Thank you, Mr. Chair. I'm here to present Bill 7, Chartered Professional Accountants Act.
For over a decade, the three national accounting bodies, the Canadian Institute of Chartered Accountants, the Certified General Accountants Association of Canada, and the Certified Management Accountants of Canada, had discussed the possibility of merging their respective organizations into one comprehensive national accounting body.
In January 2013, a national unification framework was agreed to by the thr ee Canadian accounting bodies to create a new national body, Chartered Professional Accountants Canada or 'CPA.' Following this lead, in May 2013, the three professional accounting bodies of the Northwest Territories and Nunavut developed their own merger proposal to unify as a single professional accounting organization.
Towards these efforts, the Government of the Northwest Territories administration has worked closely with Nunavut and the NWT-Nunavut CPA Transitional Steering Committee to develop Bill 7. All three parties collaborated to propose legislation that contains similar content of legislation passed in other jurisdictions while recognizing the needs of a small jurisdiction like the NWT and Nunavut.
This joint legislation with Nunavut proposes to establish a new Chartered Professional Accountants Act in the Northwest Territories and Nunavut, and provides the legislative framework for CPA NWT/Nunavut to be a self-regulating body.
The three legacy Acts: Institute of Chartered Accountant's Act, the Certified General Accountants Act, and the Society of Management Accountants Act would consequently be repealed upon the new CPA Act coming into force. Should the legislation be passed, the NWT and Nunavut would join all other Canadian provinces and the Yukon who have already passed similar legislation.
That concludes my opening remarks, Mr. Chair. I am prepared for any questions Members may have. Thank you, Mr. Chair.