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Consolidation decision deferred to enable fine-tuning.

Proposals to consolidate three of the UK's leading accounting bodies have been stalled as the result of a decision by CIMA's governing council. Overall proposals for the consolidation were reconfirmed by the councils of CIMA, the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants in England and Wales (ICAEW) at meetings held by all three institutes in December. But CIMA's council decided that the details of the plan needed more work before it could vote on whether or not to put it to the wider membership.

CIMA's president, Roland Kaye, explained that further discussions were required to ensure that the institute's identity was preserved. "A huge amount of effort has gone into defining the shape of the new institute," he told Financial Management. "Each organisation has distinct strengths and defined interests, so it's important to get the proposals absolutely right. Our council concluded that the current proposals did not yet recognise the distinctiveness of CIMA."

Kaye's opposite numbers at the ICAEW and CIPFA, Paul Druckman and Mike Barnes, said that the proposals needed to be defined rigorously to ensure that they were attractive to the members of all three institutes. "These are complex discussions and we are conscious of the past history," Druckman said. "We are continuing to work together to identify the best possible proposition for members."

A more detailed plan will be considered by all three councils shortly. If the decision is made to take the consolidation plan further, members will be asked to vote some time this summer.
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Title Annotation:First In ...
Publication:Financial Management (UK)
Article Type:Brief Article
Geographic Code:4EUUK
Date:Feb 1, 2005
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