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CONTINUING EDUCATION FOR CHARTERED PROFESSIONAL ACCOUNTANTS NEWFOUNDLAND AND LABRADOR (CPA-NL)

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 regulatory updates covering the provincial CPA 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
  • Whistle-blowing
  • Anti-money laundering (AML)

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:

Technical competencies:

  • Financial Reporting 
  • Management Accounting 
  • Strategy, Governance, and Risk Management
  • Business environment 
  • Taxation 
  • Finance and Financial Management
  • Audit and Assurance
  • Information technology
  • Business laws and regulations

Enabling Competencies:

  • Professional values, ethics, and attitudes 
  • Problem-Solving and Decision-Making 
  • Communication 
  • Self-Management 
  • Teamwork and leadership

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:

  • Language or other courses that are for personal goals (such as personal travel)
  • First aid, health & safety, OHS training, except as required from a professional point of view in your role as a CPA
  • Attendance at an Annual General Meeting Coaching sports teams
  • Acquiring new skills that are not directly related to your professional role as a CPA, such as sports and skills relating to physical fitness, recreation, and hobbies. It is acknowledged that these skills may be an important part of your life and your “balance,” however they do not count towards CPD for CPA purposes
  • CPD is related to other professional skills, but unrelated to competencies as a CPA, for example, medical procedure updates for a member who is also a medical professional

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.

Verifiable 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   

  • Unverifiable CPD are those learning activities that do not result in a product or for which no evidence of the learning exists.

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:

  • 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.

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.

myCPE APPROVALS

Approved By
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
FP Canada CE17222
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 Finance and Management (IOFM) Approved
Society of Trust and Estate Practitioners (STEP) Approved
Certified Senior Advisor (CSA) Approved

Upcoming CPA-NL Webinars

Expense For Accounts(Test-6 april)
  • 4.8
  • (4)

Oct 15 09:00 AM EDT

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