Canadian Institute of Chartered Accountants - History

History

• 1902 - The Dominion Association of Chartered Accountants (DACA) is incorporated by Private Act of the Parliament of Canada. (SC 1902, c. 58)
• 1934 - The Canada Companies Act is amended to provide for the involvement of the DACA in setting standards for accounting policies.
• 1938 - All provinces agree that membership should be determined by a Uniform Evaluation.
• 1951 - DACA changes its name to the Canadian Institute of Chartered Accountants. (SC 1951, c. 89)
• 1954 - Students in all provinces in Canada are writing the same examination.
• 1968 - The CICA releases the CICA Handbook, which codifies Canadian GAAP.
• 1972 - The Canadian Securities Administrators rule that provincial securities commissions must consider the CICA Handbook as the basis for Canadian GAAP.
• 1975 - The CICA Handbook is incorporated by reference into the Canada Business Corporations Act for specifying the basis of Canadian GAAP.
• 1990 - Act of incorporation is updated to reflect the current mandate and powers. (SC 1990, c. 52)
• 2008 - The CICA announces that Canadian GAAP will converge with International Financial Reporting Standards for publicly accountable enterprises, effective with reporting periods beginning on or after 1 January 2011.

A merger was proposed between the CICA and CMA Canada in 2004, but it did not go beyond exploratory talks. Discussions began again in 2011, this time including CGA Canada, to create a new national accounting body which would issue the new professional designation of Chartered Professional Accountant.