The Association of Chartered Accountants (ACCA) and the US Institute of Management Accountants (IMA) have said their Mutual Recognition Agreement (MRA) will not proceed.

ACCA and IMA said they were concerned that the MRA could be "misused as an inappropriate entry point by some in the market for ACCA students and CMA candidates" and not as a benefit for existing qualified members to gain a second credential, as originally intended.

The institutes said there were concerns that some students could make career decisions based on "perceived shortcut routes to qualification" instead of looking at the merits of each qualification.

ACCA and IMA signed the MRA aimed at giving their respective credential-holders a flexible route to each other’s certifications and it was scheduled to take effect in early 2014.

It was launched at the IMA’s annual conference in New Orleans and was seen as a step towards strengthening the global partnership the two institutes entered into more than a year ago.

ACCA and IMA said they will remain "strongly committed to their wider strategic partnership" and will continue to work on joint projects.

"While we are disappointed the MRA is not going to proceed, both IMA and ACCA are continuing with our strategic partnership. We remain committed to quality credentials based on rigorous testing and a mastery of accounting knowledge and skills," IMA chief executive Jeff Thomson said.

ACCA chief executive Helen Brand said both institutes share a vision focused on public value and therefore they have to act in the public interest.

"All this remains a solid foundation to our on-going successful strategic partnership, which we entered into more than a year ago, and which we continue to develop together," Brand added.

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