Now more than ever, accounting standards are converging globally. With global alliances increasingly common, many standards are now set by international organizations.
In Canada, the regulatory bodies governing the country’s chartered accountants (CAs) and certified management accountants (CMAs) are considering a merger. As the possibility of a union between the Canadian Institute of Chartered Accountants and the Society of Management Accountants of Canada grows, the unique attributes of these two accounting designations are blurring and a united accounting profession appears to be the way of the future. The two accounting bodies are convinced that this merger will allow them to increase the influence of the professional accountants both nationally and internationally and ultimately, better protect the public.
Their vision for the future is the chartered professional accountant (CPA). Should the merger plan be endorsed by their respective members, all CAs and CMAs would fall under the national title, chartered professional accountant. If the undertaking is successful, the new professional body would consist of 125,000 accountants, making it one of the largest accounting organizations in the world.
Whether the merger takes place or not, it is critical for accountants in Canada to continue to represent the best interests of Canadian businesses and ensure that we lend our skills and expertise to positively influence an increasingly globalized arena.