statement providers) will benefit from a higher value for their assets, thus potentially compromising the lender’s position.

New accounting standards will require users of financial statements to


financial statements under ifrsBy DAniel lAflèche, Ca and PATrick McPArlAnD, CMa

t should be no surprise to our readers that international financial reporting Standards (ifrS) come into effect for publicly accountable entities next year. Preparers and users of financial statements need to be aware of the risks associated with the move from canadian Generally Accepted Accounting Principles

(GAAP) to international Accounting Standards (iAS). One such risk, and the topic of this article, is ifrS-related fraud. Preparers and users of financial statements should take precautions.

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Patrick McParland, cMa, cFE, cFi is a principal in the Vancouver office of Grant Thornton LLP with over 20 years of experience as a forensic accountant. He has led, or participated in, numerous fraud prevention, detection and investigation assignments, as well as other commercial litigation and compliance matters.

daniEl laFlèchE, ca, cFE, ciSa is a senior manager in the Vancouver office of Grant Thornton LLP with over 15 years of experience providing a variety of risk-related services to organizations, including fraud-risk assessments, control reviews and fraud-detection and incident-response services.

more seriously consider the underlying assumptions, motivation and basis for presentation before making decisions based on them. Add in potential for confu-sion during the conversion period and possible wilful intent to commit fraud, and the situation becomes more challenging.

Fraudulent financial statements can be used for many purposes, and the methods of fraudu-lent presentation are as numerous as the motives. The main risk with the IFRS revaluation of assets is that unscrupulous preparers of the financial state-ments may over- or understate asset values for their own purposes. Appraisers and valuators can arrive at different values for businesses and assets due to differences in assumptions and data. Given the ability to revalue assets to fair value, some managers may choose to “shop” their appraisals or valuations or, in the extreme, simply fabricate them.

Planning for ifrSManagement (preparers) and internal users of finan-cial statements will need to give careful consideration

to the impact of the IFRS changeover on the financial statements, and the underlying accounting policies, procedures and internal controls. External users will need to carefully examine the notes to the financial statements to gain a better understanding of the impact of the IFRS changes.

Given the increased risk of fraud in this period of change, it’s important that a company’s fraud risk-management program be up to date. With the considerable impact that asset revaluations could have on earnings, or the financial position of the company, a high standard for the quality of these estimates should be set. This will be accomplished in part by using qualified, professional and independent audi-tors, valuators and appraisers.

All users of financial statements should exer-cise extreme caution during this conversion period. Unusual or anomalous results, including ratios, should be carefully and thoroughly examined and understood. Users of the statements should not simply assume that all such anomalies are the result of the conversion to IFRS – they could indicate fraud. n

STATeMenT Of finAnciAl POSiTiOnAS AT DeceMBer 31, 2011

currenT GAAP ifrS cOST ifrS fV

Cash $100,000 $100,000 $100,000

investment property $1,000,000 $1,000,000 $4,000,000

Total $1,100,000 $1,100,000 $4,100,000

Current debt $100,000 $600,000 $600,000

long-term debt $500,000 - -

equity $500,000 $ 500,000 $ 500,000

retained earnings - - $ 3,000,000

Total $1,100,000 $1,100,000 $ 4,100,000

current ratio 1.00 0.17 0.17

Debt-to-equity ratio 1.20 1.20 0.17

case-study statements.


Geoff Bryant is a Junior Accountant with Océ Display Graphics Inc., and is currently a candidate in the CMA Strategic Leadership Program™. He is also a member of the Update Editorial Task Force.

The final countdownthe module six interactive session and Board ReportBy Geoff BryanT, CandidatE in thE CMa pRogRaM

n a matter of weeks, my journey through the CMA Strategic Leadership Program™ (SLP) will come to an end; however my career as a CMA is about to begin. At the final interactive session, module six,

I and other candidates commented on how fast the last two years had gone by. Looking back, it was this time last summer we were all preparing for the year one case exam.

Interactive session for module sixAs the last interactive session of the SLP, we were all anxious to continue working on the Board Report; however, the topics addressed at this session were of particular value for preparing our Board Report. The three areas discussed were organizational structures, pricing strategies and corporate governance, all of which affect every area of an organization. Candidates shared their own experiences with pricing, and how this strategic decision can affect not only profitability, but customer perception, ethics and internal controls.

