Accounting for the Future:

Summary:

From enhancing audits to streamlining processes and predicting financial outcomes, AI is here to empower the finance function. In this episode, host Anne-Marie Henson is joined by David McKellar, a Partner and key leader in BDO’s Innovation & Change team and Senior Leadership Team, to discuss the impact of artificial intelligence (AI) on the accounting and finance function. Together, they explore how AI, including generative AI, can benefit financial statement auditors. The episode also touches on the potential applications of AI for CFOs, discussing its role in pattern recognition, prediction, and transparency. Addressing governance, the episode emphasizes the importance of data quality, security, transparency, and addressing potential biases in AI algorithms.

Guest information:

David McKellar, BDO Canada, Partner and Labs Activation Leader

David McKellar is a key leader within the Innovation & Change practice and a member of BDO's Senior Leadership Team. David is also responsible for the Business Applications Service Line, leading a team of over 150 professionals focused on industry tailored CRM, ERP, HRM, and FP&A solutions.

David has over 22 years of experience advising clients in the strategy, implementation, and optimization of innovative technology-based solutions. A natural relationship, David helps clients achieve their objectives by aligning the right emerging technologies to meet their business strategies and growth objectives.

David has provided consulting advisory services to clients, ranging from SMB to Enterprise, across a number of industries including as Financial Services, Public Sector, Oil & Gas, and Mining.

Prior to joining BDO, David has long been a key contributor in growing the technology community at large in Canada, in both new client advocates and the professionals that serve them.

Based in Calgary, David spends his down time enjoying quality time with family in the mountains skiing, hiking, and golfing.

Summary:

Despite the effects of the great resignation, there is still appears to be a scarcity of financial talent. In our latest episode, host Anne-Marie Henson, Partner, Eastern Canada & SMB Leader for Markets & Industry Canada, and Barbara Palmegiani, National Leader for CFO Services at BDO Canada, explore the challenges of hiring and retaining financial talent and the evolving role of CFOs, emphasizing their transformation into Chief Value Officers (CVOs) with a focus on purpose and value. The episode underscores the importance of CFOs cultivating "value acumen" and a growth mindset through continuous learning. Additionally, it addresses leadership styles, diversity and inclusion, and the CFO's pivotal role in leveraging data analytics and technology to drive organizational value.

Guest information:

Barbara Palmegiani, BDO Canada, Partner and CFO Services Leader

Barbara is a BDO's CFO Services Leader and Assurance and Accounting Partner based in the GTA. Working closely with many CFOs and controller's from a variety of sectors, company sizes and industries, Barbara has maintained a part-time learning focus, where she teaches CPAs to develop their leadership abilities, human centric skills, and core values that will differentiate the “accountant of the future.”

Barbara has a wide range of business expertise earned over the last 30 years in diverse areas such as management consulting, training and education, retail, CPG, private equity, manufacturing, not-for-profit, real estate, as well as successfully leading finance and operations teams in various public and private companies.

Episode information

Length: 34 mins

Summary

This week we welcome Barbara Palmegiani, Partner and CFO Services Leader with BDO Canada, to talk about the significant impact The Great Resignation is having on the already lean finance profession. There is no formula to guarantee employment, but through transformation businesses can keep up with the future of the finance function. Spoiler alert: it's about more than technology.

Guest information

Barbara Palmegiani, BDO Canada, Partner and CFO Services Leader

Barbara is a BDO's CFO Services Leader and Assurance and Accounting Partner based in the GTA. Working closely with many CFOs and controller's from a variety of sectors, company sizes and industries, Barbara has maintained a part-time learning focus, where she teaches CPAs to develop their leadership abilities, human centric skills, and core values that will differentiate the “accountant of the future.”

Barbara has a wide range of business expertise earned over the last 30 years in diverse areas such as management consulting, training and education, retail, CPG, private equity, manufacturing, not-for-profit, real estate, as well as successfully leading finance and operations teams in various public and private companies.

