VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2012) - The leadership of the Institute of Chartered Accountants of British Columbia (ICABC) and the Certified Management Accountants Society of British Columbia (CMABC) announced that they have signed an agreement to pursue a merger. Accordingly, the two organizations will work together to become the Chartered Professional Accountants of British Columbia (CPABC).
The new CPABC organization will deliver the nationally-developed CPA Certification Program to BC students beginning in the fall of 2013, and will become the provincial body affiliated with CPA Canada, which will launch January 1, 2013.
"After extensive consultation, the agreement was reached following unanimous votes by the CMABC Board and the ICABC Council in favour of unifying the two organizations," said Gordon Holloway, FCA, President of the ICABC Council. "Together, ICABC and CMABC will petition the provincial government to update our respective legislation and legally merge our two organizations."
"Positive momentum is building across the country," said Pat Kennedy, CMA, FCMA, Chair of the CMABC Board of Directors. "In creating CPABC, we will be joining our colleagues at the CICA and CMA Canada, the Ordre des CPA du Québec (CPA Quebec), and many other provincial CA and CMA partners as we work to establish the CPA designation as the preeminent accounting and business credential in Canada."
The ICABC and CMABC have appointed a Transitional Steering Committee to establish a joint venture structure to support the implementation of the CPA program. A detailed plan to merge member services and operations is under development and integrated activity is expected to begin in spring 2013.
Until such time as legislative changes are enacted, CA and CMA members will maintain their current designations, and both the ICABC and CMABC will continue their existing mandates of self-regulation, education and advocacy.
ICABC and CMABC have been involved in merger discussions since May 2011, as part of a national dialogue on the unification of the accounting profession.
The Institute of Chartered Accountants of British Columbia is the training, governing and regulatory body of B.C.'s 11,000 members and just over 1,800 CA students. The Institute carries out its primary mission to protect the public by enforcing the most demanding admission criteria and the highest professional and ethical standards. Thanks to the quality and rigour of their education and training, CAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight and leadership to organizations.
The Certified Management Accountants Society of British Columbia maintains accreditation, regulates standards and conduct, and enforces continuing professional development for more than 4,700 CMAs and 1,100 CMA students in B.C. CMAs provide an integrating perspective to business decision-making, applying a unique blend of expertise in accounting, management and strategy to identify new market opportunities, ensure corporate accountability, and help organizations maintain a long-term competitive advantage.