According to a recent update from CPA Canada, “Reorganization time” has occurred and a pivotal point in the history of our profession has been reached.
“Reorganization Time” – the time at which virtually all parties to unification have become CPA bodies – occurred at exactly 11:59 p.m. on September 27, 2016, the day before the CPA Canada Annual General meeting. This was a pivotal point in the history of the CPA profession. Unification is now essentially complete. This was both an exciting journey and an extraordinary achievement for the profession.
A UNITED FRONT
All parties to unification are now Organization Members of CPA Canada with the exception of the Northwest Territories and Nunavut, which are awaiting the passage of CPA legislation. In the meantime, the three legacy bodies in those jurisdictions have entered into an agreement to act as a unified body with respect to everything except statutory matters, for which authority must rest with the legacy bodies. Also, the governments of the NWT and Nunavut have agreed to the use of the CPA designation (appropriately tagged) prior to the passage of legislation.
UPDATES TO CPA CANADA BY-LAWS AND BOARD
To reflect the transition to a full state of unification following the Reorganization Time, the CPA Canada by-laws were updated and the board was renewed. The transitional board of 22 was streamlined to 12 directors with a set rotation to ensure its continued vibrancy.
The attributes of the ideal post-reorganization CPA Canada board had been identified by the Nominating and Governance Committee and consultation with the provincial and regional bodies has begun. A tremendous spirit of cooperation was displayed and consultation will be ongoing with respect to board nominations to achieve the diverse board required.
SAYING FAREWELL TO LEGACY BODIES
With the goal of unification of the Canadian accounting profession achieved, the last annual meetings and special meetings of the CICA and CMA Canada were held on September 28, 2016, at which time motions to dissolve the corporations were passed. Similar action will be taken by CGA-Canada when it has fulfilled all of its post-unification responsibilities.
A version of this update originally appeared on CPA Canada’s website.
