CPABC Industry Update Summer 2016 | Page 3

The Pacific Gateway and BC Business SUMMER 2016 The Chartered Professional Accountants of British Columbia was formed through the amalgamation of ICABC, CGA-BC, and CMABC. CPABC was officially established when the CPA Act came into effect on June 24, 2015. About CPABC Industry Update is the organization’s online magazine for members working in industry. Published quarterly, Industry Update is distributed to over 36,000 members, candidates, and students in British Columbia. Opinions expressed are not necessarily endorsed by CPABC. Copyright CPABC Industry Update 2016. Contact us Visit us online at bccpa.ca, or email [email protected]. Editorial inquiries can be sent to Tiana Mah at [email protected]. BC has always been a gateway for people, goods, and services, and the importance of the Pacific Gateway for BC businesses continue to grow. While the US remains the top destination for BC exports, increasingly, our province’s exports are destined for Asia, with nearly 20% going to Mainland China in 2015. Similarly, BC is a top choice for students seeking an international education. Nearly 20,000 foreign Asian students chose our province in 2013 to pursue educational opportunities. Location and infrastructure – BC ports are closer to Asian markets than any other ports on the west coast – a competitive marketplace, and culturally diverse populations make BC not just a gateway city, but a world-class head office city, a topic we explore further in this issue. In this issue Industry Update also looks at the new world cities leading the global economy, and HQ Vancouver’s president, Yuen Pau Woo, shares his perspective on why Vancouver is transitioning from a gateway city to a 21st-century head office city. In addition, we examine how ready Canadian companies are for the new revenue recognition standards that will be in effect for periods beginning on or after January 1, 2018, discuss how you can become a better leader by coaching others, and explore five myths of operational efficiency. At CPABC, continuous improvement and meeting members’ needs are two goals we strive to meet. Based on member feedback from this year’s member satisfaction survey, we’ve added in more articles to address issues facing members in industry. We look forward to your input on what you’d like to see in future issues of Industry Update. As always, send your feedback and article suggestions to [email protected]. In this Issue Click to return to In this Issue (page 3) 6 The New Leading 'New World Cities' 9 Vancouver: 21st-Century Head Office City 12 Ready for the New Revenue Recognition Standard? 15 Five Myths of Operational Efficiency 19 Look for this icon throughout Industry Update Be a Better Leader by Coaching Others 6 in every issue 4 The Pacific Gateway and BC Business 17 PD Opportunities 21 Connect with CPABC Online 9 12 15 19 SUMMER 2016 | page 3