www.lexisnexis.ca Vol. 32, No. 12 October 2016
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KPMG taps Elio Luongo to drive business forward

Describing it as “a phenomenal opportunity,” Elio Luongo has agreed to become the next CEO of KPMG Canada. As of Oct. 1, he replaces Bill Thomas, who will move on to focus on his role in the global firm as chair of the Americas region.

Thomas feels he is leaving the Canadian firm in capable hands. “Elio is a strong and accomplished leader, and I’ve had the great fortune of witnessing his passion, dedication and drive over the many years we’ve worked together. He has the vision necessary to grow our organization and the proven ability to champion our culture and inspire our people.”

Mark that up as a mark to market tax win

Taxpayers are entitled to use the mark-to-market method to compute income for federal tax purposes if it provides a more accurate picture of a taxpayer’s income, the Federal Court of Appeal has recently ruled.

The decision bolsters the possibility for taxpayers to use methods to compute income that are not forbidden by the Income Tax Act, affirms a Canada Revenue Agency administrative position that allows regulated financial institutions to tax derivatives on a mark-to-market basis. It may open the door to allow financial accounting to become more influential in determining what constitutes an acceptable method of computing income from business, according to tax experts.

The Indiana Board of Accountancy has taken a historic step in continuing professional education (CPE) by giving its members an alternative to the traditional hours based process. Certified public accountants in Indiana now have the option of passing the ethics component of their licence renewal through hands-on competency based learning.

They are the first CPAs in the United States to be afforded this choice.

“A one-size-fits-all model of CPE is no longer appropriate to encourage and allow a professional accountant to maintain and enhance their competence,” said Gary Bolinger, president and chief executive officer of the Indiana CPA Society in Indianapolis.

Whether Hillary Clinton or Donald Trump emerges triumphant in November to become the 45th president of the United States, there appear to be clear signs the next U.S. administration will be less amenable, if not downright hostile, toward international free trade deals.

Not only would that represent a sharp break from White House policy over the past 30 years, there could be a significant negative impact on Canada, as America’s largest trading partner.

“Even people who have been reliable pro free traders and internationalists have become demonstrably more protectionist, and that’s disturbing,” said John Baird, a Toronto-based senior adviser at the law firm Bennett Jones LLP.