The association will result in three bodies - the AICPA, CIMA and the new association which combines aspects of the management, strategy and operations of the two.

It aims to become the most influential professional accounting body, and will represent 600,000 current and next-generation professionals. It has been designed to complement rather than replace both constituent organisations.

The decision to create an association came after both organisations members voted in ballots that ended 16 June. The results showed that 86.5% voted in favour from the AICPA ballot and CIMA members endorsed the proposal 89.7%. Work on the association will begin immediately following these results.

Members will keep membership from their present organisation but will also gain membership for the new association.

CIMA’s president Andrew Miskin said: ‘We live in a time of rapid change and increasing competition. Responding to this, I am delighted that CIMA and the AICPA members have endorsed the proposal to create a new association so that we can stay ahead of market changes and developments.

‘We will build on the history and strengths of both CIMA and the AICPA, which will enable us to accelerate our strategy, and to expand the opportunities for CGMAs around the world.’

AICPA president and CEO Barry Melancon CPA, CGMA said: ‘We are excited about crafting a path forward that reflects how the world is changing.  At the same time, we will be extraordinarily mindful of protecting our collective history and the strong reputation both organizations have built over the past century. This is about building on what is great – and addressing an exciting evolving world.’