Three Ontario bodies sign MOU to unify the profession in that province

CPA Ontario, CGA Ontario and CMA Ontario agree to unify the profession in Ontario under the CPA designation.

Today, the leadership teams of Chartered Professional Accountants of Ontario (The Institute of Chartered Accountants of Ontario), the Certified General Accountants of Ontario and the Certified Management Accountants of Ontario announced to members that the three bodies have all signed a Memorandum of Understanding (MOU) in support of unification of the accounting profession in Ontario.
 
The three bodies indicated that the negotiations have taken time due to the complex process. Many issues needed to be addressed before a two-party unification agreement, as negotiated between CPA Ontario and CMA Ontario, could be expanded into an MOU that addressed the needs of all three accounting bodies. All parties were committed to exercising appropriate due diligence while working together to arrive at this historic agreement.
 
With the MOU signed, the three organizations have agreed to the following process to unify the profession in Ontario under the CPA designation: 

  • CPA Ontario and CMA Ontario signed a MOU in April 2013 and held member votes which approved the unification of these two organizations. They will execute a comprehensive unification agreement (the First Unification Agreement) in the next few months.
  • As per this First Unification Agreement, Ontario CMAs will become Members of CPA Ontario later this spring.
  • Upon the completion of negotiations, CPA Ontario and CGA Ontario will agree on the terms of a second comprehensive unification agreement (the Second Unification Agreement).
  • Members of CGA Ontario and CPA Ontario (following its unification with CMA Ontario) will receive a proposal for unification of their bodies in accordance with the terms of the Second Unification Agreement and will be asked to vote on this proposal on a date to be set later in the spring.
  • During the lead-up to the vote, there will be information sessions where members will be able to ask questions and provide feedback.
  • Assuming a vote in support of unification, the Second Unification Agreement will be signed this summer, following which CGAs will become Members of CPA Ontario.

The three bodies look forward to engaging members in the coming weeks as they work to unify the accounting profession in Ontario.