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Association of Chartered Certified Accountants

Association of Chartered Certified Accountants (ACCA)

Motto Formation Legal status Headquarters Region served Membership Students Member's designations IFAC member since

The global body for professional accountants. November 13, 1904 (107 years ago) Chartered Certified body London, UK 170 countries 154,000 432,000 ACCA FCCA October 7, 1977

Website

www.accaglobal.com Its outdoor introduction Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants offering the Chartered Certified Accountant qualification (ACCA or FCCA). As of May 2012, ACCA was one of the largest and fastest-growing global accountancy bodies with 154,000 members and

432,000 students in 170 countries. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of 83 offices and centres and more than 8,500 Approved Employers worldwide, who provide employee development. The term 'Chartered' in ACCA qualification refers to the Royal Charter granted in 1974 by Queen Elizabeth II in the United Kingdom. Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.

The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996. ACCA claims to work in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence. History

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ACCA traces its origin to 1904, when eight people formed the London Association of Accountants to allow more open access to the profession than was available through the accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland. As of 2006, the goal of ACCA is to become the worlds largest global professional body. Key dates in ACCA history include:

1930 : London Association of Accountants successfully campaigns for the right to audit companies.

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1933 : London Association of Accountants renamed London Association of Certified Accountants. 1939 : Corporation of Accountants (Scottish body, founded 1891) merges with London Association of Certified Accountants to become the Association of Certified and Corporate Accountants. 1941 : Institution of Certified Public Accountants (founded 1903, and incorporating the Central Association of Accountants from 1933) merges with Association of Certified and Corporate Accountants. 1971 : Association of Certified and Corporate Accountants renamed Association of Certified Accountants. 1974 : Royal Charter Queen Elizabeth II.

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1974 : ACCA becomes one of six founding members of the Consultative Committee of Accountancy Bodies (CCAB). 1977 : ACCA becomes a founding member of the International Federation of Accountants (IFAC). 1984 : Association of Certified Accountants renamed Chartered Association of Certified Accountants. 1995 : ACCA members vote at an extraordinary general meeting to rename itself Association of Chartered Public Accountants and to introduce the designation Chartered Public Accountant. The Privy Council subsequently rejected this proposal over concerns about the term "public". It did however agree that any accountancy body bearing a royal charter could use "chartered" as part of its designation.

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1996 : Chartered Association of Certified Accountants renamed Association of Chartered Certified Accountants. Members become entitled to use the title Chartered Certified Accountant (Designatory letters ACCA or FCCA). The Association of Authorised Public Accountants became a subsidiary of ACCA. The group earned its first Queen's Award, for Export Achievement 1998 : ACCA's syllabus formed the basis of the United Nations' global accountancy curriculum titled Guideline on National Requirements for the Qualification of Professional Accountants, published in 1999. ACCA was a participant in the consultative group that devised this global Benchmark. 2001 : ACCA received a Queen's Award for Enterprise in International Trade, recognising ACCA's growth and its role in 160 countries worldwide.

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2002 : ACCA received its second Queen's Award for Enterprise in the space of 12 months, in the Sustainable Development category. The award recognized ACCA's continuing work on social and environmental issues. 2009 : ACCA members allowed to provide probate services as of 1 August under Probate Services (Approved Bodies) Order 2009 Number 1588.

Qualifications The ACCA offers the following certifications:

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Chartered Certified Accountant (ACCA) professional scheme The Professional Scheme is the group's primary certification. Following completion of up to 14 professional examinations and three years of supervised, relevant accountancy experience, it enables an individual to become a Chartered Certified Accountant. The ACCA professional examinations are offered worldwide twice yearly, in June and December. and are open to all. A Bachelor of Science (Honours) degree in Applied Accounting (after completing Part 2 of the Professional Scheme and submitting a Research project), is offered in association with Oxford Brookes University.

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The syllabus comprises 14 examinations, although some exemptions are available. The program is delivered in two parts. The fundamental level requires 9 examinations: F1 Accountant in Business, F2 Management Accounting, F3 Financial Accounting,F4 Corporate and Business Law, F5 Performance Management, F6 Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial Management. The Professional level involves 5 examinations. Within the professional level three papers are compulsory: P1 Governance, Risk & Ethics, P2 Corporate Reporting, P3 Business Analysis. Two other papers must be completed among P4 Advanced Financial Management, P5 Advanced Performance Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance.

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Subjects include financial accounting, management accounting, financial reporting, taxation, company law, audit and assurance and financial management. The syllabus is updated on a regular basis. Changes occurred in 1994, 2001 and 2007. The revised syllabus updated the qualification for recent developments in the accountancy profession and reorganised the papers within the examination. Certified Accounting Technician (CAT) This is a qualification for accounting technicians requiring fewer competencies. Although CAT can be obtained as a standalone qualification, students often study for CAT as an introduction to

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accountancy prior to starting the Professional Scheme. The examinations usually require 13 years. However, there is no restriction on the number of papers that can be attempted in one examination. Alternatives to CAT qualification include the Association of Accounting Technicians qualification. ACCA was a sponsor of the AAT before introducing the CAT qualification in the mid-1990s. CAT is part of the National Qualifications Framework of the Qualifications and Curriculum Development Agency (QCA). Publicly-funded educational institutions are now eligible for funding to train towards the qualification in United Kingdom.

