Members of the AICPA and The Chartered Institute of Management Accountants (CIMA) voted overwhelmingly in support of a proposal to create a new international accounting association that will integrate operations and represent the entire accounting profession, while preserving the membership bodies of both organizations.
A supermajority of AICPA members who cast votes favored the proposal, 86.5% to 13.5%, according to the independent tabulator Survey & Ballot Systems. CIMA members who voted strongly endorsed the proposal 89.7% to 10.3%, according to its independent tabulator, Electoral Reform Services.
“CPAs have a long history of acknowledging and staying ahead of the trends that shape our profession and the environment we do business in,” Tim Christen, CPA, CGMA, chairman of the AICPA board of directors, said in a press release. “This will benefit CPAs and CGMAs and the entire accounting profession worldwide.”
By joining together, the organizations will be able to strengthen advocacy, accelerate efforts to boost member employability, and provide additional resources to enhance the quality and competency of public and management accountants in the United States and abroad, the AICPA said in a press release.
Members of the AICPA and CIMA will continue to receive all existing benefits plus added value through automatic membership in the new association for no additional dues. The AICPA will continue its commitment to promoting, protecting, and growing the CPA credential and advancing audit, tax, and other core services.
“In developing this proposal, we were careful to structure commitments to CPA and CGMA, CIMA and AICPA, and public practice and management accounting,” Barry Melancon, CPA, CGMA, the AICPA’s president and CEO, said in a press release. “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.”
The proposal drew the support of 52 state and U.S. territory CPA societies, the AICPA board of directors and governing Council, and many firm and finance leaders.
The approval of the new association clears the way for the evolution of the joint venture between the AICPA and CIMA that began in 2011. The new association will represent approximately 600,000 current and next-generation professionals. Work to create the new association will begin immediately, and it will officially launch in 2017.
“Our current joint venture with the AICPA has been extremely successful, so we are evolving this partnership,” Charles Tilley, OBE, FCMA, CGMA, and chief executive of CIMA, said in a press release. “In doing so, we will support our members and students further, which means both greater resources and the weight of a larger organization behind them.”
Additional information about the proposal is available at aicpa.org/horizons.