16 July 2004
CIPFA announced this week that it is undertaking exploratory talks on a possible merger with the Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Management Accountants (CIMA).
Steve Freer, CIPFA's chief executive, said that a successful combination of the three bodies 'would be good news' for members, students, employers and the accountancy profession.
'Above all, it would create an organisation of real influence, which would span all sectors of the economy and all of the many specialisms which make up the modern profession.'
'The new institute would be in an incredibly strong position to set the standard and to bring real leadership to bear in its activities in the UK and overseas.'
A combined institute would have more than 200,000 members and a student body in excess of 85,000. Its structure would include a Public Services Faculty, which would be responsible for the delivery of a range of high-quality services to members working in that sector.
All three institutes are supporting the concept of collaboration, but plans have yet to be finalised. 'The challenge is to develop a detailed proposal that will capture the imagination and win the support of members,' said Freer.
Subject to successful discussions, a firm proposal would be put to General Meetings of the three bodies next year.
The three institutes believe that they have a natural synergy. The ICAEW has members in practice and in business, CIMA has members mainly in business and CIPFA has its core public sector membership.
The other three main accountancy bodies – the Association of Chartered Certified Accountants, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in Ireland – have not been involved in the current discussions.
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