|By Marketwired .||
|January 28, 2014 02:20 PM EST||
OTTAWA, ONTARIO -- (Marketwired) -- 01/28/14 -- The Certified General Accountants Association of Canada (CGA-Canada) is encouraged by the government's actions to reduce red tape as reported in the first Annual Scorecard.
"The Annual Scorecard shows the reform process is off to a good start," says Anthony Ariganello, CGA-Canada's president and CEO. "Yearly reporting improves the transparency of the federal regulatory system and ensures the government is accountable for its regulatory reforms."
Measurable progress appears to have been made under the One-for-One Rule, which aims to eliminate an existing regulation when a new regulation is added. According to the government, the rule reduced the administrative burden by almost $20 million and saved businesses 98,000 hours of compliance time over fiscal 2012-13.
In addition, the report reveals that federal regulators have posted new service standards for a wide range of high-volume regulatory authorizations, and are providing stakeholders with early notice of more than 400 regulatory changes.
"These measures should give Canada's small and medium businesses more time to focus on growth, innovation and job creation," says Carole Presseault, CGA-Canada's vice-president of Government and Regulatory Affairs. "We're certainly encouraged, but, there's more to be done, and professional accountants look forward to continuing to work with the government to bring about meaningful change."
CGA-Canada recommends that the One-for-One rule become law and along with the Chartered Professional Accountants of Canada is calling for standardized business reporting to be adopted to further reduce taxpayer compliance costs and improve data collection. In its 2013 pre-budget report, the Commons finance committee urged the government to explore using standardized business reporting language, known as XBRL.
For more details on CGA-Canada's recommendations consult its submission to the Red Tape Reduction Commission: http://www.cga-canada.org/en-CA/DiscussionPapers/ca_rep_submission_red_tape_reduction_commission_2011.pdf
Founded in 1908, the Certified General Accountants Association of Canada serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada is currently working with the Chartered Professional Accountants of Canada (CPA Canada) to integrate operations under the CPA banner. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.
For more information on CGA-Canada visit: