One of the great things about being part of Canadian accounting is that you feel, individually and collectively, that you’re contributing exactly what’s expected of you, no more and no less. Thanks, that’s all I wanted to say today. Oh wait, there’s a bulletin coming in:

On becoming a CPA:

• As a Canadian CPA, you’re part of one of the world’s largest, most prestigious and influential accounting organizations. Being a CPA means you’re part of an influential global brand.
• Canada’s accounting profession has long been recognized as punching above its weight in the national and international financial community. Unification of all Canadian accountants into a single profession under the Chartered Professional Accountant (CPA) designation makes the profession even stronger.
• Now one of the largest accounting bodies in the world, our members are part of one of the world’s most prestigious and influential accounting organizations — and that provides recognition that will benefit you personally and professionally.

All right, so once in a while Canadian accounting punches above its weight. Oh, here’s something else, on sustainability standards:

• When it comes to sustainability and climate matters, the world is moving away from lip-service and towards real action. Without significant buy-in from the government on sustainability disclosure standards, Canada risks losing control of its story on the global stage. “In the absence of information, investors will fill in the blanks themselves,” said (CPA Canada’s) McGuire. “An absence of information says something as well; it implies sustainability isn’t a priority for the organization. It’s better to own your story.”  
• …Supporting the broader rollout of sustainability disclosure standards across all sectors of the economy is Canada’s opportunity to say to the international community, we are keeping pace in this critical area, and we want to set the pace. “Canada punches above its weight in a number of areas and respects,” says McGuire. “Standards is one of those areas.”  

And now that we’ve started, there’s more above-weight punching to come:

• At this point, I see ChatGPT playing a role with smaller accounting practices, as it can help them gain an edge and punch above their weight. Those who may not have written a blog post or created their own web content can do that with ChatGPT. All accounting practices can potentially look at it as a way to reduce the amount of time spent on certain content writing and help them work with multiple clients more efficiently.

So I was about to take back my opening statement, but then, in contrast, a CPA Ontario publication asked “Are Ontario companies punching below their weight when it comes to reporting and performance on social issues?” Well of course not, I said to myself. But actually…

• On S-Factor’s aggregated social performance rating, Ontario companies score 52.5 out of 100, compared with a best practice of 82/100. In particular, they underperform on disclosures of anti-discrimination (34.56/100) and on diversity and inclusion measures (24.13/100). But on board diversity, Ontario companies score a higher 64.28/100, demonstrating the impact that (securities) regulation has had.

And here too:

• Does Ontario have everything it needs to build a thriving intangible economy? Our research shows that the size and potential of Ontario’s intangible economy are both strong, with the province leading the nation across many areas. But compared with many global competitors, it punches below its weight in terms of scale and speed. There remain four vital components that should receive more attention as Ontario seeks to cultivate better intangible growth and productivity.
• Although Ontario is a strong investor in intangible development, those efforts have not always led to a productive stock of IP that is owned and retained in the province…Without strong access to digital infrastructure, investments in cybersecurity, and a focus on sustainability and competitiveness, Ontario’s intangible economy will not be prepared for future risks and opportunities….Fostering a productive pool of skilled and creative workers will ensure Ontario is well poised to meet the rising demands for continued intangible-driven success.

And in related news:

• A feature of Canadian conversations about intangibles is why we appear so far behind other developed economies in developing and commercializing them. From the Public Policy Forum and the Brookfield Institute to the Ontario government’s Expert Panel on IP and Innovation, commentators raise concerns that we punch below our weight in generating and commercializing intangibles. Data is regularly published that shows Canada ranking poorly, and sometimes in last place, on international league tables of IP investment and other intangible enablers….

All right then, that makes three citations of punching above our weight, and three of punching below it: we average them out and we get back to where we started, that on average we’re punching right at our weight, for which we are eternally grateful. And that’s all I wanted to say today! Except for, Happy New Year!

This has been another entry in our periodic series, Great Cliches of IFRS.

The opinions expressed are solely those of the author.