Change in Professional Accounting Designation
There is the new standard for professional accounting in Canada.
Until now, the Canadian accounting profession has been represented by three certifying bodies. The benefits and merits of each body were not generally understood by the general public.
The simple fix for this was to create one governing body and one designation. Hence, the CPA (Chartered Professional Accountant) was born.
In time, it will replace:
- The Canadian Institute of Chartered Accountants (CA),
- The Certified General Accountants Association of Canada (CGA); and
- The Certified Management Accountants of Canada (CMA).
This, however, is easier said than done, since the professions are run by (semi-autonomous) Provincial bodies, which can opt in or out. In the short term, say next 5 years, confusion will continue.
The education and qualifying will ensure best practices from all the legacy professions are used and include two streams; public accounting and non-public accounting.
The new designation unites these three existing account bodies under one globally recognized designation. The Canadian CPA is not a USA CPA, nor any other countries' CPA.
The vision of the new CPA designation is to be "the pre-eminent internationally recognized Canadian accounting and business credential that best protects and serves the public interest."
The new CPA Certification Program meets or exceeds all International Federation of Accountants (IFAC) standards or education, assessment and practical experience. It also meets or exceeds the requirements of the leading global accounting bodies, ensuring the new profession can maintain existing, and establish new, Mutual Recognition Agreements (MRAs).
For additional information please visit: http://unification.cpacanada.ca/what-unification-means-for-accounting-professionals/