cpabc all member meeting - bccpa.ca · 2016 cpabc member engagement tour presentation. 1. upcoming...

CPABCALL MEMBER MEETINGJUNE 24, 2015

2016 CPABC Member Engagement Tour Presentation

1. Upcoming Trends2. CPABC Updates3. CPABC Governance

HOW IS THE ECONOMY DOING?Snapshots from CPABC’s BC Check-up Report and Business Outlook Survey

BC REMAINED IN SOLID FISCAL SHAPE IN 2015

THE GOOD…3.1% real annual GDP growth

+27,800 new jobs+44,724 new residents

THE BAD…Marginal export growth

Highest consumer debt per capita in CanadaLowest average compensation rate in Canada

BC continues to be leader in GDP growth, due to...Revived export sector and improved tourism; and

Continued population growth and positive consumer confidence.

OUTLOOK FOR BC’S ECONOMY IS OPTIMISTIC

Establish input tax creditsDevelop BC’s skilled talent pool

Foster head office growthHelp small businesses grow

ENCOURAGE BC BUSINESS PRODUCTIVITY

BUDGET SUBMISSION TO THE SELECT STANDING COMMITTEE ON FINANCE & GOVERNMENT SERVICES

The CPA Canada Business Monitor captures the business expertise and strategic insight of professional accountants in corporate leadership roles.

The issue of housing prices was identified by 91% of BC CPAs in the latest Business Outlook Survey as a “major” or “moderate” economic challenge to business success in BC.

WHAT ARE SOME UPCOMING TRENDS?

5 MAJOR DRIVERS OF CHANGE

GlobalizationTrust & RegulationBrand & ReputationDemographicsTechnology

GLOBALIZATION

The move to global standards has increased the growth of global designations and consolidation, as countries jockey for influence at the standard setting table and pursue aggressive growth into international markets.

GLOBALIZATION

Now we can focus on making the Canadian profession even more respected and trusted worldwide. The next 100 years will be ours to make great.

John Nagy, FCPA, FCGACPA Canada Board Member

TRUST & REGULATION

Trust and regulation are essential to the health and stability of the profession and the economy.

TRUST & REGULATION

Areas that have come under increased scrutiny include: • Audit quality and value;• Public sector accounting;• Transparency in financial reporting;

environmental, social, and governance disclosures; and

• Tax evasion and avoidance.

TRUST & REGULATION

We maintain public and other stakeholder confidence by:• Working with relevant stakeholders; and • Ensuring our education and accounting

and assurance standards meet international standards.

BRAND &REPUTATION

DEMOGRAPHICSWe will need >1,000 CPAs each year for the next decade to meet demand.

DEMOGRAPHICSWe must continue to attract Canadian and international students, as well as foreign-qualified professionals to CPA programs.

TECHNOLOGY

There will be an increased push to use technology to streamline tasks and create

efficiencies. As systems and machines become more capable, they will radically

change the nature of work done by professional accountants.

TECHNOLOGY

We must embrace the opportunities created by new technologies and

confront the challenges.

WHAT YOU NEED TO KNOW (IN A NUTSHELL…)

PROFESSIONAL LIABILITY INSURANCE

Currently, a representative body is working on recommendations for consideration for

PLI, including the possibility of one standard policy for all CPAs providing

accounting services.

PROFESSIONAL LIABILITY INSURANCE

Advisory services will also be guiding members through the new review

standards. CPABC will ensure there are sufficient materials to support members as

they prepare to understand the impact of any regulatory and standards changes.

EDUCATION DELIVERYEssential Elements of the CPA Program: 1. Robust education system;2. Distinct training pathways to gain experience; and 3. Common Final Examination.

CPA EXECUTIVE PROGRAMAn alternative track to membership designed for senior members of the business community

NAVIGATING CHANGENew CPA national ad campaign, featuring a new TV spot, as well as print, online, and bus shelter ads.

CPABC achieved a 40% unaided awareness result for the new CPA brand; the highest achievement in Canada.

Members can set their communication preferences in CPABC’s online services. Similar service is also available for national communications by CPA Canada.

WHAT KEEPS THE BOARD UP AT NIGHT?

The CPA Act should protect the use of the term “professional accountant.”

Professional Business Accountants’ Society of Canada (PBA) Update

Careful consideration is being undertaken in the search for the new CEO of CPABC.

Final Unification Milestone…CPABC Board Elections in 2017

CPABCALL MEMBER MEETINGJUNE 24, 2015