Posted by & filed under Accounting Careers, Corporate Restructuring.

Why are we considering the creation of a new designation?

We are witnessing an irreversible international trend in which forces are converging around three major bodies: the American Certified Public Accountants (CPAs), the Global Accounting Alliance (GAA), made up of 11 of the leading accounting organizations in the world, and the Association of Chartered Certified Accountants (ACCA) of the United Kingdom.

The CPA is already an extremely strong brand, both within North America and around the globe. In fact, it is the most used accounting designation worldwide. This designation will evolve into a globally recognized business credential in the areas of financial and strategic management, business leadership, and auditing and assurance competencies. In our view, it is essential that we align ourselves with the global accounting designation of choice, should a single designation emerge.

The designation

Members are proud of their professional designation. For that reason, they will retain their current designation (CA, CGA, CMA) and add the Quebec and Canadian Chartered Professional Accountant – CPA designation. They will be designated as follows:

First Name Last Name, CPA, CA

First Name Last Name, CPA, CGA

First Name Last Name, CPA, CMA

All members in good standing of the three existing accounting Orders will be granted the CPA designation while retaining their current professional designation.

The use of both designations will be mandatory for 10 years. After this period, members will have the choice of using the CPA alone or of continuing to use the CPA, CA, or the CPA, CGA or the CPA, CMA.

Besides being the most used worldwide, this designation will evolve into a globally recognized business credential in the areas of financial and strategic management, business leadership, and auditing and assurance competencies.

This designation will represent a unique combination of expertise in all areas of accounting, including financial and management accounting and taxation.

Retention of rights

The unification agreement will protect the rights of members of the three accounting Orders, such as public accounting licensing rights and rights under any existing Mutual Recognition Agreements. However, no new rights will be granted and there will be no expansion of current rights.

For example, members of the new Order who would like to practice public accountancy will be required to hold a public accountancy permit, which will allow them to use the CPA auditor designation.

Documentation obtained from the Ordre des comptables agrees du Quebec ordre des comptables agrees:

Discussion Questions:

1. Which professional designation were you considering of obtaining?

2. Would the creation of only one Public Accounting Designation be beneficial to you, from an economic point of view, especially if the Designation is recognized world wide?

3. Will confusion be eliminated by having only one designation?

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