The Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Public Finance and Accountancy (CIPFA) have signed a heads of terms agreement.
The agreement outlines the strategic direction for a potential merger, aiming to strengthen the accountancy profession and better serve the public interest.
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Under the proposed terms, CIPFA would join the ICAEW group while maintaining its distinct brand, legal identity, charitable status, and operational independence.
The move follows a 2023 joint declaration by both organisations to pursue closer strategic alignment.
The agreement initiates a process to explore and develop a formal proposal.
If implemented, it would be subject to governance and approval processes of both organisations, a vote by CIPFA members, and any necessary regulatory approvals.
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By GlobalDataFounded in 1880, ICAEW represents over 208,000 members and students globally. It is a founding member of Chartered Accountants Worldwide, connecting more than 1.8 million chartered accountants and students in more than 190 countries.
CIPFA, a UK-based professional body for public finance professionals, is also a registered charity. This potential merger marks a significant step in aligning the strategic goals of these two influential bodies.
ICAEW chief executive Alan Vallance said: “This marks the next step in a long-standing and ever-deepening relationship between ICAEW and CIPFA. Since joining ICAEW, I have been focused on strengthening that relationship and I’m pleased we have now reached this agreement.
“I am certain that it will bring with it greater opportunities to respond to the evolving needs of our members, the profession, business and society, and to strengthen the impact and trust of the accountancy profession in the UK and around the world.”
CIPFA chief executive Owen Mapley said: “We have made real strides in working more closely over the last two years, driven by shared values and a common purpose. The signing of the heads of terms marks the next step in our strategic journey together.
“We believe this closer alignment will strengthen our collective voice, improve member services and enhance our resilience and relevance in the UK and internationally.”
Earlier in July 2025, ICAEW and ICAS raised concerns about the UK Government’s decision to delay the audit reform and corporate governance bill.
