The Chartered Institute of Management
Accountants (CIMA) will call for amendments to protectionist
features of the proposed Ontario Bill 158 – The Accounting
Bill 158 aims to modernise the accounting
profession in Ontario.
Although CIMA supports elements of the bill
that safeguard consumer protection and increase transparency, it is
opposed to an overly restrictive clause that will place
internationally qualified professional accountants at a
disadvantage when they immigrate to Ontario.
CIMA believes a ban on the use of foreign
professional designations on documents will act as an employment
barrier to accountants qualified abroad.
About half of Toronto’s population were not
born in Canada and disadvantaging them could have a negative impact
on the province’s economy, CIMA said.