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A recent restructuring placed CAT as part of the Foundations in Accountancy suite of qualifications.[1] Other qualifications The ACCA offers other qualifications:

MBA (for ACCA full members, offered in association with Oxford Brookes University BSc(Hons) in Applied Accounting, offered in association with Oxford Brookes University MSc in Financial Management, offered in association with Heriot-Watt University

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Diploma in Financial Management (DipFM). This certification was introduced in the mid1980s as the Certified Diploma in Accounting and Finance (CDipAF), a financial qualification designed for managers outside of finance. This qualification was replaced with Foundations in Accountancy awards at the end of 2011 Diploma in International Financial Reporting (DipIFR) Certificate in International Auditing (CertIA) Certificate in International Financial Reporting (CertIFR)

Membership Affiliate

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Candidates register as student members to undertake the Professional Scheme qualification. Upon successful completion of the examinations, student members transfer to Affiliate status. "For ACCA affiliates to gain admission to full membership, they must demonstrate, on the application form, that they have obtained a minimum of three years of acceptable, supervised, practical experience in an accountancy role (or roles) and have reached the required standard of competence".[2] Fellowship

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From 2008, Fellowship, or senior membership of ACCA, is awarded automatically based on 5 years' continuous membership, subject to compliance with Continuing Professional Development requirements.[3] Fellow members of ACCA use the designatory letters FCCA in place of ACCA. Continuing Professional Development Before 2005, Continuing Professional Development (CPD) was mandatory only for holders of practising certificates and insolvency licences. From 2005 to 2007, ACCA phased in mandatory CPD requirements for all members.

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Legal & mutual recognition Europe United Kingdom and Republic of Ireland

The ACCA or Chartered Certified Accountant qualification is fully recognised in the United Kingdom and Republic of Ireland. o Under its Royal Charter, ACCA works in the public interest. o ACCA is a Designated Professional Body under the Financial Services and Markets Act, business activities.

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o o

ACCA is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments. ACCA is a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act of 1989. ACCA is a member of the Consultative Committee of Accountancy Bodies (CCAB). Members of these bodies are deemed to hold equivalent-level qualifications and advertisements for jobs often state that an organisation is looking for a CCAB-qualified individual. Full members of Consultative Committee of Accountancy Bodies organisations including ACCA can apply for ICAEW membership subject to certain criteria.[4]

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Only ACCA, ICAEW, Institute of Chartered Accountants in Ireland, Institute of Chartered Accountants of Scotland and Association of International Accountants are able to authorise members to conduct audit, insolvency and investment business work in the United Kingdom and Republic of Ireland. Outside these countries, legal recognition by government authorities and mutual recognition by equivalent overseas institutes, varies. Where full legal or mutual recognition is not available, ACCA members can sometimes obtain advanced standing in terms of sitting local accountancy examinations. ACCA's strong global reputation may obviate the need to acquire a local designation.
o

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Similarly, many (universities and educational providers will recognise ACCA as equivalent to at least a Bachelor degree in accountancy, for the purpose of obtaining credit towards a local Masters degree or an advanced study program.

The Irish Higher Education and Training Awards Council (HETAC) assigned ACCA Qualification to Level 9 of the Irish National Qualifications Framework (NQF) in 2008. Level 9 holds Irish postgraduate qualifications, such as postgraduate diplomas and masters degrees. In 2011, the Professional Oversight Board published information for the first time about its concerns over self-regulation by particular institutes. Press reports highlighted comments about

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ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to monitoring long-time members.[5] European Union (EU), European Economic Area (EEA) & Switzerland

The ACCA qualification is legally recognized by all member countries of the European Union under the Mutual Recognition Directive. This recognition extends to the European Economic Area nations and Switzerland. For example a holder of the ACCA or Chartered Certified Accountant qualification could practice as an accountant in all member countries of the European Union, European Economic Area and Switzerland, describing him/herself

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as ACCA or Chartered Certified Accountant. Access to local professional qualifications requires a separate test. Turkey

ACCA and TRMOB (The Union of Chambers of Certified Public Accountants of Turkey) at Turkey signed a partnership agreement in 2004 which enables TRMOB members resident in Turkey to follow the ACCA Professional Scheme qualification and achieve ACCA membership.

Others

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ACCA is recognized by national accounting institutes with joint scheme relationships in: o Armenia (Association of Accountants and Auditors in Armenia); o Georgia (Georgian Federation of Professional Accountants and Auditors).

