FEI – Vancouver Chapter Luncheon Building a new profession Richard Rees, CPA, FCA 1
OVERVIEW : National Update Provincial Update Building CPABC Meeting Future Demand Public Policy Protecting the Public Questions 2
Building a single, unified profession • The CPA designation has grown out of the belief that Canada needs a single, unified accounting profession that will demonstrate leadership, inspire confidence, and command respect in Canada and globally. • CPA’s values, qualities, and capabilities are derived from the best of Canada’s accounting designations – CA, CMA, and CGA. • This legacy creates the foundation for CPA as the pre- eminent accounting and business credential that sets the standard for the profession in Canada. • CPA Canada established April 2013, and CGA-Canada joined and became part of CPA Canada in 2014. 3
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Unification Update – National Update National snapshot o 190,000 professional accountants merging as one unified body 5
CPABC Legislation • Anticipating support from both sides of the House • CPABC staff are contributing to a nationally harmonized regulatory framework and developing implementation plans for BC • Receiving input from members, volunteers, and public representatives • Many operational areas already integrated, but full merger can’t happen until legislation enacted • Hoping for progress in spring legislative session 6
About CPABC • ICABC, CGA-BC, and CMABC signed 3-way joint venture in October 2013 • Transitional Steering Committee with equal legacy representation implementing unification • Will be one of largest professional bodies in western Canada Professional Program Designated Accountants in BC – Candidates – 12/31/14 12/31/14 783 1,589 11,776 12,258 403 CA CPA, CA CMA CPA, CMA 2,701 5,650 CGA CPA, CGA CPA 29,684 Members 5,476 Graduate Level Candidates 7
We’re building the best business and accounting education program to develop a stronger, more responsive profession. 8
Labour Market Projections “BC will need 1,290 new accountants each year, for the next ten years, just to keep up with the projected demand.” -- Occupational Demand Analysis for Chartered Professional Accountants , Roslyn Kunin & Associates, Inc. 9
Meeting future demand • CPA Professional Education Program (PEP) • CPA Prerequisite Education Program (CPA PREP) • Advanced Certificate in Accounting and Finance (ACAF) • CPA Practical Experience Requirements Gaining ‘real world’ experience to meet a changing marketplace • Mentoring (for legacy CA, CGA and CMA members) Professionals guiding, assisting students to reach their full potential 10
Routes to Training Students Pre- Experience approved Verification Training Office • Student (or student • Employer and employer) finds commits to experience providing experience 11
Promoting the Profession Employers & Potential Clients Students • Provincial top-up branding & hiring • Strong recruiting campaign activities and • Print advertising • Radio • Sponsorships 12
CPABC Public Policy Work • BC Check ‐ Up Economic Analysis • CPABC Business Outlook Survey Member Feedback Policy • Budget Recommendations Development • Media Interviews Outreach • Sponsorships 13
CPABC Business Outlook Survey Economic Outlook • Those in the regions are more positive about the BC economy • One-third of CPAs believe BC will outperform the Canadian average over the next 2 years • Attracting skilled labour and housing prices top domestic challenges • US recovery, commodity prices, and China’s slowed growth top global challenges Top 3 priorities for government 1. Improve regional economic development 2. Reduce red tape 3. Restore input tax credits 14
BUDGET RECOMMENDATIONS Housing 81% of CPAs believe housing prices are a challenge to business • Look at implementing something similar to Vancouver’s Affordable Housing Agency in other high priced communities • Study mitigation strategies in other high-priced markets 15
Budget Recommendations Municipal Transparency 66% of CPAs felt that local governments did only a poor or fair job of creating a good climate for business and investment in BC • Establish performance measures like Ontario, that would assess, compare, and benchmark municipal financial performance 16
Budget Recommendations Tax Reform • Restore a competitive tax for business investment Average (all industry) METRs, 2013 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% *national average Orange line is BC’s METR in 2012 Source: Business Council of BC 17
BUDGET 2015 Watch for CPABC’s budget analysis on Tuesday, February 17, 2015 • Sponsoring a post budget breakfast with Minister Mike de Jong on February 20 at the Richmond Chamber of Commerce • Also, sponsoring a special presentation by Minister De Jong, at the Vancouver Board of Trade on Monday, February 23, 2015 18
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www.bccpa.ca 20 Questions & thank you
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