Day two of module six was dedicated to Board Report preparation. Each Board Report group, which consists of three to four group members out of our larger SLP cohort, presented its “Seniors’ Care Inc.” case. Our moderators acted as a mock board of directors. Once the presentations were complete, the “board” asked each group questions, focusing on the strategic long-term decisions we made for Seniors’ Care Inc., and the implications. My group and I left module six feeling confident about our presentation format and skills; however, after the simulated board of directors’ questioning period we knew we needed to develop and prepare further for our Board Report question-and-answer period.

Preparing for the Board reportThe key to successfully pulling the Board Report together is organization and having a timeline. I had heard this, but now I see it’s what has held my group together. Before we even read the Board Report we developed a road map for the case – and we have stuck to it. This has allowed us adequate time for review, spot-checking appendices and refining the entire

report so that we can be proud of the calibre.Groups may chose to meet in person or coordinate

Board Report tasks online using tools such as Skype. My group and I decided it would be more beneficial to meet in person as much as possible, along with using a group website to post documents and keep in touch. Adding to this logistical challenge was the fact that we don’t all live in the Lower Mainland. One of our group members lives in Prince George, and while she couldn’t meet in person, she would join us by conference call for eight hours each weekend.

Group dynamics are at the heart of working with others and every group will have its challenges. Our team exhibited tremendous teamwork and ambition to complete this program.

This year’s case is based on an airport authority in Alberta. A case based on a not-for-profit organization is something new for us, and we’ve found there is a greater focus on stakeholders’ needs, especially the community and government.

Board report challengesThe biggest challenge we’ve encountered in putting the Board Report together is where to draw the line in terms of research. Groups will spend weeks doing research that may be applicable, but the true test is selecting what to include in the report. My group and I took the approach that research should be focused around strategic alternatives, areas of growth for the future and any other research required for operational recommendations. Otherwise, this phase can be extremely overwhelming, because everything you research seems like it should be included.

In the fall issue of Update, I’ll report back on how the Board Report presentation went and look back at my SLP experiences. I’m excited to be finishing this final phase of my path to becoming a Certified Management Accountant!

Correction notice: There are only six modules in the CMA Strategic Leadership Program.™ In the spring 2010 issue of Update magazine, a module seven was mistakenly mentioned in the article subhead.

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DIARY OF A CMA IN TRAINING

The Case ExamBy BoB GauTama, CMA

ne of the functions of these articles I write for Update is to inform our members of program changes that have occurred over the years and, in particular,

since they themselves went through the program. One change to the CMA pathway most CMAs are probably unfamiliar with is the CMA Case Exam, implemented in 2007. While many CMAs are familiar with the CMA National Entrance Exam, the Case Exam, and its positioning within the CMA Strategic Leadership Program™ (SLP), is likely new to them. Also, the shift from a two-day National Entrance Exam to a single-day exam may be unfamiliar to those who obtained their CMA designation prior to 2008.

With the introduction of the Case Exam, the second day of the Entrance Exam has been moved to the middle of the SLP and renamed the CMA Case Exam. The rationale for the change was complex, and partly related to the rollout of a new national CMA Competency Map in 2006 and a corresponding rebuild of the SLP. For more details on this, please

refer to my summer 2009 Update article entitled, “The CMA Strategic Leadership Program: an overview.” It can be found at www.cmabc.com.

Upon completion of the SLP development phase (first year of the SLP), candidates are required to write the CMA Case Exam. The Case Exam is a four-hour business case problem that evaluates CMA candi-dates’ knowledge of the competencies acquired to date in their CMA studies, along with skills in strategic thinking, analysis, integration, judgment and written communication. Background information relating to the business case on the exam (the backgrounder) is provided to candidates in advance of the exam date. The backgrounder contains information about both the organization and the industry involved in the case. The candidates are expected to familiarize themselves with this information in preparation for the analysis they will undertake during the case exam.

Like the National Entrance Exam, Candidates are evaluated on an individual basis and must attain a grade of at least 60 per cent to pass. Candidates will then enter the application phase of the SLP (the second year of the program). Group development, communication, leader-ship, decision-making, ethics and problem-solving skills are at the core of the application phase. The SLP culmi-nates with the CMA Board Report. I’ll be writing more about this in the fall 2010 issue of Update.

