Description: It sounds like a bit of a messy breakup for Canada’s professional accountants. In June, the provincial bodies for Chartered Professional Accountants in both Ontario and Quebec informed the national umbrella organization, CPA Canada, that they were triggering the withdrawal mechanism that would see them leave in 18 months. Meanwhile though, six former chairs at CPA Canada have gone on record to express their displeasure, noting it could bring about the “undoing of unification of the profession” that occurred between the three former accounting bodies (CAs, CMAs, CGAs) in the previous decade.

Date:  September 10, 2023; updated September 12, 2023

Source:  theglobeandmail.com

 Link: https://www.theglobeandmail.com/business/article-accountants-express-opposition-to-ontario-quebec-plan-to-split/

Discussion points:

1) What do you think is the key issue behind this situation?

2) If you have been considering a career in accountancy post-graduation, does this uncertainty in the profession concern you?

3) On page 2-21 of Wiley’s Financial Accounting: Tools for Business Decision-Making we see a discussion of the role of the International Accounting Standards Board (IASB) in establishing the conceptual framework used in International Financial Reporting Standards. Do a bit of research to determine what role CPA Canada has with the IASB.