New Public Accounting Act

On June 17, 2004, Bill 94, An Act respecting public accounting, received Royal Assent, having passed through the Ontario Legislature in just two days, July 9 and 10, with the full support of all three of Ontario's political parties. Once the supporting regulations are developed over the summer, the new Act is expected to be proclaimed into law this fall.

Bill 94 withdraws the contentious amendments to the Public Accountancy Act contained in Bill 213, and brings in a new Public Accounting Act, 2004. The new Act will enable a reconstituted Public Accountants Council (PAC) to oversee a public accounting standard for Ontario benchmarked against the existing, high, internationally recognized public accounting standard which Chartered Accountants are currently required to meet. In the future, that standard can only be increased.

Under the new Act, Certified Management Accountants (CMAs) and Certified General Accountants (CGAs) can only become eligible for licensure if their respective bodies demonstrate to the new PAC that their qualifying and regulatory programs meet the current high standard. No CGAs or CMAs will be "grandparented" into licensure beforehand.