Comprehensive Insight into the Canadian Institute of Chartered Accountants (CICA)

What Is the Canadian Institute of Chartered Accountants (CICA)?

The Canadian Institute of Chartered Accountants (CICA) is a nonprofit entity representing the interests of accounting professionals throughout Canada. It serves as the national and international voice for Canadian chartered accountants (CAs). Historically, CICA was instrumental in establishing the generally accepted accounting principles (GAAP) tailored for Canadian practices and provided extensive educational resources and guidelines on various accounting disciplines.

Key Highlights

• CICA is a nonprofit association championing Canadian accounting professionals.
• It played a pivotal role in formulating accounting standards, educational initiatives, and conferring the prestigious chartered accountant designation.
• Founded in 1902, the organization is headquartered in Toronto, Canada.

Understanding the Role and Evolution of CICA

Established initially as the Dominion Association of Chartered Accountants in 1902, the organization rebranded as the Canadian Institute of Chartered Accountants in 1951. Based in Toronto, it boasts a membership exceeding 82,000 chartered accountants nationwide, including affiliated members from Bermuda through a partnership with the Institute of Chartered Accountants of Bermuda (ICAB).

CICA has been central to developing and endorsing professional accounting standards in Canada, encompassing auditing procedures and GAAP. While Canadian GAAP once mirrored U.S. standards, since January 2011, these principles have aligned with the International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board. Beyond standards, CICA has pioneered accounting education programs and awarded the CA designation to Canadian professionals.

Important Note

In 2011, Canada transitioned from its traditional GAAP to adopt international financial reporting standards, reflecting a global shift in accounting practices.

As a cornerstone professional body, CICA supports Canadian chartered accountants who offer vital services in corporate and personal taxation, assurance, financial planning, and business advisory. Similar to the U.S. Certified Public Accountant (CPA) credential, aspiring CAs must fulfill stringent criteria, including:

• Possession of a university degree
• Completion of provincial accounting prequalification
• Relevant professional work experience
• Successful completion of the Chartered Professional Accountants of Canada (CPA Canada) examination

Formed in 2013 through the merger of CICA and the Society of Management Accountants of Canada (CMA Canada), CPA Canada serves as the national body overseeing accounting professionals.

CICA is also a founding member of the Global Accounting Alliance (GAA) and the International Federation of Accountants (IFAC). The GAA unites ten global accounting organizations collaborating with regulatory bodies and governments worldwide. IFAC represents over 175 affiliates across 130+ countries, fostering global accounting standards and professional support.

Key Developments and Unified Accounting Profession

Responding to feedback from members and stakeholders, CICA, CMA Canada, and Certified General Accountants of Canada (CGA Canada) introduced "A Framework for Uniting the Canadian Accounting Profession" in January 2012. This initiative led to the creation of the Canadian Chartered Professional Accountant (CPA) designation, consolidating provincial accounting bodies under a unified CPA identity, streamlining the profession for enhanced consistency and recognition.

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