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, and 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 NEWFOUNDLAND AND LABRADOR 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||Renew your license by January 31 annually|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for CPA Newfoundland and Labrador is from January 1 to December 31 each year.|
|Ethics Requirement||4 verifiable hours in the area of professional ethics|
|Subject Area Requirement||Practicing CPAs responsible for audits of financial statements are required to fulfill professional competence requirements as stated in IES 8|
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 Newfoundland and Labrador.
Here is a link to Canadian CPA packages which will provide you with 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.
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples of Professional Ethics topics are given in CPA Newfoundland and Labrador CPD Regulations which may include but are not limited to:
CPA Newfoundland and Labrador need to renew their license by January 31 annually.
CPD reporting is based on the calendar year. CPD reporting for CPA Newfoundland and Labrador is from January 1 to December 31 each year.
Here is a link to the website to access CPD requirements and Regulations for CPA Newfoundland and Labrador.
The CPD program does not mandate areas of study however, the members must meet the professional competence requirement that 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 are not limited to:
Note: Members performing the role of an engagement practice leader responsible for audits of financial statements are required to complete an annual self-assessment and declaration that they have undertaken sufficient relevant CPD to develop and maintain professional competence as per IES 8.
Activities that would not qualify for CPD, but are not limited to, include:
If a member fails to comply with the applicable requirements of the Continuing Professional Development Program the member shall be suspended from membership or his membership will be canceled.
Further, if the member believes that he/she has a valid reason for not complying with the CPD requirements, he/she should submit a written request for consideration of their circumstances.
The annual CPD reporting deadline for a calendar year is January 31st of each year. Failure to report CPD or report a CPD Plan to Remedy deficiencies by January 31st will result in a $100 fee.
A newly admitted member to CPA Newfoundland and Labrador is required to complete full CPD reporting requirements in the year of admission to membership whether the date of admission is in January or later in the calendar year.
myCPE provides a package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which include 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 a variety of CPD bundles such as 10 CPD, 20 CPD, and 40 CPD.
CPA Newfoundland and Labrador members are required to report their hours using mycpawebservices.ca or report a CPA Plan to remedy deficiencies to the Association office, by January 31 each year.
They must keep a record of their CPD activities as well as supporting documentation that provides third-party verification of the CPD learning activities for a minimum of 5 years after each reporting year. The board 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:
Members may still be required to meet the full CPD requirements even after retirement as some members continue to use their CPA designation. If members remain active on boards and committees or engage in any activity where they may be relied upon for their skills as a CPA, they are required to fulfill the full CPD requirements. Please review the CPD Requirements Policy for more information on full CPD and exempt CPD status.
CPA Newfoundland and Labrador are required to pay fees of $ 250 (without HST) to renew their CPA license.
You can access Fees and Form details from here.
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 Newfoundland and Labrador do 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 Newfoundland and Labrador follow the International Federation of Accountants (IFAC) criteria for CPD and are 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 for your reference. Webinars that qualify for Canadian CPA meets the standards for CPA Newfoundland and Labrador (Chartered Professional Accountants Newfoundland and Labrador). Here is the link to CPA Newfoundland and Labrador 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|
|Courses Eligible for CPE of Certified Fraud Examiner (CFE)||Approved|
|Courses Eligible for CPE of Certified Valuation Analysts (CVA)||Approved|
|Institute of Finance and Management (IOFM)||Approved|
|Society of Trust and Estate Practitioners (STEP)||Approved|
|Certified Senior Advisor (CSA)||Approved|