As of 2006, there were 64,574 members and 91,379 students/affiliates in Western Europe, UK and Ireland, as well as 3,279 members and 17,273 students/affiliates in Central/Eastern Europe respectively. North America United States

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In June 2012, ACCA and IMA[6] announced a strategic partnership. The two bodies joined forces to empower accountants and financial professionals to drive business performance. As of December 2006, there was no mutual recognition between ACCA and American Institute of Certified Public Accountants (AICPA)/National Association of State Boards of Accountancy (NASBA) but an MRA was under negotiation. However, it has effectively been put on hold pending a decision by the UK regulatory body, the Professional Oversight Board. Even if ACCA gained statutory recognition, it would still be up to the individual states to grant reciprocity within their state.[7] Effective December 2009, Colorado State Board of Accountancy no longer accepts Chartered Accountants[clarification needed][citation needed], including ACCA members, as meeting the

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educational requirements to sit for the US Uniform Certified Public Accountant Examination. There are currently around 2,900 members and students in the US. ACCA designation is not generally recognized by the states in the U.S., requiring ACCA members to complete all regular requirements to become a Certified Public Accountant (CPA).[8] Moreover, only full members of any one of Global Accounting Alliance (GAA) is eligible to become an AICPA International Associate. CIMA members will become eligible to join AICPA as an International Associate Member once the new strategic alliance is approved by the respective governing councils.[9][10]

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ACCA failed to gain recognition in America whereas HKICPA signed Mutual Recognition Agreement with AICPA. The mutual recognition agreement was signed between the Hong Kong Institute of Certified Public Accountants and the U.S. International Qualifications Appraisal Board representing the National Association of State Boards of Accountancy and the American Institute of Certified Public Accountants. The agreement covers the period from 24 October 2011 to 23 October 2016.[11] Canada ACCA announced a Mutual Recognition Agreement with CGA Canada effective from 1 January 2007; renewed in 2011 for a further 5 years period until December 2017.[12] As of 2006, Canadian

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Institute of Chartered Accountants, World Education Services and the Odette School of Business at the University of Windsor indicated that the evaluation recognized ACCA as having the Canadian equivalence of a Bachelor's Degree (four years) in Accounting.[13] The Canadian branch of ACCA is pursuing recognition for statutory audit purposes in the province of Ontario under the province's Public Accounting Act of 2004 Canadian Institute of Chartered Accountants (CICA) and Certified Management Accountants in Canada (CMA Canada) announced a joint qualification Chartered Professional Accountant or CPA Designation, but whether this designation will impinge on ACCA's application for recognition in Ontario is uncertain.

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A proposal to consolidate accounting profession in Canada, incorporating CICA, CMA Canada and CGA is to use Chartered Professional Accountant or CPA. A 10-year transitional period would require all CPA members to use CPA-"legacy designation" rather than the newer designation. As of 2006, ACCA had 1,100 members and over 400 students in Canada. Oceania Australia

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ACCA has an office in Sydney and holds exams in major cities including Sydney, Melbourne, Perth, Adelaide and Brisbane. The Institute of Chartered Accountants in Australia (ICAA), CPA Australia and Institute of Public Accountants recognise ACCA qualification as sufficient to obtain a skill assessment as an Accountant for the purposes of immigration. The Tax Practitioners Board accredited ACCA as a recognised tax agent association and as a recognised BAS agent association on 12 May 2010. Subject to passing exams in Australian tax and law, ACCA members may obtain the equivalent level of membership from the Institute of Public Accountants. On the same basis, ACCA members can obtain direct entry to the CA Program of the ICAA.

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However, ACCA has not procured a mutual recognition agreement with any accountancy body in Australia, unlike CIMA and CIPFA which are recognized via MRAs with CPA Australia. New Zealand ACCA has one representative in Auckland and holds its exams there. New Zealand Institute of Chartered Accountants has removed its exemptions altogether for ACCA members following the re-negotiation of mutual recognition agreement with various accounting bodies including CIPFA and CPA Australia in December 2010.

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Caribbean, Central & South America The ACCA is an affiliate of the Institute of Chartered Accountants of the Caribbean.[14] The ACCA qualification is legally recognized by the national accounting institutes with joint scheme relationships in:

Barbados (Institute of Chartered Accountants of Barbados); Bahamas (Bahamas Institute of Chartered Accountants); Belize (Institute of Chartered Accountants of Belize); Dominica (Recognized by Companies Act 1994 in the Commonwealth of Dominica); Guyana (Institute of Chartered Accountants of Guyana);

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Jamaica (Institute of Chartered Accountants of Jamaica); Trinidad and Tobago (Institute of Chartered Accountants of Trinidad and Tobago); Saint Lucia (Institute of Chartered Accountants of Saint Lucia);

The ACCA qualification is legally recognized in the French Guiana (Part of France and hence subject to European Union regulations). Africa South Africa

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The ACCA Professional Scheme has been registered at Level 8 (equivalent to master degree level). ACCA has no agreement with any accountancy body in South Africa, while Institute of Chartered Accountants in England and Wales, ICA in Scotland, ICA in Ireland have agreements with South African Institute of Chartered Accountants. Zimbabwe ACCA Zimbabwe is one of the constituent bodies of the Public Accountants and Auditors Board (PAAB). The PAAB is a statutory body established in 1996 to oversee the profession and maintain

