February 2013

		Featured Case in Accounting & Finance
		Ivey Cases Win in Six of 14 Categories at 2012 EFMD Case Writing Competition
		Opportunities in China
		New Director of Ivey Publishing

Encana Corporation: Accounting for Foreign Currency

Encana is reassessing its choice for functional currency and presentation currency. Historically, Encana has used Canadian dollars for its functional currency and US dollars for its presentation currency, but changes in Encana’s operations over the past several years have caused the company to revisit its choices. For functional currency, Encana must determine whether Canada continues to represent its primary economic environment. Further, Encana must consider whether its reasons for using U.S. dollars as presentation currency remain valid. To make its decisions, Encana must apply the guidance in IAS 21, “The Effects of Changes in Foreign Exchange Rates.” Finally, Encana must determine the impact of its choices on the financial statements.

Learning Objective:
This case is designed for use in an intermediate or advanced course on financial accounting at either an undergraduate or graduate level to illustrate the choices surrounding accounting for foreign currency. As secondary learning objectives, students are exposed to segmented reporting and the challenges associated with operating in the oil and gas industry. The case revolves around the primary choices in IAS 21, “The Effects of Changes in Foreign Exchange Rates,” specifically, the choice of functional currency and the choice of a presentation currency.

• To assess functional currency, students must apply the IFRS guidance and consider Encana’s segmented reporting.
• To assess presentation currency, students must consider the needs and perceptions of its financial statement users.
• To illustrate the impact of foreign currency reporting choices, students are expected to perform analysis on Encana’s US-dollar denominate debt.

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We are pleased to announce that the following Ivey cases were winners in the 2012 EFMD Case Writing Competition. There were more winning cases from Ivey than any other business school in the world. Over 200 cases were submitted by authors from 30 countries to this prestigious case competition. The goal of the competition is to facilitate quality case writing involving European companies and institutions as well as topics concerning other geographical or subject areas which are generally underrepresented among available sources.

• Chabros International Group: A World of Wood, Paul W. Beamish, Bassam Farah (MENA Business Cases)
• Veja: Sneakers With a Conscience, Oana Branzei, Kim Poldner (Latin American Business Cases)
• Bayer CropScience in India (A): Against Child Labor, Charles Dhanaraj, Oana Branzei, Satyajeet Subramanian (Indian Management Issues and Opportunities)
• Launch of Durra: Women in Islamic Banking, Alexandra Roth, David T.A. Wesley (Euro-Mediterranean Managerial Practices and Issues)
• Danfoss - Global Manufacturing Footprint, Torben Pedersen, Jacob Pyndt (Supply Chain Management)
• Novo Nordisk: Managing Sustainability at Home and Abroad, Jette Steen Knudsen, Dana Brown (Corporate Social Responsibility)

Winning cases have been entered into the "Best of the Best" category and the overall winner will be announced in April. Congratulations to all!

The Ivey collection contains over 3,800 cases and 600 articles. Hundreds of these cases focus on issues specific to China and over 540 of which are available in Simplified Chinese. We are in the process of translating over 100 additional Ivey cases and have recently hired dedicated staff in China to respond to the increasing market demand.

To learn more about the opportunities in China, please contact our office.

In late January, Ivey Publishing welcomed Matthew Quin as its new Director. The latest member of the Ivey Publishing team joins the organization with a background in marketing, PR and communications.

“This is a very exciting role in an important part of the Ivey family,” notes Quin. “Ivey Publishing has a great team and publishes a world-class product.”

Quin joins Ivey Publishing from King’s University College where he established the communications and media relations department. He also brings experience from the non-profit and corporate environments.

"Ivey Publishing is a leader in the industry which is something that London and Canada should be proud of,” he continues. ”Ivey Publishing cases are used around the world and connect students and faculty to the latest business thinking and to the case method - I’m excited to be a part of the organization that does such important work.”

Many thanks go to Greg Yantz for his tremendous leadership and dedication during his tenure. We wish him all the best in his new role as Director, Admissions & Recruiting in the Ivey MBA Recruiting & Admissions office.