![]() | |
Established | 1916 |
---|---|
Type | Professional Association |
Professional title | Incorporated Financial Accountant (FFA or AFA) |
Headquarters | London, United Kingdom |
Region served | Worldwide |
Services | Accountancy |
Membership | 5599 [1] |
Key people | Jonathan Barber (Executive Director - UK) |
Website | www |
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.
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]
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.