Service NL
November 20, 2014

Changes to Accounting Designation Support a Vibrant Economy

New Legislation Provides for New Unified Accounting Designation

Legislation was introduced in the House of Assembly today that will create a newly established organization known as the Chartered Professional Accountants of Newfoundland and Labrador (CPANL). Three pre-existing accounting designations – Chartered Accountants, Certified Management Accountants and Certified General Accountants – will combine to form a single new organization known as Chartered Professional Accountants Canada (CPAC) with provincial chapters across the country.

“This is a positive advancement for the accounting profession in Newfoundland and Labrador and across the country. The accounting profession in this province strongly supports creating a unified organization as it will be very beneficial to accountants and the industry."
- The Honourable Tony Cornect, Minister of Service NL

CPANL will be a self-regulating organization responsible for licensing, education and disciplinary actions within the accounting industry. The new organization will also result in a new unified accounting designation for Chartered Professional Accountants (CPAs). Introduced today, the new Chartered Professional Accountants and Public Accountants Act will replace four previous acts associated with the various accounting professions.

“One of the benefits of the new designation is a new education program which meets or exceeds existing programs and also offers advanced and increased training opportunities. Accountants of different designations typically performed different types of work in the past, but today that is no longer the case.”
- Minister Cornect

The Institute of Chartered Accountants of Newfoundland and Labrador, the Society of Certified Management Accountants of Newfoundland and Labrador and the Certified General Accountants Association of Newfoundland and Labrador will combine to form the new organization.

QUICK FACTS

• Legislation was introduced in the House of Assembly to create a single accounting designation known as the Chartered Professional Accountants in Newfoundland and Labrador and merge the Public Accountants Act into this legislation.
• This will replace the Chartered Accountant, Certified Management Accountant and Certified General Accountant designations.
• With the merging of the three accounting designations into one new designation, the new legislation will fulfill all regulatory requirements and protections including those for public accountants.
• Chartered Professional Accountants Newfoundland and Labrador is the provincial division of the new national body known as Chartered Professional Accountants Canada.
• Six other provinces are expected to bring forward similar legislation in the near future. Saskatchewan, Quebec and New Brunswick have already completed the process.

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Media contact: Vanessa Colman-Sadd Director of Communications Service NL 709-729-4860, 682-6593 vanessacolmansadd@gov.nl.ca

2014 11 20                           3:10 p.m.