Proposed legislation has been tabled that would establish the new chartered professional accounting (CPA) designation in Manitoba and a new regulatory body that would cover all accountants. This announcement was made by Finance Minister Greg Dewar.
“This bill streamlines accounting designations in the province, simplifying these services while ensuring all professional accountants meet the same standards,” said Minister Dewar. “The new legislation was developed at the request of the accounting profession, and reflects feedback and advice the province received through a public consultation held last summer to ensure changes wouldn’t negatively affect small businesses and non-profit organizations.”
Across Canada, chartered accountants (CA), certified management accountants (CMA) and certified general accountants (CGA) are being unified into the new CPA designation. All provinces, including Manitoba, are working to establish new, self-regulating CPA organizations in time to register the first CPA graduates, expected in late 2015.
The proposed chartered professional accountants act would allow accountants to start using the CPA designation and establish CPA Manitoba as the sole self-regulatory body for accountants, replacing existing regulators for CAs, CMAs and CGAs.
The minister noted this legislation would ensure that accounting audits and reviews would meet national standards and would only be conducted by registered accountants that have required training and experience. Other accounting services, including compiling financial statements, bookkeeping and preparing tax returns, could continue to be offered by an accountant, bookkeeper or any other financial service provider.
“Accountants in Manitoba welcome the introduction of the proposed chartered professional accountants act that would support the national transition to the new CPA designation,” said Gary Hannaford, CEO, CPA Manitoba Joint Venture. “The legislation will unite CAs, CMAs and CGAs together as chartered professional accountants and ensure we are ready to welcome the inaugural graduating class of CPAs next fall.”
There are over 7,000 registered CAs, CMAs and CGAs in Manitoba that would become CPAs if the proposed legislation is proclaimed. The CPA designation is already in use in Quebec, Ontario, Saskatchewan, Prince Edward Island, British Columbia and New Brunswick, with other provinces working on introducing the designation.
