On October 1st, 2014, CPA Canada announced the consolidation of three national accounting organizations.
The Society of Management Accountants of Canada, Certified General Accountants Association of Canada and the Canadian Institute of Chartered Accountants have now merged into CPA Canada.
CPA Canada represents the single national accounting body and one of the largest in the world. The creation of this organization provides Canadian professional accountants with a unified voice.
This merger took a number of years as it required approvals from 40 accounting bodies across the provinces and territories. An interesting and little known fact, it also required approval in Bermuda as accountants there are regulated under Canadian standards.
Canada has had three different accounting designations for more than a century, sometimes creating confusion in the marketplace. Companies didn’t know if they needed a CMA, a CGA or a CA or which could deliver the services they required. Businesses will now have the confidence of knowing all CPAs will be well-rounded professional with a strong foundation of knowledge and skill as a professional accountant.
If you have questions on this new designation and how it may benefit you, please contact us. We’d be happy to explain.