Industry | Accounting and Finance |
---|---|
Founded | Melbourne Victoria, Australia (1923 as IFCA ) |
Head Office | Melbourne, Australia |
Locations | Australia, Beijing, Kuala Lumpur |
Area | Global |
President | Julie Williams, FIPA, FFA |
CEO | Prof. Andrew Conway, FIPA, FFA |
Members | 48,000 |
Designations | AIPA, MIPA & FIPA |
Motto | making small business count |
Formerly | National Institute of Accountants |
Website | publicaccountants.org.au |
@ipaaccountants | |
Publication | Public Accountant |
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. [1] The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and professional practice.
The organisation rebranded from its previous title, the National Institute of Accountants (NIA), on 2 May 2011. [2]
In 2012, the IPA was ranked 19th in the BRW Most Innovative Companies list. [3]
The IPA launched its digital hub https://www.publicaccountant.com.au/, an expanded digital edition of its flagship journal Public Accountant, in early 2013. [4]
The Institute of Public Accountants (IPA) is one of Australia's oldest representative professional bodies, formed in 1923. [5]
The IPA has three levels of membership: [7]
Student Membership
Students studying towards an accounting qualification can join as a student member, free of charge. Student members have access to networking opportunities, receive monthly e-newsletters, and employment tips. [8]
Additionally, graduate IPA student members and non-members who have completed their accounting degree or advanced diploma within the last three years are eligible for the Graduate Associate level of membership (GAIPA). This level of membership was designed to assist in the transition of students to full membership in their early career years. It provides recently graduated students with a significantly reduced rate of membership, without missing out on the benefits that full IPA membership provides. [9]
Retired Members
Retired members are eligible for reduced membership fees and specific offers designed to assist semi-retired members in practice. [10]
AIPA membership requires:
Eligible accounting qualification:
or
or
MIPA membership requires:
or
Advancement from AIPA to MIPA requires:
or
FIPA membership requires:
or
The Mentored Experience Program (MEP) requires members to undergo a formal mentoring process gaining structured work experience. With the guidance of an IPA approved mentor, usually a fully qualified accountant from one of the three professional bodies, the MEP provides the framework for members to increase both their practical experience and knowledge in the workplace. [14]
The IPA Program is an accredited educational pathway designed and delivered in partnership with Deakin University. [15] The IPA program comprises two distinct but related awards: the Graduate Certificate of Public Accounting (GCPA) and the Deakin University Master of Business Administration (MBA). Depending on previous qualifications, members may be required to complete the GCPA component before advancing to MIPA status and completing the Deakin MBA. The IPA Program is delivered entirely online, allowing members to study at their own pace.
The GCPA is designated by the Australian Qualifications Framework Authority (AQF) at Level 8. The Master of Business Administration (MBA) is designated by the AQF at Level 9. The Australian Qualifications Framework (AQF) establishes the quality of Australian qualifications. Members of the IPA who complete the IPA Program and obtain the Deakin MBA achieve a higher level of qualification than those from either CPA Australia (no AQF designation) or Chartered Accountants Australia and New Zealand (AQF Level 8).
The previous IPA Program awards were respectively named the Graduate Certificate in Professional Accounting and the Master of Commerce (Professional Accounting), both awarded by the University of New England.
All members of the IPA (except retired members) must complete a minimum of 120 hours of CPD over a three-year period, with a minimum of 20 hours to be completed in any single financial year. CPD can be completed in either structured or unstructured forms, however, the maximum amount of unstructured learning permitted is 30 hours. [16] IPA Members must also comply with IPA Pronouncement 7, detailing the requirements of CPD and IPA Membership. [17] The IPA runs a series of face-to-face and online professional development events every year, open to IPA members and the public.
Members of certain other professional bodies may apply for certain membership levels with the IPA at an equivalent level based on their existing qualifications. These include members of Institute of Cost Accountants of India (CMA), Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), CPA Australia (CPA) and Chartered Accountants Australia and New Zealand (CA ANZ). The IPA accepts CPA and CA ANZ membership as entry level qualifications. For overseas professional bodies potential members should refer to the immigration section of the IPA website for further details. The IPA accepts the professional examinations (plus membership) for certain overseas professional bodies.
The IPA collaborates with CPA Australia and Chartered Accountants Australia and New Zealand in supporting the Accounting Professional & Ethical Standards Board (APESB), founded in 2006. APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants (IESBA). [18] [19]
The IPA has a mutual recognition agreement in place with The South African Institute of Professional Accountants (SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa.
MIPA/FIPA members of the IPA are recognised by the UK's Chartered Institute for Securities & Investment (CISI) for admission to CISI's full membership (MCSI). Full membership of the CISI is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI).
In November 2010 the IPA hosted a delegation of senior executives from Nigeria's peak accounting body, the Association of National Accountants of Nigeria (ANAN). An MOU was signed with ANAN. [20]
In March 2011 the IPA entered into an MOU with peak management accounting body in India, the Institute of Cost Accountants of India.
