Embrace Momentum for Reform, CGA-Canada says to Prime Minister



    VANCOUVER, Aug. 24 /CNW/ - The current momentum towards reform of
international financial regulations presents a timely opportunity for Canada
to strengthen its own national regulatory framework for securities regulation.
It's a chance that Canada should embrace, says the Certified General
Accountants Association of Canada (CGA-Canada) in a letter to Prime Minister
Stephen Harper in advance of next month's summit of G20 leaders.
    In his letter, CGA-Canada President and CEO Anthony Ariganello points to
a recent summit of leaders of the accounting profession from the G20 countries
where they issued a strong call for governments globally to commit to a single
set of high quality, principles-based financial reporting and auditing
standards for listed and public interest entities. Canada is currently
transitioning to international standards, but our process for setting
financial reporting standards does not compare favourably with the rest of the
G20.
    "Canada is well positioned to implement International Financial Reporting
Standards by 2011," says Ariganello. "However, we should seize the opportunity
to improve the standard-setting and vetting process for all financial
reporting standards in Canada. To give effect to this, CGA-Canada proposes
that a Canadian Financial Reporting Council be established within a Canadian
Securities Regulator."
    A Canadian Financial Reporting Council would oversee the setting of
accounting and auditing standards as well as provide oversight for audits of
reporting issuers - something that doesn't exist currently in Canadian
legislation.
    Also in advance of the Pittsburgh summit of G20 leaders, CGA-Canada has
released a report that sums up the issue of international financial regulation
and highlights the areas of international consensus and divergence. The report
considers the international financial crisis and proposed reforms from a
Canadian perspective and highlights specific reforms needed in Canada.
    "In Canada, the risk is that as the immediacy of the crisis fades, the
motivation for needed reforms, particularly establishing a national securities
regulator, will fade. It is important not to lose the opportunity to
strengthen the regulatory regime, even while drawing comfort from a system
that proved more robust than most through the last crisis," the report
concludes.
    CGA-Canada's letter to the prime minister and the report, Regulatory
Reform in Response to the Global Financial Turmoil, are both available at
cga.org/canada.

    About CGA-Canada

    Founded in 1908, the Certified General Accountants Association of Canada
serves 71,000 Certified General Accountants and students in Canada and more
than 80 countries. Respected accounting and financial management
professionals, CGAs work in industry, finance, government and public practice.
    CGA-Canada establishes the designation's certification requirements and
professional standards, offers professional development, conducts research and
advocacy, and represents CGAs nationally and internationally.





For further information:

For further information: Media enquiries, Taylore Ashlie, Director,
Communications, CGA-Canada, Vancouver, B.C., Telephone: (604) 605-5055, Cell:
(604) 307-0212, tashlie@cga-canada.org

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CGA-Canada

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