Canada's CAs extend historic agreement with U.S. and Mexican counterparts

TORONTO - Canada's Chartered Accountants announced yesterday the extension of the historic Professional Mutual Recognition Agreement (PMRA) with their American and Mexican counterparts.

A special signing ceremony took place this afternoon in Alexandria, Virginia, involving Canada's CAs, the Certified Public Accountants (CPAs) from the United States and Mexico's Contadores Publicos Certificados (CPCs). Representatives from all three governments attended. This accord is a five-year extension of the first-ever mutual recognition agreement among professional designations consistent with the North American Free Trade Agreement (NAFTA). It was originally signed in 2002 and ratified by the NAFTA Free Trade Commission.

"Mutual recognition agreements like this help eliminate borders and promote the mobility of highly skilled and qualified professionals - which is a win for everybody," said Kevin Dancey, FCA, President and CEO of the Canadian Institute of Chartered Accountants. "Canadian business and the economy benefit when skilled foreign-trained professionals are attracted to our country. We also benefit from the international experience gained when Canadian professionals work abroad."

Canada's CA profession also has similar mutual recognition agreements with other leading institutes around the world, including England and Wales, Scotland, Ireland, France, Belgium, Netherlands, Hong Kong, Japan, Australia, New Zealand and South Africa. These agreements recognize professionals who have education and experience qualifications substantially equivalent to those of Canadian CAs. Maintaining high qualification standards for Canadian and foreign-trained accounting professionals working in Canada protects the public and our existing reciprocity agreements.

"Forging international agreements helps position Canada to succeed in today's increasingly global economy," said Dancey. "International mobility is a competitive advantage in a rapidly globalizing economy where Canada is preparing to join more than 100 countries in adopting a common international accounting language."

The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 72,000 CAs and 10,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).