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a register of persons entitled to work or practise as public accountants or public auditors in Zimbabwe. Only ACCA members in good standing and Institute of Chartered Accountants of Zimbabwe can register as auditors. Others

The ACCA qualification currently is legally recognized by the national accounting institutes with the joint scheme relationships in: o Ghana (Institute of Chartered Accountants of Ghana); o Botswana (Botswana Institute of Accountants);[15] o Egypt (The Egyptian Society of Accountants & Auditors);

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o o o o o o o o o

Ethiopia (The Ethiopian Professional Association of Accountants and Auditors); Lesotho (Lesotho Institute of Accountants); Malawi (The Society of Accountants in Malawi); Mauritius (The National Equivalence Council of Mauritius); Nigeria (Institute of Chartered Accountants of Nigeria); Sierra Leone (Institute of Chartered Accountants of Sierra Leone); Swaziland (Swaziland Institute of Accountants); Zambia (Zambia Institute of Chartered Accountants); Tanzania (National Board of Accountants and Auditors).

Asia

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China Hong Kong An Agreement of Recognition Arrangement (ARA) between ACCA and HKICPA (Local statutory accountancy body) was put in place on 22 August 2006, backdated to 1 July 2005. This was less flexible than the previous rule.[16] The old agreement was terminated on 30 June 2005. forcing ACCA members to accept the socalled "8 unfair terms" e.g., hold a degree recognized by HKICPA, work under HKICPA

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authorized employers, attend workshops, pass HKICPA's Final Professional Examination (FPE), etc. This notwithstanding, HKICPA members could join in ACCA without any further requirement. ACCA qualification is accepted by the Hong Kong employment market. Most HKICPA members qualified through a joint scheme with Hong Kong Society of Accountants (HKSA) which operated for more than 20 years. HKSA later became HKICPA. As of the end of 2005, there were 16,609 members in Hong Kong.

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Macau The ACCA currently is legally recognized with the joint scheme relationships by Macau Society of Certified Practising Accountants (Local statutory accountancy body) in Macau. Singapore ACCA and the national accountancy body, Institute of Certified Public Accountants of Singapore (ICPAS), operate a Joint Scheme of Examinations. The Joint Scheme is based on ACCA examinations and allows students to qualify in Singapore law and tax. Students who complete the Joint Scheme examinations are eligible to join both bodies. ACCA's student numbers in Singapore

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for the Joint Scheme top 11,000. A blog assists students.[17] Singapore's government recognizes ACCA qualification to meet its immigrant skills assessment. As of the end of 2005, Singapore enrolled 5,161 members. Taiwan According to rules 6(iii) & 9 of accountancy examiniation published by Taiwan government, ACCA members are entitled to obtain advanced standing in the examinations to become a Certified Public Accountant in Taiwan.

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Malaysia On 13 August 2007 ACCA and the Malaysian Institute of Certified Public Accountants (MICPA) signed an MRA that provided a route for members to join the other body. The ACCA or Chartered Certified Accountant qualification is recognized by the Malaysian Institute of Accountants (MIA). Only MIA members qualify as accountants in Malaysia under the Accountants Act, 1967. ACCA is statutorily recognised in Part II of the First Schedule of the Accountants Act, 1967. As of December 2005, there were 7,417 members in Malaysia.[citation needed]

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Pakistan The ACCA qualification confers the Qualified Company Secretary designation in Pakistan. ACCA and the local statutory accounting body (Institute of Chartered Accountants of Pakistan) offer partial recognition of each other. ACCA in Pakistan saw tremendous growth beginning in 2007, with thousands of students enrolling every year into ACCA programs. Local colleges and universities offer ACCA programs in all major cities.

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Higher Education Commission (HEC) of Pakistan recognise ACCA members as equal to Masters in Commerce (M.Com) Also ICAP awards exemption to ACCA affiliates. ICAP reduced the exemptions to ACCA affiliates/members. Previously, ACCA affiliates or members were given exemptions up to Module D. Now ACCA affiliates/members can get maximum of seven exemptions. Now ICAP further reduced exemption for acca members upto module B Others

The ACCA currently is legally recognized by national accounting institutes with joint scheme relationships in: o Vietnam (The Ministry of Finance of the Socialist Republic of Vietnam);

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o o o o o

Brunei (Brunei Institute of Certified Public Accountants); Cambodia (The Ministry of Economy and Finance Kampuchea Institute of Certified Public Accountants and Auditors); Laos (The Ministry of Finance of the Lao People's Democratic Republic). Bangladesh (The Institute of Cost and Management Accountants of Bangladesh) The United States Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time in its history in 2011. The CPA Examination next year will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates in direct competition with ACCA Middle East branches. AICPA formed a strategic alliance with CIMA to offer a new global accounting designation. This came as a result of the launch of Uniform CPA examinations

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worldwide. AICPA is moving away from a national institute, offering qualification for CPAs in public practice into an international accounting institute covering both CPAs in public practice and management accountant in conglomerates (something like ACCA does for decades). Global Partnership Professional Partners Through partnerships with professional institutions, ACCA offers students and members access to other related professionals.

