Chartered accountants to vote on new Trans-Tasman institute

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Here’s a once in a generation chance to transform the accounting profession in this country. Members of the Institute of Chartered Accountants Australia (ICAA) can now vote on a proposal to create a new trans-Tasman Institute with the New Zealand Institute of Chartered Accountants (NZICA).

ICAA members have until 25th October to vote on the New Institute proposal via www.onenewinstitute.com.

This proposal has been brought to the members because both institutes believe this proposal is the best and most sustainable way to support members with services that are relevant, and to enhance the pre-eminence of their designation.

If the New Institute proposal gets the green light, the majority of members would see a decrease in annual membership fees across both ICAA and NZICA. However, some other membership fees would increase. Also, the formation of the New Institute is expected to deliver steady-state annual net cost savings of A$15.8 million per annum. There is a one-off transaction and the implementation cost is around A$17.9 million.

However before voting we recommend members review the Explanatory Memorandum (EM), which outlines the proposal in more detail, the EM includes a summary of why members may want to vote against the proposal and sets out the risks of the proposal.

Head on to www.onenewinstitute.com for more information.