UK ACCOUNTING INSTITUTES should merge together, and should no longer remain separate, say Accountancy Age readers.
Of the 119 people polled, 65% felt such a move would be a positive step, with the remaining 35% believing the institutes should remain separate.
The poll was conducted against the background of a planned merger of accountancy bodies in New Zealand and Australia, and the increasing globalisation of the accounting profession.
Talks between the New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants Australia (ICAA) have sought to unite the two bodies. This will result in qualifications from either body being mutually recognised, and will also allow more exchange between the two countries. Members will be voting on the proposal later in the year.
Similar mergers have already taken place elsewhere, with Canada bringing together Canadian Institute of Chartered Accountants (CICA) and the Certified Management Accountants of Canada (CMA Canada) have merged on a national level to form the Chartered Professional Accountants of Canada (CPA Canada).
The move was finalised in the belief it would allow them to meet the evolving needs of accountants and the business community as a whole.
In 2004, ICEAW, CIMA and CIPFA, three of the UK’s largest accountancy bodies began potential merger discussions, citing the increase in influence that a single larger body would hold when discussing accounting issues with governments, regulators, and standard setters. However the plan failed to come to fruition, as the three institutes were unable to find a common ground that members could agree on.
Student numbers among the main professional bodies have declined over the past four years. Simon Wright at CareersinAudit.com looks at why this might be happening and the call to action for the profession
CIMA study reveals qualified management accountants are paid £36,411 more than the typical British workers
ICAEW has applied to become an approved regulator and licensing authority for five reserved legal activities, restricted in three of them to the area of taxation
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms