KARACHI - The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA), are joining forces to create a new association that would represent the breadth of the accounting profession.

The new Association aims to become the most influential professional accounting body in the world, and will represent 600,000 current and next-generation professionals. It has been designed to complement rather than replace both constituent organisations – so while it will bring extra weight and influence to CIMA, CIMA’s existing structure and Royal Charter will remain, and CIMA will retain its management accounting focus.

CIMA and the AICPA members will retain membership of their existing member organisation but will gain additional membership of the new Association.

The decision to create the Association was taken after both organisations’ member bodies voted to endorse the move in ballots which concluded on June 16. 89.7 per cent of CIMA members voting endorsed the resolution, with 86.5 per cent of AICPA members who cast ballots voting in favour. Work to create the Association will begin straight away, and it will launch in 2017.