ACCA has defended its global rebranding exercise after accusations that it has wasted members’ money, saying it now had a logo for an internet generation.

The institute has spent £85,000 on rebranding, which critics this week termed a 'substitute for improved services.'

ACCA marketing director Neil Stevenson said the old logo was designed before the internet revolution and was not suitable for the web.

Readers can see the new logo, which has swapped a black background for a red one in Taking Stock this week.

Stevenson added that the institute had ‘practical problems’ with the old image, which was often incorrectly altered by members and outside parties on corporate literature.

ACCA activist Prem Sikka said the rebranding was 'irrelevant', and failed to improve any of the institute’s efforts in accounting or auditing: 'It's a substitute for improved services,' said Sikka.