Institute of Financial Accountants

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Institute of Financial Accountants
Institute of Financial Accountants logo.png
Established1916 (1916)
TypeProfessional Association
Professional title
Incorporated Financial Accountant (FFA or AFA)
Headquarters London, United Kingdom
Region served
Worldwide
Services Accountancy
Membership
6,000[ citation needed ]
Key people
John Edwards (CEO)
Website www.ifa.org.uk

The Institute of Financial Accountants (IFA) is a professional accountacy body representing and providing certification for financial accountants in the United Kingdom. The IFA is a full member of the International Federation of Accountants.

Contents

History

The Institute was founded in 1916. [1]

In 1973, the IFA established the International Association of Book-keepers (IAB) [1] [2] and members of IAB participate in IFA's benevolent fund. [2] [3]

The IFA merged with the Federation of Tax Advisers (FTA) in 2009 [4] and in 2014 with the Institute of Public Accountants of Australia to form the IPA Group; the world's largest SME/SMP professional accountancy body. Members of the IFA obtained membership of the IPA at their equivalent IFA membership grade. [5] [6] As of 2022, the IPA Group has more than 49,000 members and students in 100 countries. [7]

As of 2007, IFA members are recognised by HM Treasury as supervisors under anti-money laundering legislation. [8]

In 2008, the IFA became an associate member of the International Federation of Accountants (IFAC), and a full member in 2011. [9]

On 1 October 2020 the Financial Conduct Authority (FCA) added the Institute of Financial Accountants to the list of bodies whose members can provide a statement of high net worth. This change was confirmed in the Financial Conduct Authority’s Handbook Notice 80 and followed the FCA’s Quarterly Consultation in Consultation Paper 20/4, para 3.26, page 18. [10]

Membership and certifications

As of 2015, membership of the IFA was generally given to applicants completing a period of relevant work experience and passing a series of examinations for the IFA qualification; applicants could also be admitted to membership by way of exemption or by accreditation of prior learning. [11] As of 2019, IFA qualifications are no longer available for new students, but are replaced by studying for the "IFA Direct" programme with CU Coventry. Recognition of prior experience is no longer a route to membership. [12] As of 2021 the "IFA Direct" education programme is delivered in partnership with ATHE. [13]

There are five grades of membership: Intermediate Financial Accountant IFA AIPA, Associate Tax Adviser ATA, Associate Financial Accountant AFA MIPA, Fellow Tax Adviser FTA, Fellow Financial Accountant FFA FIPA. [14]

The IFA was recognised by the Office of Qualifications and Examinations Regulation (Ofqual) from 2011-2020. [15] Ofqual regulates qualifications, examinations and assessments in England and vocational qualifications in Northern Ireland and grants formal recognition to bodies and organisations that deliver qualifications and assessments. [16] In 2020 the IFA surrendered its Ofqual recognition. [17]

The IFA offers a Diploma in IFRS through accredited training providers [18] in Pakistan, Peru, the Russian Federation [currently suspended], Ukraine [currently suspended] [19] and Lithuania.

IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in small and medium-sized enterprises. [20]

The IFA works with a number of universities in the UK and internationally to provide a route to membership of the IFA.

See also

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References

  1. 1 2 Index of UK and Irish Accountancy and Professional Bodies at ICAEW website
  2. 1 2 IFA. Benevolent Fund Archived 2015-06-21 at the Wayback Machine Page accessed June 21, 2015
  3. ↑ Open Charities. The Institute of Financial Accountants and International Association of Book-Keepers Benevolent Fund Page accessed June 21, 2015
  4. ↑ FTA’s First Annual Conference celebrated its merge with the IFA Group, FTA, 8 June 2009. Archived 14 July 2011 at WebCite
  5. ↑ Professional Planner
  6. ↑ Accountancy Live 18 Dec 2014, Retrieved 10 Jan 2015
  7. ↑ "Who we are". www.ifa.org.uk. Retrieved 2021-05-24.
  8. ↑ HM Treasury AML/CFT Report Retrieved 15 June 2015
  9. ↑ International Federation of Accountants Welcomes New Members and Associates, IFAC, 16 November 2011. Retrieved 17 November 2011.
  10. ↑ Financial Conduct Authority (1 October 2020). "CONC App 1.4 Exemption for high net worth borrowers and hirers and exemption relating to businesses". FCA Handbook Notice 80: 18.
  11. ↑ "Routes to Membership". IFA. Archived from the original on 2015-05-29. Retrieved 8 May 2019.
  12. ↑ Routes To Membership Archived 2013-04-16 at the Wayback Machine . IFA. Retrieved 8 May 2019.
  13. ↑ "ATHE and IFA launch IFA Direct pathway to professional membership for accountants | Athe". www.athe.co.uk. Retrieved 2021-05-24.
  14. ↑ "Routes to membership". www.ifa.org.uk. Retrieved 2022-07-27.
  15. ↑ "Organisation: The Institute of Financial Accountants". The Register. Ofqual. Retrieved 8 May 2019.
  16. ↑ Who we are, Ofqual. Retrieved 14 July 2011.
  17. ↑ "IFA surrenders Ofqual recognition". GOV.UK. Retrieved 2021-05-24.
  18. ↑ "Accredited training providers". www.ifa.org.uk. Retrieved 2021-05-24.
  19. ↑ "The IFA Diploma in IFRS for Accounting Professionals". www.ifa.org.uk. Retrieved 2022-07-27.
  20. ↑ The Register of Regulated Qualifications, Ofqual. Retrieved 8 May 2019.
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