A very recent change in the Case Exam has been the introduction of technology to make delivering the exam, taking the exam (from the candidates’ perspective) and evaluating the exam more effi-cient and effective. For the May 2010 Case Exam, CMA BC has incorporated the use of exam-delivery software to not only make the exam process better, but allow the students to make their case exam arguments using tools such as spreadsheets and documents. Concerns that computers could be used to cheat have historically limited the use of computers in the exam room, but the exam delivery software provides the benefits of computer-based testing while eliminating the possibility of elec-tronic cheating. It also eases strain on the evaluation process, as the exams can be uploaded directly to CMA Canada’s marking centre, eliminating the risk of lost exam packages and significantly reducing handling and shipping costs.

o

Certified MAnAgeMent ACCountAnts | British ColuMBiA28 CMA UPDATE suMMer 2010

CMA PROGRAM UPDATES

www.cmabcblog.com/ future-cma/

Know someone interested in becoming a Cma? Cma BC is currently accepting applications for the following programs:

Y Cma Executive Programapplication deadline: Aug. 13, 2010Start dates: Victoria – Aug. 27; Vancouver – Aug. 28Description: A two-year program for senior business and financial professionals with at least five to seven years’ senior management experience.

Y Cma QuickStart Programapplication deadlines: introductory financial Accounting – Aug. 16, 2010; introductory Management Accounting – oct. 4, 2010Description: takes 14 weeks to

complete and covers the prerequisite courses for the CMA Accelerated Program.

Y Cma accelerated Programapplication deadline: Aug. 13, 2010Start dates: Vancouver class – Aug. 26; distance education 1 (Mon. & thurs.) – Aug. 26; distance education 2 (sun. & thurs.) – Aug. 25; self-study – Aug. 28Description: a part-time, nine-month program that covers the 16 prerequisite courses for the CMA national entrance exam. this program is ideally, though not exclusively, suited for individuals with limited accounting and finance courses from their undergraduate degree, or who have a non-business education.

Cma program deadlines

suMMer 2010 CMA UPDATE 29Certified MAnAgeMent ACCountAnts | British ColuMBiA

BoB Gautama, Cma is Director, Programs at CMA BC.

Cma program deadlines continued…Y Cma National Entrance ExamDate: october 14, 2010Description: offered every June and october, the exam tests students’ knowledge of technical accounting and finance. upon passing the CMA national entrance exam students enter into the two-year CMA strategic leadership Program™ leading to a CMA designation.

to learn more about the educational pathways to a CMA, visit www.cmabc.com or contact the CMA office and request an electronic copy of A Member’s Guideline on the CMA Program. this guideline was included in the recent dues mailer sent to all members in June.

in upcoming issues of Update we’ll be covering the current pathways to a CMA in B.C., including the CMA Accelerated Program (formerly the fasttrack program), the CMA Accredited Program (CMA Canada-accredited bachelor of business administration or bachelor of commerce degree programs specializing in accounting), the CMA executive Program and the CMA-MBA Combined Program.

from recent member feedback we know many of you are unfamiliar with the educational options for students and business professionals interested in pursuing a CMA, as many of the programs have changed since you completed your designation. We hope this series of articles will bring you up to date and give you the tools to speak about the CMA designation to students, co-workers and other industry professionals.

arTiClES To waTCh for

Cma program updatesCma candidates write the may 12, 2010 Case Exam at Simon fraser university’s wosk Centre in downtown Vancouver.

The CMA accreditation process is continually being refined. While the CMA program may not be the same one some members went through, and it may be unrecognizable to some, the evolution of the program continues to develop ever-more-competent Certified Management Accountants. n

Note: in the article “A unique degree opportunity” in the spring 2010 issue of Update, there was an error in the table identifying course requirements for the Kwantlen BBA program for CMAs who have completed the slP. CMAs can now apply for direct entry to year four of Kwantlen’s BBA program.

degree electives must include two of the following:aCCT 4335: tax 2 and aCCT 4445: Audit 2aCCT 4180: forensic AccountingaCCT 4199: Accounting theory

! Contribute to Update today!

Do you have an article to

share? A CMA we should

know about? News CMAs

should know?

Email Tiana Mah,

Communications Specialist

at [email protected] to

submit articles or ideas for

Update Magazine.

