The institute’s decision comes just days after the Scots and Irish institutes announced their withdrawal.
Announcing the decision, institute president Graham Ward, said: ‘Our institute recognises the potential long-term benefits of a globally recognised professional business qualification.
‘However we do not believe that the current Cognitor proposals represent the best way forward to continue to develop the international reputation and profile of our members, some 10% of whom already practice internationally.
‘We will continue to develop our own plans for a global qualification for Chartered Accountants.’
Concerns centred on a lack of support from UK business, increased competition with the chartered accountant brand and the proposed marketing-led approach.
It its understood the project will forge ahead with the remaining five professional bodies from Australia, Canada, New Zealand, South Africa and the United States.
According to a business plan seen by AccountancyAge.com, the task force hopes to earn total revenues of $438.3m (£298.2m) and attract more than 660,000 by the end of 2005.
The institutes’ U-turn allegedly follows an ultimatum demanding that those involved show their support by injecting cash immediately.
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