CPA British Columbia
Chartered Professional Accountant (CPA) is a designation given by the Chartered Professional Accountants of Canada (CPA Canada) to individuals that pass the Uniform CPA Examination and meet the education and experience requirements. The CPA designation helps enforce professional standards in the accounting industry. CPA (Chartered Professional Accountant) is the highest accounting credential in Canada. CPA ensures global recognition for accounting & finance professionals.
CPAs are admitted to the profession through their Provincial Institutes. These bodies are responsible for establishing and administering the qualification process, admission criteria and performance standards within their jurisdictions. The CPA Canada’s role – in concert with all provinces, territories – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CPA designation across Canada and internationally through various mutual recognition agreements.
CPA BRITISH COLUMBIA CPD REQUIREMENT OVERVIEW
|CPD Requirements||120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable.|
|License Renewal Period||The annual license renewal date is September 1.|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for CPA British Columbia is from January 1 to December 31 each year.|
|Ethics Requirement||4 verifiable hours in the area of professional ethics|
What are CPD Requirements for CPA British Columbia?
All members are required to make a CPD Declaration annually, regardless of any previously declared exemptions or change of employment status. Each member must complete 120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. Many of our programs in Live and Self-Study are eligible for continuing education for CPA British Columbia.
Here is a link to Canadian CPA packages which will provide you professional development in various fields like financial reporting, Domestic & International taxation, Fraud & Risk Management, Information Technology, Leadership skills and development and business in one go.
What is the Ethics Requirement for CPA British Columbia?
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples on Professional Ethics topics are given on CPA British Columbia website which may include but not limited to:
- CPABC regulatory updates covering the CPABC Act, Bylaws, Bylaw Regulations and Code of Professional Conduct
- Regulatory updates that are relevant and appropriate to the member’s role or industry
- Professional conduct
- Corporate codes of conduct
- Independence/conflict of interest
- Ethical decision making, approaches, thinking and case studies
- Ethical business culture
- Corporate social responsibility
- Honesty in business practice
- Bribery and corruption
- Doing the right thing
- Reputation and risk
- Anti money-laundering
What is license renewal period?
CPA British Columbia needs to renew their license by September 1 annually.
What is the CPD reporting cycle?
CPD reporting is based on the calendar year. CPD reporting for CPA British Columbia is from January 1 to December 31 each year.
Frequently Asked Questions on CPA British Columbia CPD Regulations?
What competencies are expected from a CPA completing CPD requirements?
The CPD program does not mandate areas of study however, the members must meet the professional competence requirement that is is a member shall sustain professional competence by keeping informed of, and complying with, developments in professional standards in all functions in which the member provides professional services or is relied upon because of the member’s calling.
General competencies in which the CPA should be up-to-date may include but not limited to:
- Financial Reporting
- Management Accounting
- Strategy, Governance and Risk Management
- Business environment
- Finance and Financial Management
- Audit and Assurance
- Information technology
- Business laws and regulations
- Professional values, ethics, and attitudes
- Problem-Solving and Decision-Making
- Teamwork and leadership
Note: Practitioners seeking or renewing an Audit License are required to complete an annual self-assessment and declaration that they have undertaken sufficient relevant CPD in the mentioned subject areas.
What happens if you do not meet the CPD requirements?
If a member fails to deliver an annual compliance report, or fails to comply with the applicable requirements of the Continuing Professional Development Program, the membership of the member is suspended until the member:
- Delivers an annual compliance report,
- Satisfies any applicable outstanding requirements of the Continuing Professional Development Program
- Pays any administrative fee prescribed by the board.
For more details, CLICK HERE.
What is Verifiable and Unverifiable CPD?
- Verifiable CPD is a learning activity that results in evidence that learning took place and the learning can be verified objectively by someone else. Verifiable activities are much more than just a course, conferences, and seminars where you get a certificate or someone takes attendance which can validate you were there.
- Unverifiable CPD are those learning activities that do not result in a product or for which no evidence of the learning exists.
Why one should choose myCPE Package for Canadian CPAs?
myCPE provides package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which includes on-demand webinars on financial reporting, Domestic & International taxation, Fraud & Risk Management, Information Technology, Leadership skills and development and business. This CPD package comes in variety of CPD bundle such as 10 CPD, 20 CPD and 40 CPD.
What are the CPD reporting and record retention requirements?
CPA British Columbia members must keep a 5 year record of their CPD activities as well as supporting documentation that provides third party verification of the CPD learning activities. The Registrar can request to review your CPD log/record and supporting documentation at any time. It is your responsibility to ensure that you have a copy of your CPD log and sufficient supporting documentation in order for your learning activities to qualify as verifiable learning.
Your CPD log must provide:
- The date of the activity;
- The type of activity;
- The name of the activity;
- The name of the CPD provider;
- The number of verifiable or unverifiable hours spent engaged in new learning activities.
I am a retired CPA. Do I need to complete my CPD requirements?
Every member must make a CPD declaration each year, not everyone must participate in CPD learning activities. The requirement to continue to take CPD activities, even when retired, is solely dependent upon what you are doing during your retirement years. Only those members who do not engage in public practice as defined in the CPABC Bylaws at any time in the calendar year are exempt from CPD requirements.
How much does it cost to renew the CPA British Columbia license?
Are myCPE courses approved for CPA British Columbia?
CPD providers are not required to be approved by any organization in order to offer CPD hours to Canadian CPAs as long as the activity offered by them allows CPAs to develop and maintain professional competency to enable them to perform their professional role, it will qualify for CPD. Therefore, the courses listed on myCPE Canada page are eligible for fulfilling Canadian CPAs CPD requirements.
CPA British Columbia does not pre-determine how much CPD is gained at an activity, nor does the organization pre-determine what qualifies as CPD for each individual CPA. CPA British Columbia follows the International Federation of Accountants (IFAC) criteria for CPD, and is working towards harmonizing exemption and qualifying activities for verifiable and non-verifiable CPD with provincial CPA organizations across Canada. For further guidance we have provided details for “QUALIFIES FOR” on each page of the courses about Approval/Qualifications of CPD Credits for your reference. Webinars which qualify for Canadian CPA meets the standards for CPA BRITISH COLUMBIA (Chartered Professional Accountants British Columbia). Here is the link to CPA British Columbia website.
|National Association of State Boards of Accountancy (NASBA)||143597|
|Internal Revenue Service (IRS)||GEHNZ|
|California Tax Education Council (CTEC)||6273|
|Certified Financial Planner Board (CFP)||8061|
|Society for Human Resource Management (SHRM)||RP5359|
|Human Resource Certification Institute (HRCI)||714694|
|American Payroll Association (APA)||372961|
|Texas State Board of Public Accountancy (TSBPA)||010556|
|Illinois Department of Financial & Professional Regulation (IDFPR)||158002756|
|New York State Board of Public Accountancy (NYSPA)||002976|
|Association of Certified Fraud Examiners (ACFE)||Approved|
|National Association of Certified Valuators and Analysts (NACVA)||Approved|
|Institute of Management Accountants (IMA)||Approved|
|Institute of Internal Auditors (IIA)||Approved|
|Institute of Finance and Management (IOFM)||Approved|
|Society of Trust and Estate Practitioners (STEP)||Approved|
|Certified Senior Advisor (CSA)||Approved|