The ICAEW has defended its position as the premier accounting institute in the UK, despite new figures showing that membership has practically stalled.

The institute acknowledged that the FRC’s annual report into the accounting profession did not make pleasant reading, but warned that ‘it was not quite time to write the epitaph of the ICAEW’.

Membership growth during 2004 was negligible, with just 308 extra members in the UK and Ireland and 954 worldwide. At current growth rates, rival institute ACCA will outstrip the ICAEW globally by 2008. It also had the smallest proportion of female members and the largest number over 65.

Defending the institute Vernon Soare, executive director of professional standards at the ICAEW, said leadership and influence were also important factors. ‘We still believe we are the premier institute, but we are trying to address some of the issues highlighted by the report.’

Reviews of the ACA qualification and syllabus were regularly undertaken. He believed the 2005 figures would show improvement.