Accounting bodies team up to form new group

PETALING JAYA: The Chartered Institute of Management Accountants (Cima) and Ameri­can Institute of CPAs (Aicpa) have joined forces to set up a new association to represent the breadth of the accounting profession.

The new association, expected to be launched next year, will represent 600,000 current and next-generation professionals.

It is aimed at complementing rather than replacing both constituent organisations.

The decision to create the association was taken after both organisations’ member bodies voted to endorse the move on June 16.

Cima and Aicpa members will retain membership of their existing member organisation, but will also gain additional membership of the new association.

In a statement, Cima president Andrew Miskin said members of both Cima and Aicpa had endorsed the proposal to create the new association for the accounting profession to stay ahead of market changes and developments.

The proposal is designed to ensure that members will 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 and benefit from increased recognition of the qualification they are studying towards.

“We will build on the history and strengths of both Cima and Aicpa, which will enable us to accelerate our strategy and expand the opportunities for CGMAs around the world,” Miskin said.

The formation of the association also represents a deepening of the joint venture that Cima and Aicpa have operated since 2011, which has expanded management accounting within the United States and created a new global designation, Chartered Global Management Accountant.