Institute of Accounting and Commerce

Institute of Accounting and Commerce

Abbreviation	IAC
Formation	1927
Legal status	Nonprofit organization
Headquarters	Cape Town, South Africa
Region	South Africa
President	Mr S Cupido
Vice President	Mr D Swanepoel
Chief Executive Officer	Mr P Singh
Website	www.iacsa.co.za
Formerly called	The Institute of Administration and Commerce

The Institute of Accounting and Commerce (IAC) is a Recognised Controlling Body for Accounting Professionals, Tax and Business Rescue Practitioners based in South Africa and is a registered professional body under the National Qualifications Framework Act, 2008. ^[1] The Institute regularly publishes articles in various publications ^[2] and distributes a journal to members ^[3]

History

The Institute of Accounting and Commerce (IAC) was established in 1927 as a provider of distance learning education and a professional management institute. In 2009 the Institute changed to become a professional accounting membership body only and is registered in South Africa as a non-profit company (NPC) (Reg. No. 1981/011981/08).

In terms of section 60 of the close corporations act 69 of 1984, the IAC registers Accounting Officers ^[4] , and since 2013 is also a Recognised Controlling Body with the South African Revenue Service (SARS) for Tax Practitioners (in terms of section 240 of the tax administration act 28 of 2011). ^[5] On 21 October 2016 the IAC became a Registered Controlling Body for Business Rescue Practitioners (in terms of Section 138 of the Companies Act 71 of 2008). ^[6]

Categories of Membership

The IAC offers the following membership categories: ^[7]

–Independent Accounting Professional (IAP)

–Financial Accountant in Practice (FAP)

–Financial Accountant in Commerce (FAC)

–Technical Accountant (TA)

–Certified Tax Practitioner (CTP)

–Associate Tax Practitioner (ATP)

–Business Rescue Practitioner (BRP)

–Approved Training Centre (ATC)

–Student on Learnership/Student

–Fellow/Honorary Life Fellowship

Associated organizations

The IAC is a member of the Pan African Federation of Accountants (PAFA) ^[8]

References

1. "Professional Body registration". SAQA. Retrieved 4 January 2017.
2. "RE: Institute of Accounting and Commerce". Progressive Business Forum. Retrieved 4 January 2017.^{[ dead link ]}
3. "RE: The Professional: Institute of Accounting and Commerce" (PDF). Institute of Accounting and Commerce. December 2016. Retrieved 4 January 2017.^{[ dead link ]}
4. "Accounting Officer controlling bodies". CIPC. Archived from the original on 5 January 2017. Retrieved 4 January 2017.
5. "Controlling Bodies for Tax Practitioners". South African Revenue Services. Retrieved 4 January 2017.
6. "Registered Controlling bodies of Business Rescue Practitioners" (PDF). CIPC. Archived from the original (PDF) on 4 January 2017. Retrieved 4 January 2017.
7. www.iacsa.co.za
8. "Institutional Members of PAFA". Pan African Federation of Accountants. Retrieved 4 January 2017.