The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902,[1] which later became known as the Canadian Institute of Chartered Accountants Act.[2]
1902 – The Dominion Association of Chartered Accountants (DACA) is incorporated by Private Act of the Parliament of Canada. (SC 1902, c. 58)
1934 – The Canada Companies Act is amended to provide for the involvement of the DACA in setting standards for accounting policies.
1938 – All provinces agree that membership should be determined by a Uniform Evaluation.[4]
1951 – DACA changes its name to the Canadian Institute of Chartered Accountants. (SC 1951, c. 89)
1954 – Students in all provinces in Canada are writing the same examination.
1968 – The CICA releases the CICA Handbook, which codifies Canadian GAAP.
1972 – The Canadian Securities Administrators rule that provincial securities commissions must consider the CICA Handbook as the basis for Canadian GAAP.[5]
1975 – The CICA Handbook is incorporated by reference into the Canada Business Corporations Act for specifying the basis of Canadian GAAP.[6]
1990 – Act of incorporation is updated to reflect the current mandate and powers. (SC 1990, c. 52)
2008 – The CICA announces that Canadian GAAP will converge with International Financial Reporting Standards for publicly accountable enterprises, effective with reporting periods beginning on or after 1 January 2011.[7]
2004 - The CICA begins merger talks with CMA Canada, but talks do not go beyond the exploratory stage.[citation needed]
2011 - Merger talks are renewed, this time including CGA Canada,[8] to create a new national accounting body. Over the next three years member organizations in all provinces agree to merge, forming Chartered Professional Accountants of Canada.[3]
Qualification as a memberedit
CAs are admitted to the profession through their Provincial Institutes/Ordre. These bodies are responsible for establishing and administering the qualification process, admission criteria and performance standards within their jurisdictions.
Pre-qualification education is delivered regionally through one of four systems across Canada:
Region
Education provider
Atlantic provinces
Atlantic School of Chartered Accountancy
Quebec
Professional Education Program of the Ordre des comptables agréés du Québec
Ontario
CPA Ontario School of Accountancy
British Columbia, Alberta, Saskatchewan, Manitoba and the territories
CA School of Business
The CICA's role – in concert with all provinces, territories – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CA designation across Canada and internationally through various mutual recognition agreements.
Admission to the CA profession requires:
A university degree.
Specified university courses or the equivalent.
Completion of a professional pre-qualification program as noted above.
Prescribed practical experience with approved training offices, which are set in place in accredited CA firms, offices of provincial or national Auditors General, and selected corporations and government organizations.[9]
The CICA itself does not admit members and students; its membership is derived from membership in one of the 10 provincial and two territorial institutes of chartered accountants and the Institute of Chartered Accountants of Bermuda. The institutes are empowered by local laws to regulate and govern the chartered accountancy profession within their jurisdictions. Individuals holding foreign accountancy designations who want to become a Canadian Chartered Accountant must apply to the institute in the jurisdiction where they live or intend to live.
The CICA works in partnership with and on behalf of the institutes to:
Assess the qualification processes of foreign accounting bodies to determine the extent to which they are equivalent to the Canadian process
Negotiate Mutual Recognition Agreements with accounting bodies whose qualification processes are substantially equivalent;
Determine the additional education, evaluation and experience requirements for members of reviewed accounting bodies not deemed substantially equivalent.
Credentials of foreign-trained accountants are assessed according to the following categories:[10]
Category
Description
Designated Accounting Bodies
These designated accounting bodies are considered by the Canadian CA profession to be substantially equivalent. Members of these accounting bodies generally qualify for membership in the Canadian CA profession with minimal additional requirements.
Accounting Bodies with Reciprocal Membership Agreements
Non-Equivalent Accounting Bodies
These accounting bodies have been reviewed by IQAB and their qualification processes have been determined not to be equivalent to the Canadian qualification process.
Accounting Bodies Currently Under Review
Members of Non-Assessed Accounting Bodies
Individuals who are members of professional accounting bodies which have not been reviewed by IQAB, or who are not members in any professional accounting body can request individual assessment by the appropriate PICA/Ordre. This review will identify any additional education, examination and/or experience requirements the individual must complete to qualify for membership in the Canadian CA profession.
Assessments of foreign bodies, and negotiations of Mutual Recognition agreements are conducted by the profession's International Qualifications Appraisal Board (IQAB), the current status of which is as follows:
Country
Designated accounting body
Accounting body with Reciprocal Membership Agreement
^. Archived from the original on 7 November 2011. Retrieved 7 November 2011.
^"Canadian Institute of Chartered Accountants". Canadian Heraldic Authority. Retrieved 30 July 2023.
