A merger between two of the largest professional accounting bodies in the world, the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA), could be considered in the future.
CIMA told The Accountant that although it is not part of the two bodies’ current plan to work together through a joint venture, which will officially be launched later this month, if the partnership is a success a merger or other options “could be considered in the future”.
At the moment CIMA and AICPA intend to take advantage of each other’s respective strengths through the joint venture, which will create a new global management accounting designation.
The Association of International Certified Professional Accountants will not replace the AICPA or CIMA designations but provides AICPA members an accelerated pathway to obtain a management accountancy qualification.
Both professional bodies will have equal decision making through a 50:50 board with CIMA and AICPA rotating the role of chairman.