CAs and CMAs discuss merger 

An announcement was made today that could usher in one of the most important developments ever for the profession. Chartered Accountants (CAs) and Certified Management Accountants (CMAs) in all Canada's provinces and territories are considering formal discussions to create one of the largest, most influential accounting bodies in the world.

If approved, the new body would have more than 100,000 members and 18,000 students.

"This is a major development for the profession and one we believe will benefit our members and the public interest," said David Smith, president and CEO of the Canadian Institute of Chartered Accountants, at a press conference held jointly with Steve Vieweg, president and CEO of CMA Canada. "The new profession would have three principal areas of practice – management, audit and assurance and taxation."

The guiding principles for the merger have been agreed to by the leadership of the national CA and CMA organizations. Now they are to be reviewed by the elected governance of each provincial CMA and CA body. If the principles are adopted, there will be a membership ratification in the fall. If approved, the new profession is expected to be created on January 1, 2005.

 "This is a tremendous opportunity to create the pre-eminent business professional in Canada, with unmatched initial and continuing education, training, professional experience and discipline," said Pierre Brunet, chair of the Canadian Institute of Chartered Accountants (CICA). "The new organization would bring greater clarity and strength to the accounting profession in Canada by eliminating much of the confusion that arises from multiple professional accounting bodies."

Currently, most countries have either one or two major accounting designations. By bringing CAs and CMAs together, Canada would be more in sync with the rest of the world, said Smith.

 "This merger would create a larger, stronger, more influential body that is able to supply its markets with Canada's pre-eminent business professionals," said CMA Canada chair Michael dos Santos. "It would generate growth for the new profession and provide its members with broader career choices and enhanced opportunities."

For highlights on the proposed merger and information on certification, go to index.cfm/ci_id21462/la_id/1.htm.

Also see http://www.cma-canada.org/index.cfm/ci_id/1879/la_id/1.htm.