Two UK and Australian accountancy professional organisations which both focus on small and medium sized accountancy practices and businesses are set to amalgamate, in order to create a stronger global presence for this sector
The duo are the UK-based Institute of Financial Accountants (IFA) which was formed in 1916 and has 9,000 members and students, and Australia’s Institute of Public Accountants (IPA), a 26,000-strong membership organisation.
Catherine Chamberlain, chairman of the IFA Council, said: ‘We acknowledge that we need to secure stepped growth in our membership numbers and enhancement of our current operating model to give us a leading role as the voice both of the SME and of the small and medium-sized professional practice. This agreement will bring three key benefits: greater efficiency, greater effectiveness and greater value for members.’
The IFA brand will continue to operate as part of the IPA Group, which will have a worldwide membership, including students, in excess of 35,000 across more than 80 countries.
IFA members are being asked to endorse the proposal in a vote scheduled for mid-December 2014. Following ratification by the membership, the target date for legal completion is 31 December 2014.
Jason Parker, president and chairman of the IPA, said: ‘We are excited that the coming together of the IPA and IFA will culminate in a managed and structured transition which will drive member value and achieve substantial efficiencies. We see this amalgamation as a development which will enhance both the public interest and the accountancy profession globally.’