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ACCA is one of two professional bodies (Another is the charterholders of Chartered Financial Analyst (CFA)) whose members are recognized by UK's Securities & Investment Institute (SII) as equivalent to full SII membership (MSI).[18] MSI are recognized by national investment professional bodies such as Financial Services Institute of Australasia (FINSIA))[19] and Hong Kong Securities Institute (HKSI). ACCA and FINSIA have a separate global partnership. Under the agreement, students and members of ACCA may obtain advanced standing in the Institute examinations. ACCA and the Institute of Internal Auditors (IIA) have a global partnership. Under the agreement, the two organisations cooperate, collaborate and share resources. ACCA and the Chartered Institute of Taxation (CIOT) have a global partnership to enable ACCAs members to take CIOTs Advanced Diploma in International Taxation (ADIT).

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ACCA members may access an accelerated route to Associate membership of the UK Association of Corporate Treasurers(CAT). ACCA and Investors in People (IIP) agreed to enable IIP-recognised organisations in the UK and Ireland to apply directly for the award of ACCA Approved Employer (professional developments stream.) ACCA members working in IIP-recognised organisations benefit from the recognition of their work-related learning and take advantage of simplified CPD reporting. Institute of Directors (IoD) and ACCA are working on initiatives to promote good governance and high standards in learning and development. From 2007, ACCA members seeking enhanced skills and improved organisational performance can undertake the Chartered Director qualification a professional qualification for directors.[20]

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Institute of Management Accountants (IMA) in United States agreed that Chartered Certified Accountants (ACCA) have to pass a final examination to get the Certified Management Accountant (CMA) designation. This is an IMA policy and mirrors privileges of other IFAC bodies, as well as to others with the equivalent of a U.S. Bachelors degree (any discipline).

University Links ACCA maintains relationships with colleges and universities around the world.

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Oxford Brookes University offer a BSc (Honours) in Applied Accounting, and the online supported MBA. Tsinghua University in Beijing agreed to recognise the Oxford Brookes University BSc(Hons) Applied Accounting degree and to accept graduates into Tsinghua's master's programs.[21] The School of Oriental and African Studies (SOAS) at University of London entered a global partnership to enable ACCA members and affiliates to enroll in SOAS's Postgraduate Diploma in Public Financial Management.[22] The University of Cambridge ESOL examinations (English for Speakers of Other Languages) agreed to launch the International Certificate in Financial English (Cambridge ICFE), a new financial English exam.

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The Said Business School at the University of Oxford offers the Diploma in Financial Strategy, a Masters-level course that provides the essential elements of an MBA for ACCA accountants. Edinburgh Business School at Heriot-Watt University agreed to offer ACCA Part 3 students, affiliates and members a fast track entry through free-of-charge credit transfer and exemption when they matriculate for the MSc in Financial Management by distance or face-to-face learning at a global network of centres.[23][24] Exeter University offers ACCA members postgraduate qualifications in leadership (MA degree in leadership).[25][26][dead link]

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Many universities offer accelerated routes for ACCA members to their masters programmes.[27]

Representation worldwide ACCA is represented on many committees and bodies around the world.[28][dead link]

ASEAN Federation of Accountants (AFA) Confederation of Asia Pacific Accountants (CAPA) Consultative Committee of Accountancy Bodies (CCAB) Eastern, Central and Southern African Federation of Accountants (ECSAFA)

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European Financial Reporting Advisory Group Fdration des Experts Comptables Europens (FEE) Fdration des Experts Comptables Mditerranens (FCM) Global Reporting Initiative (GRI) International Federation of Accountants (IFAC) Institute of Chartered Accountants of the Caribbean (ICAC) Inter-American Accounting Association (IAA) South Eastern European Partnership on Accountancy Development (SEEPAD)

CPA Australia

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CPA Australia

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Industry Founded Head Office Locations Areas served President CEO Members

Accounting and Finance Melbourne [Victoria, Australia] (1886 as IIAV) Melbourne, Australia Australia, Europe, Hong Kong, Beijing, Shanghai, Guangzhou, Indonesia, Malaysia, New Zealand, Singapore, Vietnam Global John Cahill FCPA (Oct 2011 -) Alex Malley 132,000

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Member's Designations Website

CPA & FCPA www.cpaaustralia.com.au

CPA Australia (Certified Practicing Accountants) is one of four professional accounting bodies in Australia, the others being The Institute of Public Accountants, the Institute of Chartered Accountants in Australia and the Chartered Institute of Management Accountants. CPA Australia is one of the largest global accounting bodies, having members through Asia Pacific as well as its home base. History

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The name CPA Australia dates from April 2000.[1] Prior to that, the society had been known as the Australian Society of Certified Practising Accountants since July 1990. In its current form the society dates from 1952 when it was incorporated as the Australian Society of Accountants. The main predecessor bodies of the Society, with year of formation, are:

Incorporated Institute of Accountants, 1886 (changed name in 1921 to the Commonwealth * Association of Accountants of Australia, 1910 Australian Institute of Cost Accountants, circa 1925

