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September 2011 - Richard Rees, FCA - Len Baggio, FCA

September 2011 - Richard Rees, FCA - Len Baggio, FCA



Annual Executive Tour - ICABC Town Hall Meeting

Annual Executive Tour - ICABC Town Hall Meeting



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    September 2011 - Richard Rees, FCA - Len Baggio, FCA September 2011 - Richard Rees, FCA - Len Baggio, FCA Presentation Transcript

    • Town Hall MeetingSeptember 2011
    • Overview
      • Chartered Accountants of Canada (CA) and the Certified Management Accountants of Canada (CMA) are exploring uniting through the creation of a new professional designation
      • We want to talk to you about:
      • The environment
      • The rationale for change
      • Our approach
      • The benefits
      • Consultation - June to September
      • Process going forward
    • The Accounting Profession in Canada
      • 3 accounting designations
      • 40 legislated bodies(under provincial jurisdiction)
      • 172,000 members
    • The CA Profession in Canada
      • 14 legislated bodies
      • 78,000 members
      BC represents about 12% of
      the Canadian
      CA profession
    • Global Financial Regulation …Spotlight on the Profession
      • Financial crisis – G8 & G20 agendas
      • Global standards
      • Global regulatory groups
      • IFAC
      • IFIAR
      • EEC ‘green paper’ late 2010, proposals imminent
      • PCAOB proposals out for comment
      • Mandatory firm rotation? Tendering?
      • UK– parliamentary committee recommends integrating 6 bodies
    • Government Spotlight on the Accounting Profession in Canada
      • Self regulation being impacted by:
      • Ontario Public Accounting Council (PAC) – qualification and licensing
      • Labour mobility - AIT
      • Competition Bureau – foreign designation recognition
      • Fair Access legislations – prior learning assessment
      • Quebec government initiated 3 way merger – effective April 2012
    • The Need to Evolve: Global Response/Competition
      • Profession Responds - Emergence of global accounting designations and strategic alliances
      • Global Accounting Alliance
      • US CPA exam offered internationally
      • AICPA/CIMA to create a new international management accounting designation
      • ICAEW registered CPA for Europe
      • Australia + New Zealand integrating operations
      • ACCA in Canada – seeking non regulatory status and hired CEO
      • CA/CMA discussion in Canada – Quebec 3 way
    • The Need to Evolve: Before CMA discussions … a Global Designation?
      • Globally, CA and CPA are dominant
      …. Which will emerge as the global leader??
      • Securing the CPA Designation
      • US/Asia trading partners and major economies
      • Globally
      • CA … less than ½ million
      • CPA … over 1 million
      • We want Canadian members to be able to leverage either
    • Our Approach: The Profession Responds
      Changing landscape in Canada
      • Accounting bodies started talking about options
      • Quebec 2010 – government facilitated
      • Initial contact - Feb 2011
      • Preliminary framework March 2011
      • Built on input from 2004 discussions
      • Reviewed by 3 bodies early April
      • 28 out of 40 agreed to consider further
      • Time to consult with members
      • Two elements - designation and 8 principles
    • A Joint Approach to Unification: Old and New Designations
      • CA and CMA continue
      • Does not require any member to give up their existing designation
      • Chartered Professional Accountant (CPA) designation
      • Does not require either to issue its designation to members of the other
      • Evolving to a new qualification program
      • Retains rigour and international recognition
      • Pre-eminent designation for professional accountants across all economic sectors and an internationally recognized business credential
    • Uniting Canada’s Accounting Profession
      8 Guiding Principles
      Continued use of existing designations
      Evolution to a new single core designation
      Retention but no expansion of member rights solely as result of the merger
      Development of new high-quality certification program
      Merged operations and governance at the provincial, territorial and national levels
      Focus on the CPA brand
      Creation of new post qualification specialty certifications
      Agreement on uniform regulatory and licensing framework that meets international standards
    • Benefits of Uniting
      • Serving the Public Interest
      • Consistent standards
      • Reducing confusion in the marketplace
      • Benefiting Members
      • Scale
      • Global credibility – stronger voice
      • What is good for the profession is good for the members.
      Where will our profession be in 10 years? 20 years?
    • Will this be the Accounting Profession in Canada in April 2012?
      • 4 accounting designations
      • 38 legislated bodies
      • 172,000 members
      APRIL 2012
    • The Accounting Profession in CanadaWhat this consultation is about…
      • 2 accounting designations
      • 26 legislated bodies
      • 172,000 members
      • Canadian CPA would be one of the largest in world
    • Consultation Process: Hearing All Viewpoints
      • Consulting with members and students
      • Position paper, information and online discussion forums at www.CPACanada.ca
      • Monthly newsletter
      • Town halls
      • Focus groups
      • MOPE Survey
      • Talking with governments, employers, academics, students and other stakeholders
    • Hearing All Viewpoints:Survey of People who Hire CAs
      Results of Survey:
      58% agree that differences between CA and CMA are blurring
      69% agree combining the best of the CA and CMA qualification process would result in better professionals
      85% agree a consistent code of professional conduct benefits Canadian businesses
      72% agree having a designation aligned with both CA and CPA would be beneficial
      64% agree that a single qualification process and designation will make hiring easier
    • Next Steps
      • Consultation ends mid September
      • Quebec direction clear?
      • Elected leadership determines next steps
      • We anticipate presenting a concrete proposal in late fall of 2011
      • Approval process to be determined
    • The Accounting Profession in CanadaOur options going forward may be …
    • Comments/Questions?
      For more information:
      Goal – a strong independent Canadian profession for the future
      Didn’t we vote on this in 2004?
      Hiring – how will employers know?