Today's Accountant Winter 2010 Issue

Today’s Accountant Winter 2010

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Members of 2009-2010

Evon Senathipathy

Director of Education

Talisa Ngo Professional

Development Coordinator

Matthew Vittiglio

Professional Development

Associate

Andrea Sierra Director of Marketing

Sashauna Foster

Marketing Associate

Bushra Nazer Competition Coordinator

Renu Shah Competition Coordinator

Balu Kanagalingam

Director of Admin and

Liaison

Shad Washington Director of

Finance

Sofia Hakimzadah Accounting Coordinator

Afua Oti Competition

Associate

Fatima Seedat Competition

Associate

Mohamed Mohamedali Competition

Associate

Sohail Hafizi Competition

Associate

Ahmad Abdalla Director of

Information Technology

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Table of contents Page 4 President’s Message - Asma Shahsamand Page 6 Why Settle for a Job, When You Can Have a Career - Certified General Accountants (CGA) Page 7 Bridging the GAAP from University to Industry - Shad Washington, Director of Finance Page 8 Create Possibilities - Certified Management Accountants (CMA) Page 11 Big Changes to Come in the Accounting Program at Ryerson University - Guoping Liu Page 13 PwC Canada Foundation - PricewaterhouseCooper Page 15 RUAS Partners

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Today, the Ryerson University Accounting Society’s role within the Ted Rogers School of Management has significantly changed; we are cultivating to be among the best of the best. Our mission as a team for the past year was to increase the number of students in the accounting major, to be the catalyst between accounting students and industry representatives and lastly to continue to build strong partnerships in the account-ing field. With the fast growing population of TRSM and a team fifteen intelligent individuals, RUAS has become a critical role player within the course unions and TRSM by catering to the needs of over 1000 accounting students alongside the 1000 first year students in the School of Business management.

We began this academic year with the intention to allow our students to thrive in the events that we put forth for them, which was evident in our first event; ABC’s of Networking. With the support of our sponsors, we began to teach about 100 accounting and first year students various topics ranging from; icebreakers, handshaking, dinner etiquettes and dress code. The students walked away from the event with the knowledge of how to start networking, it was the first step to the route of success. The tips that our students had learned, they began to implement at our CMA information session. The session enlightened students on the Certified Management Accounting designation but also the various ap-pealing industries that one can work in. We continue to strive for a great future and with our dedicated and supportive sponsors, we are get-ting closer to our goals daily. On behalf of the executives of the Ryerson University Accounting Society, I would like to sincerely thank our sponsors; CMA, PricewaterhouseCoopers, CGA, ICAO, Deloitte, KPMG, Ernst & Young, Ryerson Commerce Society and our Accounting Faculty.

Asma Shahsamand

Asma Shahsaman President

President’s Message


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Earning the CGA designation gives you the distinctive edge within the business community, opening doors to employ-ment and a wide range of career options. With the CGA program of professional studies, you don’t need to choose between school and work because you earn while you learn. A CGA designation offers flexibility, opportunity and fi-nancial reward. Becoming a certified general accountant benefits you at every stage of your career. It equips you with the tools essential for success, offering flexibility, opportunity and financial reward. Recognized for its commitment to qual-ity, integrity and thorough skills development, the CGA program of professional studies has proven to meet the highest of standards in leading-edge financial manage-ment competencies, integrated computer technologies and independent learning. The CGA designation is achieved by successfully complet-ing assignments and national examinations, passing com-prehensive final examinations on all aspects of the pro-gram, fulfilling practical work experience requirements of the CGA program of professional studies, and meeting the degree requirement. The program’s flexibility enables individuals from a variety of academic backgrounds to achieve their CGA designation. An affiliate of CGA Canada, the national body representing more than 71,000 CGAs and students, the Certified Gen-eral Accountants Ontario is a self-governing body, which grants the exclusive right to the CGA designation and con-trols the professional standards, conduct and discipline of its approximately 19,000 members and 9,000 students in the province of Ontario. To get started on the path to a great career, visit cga-ontario.org or cga-yourcareer.org.

Why Settle for a Job, When You Can Have a Career?


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Thank you! Is the first thing I want say. Thank you to my peers who have selected me to be President for Ryerson University Accounting Society (RUAS) for the 2010-2011 academic year. Thank you to those who have guided me thus far. Finally thank you to those of you reading this magazine.

My experiences in various positions on RUAS have thought me a great deal and I certainly feel that I have grown both per-sonally and professionally through RUAS. We as a group have also grown tremendously over our history and we plan to con-tinue this growth. RUAS events have gained the recognition and support of industry, faculty and our students. We plan to continue to develop our current events as well as embark on some new endeavors for the up coming year. The support we have received from industry organizations and representatives has always been one of our strongest resources. In the year to come we hope to not just maintain but build on these relationships and create new ones while expanding our reaches. The faculty and administration at Ryerson and the Ted Rogers School of Management has provided guidance and support when necessary and have been there to ensure the succession of RUAS as our executives graduate. Finally our students voice their ideas and we do our best to implement improvements. RUAS has always put our students first and next year will be no different.

