The American Institute of CPAs and the United Kingdom's Chartered Institute of Management Accountants have agreed to collaborate on developing products and services for their members. This partnership will allow the AICPA to offer additional professional resources to members working in business and industry, who account for nearly 50 percent of the institute's membership.

The resources developed through the AICPA-CIMA relationship will encompass three core areas -- business management, management accounting, and financial management.

"Having employees with these skills will allow organizations to gain an advantage in a complex business environment," said AICPA vice president John Morrow, in a statement.

According to Morrow, the agreement is due in part to the fact that chief financial officers are taking a more prominent role in steering the direction of their organizations' business practices. The Chartered Institute of Management Accountants focuses on business and includes more than 150,000 members in 160 countries. CIMA is headquartered in London and has satellite offices in 10 countries.

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