Episode information

Length: 29 mins

Summary

Today's host Anne-Marie Henson, BDO Partner, and co-host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of accounting advisory services, team up one last time to explore their changing roles as well as some trends that are impacting both of their new roles. Together they discuss the role and importance of private equity, its relevance in today's accounting environment, and a look to both the future and the past of the Accounting for the Future podcast.

Episode information

Length: 36 mins

Summary

Financial statements are more than just a compliance document, they're also a communication tool. But what message are you communicating with hard to understand, vague, or overly complicated financial statements?

Host Armand Capisciolto, BDO's National Accounting Standards Partner and Accounting Advisory Services Leader, is joined by Anthony Scilipoti, Founder, President and CEO of Veritas Investment Research for a conversation about the value of preparing financial statements that tell the company's story clearly.

Together they discuss the do's and don'ts of creating exceptional financial statements so that investors can make informed decisions and help move a company forward.

Guest information

Anthony Scilipoti - Founder, President & CEO of Veritas Investment Research

Anthony and his partners founded Veritas Investment Research in 2000. He is a Fellow Chartered Public Accountant, a Fellow Chartered Accountant, a Certified Public Accountant (Illinois) and a member of the Association of Certified Fraud Examiners. He is a licensed portfolio manager. Anthony has been very active in accounting standard-setting since 2003.

Anthony also has served as a member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee since 2006. In 2019, Anthony was appointed to the Board of the Capital Markets Advisory Committee of the International Accounting Standards Board. He is a former member of the Canadian Accounting Standards Board, the CICA's Emerging Issues Committee, and was the Chair of CPA Canada's Users Advisory Committee.

Episode information

Length: 29 mins

Summary

Following the right Generally Accepted Accounting Principles (GAAP) provides a communication and deal-making tool to help move your business plans forward. Opportunities in today's volatile marketplace come and go quickly, and those who have put in the work of advanced planning will be prepared to seize opportunities as they arise.

Guest information

Mikaela Taylor, BDO Canada, Assurance and Accounting Partner

Based out of BDO's Vancouver office, Mikaela specializes in Public Companies and is responsible for developing quality procedures and standards, ensuring firm-wide compliance, organizing training initiatives, assessing client requirements, monitoring performance, and assisting BDO teams globally. She has 20 years of audit experience in aerospace, biotech software, natural resources, real estate, life sciences, and technology sectors.

Mikaela is knowledgeable about publicly listed companies and U.S. GAAP accounting standards, having worked with both TSX listed entities and SEC registrants.

Dave Rasmussen, BDO Canada, Assurance and Accounting Partner

With over 20 years of experience in the accounting and audit practice, Dave provides consultation in complex accounting, auditing and financial reporting matters and ensures that quality standards and regulations are applied to a wide variety of assurance and related services.

Dave has experience with many sizes and types of entities including privately held businesses, public companies and not-for-profit organizations. Dave's industry experience is varied and includes real estate, manufacturing, natural resources, professional services entities and consumer business.

Episode information

Length: 44 mins

Summary

In this season of the Accounting for the Future podcast, we feature three timely, previously aired episodes with additional insights and background information, in addition to three brand-new episodes. In today's episode, host Anne-Marie Henson, Partner, Eastern Canada & SMB Leader at BDO, is joined by Mary Mathews, Partner in BDO's Accounting Advisory Group. Together, they reflect on the impact of the great resignation on the finance function as well as some of the best and worst things to come out of hybrid work. Listeners can revisit the still-relevant insights from BDO Alumni and current Chair of the Accounting Standards Board (AcSB), Armand Capisciolto and Barbara Palmegiani, Partner, and CFO Services Leader to listen to their discussion on the future of the finance function.

Guest Information

Mary Mathews, BDO Canada, Accounting Advisory Partner

Mary Mathews is a Partner in the Accounting Advisory practice and National Accounting Standards Group. She provides IFRS and US GAAP accounting advice to clients in technology, infrastructure, cannabis, and manufacturing, as well as financial institutions in Canada, the US, and the UK.

