Canadian Accounting Industry: The Reasons For Unification

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On January1, 2013 the Canadian Institute of Chartered Accountant and the Certified Management Accountants of Canada penned down an agreement of unification under one national accountants body (Frank, 2013). It laid the foundation for the unification making it necessary for all stakeholders to be brought on board. The primary reasons for Canadian accounting industry moving towards a unified designation will form the basis of this analysis, followed by the significant changes in qualification and field of study. The impact of these changes to students, Canada, and international accounting world conclude the analysis. Reasons for Unification Canadian accounting industry players have large membership numbering up to 170,000 individuals who have …show more content…

Learning the importance of interdependency at school improves one perspective of the professional, world appreciating the need diversification. The fact that one can be taking a different degree from accounting and be offered a chance through the bridging program to join accountancy promotes personal development (Frank, 2013). Centralized professional assessment contribution to final qualification encourages the students to partake in professional experience through volunteerism and other services build an all rounded citizen of Canada not only a CPA Canada. It eliminates the mismatch between what schools offer and what the industry expects (BC’s, 2013). The need for international knowledge on accounting and general aspects becomes eminent for effectively compete. Although opening up opportunities and allowing for mobility only the best will survive as competition intensifies calling for more of individuals’ students’ effort to remain relevant. Any slackness associated with being comfortable at home province has to be lost. Levelling the playing ground by unified regulation, examination and assessment only calls for hard work as the fittest will survive (Frank, 2013). Impact on the Canadian accounting …show more content…

It will increase as a result of having a unified voice and the fact that the body will be representing 170,000 individuals and by any standards it is not small. The world will be compelled to create space for Canada during formulation of accounting standards and heed to their voices (Uniting Canadian accounting profession, 2014). Strong bargaining power by unified Canadian accounting front will intensify supremacy battles at the international front. Bodies such as the famous American Institute of Certified Public Accountant (AICPA) who have been enjoying large membership seeking to stamp their authority worldwide will consider Canada as a worthy opponent. It could lead to a more aggressive accounting, industry on an unprecedented scale with each front seeking to gain mileage (Frank, 2013). Certainly intensified completion will lead to increased creativity and innovation in the industry if on is to stay relevant. It will improve the quality of CPAs internationally from the need of being the best out of the best. Improved accounting services will be witnessed throughout the

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