PracticePeople In PracticeInstitutes confirm two-phase merger process

Institutes confirm two-phase merger process

ICAEW and CIPFA are to press ahead with consolidation, while CIMA will join later.

The ICAEW and CIPFA are to press ahead with merger proposals despite rejection of the proposals from CIMA, the bodies confirmed today.

Link: New ICAEW vice-president pledges ‘an edge’

Subject to both councils’ approval this month, the merger will become a two-phase project, with CIPFA and the ICAEW putting proposals to their members before Autumn.

However, discussions will continue with CIMA, with a view to bringing the management accountant’s body on board at a later date. It is hoped proposals will be put to members of all three institutes no later than 2006.

In a joint statement CIPFA and ICAEW presidents Mike Barnes and Paul Druckman said: ‘We believe that this two stage approach allows us to put early detailed proposals to our members while the three bodies continue to negotiate the full consolidation proposal.

‘By initially combining forces ICAEW and CIPFA will set a powerful precedent for what can be achieved. At the same time this approach will create a pathway for CIMA to be part of the phased consolidation process which we will be actively helping facilitate.’

CIMA president Roland Kaye said that the body ‘is committed to consolidation and will be working hard to resolve rapidly any outstanding issues. The two stage process identified will create the space for us to get the terms of this critically important proposal absolutely right for all parties.’

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