DEFINITION of Canadian Institute Of Chartered Accountants - CICA
The Canadian Institute Of Chartered Accountants (CICA) is a non-profit organization for accounting professionals in Canada. CICA has developed GAAP (generally accepted accounting principles) for Canadian accounting techniques and publishes guidance and educational materials on a number of accounting-related topics. It is one of the founding members of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).
BREAKING DOWN Canadian Institute Of Chartered Accountants - CICA
Founded in 1902, the CICA has grown to become the primary professional organization for chartered accountants in Canada. The institution was originally known as the Dominion Association of Chartered Accountants. In January 2012, in response to member and stakeholder consultation, CICA, the Society of Management Accountants of Canada (CMA Canada) and Certified General Accountants of Canada (CGA-Canada) issued A Framework for Uniting the Canadian Accounting Profession under a new Canadian Chartered Professional Accountant (CPA) designation. CPA Canada was established by CICA and CMA Canada in January 2013. It now supports Canadian provincial accounting bodies under the unified CPA banner.
Today, CPA Canada's 210,000 members across Canada and around the world bring a shared set of values, diverse business skills and exceptional talents to the accounting discipline.
Similar to Certified Public Accountant (CPA) designation requirements in the U.S., the CPA Canada certification program consists of education, relevant experience requirements, and successful passing of the Common Final Examination.
Demand for managerial and public accounting services remains strong globally, particularly in emerging markets who engage in more regular business with more developed nations.