In 2012, the IPA and the Institute of Financial Accountants in the United Kingdom announced that they signed and exchanged a formal Collaboration Agreement. In December 2014, The Members of the Institute of Financial Accountants voted in favour to formally merge with the IPA to operate under a new IPA Group. [21]
In April 2013 the IPA and the SMSF Professionals' Association (SPAA) reached a mutual understanding to work together in areas such as accreditation, advocacy, research and policy development, organisational efficiencies, and education.
In August 2019, the IPA and the Association of Accounting Technicians Sri Lanka (AAT SL) entered into a MOU. [22]
In July 2020, the Association of Accounting Technicians Australia (AAT) became a member of the IPA Group. [23]
In February 2022, the IPA signed a Mutual Recognition Agreement with the Fiji Institute of Accountants (FIA), allowing FIA members to join IPA at an equivalent level. [24]
The IPA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (CPA) and the Chartered Accountants Australia and New Zealand (CA ANZ). [1] In particular, the three accounting bodies are defined as "professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.
The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of IPA, then NIA, in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting.
The IPA became a member of the International Federation of Accountants (IFAC) in November 2004. In order to obtain IFAC membership, the IPA upgraded the academic requirements for the PNA designation, including the requirement of post-graduate qualifications, developed in conjunction with the University of New England.
From 1 July 2005, the IPA upgraded the experience requirements for the PNA designation to a three-year competence-based mentored experience program. Applicants for this class of membership must demonstrate to a professionally qualified accountant that they have the competence to undertake various tasks required by the IPA. The IPA is recognised in Government forums and represented on various committees. These include those of the Australian Securities and Investments Commission and the Australian Taxation Office. [25]
From 2 May 2011, the NIA was rebranded as the Institute of Public Accountants. In part this rebrand and repositioning is with a view to increase recognition and awareness as well as strengthen designations both nationally and globally. [26] Since this repositioning, full members (MIPAs and FIPAs) of the IPA use the designation "Public Accountant".
Effective from 1 July 2002, the IPA was gazetted by the Australian Minister for Immigration as an authorised assessing authority for accountants seeking to migrate to Australia under Australia's skilled migration program. This gives the IPA the authority to assess the accounting qualifications of such persons.
Successful QAI applicants are eligible for membership, the IPA assesses for the same core knowledge areas for both membership and QAI. [27]
Members at the MIPA or FIPA level of the IPA may apply for a Public Practice Certificate after satisfying additional requirements. [28]
Members who provide BAS services only may apply for a Public BAS Practitioner Certificate after satisfying additional requirements. [29]
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
Founded in 1904, the Association of Chartered Certified Accountants(ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 240,952 members and 541,930 future members worldwide. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
The Institute of Chartered Accountants of India (ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India.
Founded in 1908, the Certified General Accountants Association of Canada (CGA-Canada) serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada established the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada joined the Chartered Professional Accountants of Canada to integrate operations under the CPA banner in 2015. CPA Canada is the new national accounting body formed by the merger of the Canadian Institute of Chartered Accountants (CICA) and the Society of Certified Management Accountants (CMA) in 2013, and now Certified General Accountants.
The Institute of Chartered Accountants in Australia was the professional accounting body representing Chartered Accountants in Australia before it merged with the New Zealand Institute of Chartered Accountants to become Chartered Accountants Australia and New Zealand.
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
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.
Accountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance. The auditing industry for limited companies is regulated under the Companies Ordinance, and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.
The accountancy profession in Malaysia is regulated by the Malaysian Institute of Accountants (MIA) through the powers conferred by the Accountants Act, 1967. The MIA is an agency under the Ministry of Finance and reports directly to the Accountant General Office. As at 4 February 2016, MIA has 32,618 members of which 68% are involved in commerce and industry, 22% in public practice and 10% in government and academia. Selangor and the Wilayah Persekutuan Kuala Lumpur Federal Territory have the largest concentration of MIA membership with 13,125 and 7,351 members respectively. https://web.archive.org/web/20150725035639/http://www.mia.org.my/new/members_statistics_state.asp
The Certified Public Accountants Association (CPAA) was formed in 1989 to represent the interests of certain accountants in the United Kingdom.
The Chartered Institute for Securities & Investment (CISI) is a global professional body for those in the financial and investment profession. It offers a range of qualifications and resources for professional development, as well as setting standards of conduct and ethics for those in the industry.
The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets out the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, Institute of Chartered Accountants or Institute of Public Accountants must comply.
Chartered Professional Accountant is the professional designation which united the three Canadian accounting designations that previously existed:
CPA Ireland, formerly the Institute of Certified Public Accountants in Ireland, is one of the main Irish accountancy bodies, with 5,000 members and students.
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
Chartered Professional Accountants of Canada is the national organization representing the Canadian accounting profession through the unification of the three largest accounting organizations: the Canadian Institute of Chartered Accountants (CICA), the Society of Management Accountants of Canada and Certified General Accountants of Canada (CGA-Canada), as well as the 40 national and provincial accounting bodies. It is one of the largest organizations of its type in the world, with over 217,000 Chartered Professional Accountants in Canada and around the world.