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In 1952, the Commonwealth Institute and Federal Institute merged to form the Society. The Association of Accountants of Australia was merged into the Society some years later, with the Australian Institute of Cost Accountants following in 1966. Membership CPA Australia's head office in Melbourne. CPA Program consists of 14 education segments and a fully integrated practical experience

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requirement. The educational component of CPA Program has two parts: the foundation level and the professional level. To be a CPA, candidates must hold a degree or a postgraduate award recognised by CPA Australia, have demonstrated competence in CPA Australias prescribed foundation level knowledge and within a six-year period have successfully completed CPA Australias professional level examinations and the Practical Experience Requirement. The foundation level represents the first eight exams (segments) of CPA Program, and each designed to assess technical knowledge gained through work experience or study to ensure candidates are ready to undertake the professional level of CPA Program. The completion of an

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accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the Foundation level and allow candidates to commence at the professional level. The professional level is made up of six post-graduate education segments and builds on this strong foundation with higher level analysis, judgment, decision making and reporting and focuses on areas that ensure a CPA is valued by any employer - ethics, governance, leadership and strategy. The three year practical experience requirement, part of the professional level of CPA Program, has been designed in response to the needs of different stakeholders including employers, industry

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and graduates. The practical experience requirement develops candidates technical, business, personal effectiveness and leadership skills. Candidates entry point into CPA Program will be determined by an individual assessment of prior education and experience. The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the foundation level and allow you to commence at the professional level. Compulsory CPD applies to all ASA, CPA and FCPA members, including retired members who provide public accounting services, in any year (whether or not this is for reward). Upon renewing membership each year members are required to declare their ongoing compliance with the CPA

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Australia constitution, by-laws and minimum continuing professional development (CPD) requirements. Fulfilment of 120 Continuing Professional Development (CPD) hours per triennium (3-year period) with a minimum of 20 CPD hours in each year is required for continued membership. Members must monitor their own CPD hours and CPA Australia also conducts random audits of members to confirm that they are meeting the CPD requirements. Full members of CPA Australia use the designatory letters CPA, (CPA (Aust.) in Hong Kong). Senior members may become Fellows and use the letters FCPA, (FCPA (Aust.) in Hong Kong). CPA Australia has approximately 132,000 members (CPA/FCPA/ASA).[2] An increasing proportion of these members are from other countries or Australians located overseas.

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Skill assessment CPA Australia is gazetted by the Department of Immigration and Citizenship (DIAC) to assess qualification for overseas qualified accountants seeking

accountant, external auditors (ASCO code 2212-11) finance managers (ASCO code 1211-11)

Related organisations

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In the Australian regulatory framework, CPA Australia, the Institute of Chartered Accountants of Australia and the Institute of Public Accountants co-operate in an advisory role in formulating and interpreting accounting standards. All three bodies co-operate closely on professional matters, and issue joint handbooks. There was some discussion about merging the membership of both bodies, but there are no concrete plans for this move. Such a move would likely be considered controversial given the different entry requirements of each organisation.[citation needed] The three bodies collaborate in supporting the Accounting Professional & Ethical Standards Board, founded in 2006, which publishes ethics-related standards for accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants (IESBA).[3][4] CPA Australia is also a member of Asia Oceania Tax Consultants' Association (AOTCA).

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Mutual recognition CPA Australia has mutual recognition agreements with the:[5]

Society of Management Accountants of Canada (CMA Canada) Certified General Accountants Association of Canada (CGA-Canada) Hong Kong Institute of Certified Public Accountants (HKICPA) Malaysian Institute of Accountants (MIA) Institute of Certified Public Accountants of Singapore (ICPAS) Chartered Institute of Public Finance and Accountancy (CIPFA) Chartered Institute of Management Accountants (CIMA)

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The Institute of Certified Public Accountants in Ireland (CPA Ireland) Institute of Chartered Accountants of India (ICAI)

University affiliation CPA Australia works closely with Australian universities and is a sponsor of the following student accounting organisations:

University of Queensland Business Association (University of Queensland) The Business Students Association (Bond University) Financial Management Association (University of Melbourne)

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The Accountancy Students Association (Queensland University of Technology) Student Accounting Association (Griffith University)

Chartered Certified Accountant

Chartered Certified Accountant

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Type Industry Founded Headquarters Subsidiaries Website

British qualified accountants Accountancy and Finance [England, UK] (1904) London, [England, UK] The Association of Authorised Public Accountants (AAPA) www.accaglobal.com

Chartered Certified Accountant (designatory letters ACCA or FCCA) was historically seen as a British qualified accountant designation awarded by the Association of Chartered Certified Accountants (ACCA). However, although ACCA is UK based, it is a global body for

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professional accountants with 147,000 qualified members and 424,000 students globally. Support offices/centres exist in 83 countries. [1] The term Chartered Certified Accountant was introduced in 1996. Prior to that date, ACCA members were known as Certified Accountant. It is still permissible for an ACCA member to use this term. Members of ACCA with post-qualification experience of more than five years are designated Fellows, and use the designatory letters FCCA in place of ACCA. The term Chartered refers to the Royal Charter granted by Her Majesty Queen Elizabeth II of the United Kingdom.

