CCR Committee Meeting Minutes
March 5th, 2008
11:00Am
Chair: / Alister Cowan, Vancouver ChapterVice Chairs: / Tyrone Cotie, Atlantic Chapter
Vic Wells, Hamilton Chapter
Members
Nicole Archibald / Paul Karr
Jennifer Best-White, Atlantic Chapter / Nancy Lala
Susan Campbell, Toronto Chapter
Sean Carleton, Calgary Chapter / Guests
Robert Eisner, Regina Chapter
Gordon Heard, Hamilton Chapter / Mark Walsh, Toronto Chapter
FEI Canada
Michael Conway
Lindsay Collins
MEETING AGENDA: February 5, 11:00am EST
Dial-in connection: (416) 640-4122 (877) 579-4178 Participant passcode: 552493#
1. Call to order and new member welcome· The CCR Welcomes the following new members to the Committee:
Sujeet Kini – Toronto Chapter, VP of External reporting at Open Text
Sean Carleton – Calgary Chapter, Controller of Imperial Oil Ltd
Paul Karr – Toronto Chapter, VP Controller of Nortel Networks
Nicole Archibald – Southwestern Ontario Chapter, VP Administration of Country Side Power Inc
Discussion Items
2. Review minutes of February 2008 meeting – accepted as written.
3. Review/update rolling agenda/work plans
· CSA Concept Paper 52-402 (April 13)
Primary issues as identified by Sean Carleton include Timing of IFRS, Reference to international accounting standards on adoption and labeling. The consensus was that this paper warrants a comment by the CCR. A taskforce was assembled and includes: Sean Carleton (lead), Paul Karr, Tyrone Cotie, Jennifer Best-White, Karyn Brooks and Gordon Heard. They will also be soliciting input from Mark Walsh and Serge Pherand who will serve as ‘advisors’ on this paper.
Target date of first draft is March 19th.
Michael Conway noted that one does not have to be a CCR member to contribute to a particular taskforce.
A press release was suggested to be created in conjunction with this submission.
Alister Cowan agreed to speak to John Carchrae directly on this issue.
· CSA – Executive Compensation Disclosure Proposals
Vic Wells suggested that the CCR should comment on this proposal and a taskforce was assembled. The taskforce includes: Vic Wells (lead), Jennifer Best-White, Nicole Archibald, Lucio Milanovich, Gordon Heard. Paul Karr agreed to solicit some additional help from a colleague of his at Nortel.
A press release was suggested to be created in conjunction with this submission.
· CPRB – Improved Communication with Non-GAAP Financial Measures (April 30)
Vic Wells questioned the need for a response to this exposure draft and the consensus was that yes, the CCR should be commenting on it. A taskforce was assembled and includes: Susan Campbell, Nancy Lala, Tyrone Cotie, Bob Eisner and Nicole Archibald.
Mark Walsh suggested holding a focus group with Chris Hicks. Vic Wells said that he would make some phone calls to find a lead for this taskforce, who will evaluate and undertake the idea of putting together a taskforce.
· AcSB: Financial Instruments amendments to section 1535, 3855, 3862 (Feb 29, 2008)
John Weerdenburg prepared a draft to be circulated amongst the committee for comment. The committee discussed the need to encourage membership in the Private Company Reporting subcommittee. Michael Conway agreed to speak to the CMA and CGA presidents to solicit additional memberships.
· AcSB: Adoption of international financial reporting standards, IFRS 1 (Jan 9, 2008)
CCR agreed that this item should be removed as the AcSB has made its final decisions. Mark Walsh added that there will be a release issued late in the month of March and this release should be put on the rolling agenda.
· IASB: IFRS 2, IFRIC 11- Group Cash Settled Share-Based Payment Transactions (March 17, 2008)
Lindsay Collins reported on behalf of Neil Robertson, that he had been working on a draft and would be circulating this draft to the committee for comment within the week.
· IASB: Amendments to IFRIC 23 – Distributions of Non-Cash Assets to owners (April 25, 2008)
Nancy Lala reported that she and Alister Cowan had reviewed this amendment and decided that no comment by the CCR would be necessary. The committee agreed.
*This call for comment was published in the FEI Canada newsletter to attempt to solicit interest and participation from the rest of the membership.
· IASB: Amendments to IFRIC 24 – Customer contributions (April 25, 2008)
The committee decided that this was not a compelling issue and thus, will not be commenting on it.
*This call for comment was published in the FEI Canada newsletter to attempt to solicit interest and participation from the rest of the membership.
4. Other Business
· Environmental and Sustainability reporting – Taskforce assembled. Linda Pellizzari to be removed from this taskforce for personal reasons.
· Face-to-Face meeting, rescheduled to May 15.
Lindsay Collins will be contacting Alister Cowan to verify John Carchrae’s availability on this date.
Adjournment
Next meeting date: Apr 3, 11:00am EST