Members of the accountancy bodies Chartered Accountants Ireland and CPA Ireland are to vote on a proposal to amalgamate the two organisations.
Between them, the organisations - which are the only two Irish-based accountancy bodies - have 37,000 members.
If passed, the proposal would result in the establishment of a single Institute under the Chartered Accountants Ireland brand.
It would be the biggest professional body on the island of Ireland, according to the groups.
"Globally, the accountancy profession is seeing a move towards consolidation of professional membership organisations," the groups said in a release accompanying the announcement.
"Chartered Accountants Ireland and CPA Ireland are proactively seeking amalgamation to better position the profession for the future, driving new growth opportunities while meeting challenges together," they added.
It is not the first time that the organsiations have attempted to merge, with previous attempts in the late nineties and again in the early 2000s.
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Moves are underway in Australia at present to merge the country's existing accounting standard bodies into a single entity.
"The decisions taken by bodies representing the accountancy profession in Ireland over the next few years will have implications for decades to come. As the only two Irish based accountancy bodies, coming together as a newly enhanced Chartered Accountants Ireland will strengthen our voice," Sinéad Donovan, President of Chartered Accountants Ireland said.
"This proposed move is endorsed by the Councils of both organisations and based on months of productive discussions and on a strong financial case."
Mark Gargan, President of CPA Ireland, said amalgamation would bring the best parts of both organsiations together.
"Both CPA Ireland and Chartered Accountants Ireland are regulated by IAASA to meet the highest educational and professional standards," he noted.
"Our combined voice would amplify the needs of our profession and our strong commitment to the public interest and future economic growth," he added.
The leadership teams of Chartered Accountants Ireland and CPA Ireland will engage with members across the country in the coming week to discuss the proposed amalgamation and the benefits to members of supporting the move.
The vote is scheduled to take place on February 21st.
