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Institute of Financial Accountants
From Wikipedia, the free encyclopedia
| Institute of Financial Accountants | |
| Type | Professional body |
|---|---|
| Founded |  [England, UK] (1916) |
| Headquarters | Burford house, Kent |
| Key people | Michael O’Brien (Chairman), Earl of Westmeath (Patron) |
| Industry | Accountancy & Finance |
| Website | www.ifa.org.uk |
The Institute of Financial Accountants (IFA) is a professional body representing financial accountants in the United Kingdom.
The IFA represents members and students in more than eighty countries, and sets both technical and ethical standards within the accounting profession.
The Institute's headquarters are in Kent, England. In addition the IFA has representatives in offices around the world.
However the Institute does not hold a Royal Charter and is not a member of the Consultative Committee of Accountancy Bodies or the International Federation of Accountants
Contents |
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:
- 1916 - c1966 : Institute of Book-keepers
- c1967 - 1974 : Institute of Book-keepers and Related Data Processing
- 1974 - 1982 : Institute of Administrative Accounting and Data Processing
- 1982 - 1987 : Institute of Administrative Accountants
- 1988 to present : Institute of Financial Accountants (IFA)
In 2006 the IFA celebrated it's 90th anniversary year.
The IFA council is responsible for governance of the Institute. The current chairman of the council is Michael O'Brien, who was elected president in 2006. James Tze Wing Kong is vice chairman of the council. The council is made up of eleven members, with the next elections due in 2007.
The Right Honourable Earl of Westmeath is the Patron of the IFA.
To be admitted to membership of the IFA, applicants must generally complete a period of relevant work experience (training) and pass a series of examinations. Applicants can also be admitted to membership by way of exemption or by accreditation of prior learning.
The IFA offers the following qualifications:
The Incorporated Financial Accountant qualification is the primary qualification of the IFA.
This is an introductory accounting technician qualification. Although AFA can be obtained as a standalone qualification, it is often the case that individuals study for AFA as an introduction to accountancy prior to studying for the Incorporated Financial Accountant qualification.
Alternatives to the AFA qualification include the Association of Accounting Technicians (AAT) qualification and the ACCA Certified Accounting Technician qualification (CAT).
The IFA has the following grades of membership:
- Fellow (FFA)
- Associate (AFA)
- Financial Accounting Technician (AFA)
- Students studying towards an IFA accounting qualification can join the Institutes Student Register.
Both Fellow and Associate memebers of the Institute are entitled to describe themselves as Incorporated Financial Accountants. Fellowship 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 hold 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.
The IFA is associated with the International Association of Book-keepers (IAB).
The IFA has a strategic alliance with the University of Bolton offering members access to graduate level accountancy education.
In 2006 talks were due to take 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.