What were some of the significant changes to the CPD requirements when the new International Federation of Accountants’ CPD standards were adopted on January 1, 2008?
For most members, the new standards do not have a significant impact on them, as they were already meeting the IFAC requirements, even before the standard was adopted. The IFAC standard does mandate more CPD hours. Members of the ICABC are now required to complete 120 hours of CPD every 3 years, with a minimum requirement of 20 hours per year. At least half of the required hours must be from verifiable sources. Furthermore, certain members who received a reduction in the member dues, including non-residents, were previously exempt from CPD. Under the new CPD standard, this is no longer the case. CPD exemptions are now determined based on your activities. If you engage in paid activities or serve on any boards or governing bodies of public companies or reporting issuers, then you are likely required to complete the requisite number of CPD hours.
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