Exploring variations in Canadian accounting legislation
June 28, 2012
Canada's accounting landscape can only be described as "fragmented," as there are currently 40 regulatory bodies governing members of the profession who practice in the country. Each organization has its own Canadian accounting compliance
rules, and no two laws are the same.
For instance, British Columbia's Accountants (Chartered) Act is just 15 pages long and pertains exclusively to chartered accountants, points out Richard Rees for the Chartered Accountants of British Columbia's publication, Beyond Numbers. Meanwhile, the Regulated Accounting Profession Act of Alberta spans 117 pages and oversees all three accounting designations.
However, some provinces are making an effort to consolidate regulators and construct more cohesive, centralized Canadian accounting legislation
. For instance, the Office des professions du Quebec is encouraging a merger between the three bodies that oversee the province's chartered accountants, certified general accountants and certified management accountants.
Efforts to unite the three designations at a national level have failed numerous times, largely because members of each designation regard themselves as superior, according to Canadian Business
for the Beyond Numbers article.