FAQ's - CPD Why do I need to take CPD? CPAs must continually enhance their knowledge and expertise to remain at the forefront of today’s competitive market. It is imperative that CPAs remain knowledgeable and current in all areas in which they practice or work in order to best serve the interest of clients, employers and other stakeholders. How do I report my CPD compliance? The reporting deadline is March 31 for the previous calendar year. Members should report their CPD activities through Online Services, CPA Bermuda's secure website, at http://bit.do/cpacpd. You may report your completed CPD activities throughout the year on the secure website. If you encounter any difficulties signing in to the secure website, please contact firstname.lastname@example.org What qualifies as CPD? Verifiable CPD includes any learning activity that can be objectively verified* by a competent source, such as: Participation in courses, conferences and seminars Organized employer-based in-house training sessions Research or study projects in areas that expand professional knowledge of the member and that result in presentations, reports or similar documentation Participation and work on technical committees or formal study groups Research that results in publications or presentations/ Publication of professional, technical or academic articles, papers or books Teaching a course or CPD session in an area that is relevant to a professional role Participation as a speaker in conferences, briefing sessions or discussion groups Formal study (leading to a degree or diploma) Self-study involving successful completion of an examination or leading to a designation Unverifiable CPD includes any learning activity that does not result in any evidence that the learning activity has been accomplished such as: On-the-job learning Self-study that does not involve the successful completion of an examination or certification, including the use of computer based learning activities, conference reference materials or self-study Casual reading of professional journals or magazines. What type of support do I need for my verifiable CPD? Verifiable CPD should be supported by certificates of completion, confirmation of registration from providers, attendance records, or such other evidence that can objectively verify completion of the learning activity. For online learning such as webinars or an online course, a certificate of completion or an assessment with a passing grade must be obtained in order to qualify for verifiable hours - otherwise the course or webinar would only be eligible for unverifiable hours. At a minimum, supporting documentation should: Describe the learning activity; Identify the provider of the activity; Connect the member to the activity; Identify when the activity took place; and Provide a basis for concluding that the number of reported hours is reasonable. Although supporting documentation need not be submitted with the annual CPD report, it should be retained for five years, as a random sample of members are requested to provide documentation for verification. How long do I need to keep my records? You are required to maintain documentation supporting the completion of your CPD learning activities for five years after each reporting year. For example, you are required to retain CPD documentation until December 31, 2021 for all learning activities undertaken in 2016. I no longer perform traditional accounting work. Do I still have to do CPD? Yes. “Professional role” is defined in the broadest sense. You should engage in learning activities that are relevant to your current or future professional roles. Those learning activities do not necessarily have to include accounting, tax or assurance courses. Take an inventory of your current skills and competencies and consider whether you allocate sufficient time to building or refreshing the various skills and competencies you need to do your job well. Consider whether you have the range of soft skills (leadership, communication, etc.) and sufficient knowledge in your particular industry. The time you spend gathering these skills and industry knowledge all count towards your CPD requirements. Selection of learning activities should be a thoughtful, reflective process addressing your current and future professional plans, current knowledge and skill level, and desired or needed additional competence to meet future opportunities and/or professional responsibilities. If I work part-time or only during the peak seasons, would I qualify for a reduction in the minimum required CPD hours? No. The provincial CPA bodies across Canada deliberated on this point and concluded that members who work part-time or part-year need to have the same level of competency as members who work full-time. I became a member part-way through the calendar year, when do I start reporting my CPD? New CPA graduates are exempt from CPD reporting in the calendar year of admission to membership. You will be required to report CPD in the first full calendar year of membership. You may not carry forward CPD undertaken in the calendar year you were admitted to membership to the following year. The beginning of your first 3-year rolling cycle begins in the first year you are required to report. Member's admitted to CPA Bermuda after 30th June in any year are exempt from the current year's CPD and their CPD obligation begins January 1st of the following year. How do I report the CPD hours when I complete presentations? Verifiable CPD hours can be reported for the preparation and delivery time of courses or educational presentations that are related to the member’s professional role, but only once per calendar year for the same or similar topic. Preparation time should relate to maintaining and developing new knowledge to share with the audience. There is no formal limit on CPD hours related to presentations; however, the expectation is that the member takes a balanced approach towards CPD, and therefore not generally derive all CPD hours from the same source or the same topic. Does on-the-job learning related to major changes in job responsibilities, involvement in special projects, significant learning of new software, systems, procedures or techniques, qualify as CPD? The activity must help you develop and maintain professional competency to enable you to perform your professional role. The activities qualify for verifiable CPD subject to supporting documentation being available to verify the learning activity. If I qualify for a reduction in my membership dues, do I automatically qualify for an exemption from CPD? The criteria for a dues waiver and a CPD exemption are not the same; therefore, qualifying for one does not mean you automatically qualify for the other. You have to apply for each separately. I am retired. My only activity is to volunteer at a charitable organization. Am I required to do CPD? CPA Bermuda encourages members to volunteer in the community. The unpaid work that you do for the charitable organization would not in itself cause you to be required to comply with the mandatory CPD requirements. However, you are reminded that under the Code of Professional Conduct, you must sustain professional competence by staying informed of, and complying with, developments in professional standards in all functions in which you provide professional services or are relied upon because of your calling, even if you are not remunerated for your services. Please note that, if you do not meet all of the criteria of the Members in Retirement exemption, you would be required to comply with the mandatory CPD requirements. I am a member of another provincial CPA body in Canada. Are all the CPD requirements identical now? All the provincial bodies in Canada have adopted international CPD standards. This has brought greater harmonization to the CPD requirements across Canada. However, there may remain certain differences at a more detailed level, sometimes due to differing legislation. If you are a member of more than one provincial CPA body, please be sure to contact the other bodies to ensure that you meet all your CPD requirements. What happens if I do not comply with the CPD requirements? Under CPA Bermuda's Bylaws, the membership of those who do not comply with the CPD requirements will be suspended and cancelled. This is necessary to protect the public and ensure that we maintain public trust and uphold the reputation of the CPA designation. If you believe you have a valid reason for not complying with the CPD requirements, then you should submit a written request to the CPA Bermuda CPD Committee to consider your circumstances. What are my professional obligations if I’m exempt from minimum CPD requirements? Under the Code of Professional Conduct, you must sustain professional competence by staying informed of, and complying with, developments in professional standards in all functions in which you provide professional services or are relied upon because of your calling. This rule applies to all members, even those with an exemption from CPD reporting requirements. Additional Questions? Email us at: email@example.com Disclaimer for CPD FAQs Disclaimer These frequently-asked questions (FAQs) provide general information only about CPA Bermuda's CPD requirements. They are not intended to address every possible circumstance. The FAQs do not and cannot change the meaning of the Chartered Professional Accountants Act, or CPA Bermuda's Bylaws, Bylaw Regulations and Rules of Professional Conduct. In the case of any inconsistency between the FAQs and the governing documents mentioned above, the governing documents will prevail and govern. If you wish to discuss your particular situation, of if you have any questions, please contact CPA Bermuda's CPD department for further information.