A New National Accounting Designation Introduced
With a recent announcement by the Institute of Chartered Accountants of Ontario (ICAO) Council, the Chartered Accountants at Bossy Nagy Geoffrey (BNG) will be issued the Chartered Professional Accountant (CPA) designation. In September 2012, the ICAO confirmed its intention to support the unification of The Canadian Institute of Chartered Accountants (CICA), Certified Management Accountants of Canada (CMA-Canada) and Certified General Accountants of Canada (CGA-Canada) through the creation of a new professional designation.
Currently the designations of CA, CMA and CGA are governed by 40 separate organizations. With the increasing globalization of the economy, many of these accountants are working in similar practice areas while still having to subject themselves to differing regulations set by their specific mandating bodies. This, along with financial crises around the world, has brought the accounting profession under scrutiny in many countries, including Canada, bringing to light the need for change.
CPA Canada believes that a united Canadian accounting profession would be more effective and efficient both here and abroad. A unified designation will make it easier to maintain standards and ultimately better serve the public interest. It is seen by the CA and CMA associations as a strategic response to the rapidly evolving environment and the resulting opportunities and risks facing the accounting profession.
For the CA’s of BNG, this means they will be integrated into the new system, automatically receiving the CPA designation along with their current designation. In the future, new CPA graduates will have the opportunity, much like other licensed professions, to gain a general CPA title with the option to continue into post-designation specializations. This move to unification could prove to be the revolution of the accounting field. CPA Canada views it as a giant step towards the future sustainability and prosperity of the Canadian Accounting profession.