Reflecting Back to 1908 

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Reflecting Back to 1908

FROM: JAN-FEB 2008 ISSUE | BY VERN KRISHNA

A century is an important milestone in a profession’s history and an opportune time to reflect on some of the significant changes in that time. In 1908, business was comparatively simple and local in scope. Accounting was essentially a record keeping and verification process.

Today, business is complex and international with wide ranging dimensions. Our profession has had to adapt to the new business environment and must continue to do so in the future. We cannot be static.

The most notable and far-reaching change in our education program was the introduction of the degree requirement in. As the president of CGA Ontario at that time, I am proud to have been engaged in that initiative to raise our national academic standards. Clearly, the degree enhances the stature of our designation. Equally important, it does so in a fair and equitable manner. Our academic requirements permit flexible schedules and provide access to those who might not otherwise have the financial or family circumstances to attend full-time at an educational institution.

Perhaps the most significant change is the manner in which we deliver our education program and professional services. The Internet was not even an idea in 1908. Now, it is a household necessity. CGA-Canada was quick off the mark with electronic distance learning programs that allowed people in remote areas and foreign countries the benefit of equal access to professional education.

The legal and regulatory landscape has also changed significantly but remains a patchwork in Canada. We lack harmonized accounting and regulatory standards. Each of our thirteen regions has its own regulatory framework for the practice of public accounting – a term neither clearly nor consistently defined. The fragmented framework for accounting and securities regulation continues to make our securities markets more vulnerable to fraud and manipulation.

The evolution of professional accounting and financial services has significantly changed the lives of CGAs. The expansion of financial and wealth planning, valuation services, estate planning, and taxation has drawn CGAs into diverse practices, which allow our members to pursue their particular interests in industry, government, and private practice. The changes to come in the next hundred years, however, will dwarf the changes of the past century.

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