The Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA), are joining forces to create a new association to represent the entire breadth of the accounting profession.
The new Association aims to become the most influential professional accounting body in the world, and will represent 600,000 current and next-generation professionals. It has been designed to complement rather than replace both constituent organisations – so while it will bring extra weight and influence to CIMA, CIMA’s existing structure and Royal Charter will remain, and CIMA will retain its management accounting focus.
CIMA and the AICPA members will retain membership of their existing member organisation but will gain additional membership of the new Association.
The decision to create the Association was taken after both organisations’ member bodies voted to endorse the move in ballots which concluded on June 16. 89.7 per cent of CIMA members voting endorsed the resolution, with 86.5 per cent of AICPA members who cast ballots voting in favour. Work to create the Association will begin straight away, and it will launch in 2017.
CIMA’s President Andrew Miskin said: “We live in a time of rapid change and increasing competition. Responding to this, I am delighted that CIMA and the AICPA members have endorsed the proposal to create a new association so that we can stay ahead of market changes and developments.”
“We will build on the history and strengths of both CIMA and the AICPA, which will enable us to accelerate our strategy, and to expand the opportunities for CGMAs around the world.”
The formation of the Association represents a deepening of the joint venture that CIMA and the AICPA have operated since 2011, which has expanded management accounting within the USA, and created a new global designation, Chartered Global Management Accountant (CGMA).
CIMA’s outgoing President Myriam Madden said: “This has been a year of focus. Throughout this process we have maintained an open dialogue with our members to better understand their professional needs and the world-class services required to deliver greater recognition and employability.
“I look forward to seeing how the evolution of our joint venture will help our members and businesses around the world to succeed in the coming years.”
The proposal is designed to ensure that not only do members keep the status and recognition of CIMA’s qualifications and designations, but also benefit from the additional relevance, resources and global reach that comes from integrating the activities of two of the world’s most influential accountancy bodies. Students will also have access to more learning tools, as well as benefitting from increased recognition of the qualification they are studying towards.
AICPA President and CEO Barry Melancon CPA, CGMA said: “In developing this proposal, we were careful to structure commitments to CPA and CGMA, CIMA and AICPA and public practice and management accounting. We are excited about crafting a path forward that reflects how the world is changing. At the same time, we will be extraordinarily mindful of protecting our collective history and the strong reputation both organizations have built over the past century. This is about building on what is great – and addressing an exciting evolving world.”
CIMA’s Chief Executive Charles Tilley said: “Our current joint venture with the AICPA has been extremely successful, so we are evolving this partnership. In doing so we will support our members and students further, which means both greater resources, and the weight of a larger organisation behind them.”