TORONTO, May 29, 2012 /CNW/ - A comprehensive survey of Canadian business and thought leaders released today reveals strong support for a unified accounting profession in Canada.
The overwhelming majority of respondents believe that if Canada is to play a lead role globally in the development and enforcement of the highest accounting standards, it is time for the accounting profession to unite under one designation. Respondents were commenting on a proposal to unite the Canadian accounting profession under the new Chartered Professional Accountant (CPA) designation and asked for their views on the prospect of unification.
The proposal, A Framework for Uniting the Canadian Accounting Profession, was issued to Canadian accountants last January by the Canadian Institute of Chartered Accountants (CICA), Certified Management Accountants of Canada (CMA Canada), and Certified General Accountants of Canada (CGA-Canada). While a number of provincial organizations and CGA-Canada have withdrawn from discussions about unification recently, unification has been completed in Quebec and the majority of Canadian accounting bodies remain committed to seeing unification proceed. In all cases, unification efforts are aligned with the principles set out in the unification framework, which is the basis for this research.
The survey was commissioned by the Canadian accounting profession and conducted by independent consultants. The report concludes that now more than ever, a unified accounting profession, speaking with one common voice and managing one common agenda, is crucial for the protection of the public interest at a time of exceptional turbulence in global financial markets. Unification would enhance Canada's competitiveness, contributing to the confidence required to boost investment in Canadian companies, to create Canadian jobs and to better integrate newly-arrived professionals.
The survey results show that respondents believe a nationally united accounting profession would create new efficiencies benefiting both the profession and its clients across Canada. The challenges of uniting 40 separate accounting bodies were noted by all respondents, who recognized the fact that integration of the three professions would take time. However, they were almost unanimous in agreement that unification will benefit Canada and the Canadian economy.
The report is available online at http://cpacanada.ca/wp-content/uploads/2012/05/Proposed-Unification-of-the-Canadian-Accounting-ProfessionFINAL-May-25.pdf
About Canadian Institute of Chartered Accountants (CICA)
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 81,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).
About Certified Management Accountants of Canada (CMA Canada)
With 50,000 members around the world, CMA Canada grants a professional designation in strategic management accounting® and is responsible for standards-setting, accreditation, and the continuing professional development of Certified Management Accountants (CMAs). CMAs provide an integrating perspective to business decision-making, applying a unique blend of expertise in accounting, management and strategy to identify new market opportunities, ensure corporate accountability, and help organizations maintain a long-term competitive advantage. To optimize the performance of global enterprises and build strategic management accounting skills, CMA Canada offers innovative executive development programs, advanced online courses, and internationally recognized knowledge management publications.
For further information:
Tel.: (416) 204-3268
Manager, Communications and Public Affairs
Tel.: (905) 949-3116
Toll-free: 1-800-263-7622, ext. 3116