November 01, 2023
canadian, institute, chartered, accountants, cica, incorporated, parliament, canada, 1902, which, later, became, known, abbreviationcicapredecessordominion, association, chartered, accountantsformation15, 1902, years, 1902, legal, statusincorporated, private, . The Canadian Institute of Chartered Accountants CICA was incorporated by an Act of the Parliament of Canada in 1902 1 which later became known as the Canadian Institute of Chartered Accountants Act 2 AbbreviationCICAPredecessorDominion Association of Chartered AccountantsFormation15 May 1902 121 years ago 1902 05 15 Legal statusIncorporated by Private Act SC 1902 c 58 HeadquartersToronto Ontario CanadaRegionCanada BermudaMembership78 000Official languageEnglish FrenchChairBill MacKinnonVice ChairShelley BrownPresident and CEOKevin DanceyWebsitewww wbr cica wbr caThe CICA developed and supported accounting auditing and assurance standards for organizations in Canada developed and delivered education programs and issued the professional designation of Chartered Accountant The CICA was a founding member of the International Federation of Accountants and the Global Accounting Alliance In 2014 CICA merged with Canada s two other major accounting designations to form the Chartered Professional Accountants of Canada 3 Contents 1 History 2 Qualification as a member 3 Foreign trained accountants 4 Arms 5 See also 6 Member institutes 7 ReferencesHistory edit1902 The Dominion Association of Chartered Accountants DACA is incorporated by Private Act of the Parliament of Canada SC 1902 c 58 1934 The Canada Companies Act is amended to provide for the involvement of the DACA in setting standards for accounting policies 1938 All provinces agree that membership should be determined by a Uniform Evaluation 4 1951 DACA changes its name to the Canadian Institute of Chartered Accountants SC 1951 c 89 1954 Students in all provinces in Canada are writing the same examination 1968 The CICA releases the CICA Handbook which codifies Canadian GAAP 1972 The Canadian Securities Administrators rule that provincial securities commissions must consider the CICA Handbook as the basis for Canadian GAAP 5 1975 The CICA Handbook is incorporated by reference into the Canada Business Corporations Act for specifying the basis of Canadian GAAP 6 1990 Act of incorporation is updated to reflect the current mandate and powers SC 1990 c 52 2008 The CICA announces that Canadian GAAP will converge with International Financial Reporting Standards for publicly accountable enterprises effective with reporting periods beginning on or after 1 January 2011 7 2004 The CICA begins merger talks with CMA Canada but talks do not go beyond the exploratory stage citation needed 2011 Merger talks are renewed this time including CGA Canada 8 to create a new national accounting body Over the next three years member organizations in all provinces agree to merge forming Chartered Professional Accountants of Canada 3 Qualification as a member editCAs are admitted to the profession through their Provincial Institutes Ordre These bodies are responsible for establishing and administering the qualification process admission criteria and performance standards within their jurisdictions Pre qualification education is delivered regionally through one of four systems across Canada Region Education providerAtlantic provinces Atlantic School of Chartered AccountancyQuebec Professional Education Program of the Ordre des comptables agrees du QuebecOntario CPA Ontario School of AccountancyBritish Columbia Alberta Saskatchewan Manitoba and the territories CA School of BusinessThe CICA s role in concert with all provinces territories is to develop and maintain consistent uniform standards for the profession s qualification process These standards ensure the portability of the CA designation across Canada and internationally through various mutual recognition agreements Admission to the CA profession requires A university degree Specified university courses or the equivalent Completion of a professional pre qualification program as noted above Prescribed practical experience with approved training offices which are set in place in accredited CA firms offices of provincial or national Auditors General and selected corporations and government organizations 9 A passing grade in the Uniform Evaluation Foreign trained accountants editThe CICA itself does not admit members and students its membership is derived from membership in one of the 10 provincial and two territorial institutes of chartered accountants and the Institute of Chartered Accountants of Bermuda The institutes are empowered by local laws to regulate and govern the chartered accountancy profession within their jurisdictions Individuals holding foreign accountancy designations who want to become a Canadian Chartered Accountant must apply to the institute in the jurisdiction where they live or intend to live The CICA works in partnership with and on behalf of the institutes to Assess the qualification processes of foreign accounting bodies to determine the extent to which they are equivalent to the Canadian process Negotiate Mutual Recognition Agreements with accounting bodies whose qualification processes are substantially equivalent Determine the additional education evaluation and experience requirements for members