Barbara Palmegiani, BDO Canada, Partner and CFO Services Leader

Barbara is a BDO's CFO Services Leader and Assurance and Accounting Partner based in the GTA. Working closely with many CFOs and controllers from a variety of sectors, company sizes and industries, Barbara has maintained a part-time learning focus, where she teaches CPAs to develop their leadership abilities, human-centric skills, and core values that will differentiate the “accountant of the future.”

Episode information

Length: 33 mins

Summary

This week, we welcome Anne-Marie Henson, BDO partner from our Montreal Office. Anne-Marie works with public companies, as well as many technology companies in both the start-up and scale-up stages. We discuss the difference between a scale-up and a start-up, why taking time to think over investment decisions matters, and a few success stories of companies who understood the benefits of investing time in accounting and finance upfront.

Guest information

Anne-Marie Henson, BDO Canada, Partner, Assurance & Accounting

Anne-Marie Henson is a partner at BDO's downtown Montreal office with over 15 years of professional experience. She has managed complex domestic and international client engagements and has extensive experience serving public and private companies that report in accordance with ASPE, IFRS and US GAAP. She routinely offers advice and ideas on accounting and reporting issues as well as internal controls and operating efficiencies. She has also advised and assisted companies in financing, expansion and going public transactions in both Canada and the US.

Episode Information

Length: 29 mins

Summary:

Financial statements should ideally tell the right company story and provide meaningful information. Still, increasingly complex IFRS requirements have resulted in financial statements that can be both overwhelming and lacking in useful information. In today's episode of Accounting for the Future, host Anne-Marie Henson, BDO Partner, is joined by BDO Accounting Advisory Group Partner and return podcast guest Mary Mathews. Together, they examine strategies to make financial statements more meaningful and useful. Mary offers steps to meet complex compliance standards while also telling the story users need to obtain from their financial statements.

Guest Information:

Mary Mathews, BDO Canada, Accounting Advisory Partner

Mary Mathews is a Partner in the Accounting Advisory practice and National Accounting Standards Group. She provides IFRS and US GAAP accounting advice to clients in technology, infrastructure, cannabis, and manufacturing, as well as financial institutions in Canada, the US, and the UK.

With her dual role in Accounting Advisory and the National Accounting Standards Group, Mary has significant experience advising clients on complex accounting topics, both during transactions and implementation projects, driven by changes in accounting standards. She also leads pre- and post-deal reporting engagements such as the preparation of financial statements, GAAP conversions, and post-deal integration.

Episode information

Length: 30 mins

Summary

The CFO of the past may have been focused on the past, but the CFO of today needs to be focused on the future. In today's constantly changing environment, there is a greater demand than ever for competent CPAs and forward-thinking CFOs. In today's Accounting for the Future episode, host Anne-Marie Henson, BDO partner, sits down with Pamela Steer, President and CEO of CPA Canada. Together, they discuss the challenges and rewards of the ever-changing role of the CFO. From navigating digital transformation and ESG initiatives to increasing your knowledge and skills in ways that will align competencies with your values, Pamela has the experience and shares the advice that every CPA needs to hear.

Guest information

Pamela Steer, President and CEO, CPA Canada

As president and CEO of Chartered Professional Accountants of Canada (CPA Canada), Pamela leads one of the largest professional accounting bodies in the world, with more than 220,000 members.

Formerly, Pamela was the chief financial and corporate strategy officer at Payments Canada, where she oversaw the organization's finance and corporate planning functions. Prior to that, she was the chief financial officer and head of finance and employer services with the Workplace Safety and Insurance Board. Here, she led the agency through a major transformation that resulted in improved financial operations and enhanced public trust and credibility for the organization. In 2019, these efforts earned her the honour of Canada's CFO of the Year™.

