fiscal 1993, compared with a loss of $5,190 the previous year.

Operating revenues in the 12 months to March 31, 1993, increased by 20.5 percent ($22,958) to $134,832, while expenses went up by 2.5 percent ($2,690) to $110,272.

The membership fees which ICAB retained, after paying $90,065 to the Canadian Institute of Chartered Accountants, to which it is affiliated, went up by 47 percent ($37.835) to $118,155.

Management fees for 1993 came to $9,720, compared with $6,820 for 1992.

Salaries and benefits accounted increased by four percent ($2,642) to $68,610 and accounted for 62 percent of all expenses.

Rent and office maintenance was the next greatest expense, costing ICAB $14,903, about the same as in 1992. General and administration dropped by seven percent ($890) to $12,173.

ICAB spent $2,722 on public relations during the year, compared with $9,723 in 1992.

It brought in revenue of $9,292 from professional development programmes and $3,167 from student affairs.

The organisation's assets dropped by 29 percent ($51,954) to $124,662 and its liabilities went up by 40.7 percent to $118,605.

Outgoing president Ms Kathryn Siggins said one of the most significant decisions of the year was "the agreement to strike a committee to look at the issue of legal liability for accountants''.

"Senior members have agreed to serve on this committee and, while we expect that it will take considerable time and effort to achieve a change to the current position, we believe that this committee will be successful in addressing this threat to the health of our profession.''