THE ICAEW AND ICAS have kindly helped to introduce another acronym to the world of accountancy: CAW.
Also known as Chartered Accountants Worldwide, the two institutes are joined by four other major national chartered accountancy bodies across the globe. Their aim is to promote the importance of chartered accountants' role in the global economy.
It's nice in principle, but the ultimate question has to be whether members can bear their institute fees going towards setting up another institute get-together.
Don't forget, we have the CCAB to represent the institutes in policy-making and strategy for the UK, while both ICAS and the ICAEW are also members of the Global Accounting Alliance, which does the same as the CCAB just...globally. The argument is that the CAW is for promotional activities. But, still...
The ICAEW, in particular, has already made outreach efforts, no doubt at some cost, in areas such as China and Hong Kong, plus the Middle-East. Do we really need the CAW?
It smacks of a reaction to CIMA's push to co-brand with US business accountants with its CGMA designation - a point denied by the ICAEW. And both the CAW and CGMA efforts bear similarities. There appears no immediate impact upon members: for example, CIMA members had to do nothing to begin using the new designation.
While the ICAEW and ICAS might only be allocating a small proportion of funds to this venture, you have to wonder what the chartered accountant on the Clapham Omnibus thinks of all this.
Kevin Reed is editor of Accountancy Age and Financial Director
As one of over 2,600 ICAEW members and approximately 5,500 members of the Chartered Accountants Worldwide Institutes who live and work in the United States, I and the other members of the ACAUS Board wholeheartedly welcome the establishment of Chartered Accountants Worldwide.
Unless you are one of the approximately 15% of ICAEW members who live and work outside the United Kingdom, I can see how it would be difficult for you to have an appreciation of how important this development is to us. The lack of awareness that the "Chartered Accountant" brand has in major world markets such as the United States is a major impediment for us non-UK based Chartered Accountants, both personally and professionally.
Remember that we non-UK based Chartered Accountants are entitled to a place on the Clapham Omnibus too!
Posted by: David Freeman, FCA (Board Member, The Association of Chartered Accountants in the United States), 01 Mar 2013 | 03:14
Your leader writer may indeed turn out to reflect the views of the man on the Clapham (or Corstorphine) omnibus, but to me he seems to be struggling to find an angle which doesn't exist.
If he looks at the work already being done through cooperation between the Institutes involved - on Simplification of Financial Reporting to quote a recent example - he should realise that this alliance is simply the formalisation of relationships already in place.
I for one welcome the opportunities to share ideas, and to work together in the ever more important global environment.
Sorry - I know you thrive on controversy, but this isn't one!
Posted by: Ian Robertson, 01 Mar 2013 | 10:29
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