The Association of Chartered Certified Accountants and the Institute of Management Accountants have decided to make common cause.

The two organizations signed a global strategic partnership at the IMA’s Annual Meeting of Members during the IMA’s Annual Conference & Exposition in Las Vegas on Monday.

Plans for the partnership include research collaborations, CFO roundtables, joint chapter events, and the exploration of opportunities to increase awareness and adoption of their organizations’ respective certifications.

It should not come as a surprise that the ACCA and the IMA have decided to ally at this time. The two organizations have long competed with the American Institute of CPAs for accountant members. The AICPA’s recent expansion globally this year through its joint venture with the London-based Chartered Institute of Management Accountants, offering the Chartered Global Management Accountant credential, threatens both ACCA’s international reach and the IMA’s Certified Management Accountant credential.

The partnership was formalized during the conference by ACCA senior council member and former global president Mark Gold, FCCA, and IMA chair Brian McGuire, Ph.D., CMA, CPA. McGuire noted that the two organizations share a similar mission and history of inclusivity, community, and service to the global profession. “There are clear synergies between both organizations,” he said.

“Both IMA, which is headquartered in the U.S., and ACCA have a long history of seeking innovations in finance and accounting, recognizing that a strong global profession needs to innovate to be relevant in a fast-changing world,” said ACCA chief executive Helen Brand. “We have already delivered several tangible products and services to global practitioners, especially in the research and thought leadership areas.”

Both organizations boast a large footprint. ACCA has nearly 590,000 members and candidates in 170 countries, working through 83 offices and centers, while the IMA has more than 65,000 members in 120 countries and 200 local chapter communities.

“Together, we summarize this exciting new strategic partnership very simply—ACCA and IMA are global bodies empowering accountants and financial professionals to drive business performance,” said IMA president and CEO Jeff Thomson, CMA.