Institute of Financial Accountants

Infobox Company
company_name = Institute of Financial Accountants
company_
company_type = Professional body
foundation = flagicon|UK [England, UK] (1916)
company_slogan =
location = Burford house, 44 London Road, Sevenoaks, Kent, TN13 1AS
key_people = Michael O’Brien (Chairman), Earl of Westmeath (Patron)
industry = Accountancy & Finance
products =
revenue =
operating_income =
net_income =
num_employees =
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homepage = [http://www.ifa.org.uk www.ifa.org.uk]

The Institute of Financial Accountants (IFA) is a non-statutory 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 within the accounting profession.

The Institute's headquarters are in Sevenoaks, Kent, England. 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:

* 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.

IFA council

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.

Admission to membership

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.

Qualifications

The IFA offers the following qualifications:

A. Incorporated Financial Accountant (FFA or AFA)

The Incorporated Financial Accountant qualification is the primary qualification of the IFA.

B. Financial Accounting Technician (AFT)

This is an introductory accounting technician qualification. Although AFT can be obtained as a standalone qualification, it is often the case that individuals study for AFT as an introduction to accountancy prior to studying for the Incorporated Financial Accountant qualification.

Alternatives to the AFT qualification include the Association of Accounting Technicians (AAT) qualification and the ACCA Certified Accounting Technician qualification (CAT).

Membership categories

The IFA has the following grades of membership:

*Fellow (FFA)
*Associate (AFA)
*Financial Accounting Technician (AFT)
*Students studying towards an IFA accounting qualification can join the Institutes Student Register.

Both Fellow and Associate members 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.

Professional partners

The IFA is associated with the International Association of Book-keepers (IAB).

University links

The IFA has a strategic alliance with the University of Bolton offering members access to graduate level accountancy education.

Recent developments

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.

ee also

* British qualified accountants

External links

* [http://www.ifa.org.uk/ IFA Official Website]
* [http://www.iab.org.uk/ IAB Official Website]
* [http://www.bolton.ac.uk/ University of Bolton Official Website]