ACCA closes direct membership route for CIMA members

ACCA is removing an option for CIMA members to obtain direct membership of ACCA with effect from January 1, 2012.

The direct membership route has historically been available to suitably experienced members of a small number of accountancy bodies, based on the overall quality of their qualifications and an equivalence in the core syllabus coverage.

This change will be made alongside other ACCA Rulebook amendments with effect from January 1, 2012. ACCA is informing the market of this change now to provide fair notice to CIMA members with appropriate experience who may already be making their applications for direct membership of ACCA.

Commenting on this initiative, ACCA Sri Lanka Country Manager Aruni Rajakarier said, "ACCA has made this decision because CIMA's exclusive focus on management accounting has meant its syllabus has moved away from comprehensive coverage of financial reporting and tax, which employers have specified as core areas for finance professionals, whether in business or practice. We are acting now as it is part of our annual cycle to renew the regulations in the ACCA Rulebook which will come into effect January 1, 2012."

She explained that "a direct membership is a form of access to membership which allows for professional accountants of one body to become a member of another, based on an assessment of the equivalence of the qualifications they have taken. It should be noted that over 98% of ACCA members have completed the full ACCA Qualification. The Council has consistently stated that the overwhelming majority of ACCA members must come through its qualification route including up to 14 exams, work experience and completion of an ethics module. This is in the public interest of promoting one global standard in accounting worldwide."

Rajakarier said, "we are advising the market of this change now so that any CIMA members who are in the process of applying can ensure their application is processed. ACCA will continue to offer CIMA members and students exemptions from selected ACCA Fundamental Level papers for those CIMA examinations which match the content of the ACCA Qualification."