CPA Newfoundland and Labrador legislation receives passage

The CPA Newfoundland and Labrador Transitional Steering Committee announced provincial legislation to formalize the unification of the three accounting bodies and the Public Accounting body into CPA Newfoundland and Labrador.

The CPA Newfoundland and Labrador Transitional Steering Committee was pleased to announce that provincial legislation to formalize the unification of the three accounting bodies and the Public Accounting body into CPA Newfoundland and Labrador was passed on November 24, 2014, in the Newfoundland and Labrador Legislature. This legislation outlines the standards that will define CPA Newfoundland and Labrador as a professional self-governing body.

According to Dorothy Keating, FCA, Chair of the CPA Newfoundland and Labrador Transitional Steering Committee “this is a historic day for the accounting profession in our province. Newfoundland and Labrador is the fourth jurisdiction in Canada to pass the necessary legislation.”

CPA Newfoundland and Labrador will represent over 1,400 professional accountants across the province, as well as approximately 200 students. Newfoundland and Labrador members join Canada’s more than 190,000 accounting professionals who are coming together to form the new Chartered Professional Accountant designation.

Although the Chartered Professional Accountants and Public Accountants Act (Bill 27) has received passage in the Legislature it will not come into force until proclamation on January 9, 2015.

Before the official creation of CPA Newfoundland and Labrador and the complete unification of the four bodies, there are a number of tasks to be undertaken. The existing accounting bodies will continue to work together to complete these tasks to ensure a smooth transition to the new organization. Once the legislation is proclaimed, CPA Newfoundland and Labrador will be officially created and members and firms will be notified and provided with guidelines for the use of CPA.