CMA's of BC.indd 1 4/23/10 11:09:11 AM

DaviD De Git CMA


MEMBER UpdatE

Y Felipe O. Calderon, CMA is now Regional Director, Underwriting at the Business Development Bank of Canada. Felipe holds an M.Sc. in international banking and financial studies from Heriot-Watt University in Edinburgh, and is concurrently a PhD student in management at the University of St. Gallen in Switzerland.

Y Robin Dhatt, CMA has joined Schneider Electric as Manager Financial Planning and Analysis, Mobile Business. Previously Robin was a Senior Financial Analyst with Aritzia LP.

Y David De Git, CMA has taken on the new role of

Director, Finance from Corporate Controller with Columbia Power Corporation.

Y Andre Duinkerke, CMA has recently joined BC Ferries as a Senior Business Analyst. In this role Andre will be supporting new business development initiatives, as well as the growth of the commercial traffic and travel services segment.

Y Diane Kerley, CMA has been promoted from Senior Consultant to National Practice Leader, Accounting & Finance, with David Aplin Recruiting. Diane is responsible for coaching and mentoring the company’s

team of accounting and finance consultants across Canada, in addition to specializing in accounting and finance recruitment in B.C.

Y Stewart Marshall, ACMA, CMA has been appointed Discovery Foundation Mentor-in-Residence with the Venture Connection team at Simon Fraser University.

Y Audrey Moore, CMA has moved from North Douglas Sysco Food Services Inc. to Thrifty Foods as a Finance Manager.

Y Simon Philp, CMA has relocated to Seattle and is now Vice President, Seattle

Corporate Banking Group with HSBC Bank USA, North America. Previously, Simon was Senior Account Manager, Commercial Banking with HSBC in Victoria.

Y Drew Shaw, CMA is now Chief Financial Officer of Genalta Power Inc in Kelowna. Prior to joining Genalta Power, he was Chief Financial Officer of EPOD Solar Inc.

Y Debora Stranaghan, CMA has recently joined Kodak Canada as Director of its Worldwide Professional Services practice. Before joining Kodak, Debora was a Senior Manager with Accenture Consulting.

Felipe O. CalDerOn CMA

SimOn philp CMA

Diane Kerley CMA

Stewart marShall ACMA, CMA

ShelDOn tSe CMA, CIA, CFE, PMP

Members on the moveCongratulations to these CMa British Columbia members who have been promoted or accepted a new career opportunity:


New facesWelcome to these new members of CMA British Columbia:

Y Bertha Jay, CMA has moved from Prince Edward Island to Prince George and is now a Branch Manager with the Business Development Bank of Canada. Previously Bertha was Manager, Business Development with the Business Development Bank of Canada in Charlottetown.

Y Eric Dumoulin, CMA has relocated from Quebec to Vancouver and is now a Senior Financial Business Analyst with AXA Pacific. Previously, Eric worked for AXA Assurances in Montreal as a Sales Analyst.

We wish to extend our sympathies to the family and friends of the following members who recently passed away:

Vincent Carroll, CMA, Victoria, B.C.Vincent received his CMa in 1968 in ontario and moved to B.C. in 2005. in 1988 he retired, having held various senior management positions during his career. Vincent passed away on april 19, 2010 at the age of 85.

David Edward Clifford, CMA, Chilliwack, B.C.dave received his CMa in 1981 in ontario, transferring to B.C. in 2006 and working for allied Windows as a Controller. dave passed away on March 28, 2010 at the age of 62.

Victor T. Fowler, CMA, White Rock, B.C.Victor received his CMa in 1964 in alberta. he worked for the government of alberta in Consumer and Corporate affairs as senior auditor of Credit unions early in his career. he was also the assistant secretary of the society’s edmonton Chapter, in charge of event management, for five years. two of Victor’s greatest life achievements were being decorated by King george Vi with the distinguished flying Cross in 1944, and by Queen elizabeth ii with the Canadian forces decoration in 1966. it is with great sadness we report that Victor recently passed away at the age of 90.

Peter Alan Gardner, CMA, Sidney, B.C.Peter received his CMa in 1973 in ontario, serving on the Provincial Member services Committee between 1979 and 1980. he was Vice-Chairman of the Victoria Chapter in 1984-85. in 1999 Peter was granted life Membership status for his valued contributions to the society. Peter passed away on november 15, 2009 at the age of 78.