Episode information

Length: 33 mins

Summary

Every business owner must face their exit at some point, and those who think about planning their exit strategy in advance are likely going to experience a better transition than those who leave it to the last minute. Today, host Anne-Marie Henson, BDO partner, and co-host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of Accounting Advisory services welcome Sunil Sharma, BDO Canada's Transaction Services and ARM Private Equity leader. He has joined the podcast for a discussion about the role of private equity in the SMB and SME space, including current trends, considerations for clients who are looking at a private equity exit, and the advantages of creating an exit plan sooner rather than later.

Guest information

Sunil Sharma, Partner, BDO Canada

Sunil is the National Leader of the Transaction Services practice at BDO Canada and Head of Private Equity. He has over 10 years of transaction experience providing his clients with due diligence, mergers and acquisitions and capital advisory support. Sunil has a proven track record of supporting financial sponsors, public companies and private businesses on their investment and divestiture decisions.

Sunil has provided both financial diligence and divestiture advisory services to clients in a wide range of industries, including Private Equity, Healthcare & Life Sciences, Technology and Manufacturing & Distribution. He has advised on over 200 transactions during his career with an aggregate deal value of over $1bn.

Sunil is Head of Private Equity at BDO Canada and leads the Healthcare M&A industry team.

Episode information

Length: 25 mins

Summary

This episode features a conversation from BD's recent internal Assurance Conference. At this conference, Armand Capisciolto, BDO's National Accounting Standards Partner and Accounting Advisory Services Leader, met with BDO Assurance partner Ian MacDonell, and BDO Valuations partner Amanda Tso. Together they discussed the ways that private equity is impacting businesses today, including preparing for a sale, how to increase a company's appeal, and the importance of preparing financial reports in advance.

Guest information

Amanda Tso, Partner, BDO Canada

Amanda has more than 15 years of professional experience providing private investment valuations, fairness opinions, and financial modelling services. She has prepared small, medium, and large-scale valuations for deal pricing, asset management, risk management, litigation, financial reporting, and tax purposes.

She provides advisory services to clients in a wide range of industries, including financial services, infrastructure, private equity, technology and life sciences, consumer business, pensions and benefit plans, and asset and portfolio management.

Ian MacDonell, Partner, BDO Canada

Ian has over 10 years of public accounting experience working with owner-managed businesses in strategic planning, Canadian and International taxation, wealth management, valuation and business transition. He also works with clients in the not-for-profit sectors, including First Nations, health care and municipal.

His areas of expertise include: accounting, assurance, taxation, wealth management, valuations and business transitions.

Episode information

Length: 31 mins

Summary

Many private companies consider going public as the finish line, when in reality, it is simply the starting line for an entirely new life with deadlines, board members, investors, and regulations that have to be answered to.

In this episode of Accounting for the Future, discover the life of a public company - what it is, what it isn't, who needs to be on a successful team, and the proactive steps companies can take now to avoid problems in the future.

Guest information

Alex Lalka, Partner

Alexander has a corporate law practice focusing on mergers and acquisitions and securities law. His practice includes public and private acquisitions, public offerings, private placements, venture capital transactions, business combinations, and general corporate and commercial matters. He works with his Miller Thomson colleagues practicing in business law, national securities, capital markets, and mergers and acquisitions.

Alexander routinely advises public companies on corporate governance and executive compensation matters, continuous disclosure requirements, and other obligations under securities laws and stock exchange policies. He also often provides strategic advice to private companies in various industries when they are proceeding with a going-public transaction.

Anne-Marie Henson, Partner, BDO Canada

Anne-Marie is a partner at BDO's downtown Montreal office with over 15 years of professional experience. She has managed complex domestic and international client engagements and has extensive experience serving public and private companies that report in accordance with ASPE, IFRS and US GAAP. She routinely offers advice and ideas on accounting and reporting issues as well as internal controls and operating efficiencies. She has also advised and assisted companies in financing, expansion and going public transactions in both Canada and the US.

