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
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