UK IFA and Australian IPA institutes merge
Members of the Institute of Financial Accountants (IFA) in the UK and internationally have voted in favour of amalgamation with Australia’s Institute of Public Accountants (IPA) to form the world’s largest international accountancy organisation in the small and medium sized enterprise (SME) market
18 Dec 2014
Both institutes focus their attention on the accounting and taxation needs of SMEs and small and medium sized accountancy practices.
Under the terms of the merger, the autonomy and brands of each institute will be preserved and the IFA brand will continue to operate as part of the IPA group, which has a worldwide membership, including students, of over 35,000 across more than 80 countries.
Catherine Chamberlain, chairman of the IFA Council, said: ‘We are delighted that this agreement has been approved by an overwhelming majority vote. It is based on the premise: one member - two Institutes - three key benefits: greater efficiency, greater effectiveness and greater value for members.’
Chamberlain said the decision to amalgamate with the IPA, which will also continue to operate autonomously after the deal, was driven by the realisation that the IFA needed to grow membership numbers and widen its reach if it was to achieve it aim of being the leading voice both of SMEs and of small and medium-sized professional practices.
Wendy Leegel, president and chairman of the IPA, said: ‘We expect now to see 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.’
The target date for legal completion of the amalgamation is 31 December 2014.
The IFA will transfer its assets and undertakings to the new group. A new IFA head office will be set up which will also form the European office of the IPA Group.