Episode information

Length: 29 mins

Summary

An impressive number of companies have gone public in recent years, but the benefits of being a public company are not always available to certain companies during a period of economic uncertainty. Does it make more sense to take a public company private? In this episode of Accounting for the Future, host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of Accounting Advisory Services, is joined by Georges Dubé, Partner at McMillan, Capital Markets & Securities team. Together they discuss the benefits, mechanisms, and considerations of taking a public company private.

Guest information

Georges Dubé, McMillan, Partner, Capital Markets & Securities

Georges Dubé is recognized as a leading corporate finance and securities lawyer with a business law practice focused on capital markets and corporate governance. He has extensive experience in public and private securities offerings, as well as takeover bids and mergers and acquisitions, both in the Canadian and cross-border context.

With extensive transactional experience in industries including mining, technology, cannabis and life sciences, Georges helps startups and established companies achieve their goals while safeguarding their interests in the marketplace.

Episode information

Length: 22 mins

Summary

With inflation rates at their highest since the 1980s and unprecedented interest rate increases, companies are left wondering what steps they can take to mitigate the impact of the current economic environment. In this episode, host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of accounting advisory services, is joined by Kevin Meyler, national leader of BDO's Business Restructuring and Turnaround Services for a discussion about managing the current economic environment.

Guest information

Kevin Meyler, BDO Canada, Partner and Business Restructuring and Turnaround Services Leader

Kevin is a partner in BDO's Calgary office. He has more than 15 years of experience providing restructuring, insolvency, and transaction advisory services to both private and public companies on behalf of banks, financial institutions, alternative lenders, and shareholders of businesses.

Throughout his career, Kevin has provided services to clients in a wide range of industries, including real estate, restaurant and hospitality, oil field services, manufacturing, printing, agriculture, technology, and retail.

Episode information

Length: 18 mins

Summary

Despite the pandemic, 2020 and 2021 were extremely busy years in the active capital markets with a host of companies going public and successful funds raised. So far, 2022 has presented a slowdown in the public markets, but what does that mean for early-stage companies that are looking to raise money now? In this episode of Accounting for the Future, host Armand Capisciolto, BDO's National Accounting Standards Partner and Accounting Advisory Services Leader, sits down with Jeffrey Stanger, President of ITB Solutions, Inc. Jeffrey shares his insights into what it takes to raise money in today's tough market.

Guest information

Jeffrey Stanger, President, ITB Solutions Incorporated

ITB Solutions Incorporated is a Toronto based management consulting firm that is focused specifically on the capital markets ecosystem. Their focus, for the past 18 years as Going Public Management Consultants, is on creating and managing the going public plan and deal team with C-level management for a successful listing.

The President, Jeffrey Stanger, has worked in the capital markets for 28 years, with 16 of them in listings development positions for two recognized Canadian stock exchanges.

Summary:

Over the past year, increasing interest rates, high inflation, and the threat of recession continue to affect the ability to raise funds. In today's episode, host Anne-Marie Henson, Partner, Eastern Canada & SMB Leader at BDO, is joined by Mary Mathews, Partner in BDO's Accounting Advisory Group. Together, they discuss key points of raising funds including the importance of data transactions and forecasting information prepared prior to talking to investors. They then turn to the 2022 Accounting for the Future conversation between Armand Capisciolto, BDO's National Accounting Standards Partner and Accounting Advisory Services Leader and Jeffrey Stanger, President of ITB Solutions, Inc. for their still-relevant insights into what it takes to raise money in today's tough market.

Guest Information:

Mary Mathews, BDO Canada, Accounting Advisory Partner

Mary Mathews is a Partner in the Accounting Advisory practice and National Accounting Standards Group. She provides IFRS and US GAAP accounting advice to clients in technology, infrastructure, cannabis, and manufacturing, as well as financial institutions in Canada, the US, and the UK.

Jeffrey Stanger, President, ITB Solutions Incorporated

ITB Solutions Incorporated is a Toronto based management consulting firm that is focused specifically on the capital markets ecosystem. Their focus, for the past 18 years as Going Public Management Consultants, is on creating and managing the going public plan and deal team with C-level management for a successful listing.

