ICAS chief executive Anton Colella believes 'strong links' have been built between himself and his  ICAEW equivalent Michael Izza after the first few months in their roles.

In an interview with The Scotsman, Colella said that despite predictions in Accountancy Age's Top 50 that 'sparks could fly' between the two individuals in 2007, the opposite has occurred.

'We are building strong links in a spirit of collaboration and want to leave the tensions behind us,' said Colella.

ICAS has heavily criticised ICAEW plans to change the name of the institute to the Institute of Chartered Accountants, and first minister of Scotland Jack McConnell also objected to the Privy Council about the ICAEW's plans.

But in the past few months strong ties had built between the two institutes, Colella said.

ICAS is also staging a conference in New York, in conjunction with the American Institute of Certified Public Accountants, where ICAS will call for more room in accounting for professional judgment over strict rules.

'We are starting to see a loosening of the Sarbanes-Oxley rules and our view is that this is coming at the right time because the debate is at a point where Americans are asking the question about principles,' said Colella.

Further reading:

Video exclusive: Anton Colella, chief executive of ICAS

'Career teacher' to head up ICAS

The Top 50 financial power list 2007