Accountants weigh in on economy, provincial surplus

shailesh agarwal (professional accountant) (7642 Points)

14 December 2008

Accountants weigh in on economy, provincial surplus

CORY HURLEY

The Western Star

Richard Power, chair of the Institute of Chartered Accountants of Newfoundland, spoke to members of the western Newfoundland chapter this week. Looking on are Tashia Batstone, the organization’s CEO, and Jeff Follett, past chair. — Star Photo by Cory Hurley

CORNER BROOK — Chartered accountants in this province recognize the impact the global world is having at home.

Richard Power, the chair of the Institute of Chartered Accountants of Newfoundland, was in Corner Brook this week to make the chair’s annual address to the western Newfoundland chapter. The Western Star had an opportunity to sit down with him and a pair of his colleagues to discuss the profession and get their views on the provincial surplus and an ebbing economy.

At the provincial level, government was expected to read a revised Chartered Accountant Act into legislature this week, anticipating it will be accepted and proclaimed in the coming months. Power said it will allow incorporation of professional accountants in this province, for the first time, and allow them to have limited liability partnerships.

Nationally, one of the major moves afoot is the recognition of international financial reporting standards (IFRS). In Canada, this one set of internationally recognized standards will be implemented in 2011.

It is said to have a major impact on the profession, allowing all chartered accountants to feel comfortable viewing a set of financial statements from anywhere in the world.