CMA Ontario Recommends Independent Review of Canada's Public Accounting Standards to Support the Principles Found in the Agreement on Internal Trade

    TORONTO, Feb. 2 /CNW/ - The Certified Management Accountants of Ontario
(CMA Ontario) support the work of the federal and provincial governments to
achieve full labour mobility through Canada's Agreement on Internal Trade
(AIT). As part of Canada's long-term professional mobility strategy, CMA
Ontario recommends an independent review of Canada's public accounting regimes
and the development of a national public accounting standard.
    "The Certified Management Accountant (CMA) designation is fully compliant
with the Agreement on Internal Trade, as our national management accounting
standards provide absolute labour mobility for CMAs within Canada, and beyond
our borders to other global markets," said Merv Hillier, President and CEO of
CMA Ontario.
    To promote labour mobility, CMA Canada has developed a national public
accounting standard for each of its provincial partners to follow. CMA Ontario
is currently undergoing a comprehensive assessment to allow it to issue public
accounting licenses to CMA members whose practice complies with Ontario's
Public Accounting Standards. It has been proposed that public accountants
transferring from other jurisdictions to Ontario be required to comply with
the province's current standards. CMA Ontario believes Canada should operate
under one, independently developed standard, that safeguards the public
interest, supports labour mobility and enhances economic competitiveness.
    "Canada's conversion to International Financial Reporting Standards
(IFRS) by 2011 provides a unique opportunity to implement a consistent and
internationally recognized standard for public accounting," said Merv Hillier.
"We are recommending that the federal government establish a committee of
experts, independent of Canada's major professional accounting designations,
to review best international audit and assurance standards and propose a
common public accounting accreditation standard for Canada based on the
alignment of the legislative and regulatory frameworks in each province."
    CMA Ontario believes that the adoption of a single public accounting
standard is in the best interest of all Canadians and is important to
achieving Canada's long-term AIT objectives.

    About the Certified Management Accountants of Ontario (CMA Ontario):

    The Certified Management Accountants of Ontario is a self-governing
professional organization that awards the Certified Management Accountant
(CMA) designation to qualified candidates in Ontario. With some 24,000
members, CMA Ontario is an integral part of a profession that is 50,000
members strong across Canada and around the world. CMA Ontario maintains
rigorous standards of accreditation and professionalism in management
accounting to protect the public interest.

For further information:

For further information: Angie Brennand, Director of Public Affairs and
Communications, CMA Ontario, (416) 204-3141

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Certified Management Accountants of Ontario

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