CGA-Canada and CPA-Australia Renew MRA
Introduction
The Certified General Accounting Association of Canada (CGA- Canada) just recently renewed their Mutual recognition agreement (MRA). This agreement was first created and signed in early 2008 and now that it has been renewed it will continue until 2018. The MRA offers both countries’ members’ a significant increase in where their accounting techniques are recognized (CGA-Canada).
Discussion
CPA-Australia’s chief executive Alex Malley stated that “The world is becoming increasingly interconnected.” “Our strategic alliance with CGA-Canada provides an important avenue for both CPAs and CGAs to grow their career in an international capacity (CGA-Canada).” Pat Keller, chair of CGA-Canada boards of directors, agreed with statement made by Alex Malley and added that the MRA is an is an important member benefit of CGA-Canada especially for those members who work internationally (CGA-Canada). These statements tie in perfectly with some of the topics that we have recently discussed in class. I strongly agree that the world is becoming more interconnected and because of this, and many other reasons, we should start pushing more towards allowing our country’s companies to use and accept International Financial Reporting Standards (IFRS). Like the MRA, giving our companies the choice to use IFRS or US GAAP would make it much easier for our multi-national corporations to do things like consolidate their financial statements, enter forign markets, compare financial statements, etc. Nearly 60 CPAs have become CGAs and more than 100 CGAs have become CPAs under the terms of the MRA(CPA-Australia). There is nothing but positive’s that come from agreements such as the MRA, and I think it’s time the USA started moving that way.
References
CPA-Austraila, . "Accounting Education." . N.p., 27 Mar 2013. Web. 27 Mar 2013.