Board members from B.C.’s three accounting organizations are slated to meet for the first time next week in what will be another step toward merging the province’s accounting profession.
For much of the past three years, the accounting profession in English Canada has been creating a common framework and curriculum for the new chartered professional accountant (CPA) designation. Quebec passed legislation last year to unify the province’s accountants under the designation.
The merger has had its challenges over the past few years. But, as of last week, nearly all of the provincial accounting organizations in Canada and all three national accounting organizations have agreed to be consolidated under a single designation.
“We’re well into our third year with the merger that’s merging 40 different ‘companies’ because everyone is independent. It’s quite a feat,” said Vinetta Peek, president and CEO of the Certified Management Accountants of BC (CMABC).
Since April, the Institute of Chartered Accountants of BC (ICABC) and the CMABC have effectively been working as a single organization after signing a joint-venture agreement working with a combined budget. With the Certified General Accountants of BC (CGABC) agreeing to rejoin the merger process in May, a three-way joint-venture agreement is expected to be completed in the fall.
By then, the industry is also hoping the government will table new legislation that formalizes the merger of all three organizations and passes it by next spring. Currently, CAs, CMAs and CGAs operate under their own legislation.
Peek said both the provincial government and opposition NDP have responded favourable to the merger initiative.
“They thought this makes so much sense for the industry,” said Peek. “Another thing we’re positive about is that the new government wants to reduce red tape, and by combining [our] three acts and three organizations into one piece of legislation, that will reduce red tape quite dramatically.
“I’m looking forward to being able to announce CPA BC and start a new brand in this industry. It’s very positive.” •