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Chartered Certified Accountants work in all fields of business and finance. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies. Since Chartered Certified Accountant is a legally protected term, individuals who describe themselves as such must be members of ACCA. If they carry out public practice engagements, they must comply with additional regulations such as holding a practising certificate, being insured against any possible liability claims and submitting to inspections. Syllabus

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The current syllabus is made up of 14 examinations, although some exemptions are available. The papers are split into two levels:

The fundamental level: 9 examinations consisting of F1 Accountant in Business, F2 Management Accounting, F3 Financial Accounting, F4 Corporate and Business Law, F5 Performance Management, F6 Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial Management The Professional level - 5 examinations: o three compulsory papers: P1 Governance, Risk & Ethics, P2 Corporate Reporting, P3 Business Analysis

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four optional papers, of which two must be selected: P4 Advanced Financial Management, P5 Advanced Performance Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance.

Chartered Global Management Accountant

Chartered Global Management Accountant (CGMA) is a professional management accounting designation issued beginning in January 2012[1]. Chartered Global Management Accountant (CGMA), a proprietary designation for management accountants, is powered by two of the worlds most respected accounting bodies, and advances the

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global discipline of management accounting. The CGMA demonstrates management accounting expertise, determination and commitment to achieving sustainable business success. The issuing body is a joint venture owned by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). The designation is available to all members of CIMA and to AICPA voting members with management accounting experience who commit to a program of continuing professional education. Beginning in 2015, AICPA voting members who seek to obtain the CGMA credential will have to pass a new examination.

Chartered Institute of Management Accountants

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Chartered Institute of Management Accountants (CIMA)

CIMA's current corporate logo

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Predecessor Formation Legal status Headquarters Member's designations Official languages Governing body IFAC member since Website

The Institute of Cost and Management Accountants April 18, 1919 (93 years ago) Chartered body London, UK ACMA and FCMA English Council October 7, 1977 www.cimaglobal.com

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The Chartered Institute of Management Accountants (CIMA) 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 associations for accountants in the UK and Republic of Ireland. Its particular emphasis is on developing the management accounting profession within the UK and worldwide. CIMA is the largest management accounting body in the world, with more than 195,000 members and students in 176 countries.[1] CIMA also is a member of the International Federation of Accountants. History

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CIMA was founded in 1919 as "The Institute of Cost and Works Accountants" (ICWA). It specialised in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making. In October 1944 the Institute of Cost and Works Accountants organisation in Ireland was formed.
[2]

The institute changed its name from ICWA to the Institute of Cost and Management Accountants (ICMA) in 1972 and subsequently to the Chartered Institute of Management Accountants (CIMA)

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in 1986, after the granting of a Royal Charter. A global Accounting qualification based in the UK, which is particularly active in Commonwealth countries. Its membership has grown from 15,000 in 1970 to 79,757 members and 92,909 students in 2009.[3] It has played a role in founding fraternal professional bodies such as the Institute of Cost and Management Accountants of Pakistan,The Institute of Cost and Management Accountants of BangladeshInstitute of Cost and Works Accountants of India and the Institute of Management Accountants (USA). Activities CIMA operates a Masters degree standard scheme of qualifying examinations for prospective members. It is active in promoting local education, training and management development

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operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management'. CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme.

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CIMA's governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the 'grass roots' activity. Activity such as qualification development is undertaken from the London head office. The London office is also the location for the annual UK Final of the Global Management Challenge, a strategic management competition for university students, which CIMA sponsors. In July 2009 CIMA added an online community - CIMAsphere - to its website. The community consists of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and also the general audience.

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IN 2011 CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).[4] In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process. CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germanys Deutsche Boerse AG. "It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US

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appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice"[5] Diploma The CIMA certificate in Islamic finance (Cert IF) is the first qualification offered by a professional chartered accounting body to focus on the fast growing sector of Islamic finance.In 2011, CertIF was upgraded to a Diploma degree and renamed as CIMA Diploma in Islamic Finance and all those who would pass this diploma, or had passed CertIF, would be allowed to use the honorific letters CDIF after their name.

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Membership CIMA has two grades of full membership:

Associate - designated by the letters ACMA Fellow - designated by the letters FCMA

To be admitted as an associate a candidate must have:

completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses

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passed the institute's 10 qualifying examinations been proposed and seconded for membership by two individuals who have direct experience of the candidate's work experience but who do not need to be members of CIMA or even accountants.

To become a Fellow a candidate ACMA must, in addition, have appropriate experience at a senior level. In the past, CIMA has offered forms of association which do not amount to full membership, for example an "Affiliate" membership class was promoted in the 1970s.

