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CIMA and AICPA to Form New Association.

HONG KONG, June 20, 2016 - (ACN Newswire) - The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA), are joining forces to create a new association that would represent the 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."

For press enquiries please contact:

Yeman Tsang

Business Development and Marketing Manager, CIMA Hong Kong

T. 852- 3741 1956/ 852- 9819 3309

E. yeman.tsang@cimaglobal.com

Notes to Editors

The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world's leading and largest professional body of management accountants, with over 229,000 members and students operating in 176 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers' choice when recruiting financially-trained business leaders.

Professionalism and ethics are at the core of CIMA's activities with every member and student bound by robust standards so that integrity, expertise and vision are brought together.

CIMA has formed a joint venture with the American Institute of CPAs (AICPA) to establish the Chartered Global Management Accountant (CGMA) designation. CGMA is the global quality standard that further elevates the profession of management accounting. The designation recognises the most talented and committed management accountants with the discipline and skill to drive strong business performance.

CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.

The American Institute of CPAs (AICPA) is the world's largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation which sets a new standard for global recognition of management accounting.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Media representatives are invited to visit the AICPA Press Center at aicpa.org/press

Source: Chartered Institute of Management Accountants

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Publication:ACN Newswire
Date:Jun 20, 2016
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