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Consolidation of the Accountancy Profession

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Structure of UK profession untenable in the long term in the context of a more ... (cf AICPA 330,000 members) * Proportion of CCAB membership ... – PowerPoint PPT presentation

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Title: Consolidation of the Accountancy Profession


1
Consolidation of the Accountancy Profession
2
CIPFA Development Strategy
  • Launched in March 2001
  • Developing the Institute across a broad range of
    fronts
  • Strategy based on 7 hallmarks
  • Publicly addressing all issues bar one

rationalisation of the profession
3
Position on Rationalisation
  • Inevitable, though timing uncertain
  • Structure of UK profession untenable in the long
    term in the context of a more global profession
  • Some combinations better than others, though
    almost any movement likely to be in the public
    interest
  • CIPFA likely to be an important ingredient in any
    strategic proposal but essential to negotiate
    from a position of strength

4
A Position of Strength
  • Public Servant of the Year Awards
  • Mandatory CPD
  • New Governance Arrangements
  • Prudential Code
  • International Strategy
  • Strategic Grant Agreement with DfID
  • Higher profile in IFAC and FEE
  • Spectrum
  • Monthly e-newsletter
  • Multi-level membership
  • New qualifications
  • New PAQ
  • Full membership survey
  • National Student Forum
  • New Press Office
  • Local Income Tax
  • Public Reporting and Accountability Awards
  • Financial Management Model
  • Leaders in Finance
  • Independent Commission on Good Governance
  • Strategic partnership with AC and IDeA

and an increasingly healthy financial position
5
CCAB Bodies income per member as at 31.12.02
6
Challenges
  • Growth by competitor bodies
  • Specialist niche player
  • Internationalisation of standard-setting global
    profession with global standards
  • Constraints on our investment
  • Responding to the rise of regulation and oversight

7
Vision
  • Consolidation of CIPFA, CIMA and ICAEW
  • Would span the economy practice, business,
    public services
  • Would embrace the modern profession
  • Organised around specialisms/faculties

8
Membership Numbers Worldwide
9
Registered Student Numbers Worldwide
10
Profile of a Combined CIPFA/CIMA/ICAEW
  • Worldwide Members 197,000 (61)
  • UK Members 168,000 (68)
  • Worldwide Students 90,000 (30)
  • UK Students 66,000 (49)
  • (cf AICPA 330,000 members)

Proportion of CCAB membership
11
Profile of a Combined CIPFA/CIMA/ICAEW
(Worldwide Members)
  • Public Practice 35,000 (51)
  • Industry and Commerce 108,000 (62)
  • Public Sector 15,000 (62)
  • Retired 24,000 (76)
  • Other 15,000 (74)

Proportion of CCAB membership
12
What would it mean for Individual Members?
  • Enhanced status
  • Improved support services
  • Influence and representation at the highest
    levels
  • A more portable qualification
  • Networking across sectors

13
Benefits
  • Powerful and influential player
  • Natural voice of the profession
  • Economies of scale
  • Gold standard qualifications
  • Strong brand recognition
  • Clear sense to the public

14
Would a Merged Institute Retain its Interest in
the Public Services?
  • 30-40 of the global economy
  • 15000 demanding members
  • High levels of volunteer participation
  • Significant growth opportunities
  • Counter-cyclical economic cycle
  • Significant commercial revenues

15
Possible Process
July-Sept
  • Three Institute Councils agree in principle

Negotiation of detailed terms. Discussion and
debate amongst the membership
Sept-Nov
December
Review and approval by Councils
Legals, detailed drafting of resolutions, due
diligence, Privy Council discussions
Jan-Feb
Spring 2005
Special general meetings
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