The six main UK institutes have pledged to work together, after a fractious
period that has seen relations between some of the key bodies threaten to break
At the last meeting of the six presidents, ACCA’s Christopher Forster sought
and won commitment from his counterparts to use the Consultative Committee of
Accountancy Bodies to pursue a common agenda.
The agreement comes after the ICAEW said it would reconsider its
collaboration with ICAS through the CCAB, in light of comments made by the
Scots’ chief executive Des Hudson. Writing in Accountancy Age last month, Hudson
said the planned merger of ICAEW and CIPFA was based on ‘unproven beliefs’.
ICAEW chief executive Eric Anstee responded angrily, saying he may look to
‘realign’ the institute’s funding of the CCAB. ‘If ICAS wants to have an equal
voice, it must have an equal share of the budget,’ he said.
Accountancy Age understands that CCAB relations have been further strained in
recent months by disputes over who should represent the body on the
International Federation of Accountants council and on the Financial Reporting
Council. The FRC wants to move away from a traditional ‘rotating’ seat on its
Both posts are traditionally held by the ICAEW president. But other CCAB
bodies are beginning to lobby for an end to automatic ICAEW representation.
Anstee acts as secretary to what is a limited company with the six presidents
of the main UK accountancy institutes serving as directors.
As well as being a member of the company, the ICAEW is contracted to provide
administrative and secretarial services and each of the institutes contributes
to its £1.45m annual running costs – roughly in proportion to the number of
The ICAEW owns 52% of the shares, ACCA owns 17%, CIMA owns 15%, CIPFA 6%,
ICAS 7% and the ICAI 3%. ICAEW president Ian Morris, who chaired last week’s
meeting, said he was impressed by the ‘openness of the debate’ and the
‘willingness to work together’.
Company boards must pay more attention to instilling the right corporate culture in order to restore trust in business and deliver long-term sustainable growth, according to the FRC
Following international accounting standards for leasing one battle too many for the MOD
Jane Ellison to serve as 'tax minister' following ministerial responsibilities for public health. David Gauke become chief secretary to the Treasury
The FRC has highlighted the things directors should consider when preparing their forthcoming half-yearly and annual financial reports post Brexit