The Government’s decision to introduce a law change allowing members of the New Zealand Institute of Chartered Accountants (NZICA) to become members of the Institute of Chartered Accountants Australia (ICAA) has received a warm welcome by accountants in this country.
The move will eventually help to create a new Trans-Tasman Institute, which has had overwhelming support of NZICA and ICAA during a separate consultation process undertaken in both countries last month.
While more than 54,000 members of the two institutes have given their nod, the Government of New Zealand should amend its statute to facilitate the process.
Mandate recognised
Commerce Minister Craig Foss introduced the ‘Accounting Infrastructure Reform Bill’ to Parliament on November 12, 2013.
The Bill would have no hurdle in the debating chamber and will become law soon.
According to NZICA Chief Executive Craig Norgate, the Bill recognised the mandate given by the members of his Institute.
“We knew that the Government wanted to see a clear signal that members were positive about a new Institute before any change would be made to the legislation. The overwhelming response of our members during the vote delivered that signal,” he said in a statement.
More than 16,500 of NZICA members voted and around 69% of them voted in favour of the proposal, he said.
“The proposal for a new institute has been in the making for almost two years and we have been discussing the issue with our members for more than a year. We are pleased that members on both sides of the Tasman have seen the benefits of the proposal,” Mr Norgate said.
