A series of 'specific principles' should be applied before a successful 'tri-partite' merger between the ICAEW, CIPFA and CIMA has any chance of going ahead, the president of the Chartered Institute of Management Accountants has told his members.

Link: Exclusive: Institute merger survey and interviews

In a letter to CIMA members, professor Roland Kaye outlined why CIMA's council believe that consolidation of the accountancy profession, based on the 'right principles', is right for the profession.

Kaye said that consolidation would 'serve members better by allowing greater technical support; extending reach in the market and more widely promoting employability; strengthen the voice, influence and reputation of the consolidation body with business, capital markets, government and regulators; provide economies that would allow significantly greater investment in knowledge, and member services and technical resource; create a professional body that fully represents the complete range of accountancy specialisms within business, practice and the public sector'.

Kaye added that currently an agreement had 'not been reached' that met CIMA's 'requirements' for a 'tri-partite consolidation'.

'Discussions continue with the aim of agreeing a joint way forward. At the March meeting of CIMA's council, a set of working principles was agreed in order that a successful consolidation could be achieved.

If these negotiations are successful, proposals will be put to all three memberships as soon as appropriate, and no later than 2006,' he added.