The two institutes have signed a heads of terms agreement, which sets out the strategic direction for the merger, which was first signalled in 2023 with the signing of a joint declaration setting out a plans for a ‘closer strategic alignment’.

The merger is designed to strengthen the profession and better serve the public interest but would see CIPFA retain its name as part of the ‘ICAEW group’. 

Under the proposals outlined in the heads of terms, CIPFA would formally join the ICAEW group but retain its own brand, legal identity, charitable status and operational independence.