CCR Committee Meeting Minutes

CCR Committee Meeting Minutes

Dec 5, 2007

11:00Am

Chair: / Alister Cowan, Vancouver Chapter
Vice Chairs: / Vic Wells, Hamilton Chapter
Members
KarynBrooks, Montréal Chapter / Nancy Lala, Toronto Chapter / Neil Robertson, Calgary Chapter
Susan Campbell, Toronto Chapter / Marc Malouin, Montréal Chapter / Akhil Wagh, Toronto Chapter
Gordon Heard, Hamilton Chapter / Glenn Menuz / John Weerdenburg, Ottawa Chapter
Linda Pellizzari, Vancouver Chapter / Joanne Boyes, Regina Chapter
Alternates / Guests
FEICanada
Michael Conway
Lindsay Collins

MEETING AGENDA: December5 11:00am EST

Dial-in connection: (416) 640-4122(877) 579-4178Participant passcode: 552493#

1. Call to order and new member welcome
- Attendance, no new members
Discussion Items
2.Review minutes of November 2007 meeting
- Accepted as written
3. Review/update rolling agenda/work plans

Section 1.7: IFRS Exposure Draft on Minor Amendments.

A summary from KPMG was circulated to the Committee by Frank D’Andrea. The question of how the CCR should respond to this exposure draft was posed. A suggestion was made to get FEI Canada involved by sending a letter stating that the CCR has no significant issues to address in the exposure draft. The implication of this type of letter is that the CCR has looked at the document and agrees with all of it. If we don’t hold this position, the response might not be worthwhile. The committee concluded with the decision not to respond because these changes are simply housekeeping changes. NO ACTION REQUIRED.

2.5: CSA Investor Confidence Rules/Bill 198 - OSC &CSA Notice52-319re: certification

The notice proposes changes to proposed 52-109. Issues to be commented on are (a) the Effect on IFRS and (b) Disappointment with 52-109.
ACTION: A comment letter is to be drafted before Christmas.Volunteers: Vic Wells, Alister Cowan

Section 10.1: Joint Ventures IASB & AcSB exposure draft for comments.

Comments due to IASB by Jan 11, due to AcSB Jan 31.Glenn Menuz is calling a subcommittee meeting to draft something up. The heart of the exposure draft is about eliminating proportionate consolidation, a return to the equity method.
ACTION: Draft to be discussed further at the next meeting, in January.

CICA Exposure draft on Owner Managed Companies – suggested by Gordon Heard. Committee decided unilaterally not to comment on this due to a lack of resources, time and interest in this issue.

4. Other Business

Environmental and Sustainability reporting – deferred to next meeting
CMACGACEO letters re: follow up to the education and training that they are currently implementing/planning in regards to IFRS.

Received a response letter from CEO of CMA. Response considered very underwhelming. Can be used as a further piece of evidence for the CFERF user-readiness study demonstrating the lack of action towards the 2012 implementation date (to be released end of April).
Next Meeting: Jan 10, 2008
Adjournment