of reviewed accounting bodies not deemed substantially equivalent Credentials of foreign trained accountants are assessed according to the following categories 10 Category DescriptionDesignated Accounting Bodies These designated accounting bodies are considered by the Canadian CA profession to be substantially equivalent Members of these accounting bodies generally qualify for membership in the Canadian CA profession with minimal additional requirements Accounting Bodies with Reciprocal Membership AgreementsNon Equivalent Accounting Bodies These accounting bodies have been reviewed by IQAB and their qualification processes have been determined not to be equivalent to the Canadian qualification process Accounting Bodies Currently Under ReviewMembers of Non Assessed Accounting Bodies Individuals who are members of professional accounting bodies which have not been reviewed by IQAB or who are not members in any professional accounting body can request individual assessment by the appropriate PICA Ordre This review will identify any additional education examination and or experience requirements the individual must complete to qualify for membership in the Canadian CA profession Assessments of foreign bodies and negotiations of Mutual Recognition agreements are conducted by the profession s International Qualifications Appraisal Board IQAB the current status of which is as follows Country Designated accounting body Accounting body with Reciprocal Membership Agreement Non equivalent accounting body Currently under reviewAustralia Institute of Chartered Accountants in Australia CPA AustraliaBelgium Institut des Reviseurs d Enterprises de BelgiqueFrance Ordre des Experts ComptablesHong Kong Hong Kong Institute of Certified Public AccountantsIndia The Institute of Chartered Accountants of IndiaIreland Institute of Chartered Accountants in IrelandJapan Japanese Institute of Certified Public AccountantsLuxembourg Institut des reviseurs d entreprisesMexico Instituto Mexicano de Contadores PublicosNetherlands Nederland Instituut van Register AccountantsNew Zealand New Zealand Institute of Chartered AccountantsNigeria Institute of Chartered Accountants of NigeriaPakistan Institute of Chartered Accountants of Pakistan currently under reviewPhilippines Philippine Institute of Certified Public AccountantsSouth Africa South African Institute of Chartered AccountantsSri Lanka Institute of Chartered Accountants of Sri LankaSwitzerland Swiss Institute of Certified Accountants and Tax ConsultantsUnited Kingdom Institute of Chartered Accountants in England and Wales Institute of Chartered Accountants of Scotland Association of Chartered Certified AccountantsUnited States American Institute of Certified Public Accountants National Association of State Boards of AccountancyZimbabwe Institute of Chartered Accountants of ZimbabweArms editCoat of arms of Canadian Institute of Chartered Accountants Notes Recorded at the College of Arms 20 November 1961 11 Crest Two maple leaves Or in front of a balance Sable Escutcheon Azure two quills in saltire Or a bordure Argent set with ten maple leaves Proper Motto Probos Et UtilisSee also editCanadian accounting profession Accounting Standards Board Canada International Qualification Examination Uniform EvaluationMember institutes editProvince Institute OrdreBritish Columbia The Institute of Chartered Accountants of British ColumbiaAlberta The Institute of Chartered Accountants of AlbertaSaskatchewan The Institute of Chartered Accountants of SaskatchewanManitoba Institute of Chartered Accountants of ManitobaOntario Chartered Professional Accountants OntarioQuebec Ordre des comptables professionnels agrees du QuebecNew Brunswick The New Brunswick Institute of Chartered AccountantsNova Scotia The Institute of Chartered Accountants of Nova ScotiaPrince Edward Island Institute of Chartered Accountants of Prince Edward IslandNewfoundland and Labrador The Institute of Chartered Accountants of Newfoundland and LabradorYukon Institute of Chartered Accountants of the Yukon TerritoryNorthwest TerritoriesNunavut Institute of Chartered Accountants of the Northwest Territories and NunavutBermuda Institute of Chartered Accountants of BermudaReferences edit Stephen Bernhut May 2002 Setting the standard CA Magazine Retrieved 6 November 2011 SC 1902 c 58 as amended by SC 1951 c 89 and SC 1990 c 52 a b McFarland Janet 23 June 2014 Canadian accountants merge under CPA designation The Globe amp Mail Retrieved 21 August 2017 The UFE Archived from the original on 25 March 2014 Retrieved 18 March 2014 National Instrument 52 107 Acceptable Accounting Principles and Auditing Standards and its Companion Policy Retrieved 7 November 2011 Canada Business Corporations Regulations s 70 Retrieved 7 November 2011 International Financial Reporting Standards Archived from the original on 19 November 2011 Retrieved 7 November 2011 Your source for CA CMA CGA Merger Information Retrieved 6 November 2011 CA Training Offices International Qualifications Appraisal Board Archived from the original on 7 November 2011 Retrieved 7 November 2011 Canadian Institute of Chartered Accountants Canadian Heraldic Authority Retrieved 30 July 2023 Retrieved from https en wikipedia org w index php title Canadian Institute of Chartered Accountants amp oldid 1177649931, wikipedia, wiki, book, books, library,
