Institute of Financial Accountants

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Institute of Financial Accountants
Established1916 (1916)
TypeProfessional Association
Professional title
Incorporated Financial Accountant (FFA or AFA)
Headquarters London, United Kingdom
Region served
Worldwide
Services Accountancy
Membership5599 [1]
Key people
Jonathan Barber (Executive Director - UK)
Website www.ifa.org.uk

The Institute of Financial Accountants (IFA) is a professional accountancy 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. [2]

In 1973, the IFA established the International Association of Book-keepers (IAB) [2] [3] and members of IAB participate in IFA's benevolent fund. [3] [4]

The IFA merged with the Federation of Tax Advisers (FTA) in 2009 [5] 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. [6] [7] As of 2024, the IPA Group has more than 49,000 members and students in 100 countries. [8]

As of 2007, IFA members are recognised by HM Treasury as supervisors under anti-money laundering legislation. [9]

In 2008, the IFA became an associate member of the International Federation of Accountants (IFAC), and a full member in 2011. [10]

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. [11]

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. [12] 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. [13] As of 2021 the "IFA Direct" education programme is delivered in partnership with ATHE. [14]

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. [15]

The IFA was recognised by the Office of Qualifications and Examinations Regulation (Ofqual) from 2011-2020. [16] 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. [17] In 2020 the IFA surrendered its Ofqual recognition. [18]

The IFA offers a Diploma in IFRS through accredited training providers [19] in Pakistan, Peru, the Russian Federation [currently suspended], Ukraine [currently suspended] [20] and Lithuania.

IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in small and medium-sized enterprises. [21]

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

See also

References

  1. ↑ https://www.ifa.org.uk/media/3227872/IR2024_Full_2910.pdf
  2. 1 2 Index of UK and Irish Accountancy and Professional Bodies at ICAEW website
  3. 1 2 IFA. Benevolent Fund Archived 2015-06-21 at the Wayback Machine Page accessed June 21, 2015
  4. ↑ Open Charities. The Institute of Financial Accountants and International Association of Book-Keepers Benevolent Fund Page accessed June 21, 2015
  5. ↑ FTA’s First Annual Conference celebrated its merge with the IFA Group, FTA, 8 June 2009. Archived 14 July 2011 at WebCite
  6. ↑ Professional Planner
  7. ↑ Accountancy Live 18 Dec 2014, Retrieved 10 Jan 2015
  8. ↑ "Who we are". www.ifa.org.uk. Retrieved 2021-05-24.
  9. ↑ HM Treasury AML/CFT Report Retrieved 15 June 2015
  10. ↑ International Federation of Accountants Welcomes New Members and Associates, IFAC, 16 November 2011. Retrieved 17 November 2011.
  11. ↑ 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.
  12. ↑ "Routes to Membership". IFA. Archived from the original on 2015-05-29. Retrieved 8 May 2019.
  13. ↑ Routes To Membership Archived 2013-04-16 at the Wayback Machine . IFA. Retrieved 8 May 2019.
  14. ↑ "ATHE and IFA launch IFA Direct pathway to professional membership for accountants | Athe". www.athe.co.uk. Retrieved 2021-05-24.
  15. ↑ "Routes to membership". www.ifa.org.uk. Retrieved 2022-07-27.
  16. ↑ "Organisation: The Institute of Financial Accountants". The Register. Ofqual. Retrieved 8 May 2019.
  17. ↑ Who we are, Ofqual. Retrieved 14 July 2011.
  18. ↑ "IFA surrenders Ofqual recognition". GOV.UK. Retrieved 2021-05-24.
  19. ↑ "Accredited training providers". www.ifa.org.uk. Retrieved 2021-05-24.
  20. ↑ "The IFA Diploma in IFRS for Accounting Professionals". www.ifa.org.uk. Retrieved 2022-07-27.
  21. ↑ The Register of Regulated Qualifications, Ofqual. Retrieved 8 May 2019.
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