My mind raced back this week to a warm glass of wine or three I enjoyed last October at Portcullis House, the ferociously expensive office building opposite the House of Commons created for members of parliament.

Truth be told I went for a nose around a lavish building, though I also attended ACCA's launch of its Public Policy Unit.

The unit was created so it could engage with 'policy makers on 'key issues such as corporate governance, business regulation, tax, audit, financial reporting, sustainable development, pensions, health, small business, public sector finance and lifelong learning'.

My reminicenses were sparked by this week's ICAEW announcement that it is involved with the first all-party parliamentary group to focus on accounting issues.

The Associate Parliamentary Group on Business, Finance and Accountancy has been set up, the institute tells us, with the intention of improving dialogue between government and finance experts, particularly those in the accounting profession.

Sounds familiar, doesn't it?

But tare differences between the two institute groups. ACCA's has a broader remit, the ICAEW's a slightly narrower one.

But they have plenty in common too. The ICAEW's is chaired by Tory MP and chartered accountant Mark Hoban. ACCA's by David Taylor 'a computer manager, lecturer and freelance accountant' before entering parliament. He's also a CIPFA members and, on tax matters at least, an irritant in ministrial eyes. Less Blairite and more Austin Mitchellite.

So the ICAEW is coming to the party a little late. But it is aligning itself with a group that in parliamentary terms has a stellar line-up: John McFall MP, chairman of the Commons Treasury select committee (and guest speaker at last week's ICAEW dinner), Liberal Democrat shadow chancellor Vincent Cable (one of the most respected MPs around when it comes to City matters) and Labour Peer Baroness Goudie, secretary of the Scottish Industry Forum.

Labour MP Sarah McCarthy Fry, a management accountant, will serve as secretary and rising Tory star and Putney MP Justine Greening will act as treasurer.

It's an impressive team. And in a Commons that is vastly underpowered when it comes to business and financial acumen, a necessary one.