By now you may have heard about a very progressive move by the world’s two largest accounting associations — the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) — to merge and create a new organization for the accounting profession. After much thought and reflection, in June members of both the AIPCA and CIMA cast an overwhelmingly positive vote in favor of the merger.
The AICPA primarily has focused on public accountants, while CIMA has focused on management/business accountants. So why merge? Quite frankly, the business world and our profession continue to change at a rapid pace. More than ever before, CPAs are opting for industry and consulting roles to fill the increasing needs of businesses. Businesses are also increasing their global footprint, calling for more advisory and specialized resources. The leadership in both the AICPA and CIMA recognized that together they can strengthen the resources and enhance the value offered to members, both in and out of public accounting, and ultimately their clients.
At Cohen we pride ourselves on being thought leaders in the accounting profession, which ultimately drives value to our clients. Through our collective involvement in the AICPA and my current role as chair of its Major Firms Group, we were proud to play a leadership role in this important effort and are very pleased with this new direction. As the new association defines its goals and roles throughout the rest of this year and readies for launch in 2017, I am truly excited about the strength of this organization and the possibilities for the profession in the future.
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Cohen & Company is not rendering legal, accounting or other professional advice. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts and circumstances.