RegulationAccounting StandardsICAS and ICAEW chiefs ‘build strong links’

ICAS and ICAEW chiefs 'build strong links'

ICAS chief Colella is building strong ties with the new ICAEW chief Izza, Scottish media says

ICAS
chief executive Anton Colella believes ‘strong links’ have been
built between himself and
his  ICAEW
equivalent Michael Izza after the first few months in their roles.

In an interview with The Scotsman, Colella said that despite
predictions in Accountancy Age’s
Top 50
that ‘sparks could fly’ between the two individuals in 2007, the opposite
has occurred.

‘We are building strong links in a spirit of collaboration and want to leave
the tensions behind us,’ said Colella.

ICAS has heavily criticised ICAEW plans to change the name of the institute
to the Institute of Chartered Accountants, and first minister of Scotland Jack
McConnell also objected to the Privy Council about the ICAEW’s plans.

But in the past few months strong ties had built between the two institutes,
Colella said.

ICAS is also staging a conference in New York, in conjunction with the
American Institute of Certified Public Accountants, where ICAS will call for
more room in accounting for professional judgment over strict rules.

‘We are starting to see a loosening of the Sarbanes-Oxley rules and our view
is that this is coming at the right time because the debate is at a point where
Americans are asking the question about principles,’ said Colella.

Further reading:

Video exclusive: Anton
Colella, chief executive of ICAS

‘Career teacher’ to head up ICAS

The Top 50 financial power list 2007

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