The President, Jeffrey Stanger, has worked in the capital markets for 28 years, with 16 of them in listings development positions for two recognized Canadian stock exchanges.

Episode information

Length: 32 mins

Summary

With unprecedented supply chain shortages, exorbitant shipping costs, and scrutiny over sustainability, companies are questioning whether importing is best to ensure their company's long-term growth and viability. In today's episode of Accounting for the Future, host Anne-Marie Henson, BDO partner, is joined by BDO Canada's Director of Operational Improvement, Charlie Reid, for a conversation about the risks and benefits of altering a reshoring strategy. Together they discuss the risks and benefits of utilizing various importing strategies when accounting for the optimal impact on a company's future.

Guest information

Charlie Reid, Director of Operational Improvement, BDO Canada

Episode information

Length: 30 mins

Summary

Cryptocurrency is a hot topic in today's world, but what if the crypto apocalypse is here? On today's Accounting for the Future episode, host Anne-Marie Henson, BDO Partner, is joined by Mary Mathews, BDO Accounting Advisory Group Partner, and Michael Crolla, BDO Assurance and Accounting Partner. They discuss developments in cryptocurrencies over recent months, specifically with the FTX scandal and how lessons learned can be applied to managing crypto volatility for the future.

Disclaimer

The investigation into Bankman-Fried and other members of FTX, and Alameda is ongoing. The discussion here is based on information made public as of March 15, 2023.

Guest information

Michael Crolla, Assurance and Accounting Partner, BDO Canada

Michael is a Partner in the Assurance and Accounting department of BDO's Toronto office, and a key member of BDO's Technology and Life Sciences and Public Company Groups. He has extensive experience providing business advice to entrepreneurs and public companies. Michael utilizes his industry expertise and applies a client-facing approach to assist clients for their business and operational needs. He is actively involved in providing advice and guidance to technology, telecommunications, and consumer business companies.

Michael has a strong background in going public transactions, complex revenue recognition, business combinations, foreign consolidation, debt/equity arrangements, and tax issues.

Mary Mathews, BDO Canada, Accounting Advisory Partner

Mary Mathews is a Partner in the Accounting Advisory practice and National Accounting Standards Group. She provides IFRS and US GAAP accounting advice to clients in technology, infrastructure, cannabis, and manufacturing, as well as financial institutions in Canada, the US, and the UK.

With her dual role in Accounting Advisory and the National Accounting Standards Group, Mary has significant experience advising clients on complex accounting topics, both during transactions and implementation projects, driven by changes in accounting standards. She also leads pre- and post-deal reporting engagements such as the preparation of financial statements, GAAP conversions, and post-deal integration.

Episode information

Length: 34 mins

Summary

Cloud transformation is changing the way that data is handled today, but what does that mean from an accounting standpoint? To help understand the impact, cost, and many benefits of cloud transformation, host Anne-Marie Henson, BDO Partner, and co-host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of accounting advisory services are joined by Feng Liu, Head of Cloud Engineering, BDO Lixar (now BDO Digital). BDO Digital helps clients with a variety of needs including digital transformation support, big data analysis, AI tools to help profitability, business applications, and cyber security. Together they discuss tactics for executing a successful cloud transformation that doesn't include any surprises.

Guest information

Feng Lui, Head of Cloud Engineering

With more than 30 years of experience, Feng brings a passion for cloud and solution engineering across software development, DevOps, and infrastructure operation. In addition, he has extensive experience in both the financial and public sectors and can comfortably work with large matrix organizations such as banks or government departments.

Before joining BDO Canada, Feng worked at a global fintech company where he led cloud delivery management and enterprise architecture. He also held a leadership role at a former Microsoft partner consulting company where he built AppDev/Cloud/BI/Mobile/ALM practices, successfully delivered significant client projects, and established an offshore delivery team in Sri Lanka.