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It's worth devoting extra time to the minutiae when consolidation would lead to vital changes.

Document Cited in Related
Vincent
AuthorTilley, Charles
PositionIN BUSINESS - Operating and financial reviews - Continuing professional development

With the fastest-growing membership of all the CCAB bodies, CIMA is well on the way to achieving its 2010 strategy. It's crucial, therefore, that we don't lose sight of the distinctiveness for which the institute is so highly prized by its stakeholders in business. Council expressed its concern in December that the draft blueprint for the consolidated body with CIPFA and the ICAEW didn't address our specific requirements sufficiently. The detail matters--hence all the negotiations--but not so much that it should obscure the big picture. The big picture is that, if a new structure can be developed, it means vital changes for the profession, for employers, for government and, above all, for the public interest.

A two-stage process has now been negotiated to allow us to get the terms of this crucial proposal right. Stage one will involve the integration of CIPFA and the ICAEW on terms that will be put to their memberships no later than the autumn. At the same time CIMA will continue working with its counterparts to secure agreement from all three councils on a revised platform. If these negotiations are successful, proposals will be put to all three memberships as soon as appropriate and no later than 2006. These discussions are intended to address CIMA's specific concerns with a view to achieving the bigger prize of the consolidation of all three bodies. It's important to stress that goodwill and respect remains on all sides.

We have long advocated mandatory operating and financial reviews (OFRs) in the UK. We were delighted that the DTI accepted many of our concerns when the law went before Parliament at the start of the year. Shareholders' growing interest in the disclosure of key performance indicators is likely to increase demand for higher-quality management information. OFRs will improve...

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