Howard E.W. Hayden, CMA, Port Coquitlam, B.C.howard received his CMa in 1978 in B.C., working for Mount saint

have you recently moved to a new company, or would you like to welcome a new Cma to your company? Submissions to members on the move can be emailed to tiana mah at [email protected].

Joseph hospital as a financial officer before becoming President of e.W. Business Consultants ltd. a supporter of his designation, howard was involved in teaching accounting seminars at Vancouver City College, douglas College and north Vancouver squamish indian association. he was also a minister and pastor in care homes and received a federal Certificate of Merit for this work. howard passed away on May 10, 2010.

Tony Marzitelli, CMA, Port Moody, B.C.tony received his CMa in 1992 in B.C. Before retiring he was the Controller at Pacific Coast terminals. tony passed away on april 5, 2010 at the age of 50.

Joan W. Taylor, CMA, Vancouver, B.C.Joan received her CMa in 1962 in B.C. We received notification that Joan passed away on april 14, 2010 at the age of 92.

Y If you would like to send a note of condolence to these members’ family and friends, contact Rick Lightheart, CMA, FCMA at 604-484-7004; 1-800-663-9646, ext. 7004; or [email protected].

Y Sheldon Tse, CMA, CIA, CFE, PMP has taken on the role of Director, Enterprise Risk Management with the University of British Columbia. Prior to joining

UBC, Sheldon was Risk Management Director of the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games.

Members in memoriam

English Bay Law CorporationCorporate & Securities Law

Incorporation, dissolution, restoration, annual resolutions, public reporting, offering & disclosure documents. Partnership,

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Certified ManageMent aCCountants | British ColuMBia

Y32 CMA UPDATE suMMer 2010

2010 CMA BC Leadership Conference

his year’s sold-out fourth annual CMA BC confer-ence (May 18-19) brought 400 CMAs, CMA candi-dates, students and other business professionals

togeth er for two days of networking, pro-fessional development and sharing best practices on financial leadership during economic recovery. Seminars focused on leadership development, interpersonal skills, social media, and change manage-ment, as well as more technical topics from the CMA Competency Map, such as risk and performance management. The Society was proud to have Diana Steele, owner of Eating for Energy; Peter Legge, OBC, LLD. (Hon.), Chairman and CEO, Canada Wide Media Ltd.; Bob Strachan,

CMA, FCMA, Chair, CMA Canada Board of Directors; and Brian Thwaits, “Brain Trainer” as this year’s keynotes. Photos from the conference can be viewed at flickr.com/cmabc.

Don’t forget to set aside May 19-20, 2011 for next year’s conference, to be held at the Hyatt Regency Hotel in downtown Vancouver. Visit www.cmabc-pd.com/conference for more details and stay tuned for conference announcements in future issues of Update.

CMA BC would like to thank the sponsors of this year’s conference:Gold: CCH – a Wolters Kluwer business and Robert Half InternationalSilver: Artel Insurance Services, Bean Services, Borden Ladner Gervais, Canadian Western Bank, Grant Thornton, Kwantlen Polytechnic University School of Business, Langara College, Mercer Bradley, LMS Prolink, TD Insurance Meloche Monnex, Thompson Rivers University – Open Learning and the University of Victoria Faculty of Business Executive Programs.

1: Kelvin Stretch, CMA, FCMA, First Vice Chair of CMA BC’s Board of Directors kicks off the Networking reception on May 18. 2: Keynote speaker Peter Legge, OBC, LLD. (Hon.), Chairman and CEO, Canada Wide Media Ltd. 3: Keynote speaker Diana Steele, RD, Owner, Eating For Energy.

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1

3

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Certified ManageMent aCCountants | British ColuMBia suMMer 2010 CMA UPDATE 33

7: CMAs brainstorm during the seminar Evaluating Market Performance for New Media. 8: Delegates share opinions at

Patricia Lambert’s Leadership seminar. 9: Deborah Stranaghan, CMA speaks on High Performance Operating Models.

10: Peter Legge, OBC, LLD. (Hon.), Chairman and CEO, Canada Wide Media Ltd. captivates delegates during his luncheon keynote speech. 11: Gourmet appetizers at the Networking Reception proved to be a hit at the end of day one.

