The merger would increase the ICAA’s membership by almost 50 per cent, taking it from 60,000 full members to 88,000.
According to a document available on the One New Institute website the merger will deliver better value for accountants’ membership fees; ensure the relevance of services for members who are increasingly spread around the world; and reinforce the relevance of the ICA designation.
Competition from rival institutions was cited as a major driver behind the proposed merger.
“Alternative qualifications are cluttering the market, which necessitates strengthening the value of a Chartered Accountant designation in the eyes of employers and decision makers,” the consultation document said.
The proposal was promoted by both groups as giving a boost to the Closer Economic Relations (CER) free trade agreement between the two countries, which has been in place since 1983.
“While we didn’t orchestrate this proposal to coincide with the 30th anniversary of CER, it is a good reminder that both countries have been collaborating in the interests of better business for many years,” said NZICA president Liz Hickey.
The proposed ‘New Institute’ would have significantly more scale, allowing it to improve the tools and the education offering available to members, Ms Hickey said.
ICAA President Tim Gullifer added that the proposal would give the combined institute greater “policy formulation and advocacy capability”, along with a greater global influence.
“We recognise that the memberships are likely to get increasingly diverse. The timing for the establishment of a 'New Institute' is right. We need to stay ahead and further strengthen the brand and services we offer to members,” added Mr Gullifer.
Members from either institution can provide their feedback on the proposal at the joint website www.onenewinstitute.com, or by calling or emailing the ICAA or the NZICA.
The consultation period closes on 12 July.
