Institute of Financial Accountants
Encyclopedia
The Institute of Financial Accountants (IFA) is a professional body
representing financial accountants in the United Kingdom
as well as abroad.
The IFA represents members and students in more than eighty countries, and sets both technical and ethical standards for its members within the accounting profession.
The IFA is a member of the International Federation of Accountants
(IFAC).
The Institute's headquarters are in Sevenoaks
, Kent
, England
. In addition the IFA has representatives in offices around the world.
A timeline of key dates in the history of the IFA and its predecessor bodies is: 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.Who we are, Ofqual. Retrieved 14 July 2011.
, 36th Edition (2006), page 440
Both Fellow and Associate members of the Institute are entitled to describe themselves as Incorporated Financial Accountants. Fellowship (FFA) is the senior grade of membership.
Members of the IFA work in various sectors of accountancy, including public practice, industry, commerce, the public sector and education.
Individual members who describe themselves as Incorporated Financial Accountants must be members of the IFA, and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate and adequate professional indemnity insurance.
Members are expected to improve and maintain their accounting knowledge and skills through lifelong learning by a structured Continuing Professional Development
(CPD) programme.
, where the course includes vocational aspects. This strategic alliance also offers IFA members access to graduate level accountancy education.BA (Hons) Accountancy IFA, listed under Business Management and Law, University of Bolton. "Holders of Associate membership of the Institute of Financial Accountants who have gained the qualification by assessment will be exempted from parts 1 and II". September 2008. Retrieved 14 July 2011.BA (Hons) in Accounting via the IFA, Trans-Atlantic College, 2008. Retrieved 14 July 2011.
(CIMA) granted reciprocal exemption to the IFA for seven of its exams. However, this was withdrawn after the IFA was found to have plagiarised the syllabus of ACCA
.
In 2005, during a round of merger talks between certain chartered bodies, talks took place with the ICAEW with a view to establishing IFA both as a feeder body, and as a 'fall-back' professional body for accountants who had not passed the final exams of other bodies such as CIMA or ACCA.
In 2006 talks took place between the IFA, the Association of Accounting Technicians
(AAT) and the International Association of Book-keepers, regarding the creation of a joint qualification structure.
The IFA became an associate member of the International Federation of Accountants
(IFAC) in November 2008, and a full member on 16 November 2011.
Until 2009, the IFA was associated with the International Association of Book-keepers (IAB), which is now fully independent.
Professional body
A professional association is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.The roles of these professional associations have been variously defined: "A group of people in a...
representing financial accountants in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
as well as abroad.
The IFA represents members and students in more than eighty countries, and sets both technical and ethical standards for its members within the accounting profession.
The IFA is a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC).
The Institute's headquarters are in Sevenoaks
Sevenoaks
Sevenoaks is a commuter town situated on the London fringe of west Kent, England, some 20 miles south-east of Charing Cross, on one of the principal commuter rail lines from the capital...
, Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. In addition the IFA has representatives in offices around the world.
History
The IFA was established in 1916 and is the oldest non-chartered accountancy body in the world.A timeline of key dates in the history of the IFA and its predecessor bodies is: 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.Who we are, Ofqual. Retrieved 14 July 2011.
Membership categories
The IFA has the following grades of membership: British Qualifications, Kogan PageKogan Page
Kogan Page Publishers is a publishing company headquartered in London, United Kingdom.Kogan is Europe's largest independent publisher of business books...
, 36th Edition (2006), page 440
- Fellow (FFA)
- Associate (AFA)
- Financial Accounting Technician (AFT)
- Students studying towards an IFA accounting qualification can join the Institute's Student Register.
Both Fellow and Associate members of the Institute are entitled to describe themselves as Incorporated Financial Accountants. Fellowship (FFA) is the senior grade of membership.
Members of the IFA work in various sectors of accountancy, including public practice, industry, commerce, the public sector and education.
Individual members who describe themselves as Incorporated Financial Accountants must be members of the IFA, and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate and adequate professional indemnity insurance.
Members are expected to improve and maintain their accounting knowledge and skills through lifelong learning by a structured Continuing Professional Development
Continuing Professional Development
Continuing professional development or Continuing professional education is the means by which people maintain their knowledge and skills related to their professional lives.-CPD research:...
(CPD) programme.
University links
In 2003 the IFA agreed to grant membership to accountancy graduates from the Bolton Institute, now the University of BoltonUniversity of Bolton
The University of Bolton is a university in Bolton, Greater Manchester, England. It has around 14,000 students across all sites and courses, with 700 academic and professional staff. Around 70% of its students come from Bolton and the North West region...
, where the course includes vocational aspects. This strategic alliance also offers IFA members access to graduate level accountancy education.BA (Hons) Accountancy IFA, listed under Business Management and Law, University of Bolton. "Holders of Associate membership of the Institute of Financial Accountants who have gained the qualification by assessment will be exempted from parts 1 and II". September 2008. Retrieved 14 July 2011.BA (Hons) in Accounting via the IFA, Trans-Atlantic College, 2008. Retrieved 14 July 2011.
Links with other professional bodies
In 1997, the Chartered Institute of Management AccountantsChartered Institute of Management Accountants
The Chartered Institute of Management Accountants is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.CIMA is one of a number of professional...
(CIMA) granted reciprocal exemption to the IFA for seven of its exams. However, this was withdrawn after the IFA was found to have plagiarised the syllabus of ACCA
Association of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
.
In 2005, during a round of merger talks between certain chartered bodies, talks took place with the ICAEW with a view to establishing IFA both as a feeder body, and as a 'fall-back' professional body for accountants who had not passed the final exams of other bodies such as CIMA or ACCA.
In 2006 talks took place between the IFA, the Association of Accounting Technicians
Association of Accounting Technicians
The Association of Accounting Technicians, or AAT, is an accountancy organisation with over 120,000 members worldwide. The AAT is a technician level qualification which entitles those who have completed the exams and obtained relevant supervised work experience to call themselves associate...
(AAT) and the International Association of Book-keepers, regarding the creation of a joint qualification structure.
The IFA became an associate member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) in November 2008, and a full member on 16 November 2011.
Until 2009, the IFA was associated with the International Association of Book-keepers (IAB), which is now fully independent.