At a meeting in London today, the bodies announced plans to go forward with consolidation. The plans will see the three bodies retain their separate qualifications and exams, including designatory letters and titles, but with one president and one council.
The current three councils, which have already agreed ‘in principle’, are expected to formally endorse the merger in December, followed by membership votes in early to mid-2005.
Over 2,000 readers took part in the Accountancy Age merger survey, with a slight majority – 50.4% – in favour and 49.6% against.
Among the readers’ who revealed their qualifications, more than two-thirds of ICAEW members (70%) were against a merger, while the vast majority of members from CIMA and CIPFA (80%) favour the merger.
Should the required two thirds majority be reached in each of the three votes, the new body – for which the name is yet to be decided – could be up and running by 2006.
The three institutes did not rule out the possibility of a ‘mini-merger’ if just two of the three institutes voted yes to the proposals.
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