Crucial Bill for CAANZ merger passes

The Accounting Infrastructure Reform Bill passed its third reading last week, paving the way for Chartered Accountants Australia and New Zealand to officially amalgamate.

Part of the Bill is an amendment to the NZICA Act 1996 which allows the two organisations to formally establish the new trans–Tasman professional body, according to a statement from CAANZ issued late last week.

The Accounting Infrastructure Reform Bill was guided through the House by the ministers of commerce, Craig Foss and Paul Goldsmith, and continues the changes begun in the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

The Bill’s progress was welcomed by Lee White, chief executive of CAANZ.

“This marks a significant milestone as New Zealand’s Parliament has given the green light to the formal amalgamation of the New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants Australia.

“It is very exciting that Chartered Accountants Australia and New Zealand can now focus solely on delivering tangible benefits to members on both sides of the Tasman,” said Mr White.

Once the bill receives the Royal Assent in New Zealand and becomes law several further steps can be taken to formally complete the amalgamation process, and this is expected to occur during the coming months.

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