The American Institute of CPAs is proposing the creation of a new accounting association in partnership with the Chartered Institute of Management Accountants.
In a letter sent to institute members, the AICPA’s chair, Tim Christen, outlined the thinking behind the proposed association, which would “integrate operations, strategy and management from both organizations to further advance advocacy, achieve economies of scale and better support accounting professionals.”
The new association’s primary focus would be on accountants working in industry and management accounting.
In a video accompanying the proposal, Christen pointed out that the proposed association would not interfere with any of the institute’s current services. “Anything you’re receiving now as a member, you’ll continue to receive, and the focus the AICPA puts today on its core services, it will continue to place on its core services,” he said. “The ‘and’ is the additional focus on management accounting and the evolution of the CGMA designation and the increased relevance of that designation, which can bring additional value to members.”
Under the proposal, both the AICPA and CIMA would continue their current functions. Members of both would automatically be awarded membership in the new association, with no increase in dues.
Sources close to the institute said that it expects to discuss the proposal with its members over the next five to six months, with a membership vote in late spring of 2016.
They also noted that leadership of the new association would rotate, but that it was expected that its first head would be AICPA president and CEO Barry Melancon.
The AICPA and CIMA have been involved in a joint venture since 2011 that created and maintain the CGMA, or Chartered Global Management Accountant, credential. Sources close to the proposal process stressed that the new association would not in any way be a merger of the two groups, but rather a natural evolution of the original joint venture.
For more information on the proposal, visit www.aicpa.org/horizons.
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