The underlying theme for RUAS next year will be to, “Bridge the GAAP from University to Industry” by this we mean that we will continue to provide educational and informational opportunities with designation related and networking info sessions. We also want to provide networking opportunities with for our students and alumni with our annual Alumni Gala. Also pro-vide career networking opportunities with industry representatives and organizations at our Industry Night and Accounting Expo. Finally continue to promote Ryerson Accounting on an interuniversity scale with our annual ACHIEVE competition. I look forward to the 2010-2011 academic year with great excitement and enthusiasm. As our school’s namesake, Ted Rogers says, “the best is yet to come!”

Shad Washington Brid

ging

the

GAAP

from

Uni

vers

ity to

Indu

stry


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Create Possibilities Mira Sirotic, CMA In today’s ever changing business world, creativity has been identified as one of the most important ingredients for success. As per Juanita Weaver, creativity consultant with SCORE, “Creativity has always been an important business skill, but in this turbulent economy, it is essential.” She goes on to add that “building a creatively agile company will not only help you survive but give you a powerful competitive advantage.” So how can you, a budding business student and future business leader, be ready to meet this crea-tivity challenge? With most university courses em-phasizing technical skills and academic theory, stu-dents will often learn and memorize information that can be recalled during exam situations. Most classes, however, will not provide an opportunity for students to develop their creative talents and imagination. The emphasis, therefore, is mostly on the accumulation of knowledge, not creativity. And while it is clear that the accumulation of knowledge is a fundamental part of a university education, success in the real world will require an extra level of thinking that provides a holistic ap-proach and bridges knowledge with creative abil-ity. As Albert Einstein so aptly put it, “Imagination is more powerful than knowledge”. Einstein’s quote clearly points out that knowledge is limited by our current understanding, but imagination takes us beyond those limitations. Imagination challenges the status quo by breaking out of the confines of the impossible and creating new possi-bilities. It doesn’t take long to identify organizations who have embraced creativity & innovation and have prospered by doing so. RIM, Apple, P&G (Proctor & Gamble), & GE (General Electric) are household names who have made creativity and innovation their competitive advantage. But did you know that companies like Herman Miller (an office furni-ture manufacturer), Live Nation (the global touring

company famous for partnering with Madonna and U2), and Burton (a snowboard/surfboard manufacturer) are also listed among the world’s most innovative companies (Fast Company Feb. 2008 list of “The Worlds Most Innovative Compa-nies”). Companies from every industry segment will be looking to hire graduates who are willing and able to use both sides of their brain to not just measure value, but create it. They’ll need people who com-bine the logic, ethics and analytical skills of their left brain with the imagination, innovation and big ideas of their right brain. Approaching ideas with a customer-centric approach and having strong teamwork, problem-solving, and communication skills that foster collaboration among colleagues will also be key factors to support career success


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Companies from every industry segment will be looking to hire graduates who are willing and able to use both sides of their brain to not just measure value, but create it. They’ll need people who com-bine the logic, ethics and analytical skills of their left brain with the imagination, innovation and big ideas of their right brain. Approaching ideas with a customer-centric approach and having strong teamwork, problem-solving, and communication skills that foster collaboration among colleagues will also be key factors to support career success in the “Creative Economy”. So go on and think outside the box and shift some paradigms. Use random associations or compara-tive metaphors to stretch your thinking beyond

the obvious. Suspend your judgment before it stops the creative process in its tracks, and con-sider the possibilities of asking “Why not?” Always remember that it’s a creative world out there – the kind of world that needs people with great ideas, but more importantly, the skills to make them happen. So don’t just settle for great ideas, use both sides of your brain and create possibili-ties!

To learn how CMAs develop both sides of their brain and create real value, please visit CreativeAccountants.org.

READY FOR A NEW CHALLENGE? BECOME THE CMA STUDENT AMBASSADOR!

Are you ready to make a difference in the lives of your fellow Ryerson students?

Would you like to partner with a passionate Regional Director who will share her valuable professional experiences and career tips with you?

Would you like to be a student leader who has access to exclusive networking opportunities and career contacts?

Are you passionate about becoming a CMA and helping others know more about the valuable CMA professional designation?

If you answered yes to all of these questions, be sure to submit an application to become Ryerson’s next CMA Student Ambassador!

At Ryerson, the CMA Student Ambassador (CMASA) will work closely with Mira Sirotic, CMA. As the Regional Director who supports Ryerson on behalf of CMA Ontario, Mira will select Ryerson’s new CMASA by Mon. Mar. 22, 2010. As your first outing, the new CMASA will be treated to a special Orientation Day on Fri. Mar 26th at the new LEED Gold Standard CMA Ontario head office where you will also enjoy an exclusive luncheon with top CMAs from a wide range of industry segments.