The Networking Reception, May 18 (all

left to right) 12: Stuart Mah, CMA; Mirka Doray, CMA; and

Freemont Woo, CMA toast the event. 13:

Andrew Wood, CMA; Gerald Ginther, CMA; and Wish Kang, CMA

catch up at the end of day one. 14: Tatiana

Swanson, CMA; Deepthi Atukorala, CMA; Diane Kerley,

CMA; and Allison Kim, CMA rub elbows. 15:

Mona Luke, CMA; Catherine Dahl, CMA; and Elaine McKnight,

CMA share a laugh.

4: May 19 Luncheon keynote speaker “Brain Trainer” Brian

Thwaits. 5: Bob Strachan, CMA, FCMA, Chair of CMA Canada gets

day two underway as the Breakfast keynote speaker. 6: Jim Blatchford,

CMA, FCMA leads the seminar Professionalism & Ethical Behaviour.

4

7

10 11

12 13

14 15

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6

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CHAPTER PROFILE

Central Interior/PeaceMA British Columbia chapters are an essen-tial link in the Society’s relationship with its members and the local community. For each chapter, an executive committee of CMAs

is responsible for organizing and promoting activities to encourage member involvement, networking and professional development throughout the year.

To recognize the efforts of these committees and learn about their upcoming initiatives, Update spoke with Sheila Baker, CMA – chair of the Central Interior/Peace chapter.

Can you give us a brief description of your role as chapter chair and why you became involved with the chapter?I see my role as trying to increase awareness of the CMA designation in Northern B.C., and to make the CMA designation more appealing to students by show-ing what great opportunities they have to further their education locally.

My passion is to broaden the knowledge base of Northern CMAs and other managers by bringing top-notch professional development speakers to Prince George and the surrounding areas. Most CMAs from Northern B.C. have to travel to Vancouver to capitalize on great professional development opportunities.

What are your impressions of the level of CMA brand awareness in Central Interior/Peace?The level of CMA brand awareness in the Central Interior/Peace chapter is good. I feel most CMAs are knowledgeable about what they have to offer as a CMA, as opposed to other accounting bodies. Create Possibilities™ is what we are all about. I believe the local chapter needs to be more involved at the high school and post-secondary levels to teach students what makes us so great.

CMAs are all very hard workers and give 200 per cent to their jobs, which leaves little to no time for letting the public know just how great our society is. The personal satisfaction that comes from being part of a team that increases profits or successfully imple-ments a new strategic plan is great!

What are some of the challenges you face in Central Interior/Peace?One of the main challenges we face in our chapter is the availability of good local professional development. We need to encourage students and members to keep up with their professional development and stay on top of trends. With the forest industry being in such a bad state the past few years, many local companies are not paying for their employees to take expensive professional development. As a result, the quality of professional development taken by our local members suffers. Our region needs good, affordable, local professional development opportunities. Our schools also need to become more aware of the fantastic opportunities available to a CMA. Our local students say they face the challenge of not having someone local to assist them in their learning curves.

What are some of the upcoming chapter initiatives you have planned for 2010?In June we are hosting a two-day professional devel-opment course here in Prince George with Vijay Jog, Chancellor Professor at the Sprott School of Business at Carleton University. He’ll be presenting on value versus wealth, the balanced scorecard, and building corporate dashboards, among other topics.

Our social networking barbecue will be at Central Fort George Park on August 22, and everyone is welcome. We encourage students to come out and network with seasoned CMAs. This fall we’ll hold our annual general meeting in combination with the CMA BC Executive Tour.

Why did you choose to become a CMA?I love working with numbers. I received a scholarship in high school from CMA BC and never considered any other option. My love of accounting is in job costing and analysis. The thrill of being a part of improving corporate performance is very rewarding. Once you start working as a CMA you get hooked on your career. n

If you are interested in getting involved with the Central Interior/Peace chapter, please contact Sheila Baker via the CMA BC office at 1-800-663-9646.

C

Sheila Baker, CMa, Chair of the CMA BC Central Interior/Peace Chapter.

Sheila Baker, CMA and Vijay Jog, Chancellor Professor at the Sprott

School of Business at Carleton University, outside the UNBC

Conference Centre in Prince George where the Professional Development for CMA, CA, CGA and Management

seminar was held on June 17.

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