The American Institute of CPAs and the Chartered Institute of Management Accountants are teaming in a joint venture that would create an international designation for management accounting.
The two organizations would create a not-for-profit joint venture that would promote the as-yet unnamed credential, which is subject to approval by the governing bodies of both organizations and will be voted on separately by the CIMA and AICPA councils in May.
Under the proposal, the venture divides the decision-making process via a 50:50 board of directors with CIMA and AICPA rotating the role of chairman. The new joint venture would be 60 percent owned by the AICPA.
The pathways for obtaining the new credential would vary. U.S. CPAs and AICPA voting members with at least three years working in management accounting or a financial management role would qualify for an accelerated route to obtaining the new designation. Non-voting AICPA members in the U.S. would not be eligible to obtain the credential.
Together, the new venture would cover more than 550,000 members and students worldwide.
Source: Accountancy Age