To apply for this special position, please visit www.cmaontario.org/studentambassador and complete the application found at the bottom of the landing page. NOTE: Along with the application, you must also send your resume and a letter outlining why you would make a great CMASA.

NOTE: The CMASA Application Submission Deadline is Friday Feb. 19, 2010.

As a CMA Student Ambassador, you must be interested in increased leadership opportunities. As noted, the role will include partnering with your CMA Regional Di-rector to market CMA on campus and to help students better connect with CMA Ontario. Thus, the benefits of becoming the CMASA include: personal growth and development, a $1,000 cash award, increased professional networking opportuni-ties, lots of cool CMA merchandise, and a great leadership role to include on your resume.

Don’t delay, apply to be Ryerson’s next CMA Student Ambassador today!


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classroom teaching. However, it could still be a big challenge for our students as most of them were already into Canadian GAAP but are now expected to shift focus to IFRS. Also, at this moment many textbooks have not been updated thus students may not get sufficient practice on IFRS-related ma-terials. Whereas the convergence of Canadian GAAP with IFRS raises higher expectations and demands more endeavor from our students, it will also provide many opportunities to them, especially career op-

portunities. With the adoption of IFRS in Canadian PAEs and worldwide, accounting graduates will have more opportunities to seek employment in public sectors and other countries that have also adopted IFRS. The integration of IFRS into the ac-counting curriculum will greatly help our students to better prepare their professional career.

Big Changes to Come in the Accounting Program at Ryerson University

With Canada’s adoption of International Financial Reporting Standards next year, how is Ryerson preparing its students for the big changes to come?

Guoping Liu, Assistant Professor in Accounting

Over 100 countries around the world

require public companies to report

using IFRS

As businesses increasingly make decisions in a global context, the convergence of accounting standards with International Financial Reporting Standards (IFRS) has become inevitable. Over the last few years, more than 100 countries around the world, including European Union and Austra-lia, have adopted IFRS. Canadian publicly account-able enterprises (PAEs) are also required to fully adopt IFRS standards for their fiscal years begin-ning on or after January 1, 2011.. The adoption of IFRS in Canadian PAEs calls for well-educated accounting graduates who can un-derstand the differences between IFRS and Cana-dian GAAP, and use IFRS to analyze and compre-hend financial accounting information. The Ryer-son accounting faculty has been working hard to fill in this knowledge gap and prepare ourselves to educate students. New curriculum has been de-veloped to incorporate IFRS course materials into

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The quotation above, speaks mountains about the PricewaterhouseCoopers’ Canada Foundation (the Foundation). The Foundation is PwC’s platform that takes volunteering and giving activities to a new level, by enabling PwC staff to take the lead in active corporate citizenship, and achieving a broader and lasting impact in our communities. In this very brief article, my goal is to demonstrate just how volunteering and giving back has melded my personal and professional communities to-gether in creating a lasting impact in my commu-nity of choice! Entering my fifth year with PwC, I have had a se-ries of opportunities to volunteer with fellow col-leagues in all areas of practice. My experiences have ranged from volunteer work with the Star-light Starbright Children’s Foundation, Habitat for Humanity, Sistering – a women’s place, the Daily Bread Food Bank, Junior Achievement, and finally SKETCH. SKETCH is an amazing initiative that en-gages at-risk and homeless youths in the arts and culture-making with an incredible cross-discipline studio in Toronto. I was truly inspired by the im-pact and uniqueness of this initiative through my first day of volunteering. A short while later, I enrolled in a PwC Foundation “lunch & learn” session aimed at educating our

staff on not-for-profit organizations and getting involved as a Chartered Accountant (CA). There I met one of the Executive Directors of SKETCH, and approached her in discussing further long-term volunteer opportunities. From one thing to an-other, I have been fortunate enough to continue to contribute to SKETCH in the capacity of its Board of Directors. It has been an exciting road, filled with learning and challenges that have al-lowed me to apply my professional accounting skills in a new environment with need. I have en-joyed making a positive and hopefully lasting change in this community, through the sharing of my time and expertise. Some fascinating overall food for thought on the impact of PwC’s staff commitment to the Founda-tion in 2009: 47,872 volunteer hours were contributed by

our people.

More than 600 non-profit organizations bene-fited from our people’s efforts.

More than $430,000 was given by the Founda-tion to non-profit organizations to support out people’s interests and community needs.

It’s truly amazing to see what can be achieved when people come together with a common goal! July 2009 - Pamela participating in a team volun-teer day with the summer interns at the Daily Bread Food Bank

PwC Canada Foundation Pamela Papadopoulos, Senior Associate

We make a living by what we get; we make a life by what we give

–Winston Churchill


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2009-2010 Partners

Diamond

Silver


575 Bay Street Toronto, Ontario

M5G 2C5

TRS 1-137 [email protected]

www.RUAS.ca (416) 979-5000 x7557

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