The Institute of Financial Accountants (IFA) is a professional accountacy body representing and providing certification for financial accountants in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

. The IFA is a full member of the

International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...

History

The Institute was founded in 1916.Index of UK and Irish Accountancy and Professional Bodies
at

ICAEW The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members ...

website In 1973, the IFA established the

International Association of Book-keepers The International Association of Bookkeepers (''IAB'') was founded in the United Kingdom in 1973 and, as a non-profit organisation, in its early years focussed purely on being an international professional and examining body for bookkeepers. Build ...

(IAB)IFA
Benevolent Fund
Page accessed June 21, 2015 and members of IAB participate in IFA's benevolent fund. The IFA merged with the Federation of Tax Advisers (FTA) in 2009 and in 2014 with the

Institute of Public Accountants The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and ...

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. As of 2022, the IPA Group has more than 49,000 members and students in 100 countries. As of 2007, IFA members are recognised by

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a Departments of the Government of the United Kingdom, department of Government of the United Kingdom, His Majesty's Government ...

as supervisors under anti-money laundering legislation. In 2008, the IFA became an associate member of the

(IFAC), and a full member in 2011. On 1 October 2020 the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financ ...

(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.

Membership and certifications

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. 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 CU Coventry is a subsidiary of Coventry University. It has been in operation since 2012, and was formerly known as Coventry University College. Its campus is located in the city of Coventry, England. It is part of CU, a network of three higher e ...

. Recognition of prior experience is no longer a route to membership. As of 2021 the "IFA Direct" education programme is delivered in partnership with ATHE. 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. The IFA was recognised by the

Office of Qualifications and Examinations Regulation The Office of Qualifications and Examinations Regulation (Ofqual) is a non-ministerial government department that regulates qualifications, exams and tests in England. Colloquially and publicly, Ofqual is often referred to as the exam "watchdog ...

(Ofqual) from 2011-2020. 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. In 2020 the IFA surrendered its Ofqual recognition. The IFA offers a Diploma in IFRS through accredited training providers in Pakistan, Peru, the Russian Federation urrently suspended Ukraine urrently suspendedand Lithuania. IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in

small and medium-sized enterprises Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank ...

.The Register of Regulated Qualifications
Ofqual. Retrieved 8 May 2019.

University links

The IFA works with a number of universities in the UK and internationally to provide a route to membership of the IFA.

References

External links

IFA official websiteFinancial Accountant website
{{IFAC Members Accounting in the United Kingdom Organisations based in the London Borough of Camden Professional accounting bodies Professional associations based in the United Kingdom

History

Membership and certifications

University links

See also

References

External links