INBOX : Accountants align

In the accounting world, Australia and New Zealand just moved one step closer.
The New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants in Australia (ICAA) have joined to create powerful alliance between the two organisations.
The organisations say the move will cement the chartered accountant qualification as the foremost professional designation for accountants within the Asia-Pacific region.
Many of the larger accounting firms and corporates are also increasingly viewing the trans-Tasman environment as one market, says NZICA chief executive Terry McLaughlin, and the new alliance recognises that New Zealand’s economic development will be strengthened by working closely with Australia.
“It is widely known that it is in our best interests to be aligned with Australia. Our governments are presently working towards creating single economic market, including regulatory harmonisation.
“The accounting standards boards have announced steps towards the convergence of accounting standards. All these initiatives aim to develop low-cost, innovative and more seamless trans-Tasman operating environment for businesses which we believe can extend through to our members.”
A governance board has been set up to oversee the collaboration. On it will be the ICAA president, the NZICA chairman, board directors from each institute and the two chief executives.