The Business Accounting Council released a draft of the accounting rules this April, and fixed asset impairment accounting rules are scheduled to be introduced from fiscal 2005. The Basel Committee on Banking Supervision, an international forum on banking supervision, is considering revising international bank capital adequacy requirements with a view to implementing the revised requirements from the end of 2006.
We need to take appropriate measures to solidify our position in the Canadian market; we can’t afford to lose our strong companies, and those of long standing. However we must begin a deliberate campaign to diversify the countries that use our international financial centre, to reap the benefits of our network of double taxation agreements.