Proposed Merger of CIMA, ICAEW & CIPFA.

Mr. Whappaaaa · 04-04-2005, 10:35 PM

HI ALL

Hope you all are fine ..appeared late on the forum because i was busy on the tour of Gwadar with my father..... Now Move on to the topic....Today, I visited the site of ICAEW & CIMA & saw the news of a Consolidation of the three leading U.K's one of the most professional accountancy bodies are going to merge in the near future( CIMA, ICAEW & CIPFA) in order to gain the big enhancement, competitive advantage & atleast a top listed Accountancy body in the world. Consolidation concept has been approved but the decision to make a MERGER was postponed .........

Wel, On one hand its a Good News for those who are student, affiliate or Member Of CIMA, ICAEW etc. because they will be much more able to make a prestigious worth of his/her certificate (if consolidation would approve).... But on the other hand, as we know that only ACCA is the sole accountancy body will be left(specially in U.K.), My question is that whether ACCA could maintain its professional value in that huge competition ? Will ACCA decreased its reputation & image alongwith these BIG 3 consolidation ?

Adding Furthure,As "ICAP is the best in pakistan" because ICAP has been restricting & prohibiting to introdice the ICAEW in pakistan thats why no one firms offering ICAEW training contract due to the restriction of ICAP. But If a proposed merger would be accepted then what effects will be appeared on the policy of ICAP? whether ICAP could keep its monopoly in pakistan after that proposed consolidation?

SO what do u think .....your response will be appreciated (specially Honorable Members)

REGARDS

ASIF ALI

Desert Sleet · 04-05-2005, 12:26 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Mr. Whappaaaa
 HI ALL

Hope you all are fine ..appeared late on the forum because i was busy on the tour of Gwadar with my father..... Now Move on to the topic....Today, I visited the site of ICAEW & CIMA & saw the news of a Consolidation of the three leading U.K's one of the most professional accountancy bodies are going to merge in the near future( CIMA, ICAEW & CIPFA) in order to gain the big enhancement, competitive advantage & atleast a top listed Accountancy body in the world. Consolidation concept has been approved but the decision to make a MERGER was postponed .........

Wel, On one hand its a Good News for those who are student, affiliate or Member Of CIMA, ICAEW etc. because they will be much more able to make a prestigious worth of his/her certificate (if consolidation would approve).... But on the other hand, as we know that only ACCA is the sole accountancy body will be left(specially in U.K.), My question is that whether ACCA could maintain its professional value in that huge competition ? Will ACCA decreased its reputation & image alongwith these BIG 3 consolidation ?

Adding Furthure,As "ICAP is the best in pakistan" because ICAP has been restricting & prohibiting to introdice the ICAEW in pakistan thats why no one firms offering ICAEW training contract due to the restriction of ICAP. But If a proposed merger would be accepted then what effects will be appeared on the policy of ICAP? whether ICAP could keep its monopoly in pakistan after that proposed consolidation?

SO what do u think .....your response will be appreciated (specially Honorable Members)

REGARDS

ASIF ALI
<hr height="1" noshade id="quote"></blockquote id="quote">
<blockquote id="quote">quote<hr height="1" noshade id="quote">Keen not to lose momentum in their announced merger talks, the ICAEW, CIMA and CIPFA today announced plans for what they call "strategic consolidation". The brief announcement gives a slightly clearer idea of their objective.

With 200,000 members and a significant student base worldwide the new body would, they claim, "unify the business, practice and public sectors and quickly become the authoritative voice across the accountancy profession."

The respective governing councils hightlighted the opportunity to create a powerful body with increased influence across industry and government - and to "ensure the long term future of the profession for the next generation of chartered accountants." These few carefully chosen words will suggest to many that 'takeover' might be a better description than merger.

The joint announcement claimed that the size, scope and resources of the new body would increase the level of assistance available to members "throughout the lifecycle of their careers". In other words, in the professional world, size does matter - or is this just safety in numbers?

The proposals will ensure that existing members of all three bodies will be entitled to keep their current designatory letters and titles. Individual routes to qualification will be preserved during the post-consolidation transition.

This is perhaps the most controversial aspect of the proposals, and one which many, in particular Jeff Wooller's Ginger Group, will wish to examine in detail to ensure that entry standards to the combined professional body are not lowered.

Any future changes to these qualifications would have to maintain the same high standards of entry and would be subject to a three-quarter majority of the governing council of the new body.

The timetable for these plans is surprisingly short. Strategic consolidation has so far received an in principle yes from each of the governing councils of the three institutes. Formal proposals will be put to councils in December 2004 with resolutions expected to be put to the
members of all three bodies early to mid 2005. Subject to a positive mandate, permission will then be sought for a new Royal Charter.

Over the next few months the institutes will be rolling out an extensive nationwide campaign to present the findings of their strategic reviews, present the benefits of consolidation as a potential fast track towards common goals - and to persuade members to vote in favour of a
consolidation. Given the apathy shown towards CPE and Practice Assurance they will have to surpass themselves in communicating with members to meet the proposed deadline.<hr height="1" noshade id="quote"></blockquote id="quote">

---------------------------------------------
âLittle minds are tamed and subdued by misfortune; but great minds rise above it.â

Mr. Whappaaaa · 04-05-2005, 03:54 AM

Oh Come on yaar Desert, please stop the copy paste job. My quiries is quite different. you need to see again Para 2 & 3.

ASIF ALI

Desert Sleet · 04-05-2005, 05:34 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Mr. Whappaaaa
 Oh Come on yaar Desert, please stop the copy paste job. My quiries is quite different. you need to see again Para 2 & 3.

ASIF ALI
<hr height="1" noshade id="quote"></blockquote id="quote">
Thought to give you all a brief reminder.

Existing members of all three bodies will keep their current designatory letters and titles.

Key sticking points are understood to include having The Institute of Chartered Accountants as the new name for the merged body, increased fees for CIMA members, and an electoral process that was deemed likely to produce an ICAEW-dominated council.

Roland Kaye, CIMA President, said 'A huge amount of effort has gone into defining the shape of the new Institute. Each organisation has distinct strengths and defined interests, and it is important to get the proposals absolutely right. Our Council concluded that the current proposals did not yet recognise the distinctiveness of CIMA.'

ACCA president John Brace reacted by calling the talks a 'back-door' merger driven by difficulties the institutes face in recruiting new students.

'It is a reaction to the massively higher growth rate of ACCA, which has doubled in size since 1996 and now has 320,000 members and students around the world,' said Brace.
---------------------------------------------
âLittle minds are tamed and subdued by misfortune; but great minds rise above it.â

Pracs · 04-05-2005, 09:11 AM

I agree with the ACCA President !

"Allah does not change the state of people unless they change what is within themselves" Quran 1311