One CIMA council member told Accountancy Age:
"We approached this honestly from the start and said we would be in favour of consolidating the profession, but we are not prepared to accept CIMA being subsumed into the ICAEW along with everything management accounting stands for."
Accountancy Age identify several sticking points:
- Having The Institute of Chartered Accountants as the new name for the merged body
- Increased fees for CIMA members
- An electoral process that was deemed likely to produce an ICAEW-dominated council
The name issue, as already reported, is not just of concern to CIMA but also to the Scottish Institute.
I wonder if the ICAEW Council could better use their time by addressing the "demographic time bomb" by revamping the ICAEW, rather than sweeping the issue under the carpet by way of a merger.