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Strategic alliances CIMA members have access to a number of strategic alliances, including:

An accelerated route to Associateship of the Association of Corporate Treasurers[6] A mutual recognition agreement with the Society of Management Accountants of Canada[7] A mutual recognition agreement with CPA Australia[8] A strategic alliance with the Institute of Chartered Accountants of Australia[9] On 26 September 2006, CIMA announced a joint qualification program with the New Zealand Institute of Chartered Accountants[10] MOU with Institute of Cost and Works Accountants of India

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Strategic Alliance with the Institute of Cost and Management Accountants of Pakistan (ICMAP) A joint venture with the AICPA to establish and promote a new, internationally recognised designation for management accounting the Chartered Global Management Accountant (CGMA).

Development In recent years, CIMA has been party to merger talks with other professional accounting bodies including the ICAEW in 1995 and again in 2005.

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Institute of Chartered Accountants in England and Wales

Institute of Chartered Accountants in England and Wales (ICAEW)

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Incorporated Society of Liverpool Accountants, Predecessor Formation Legal status Membership Member's designations President Governing body IFAC member since Institute of Accountants in London and three others May 11, 1880 (132 years ago) Chartered body 138,000[1] A.C.A. and F.C.A. Mark Spofforth[2] Council October 7, 1977

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Website

www.icaew.com

The Institute of Chartered Accountants in England and Wales (ICAEW) was established by a Royal Charter in 1880.[3] It has over 138,000 members. Over 15,000 of these members live and work outside the UK. The Institute also has some 9,000 students. The Institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal protection. However, a person must belong to the ICAEW, ICAS

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or ICAI to hold themselves out as a chartered accountant in the UK (although there are other chartered bodies of British qualified accountants). The ICAEW has two offices in the UK; the main one is in Moorgate, London and the other in Central Milton Keynes, in the newly built Hub:MK complex. In 2009 it also opened regional offices in Singapore and Dubai to support its members in Asia,[4] followed by Beijing in 2011.[5] History Early years

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Until the mid-nineteenth century the role of accountants in England and Wales was restricted to that of bookkeepers in that accountants merely maintained records of what other business people had purchased and sold. However, with the growth of the limited liability company and large scale manufacturing and logistic in Victorian Britain a demand was created for more technically proficient accountants to deal with the increasing complexity of accounting transactions dealing with depreciation of assets, inventory valuation and the Companies legislation being introduced. To improve their status and combat criticism of low standards, accountants in the cities of Britain formed professional bodies. The ICAEW was formed from the five of these associations that existed in England prior to its establishment by Royal Charter in May 1880.[3]

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1. The Incorporated Society of Liverpool Accountants, formed in January 1870;[3] 2. The Institute of Accountants in London was formed in November 1870,[3] comprising 37 members under the leadership of William Quilter. In 1871, standards for membership were established with new members having to show knowledge and aptitude through successfully passing an oral examination. Initially the London Institute restricted its membership to that city, but as other institutes were established elsewhere (for example, in Manchester and Sheffield) it was decided to remove this restriction and as such in 1872 it simply became known as the Institute of Accountants to reflect its new national coverage; 3. The Manchester Institute of Accountants, formed in February 1871;[3] 4. The Society of Accountants in England (1872);[3] 5. The Sheffield Institute of Accountants (1877).[3]

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The Institute headquarters, Chartered Accountants' Hall, in the City of London, was designed in the Italian Renaissance style by John Belcher in 1890. It was built by Colls & Sons.[6] It is widely regarded as one of the finest examples of Victorian Baroque architecture. In 1948, the institute received a Supplemental Charter. In 1957 the ICAEW merged with the Society of Incorporated Accountants (founded in 1885 as the Society of Incorporated Accountants and Auditors).[3] Recent developments

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In 2005 the ICAEW sought to merge with the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Public Finance and Accountancy (CIPFA). However, this project proved unsuccessful. The Institute also announced at this time that it was considering dropping the reference to England and Wales in its title to become the Institute of Chartered Accountants. However, this plan was also withdrawn following objections from the Institute of Chartered Accountants of Scotland. The Institute introduced a new syllabus in 2007. In order to make it more appealing to prospective students the mandatory examinations will become more flexible based on a modular structure. In addition to paper based assessments, there are now computer based assessments of objective test questions (multiple choice).

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Admission to membership To be admitted to membership of the ICAEW, applicants must generally complete 450 days of relevant work experience (training) and pass a series of examinations. The work experience lasts between three and five years and must be with an employer or employers approved by the Institute for training. The examinations are in two stages, professional stage (twelve papers) and advanced stage (two papers and a case study, which must be taken in the final year of training). Members of equivalent bodies in other European Economic Area countries and Switzerland may also be admitted to membership after passing an aptitude test, provided they are a citizen of an EEA state or Switzerland.

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The Institute has mutual recognition agreements in place with:

Canadian Institute of Chartered Accountants Hong Kong Institute of Certified Public Accountants Institute of Chartered Accountants of Australia Institute of Chartered Accountants of Bangladesh Institute of Chartered Accountants of India Institute of Chartered Accountants in Ireland Institute of Chartered Accountants of Pakistan Institute of Chartered Accountants of Scotland Institute of Chartered Accountants of Zimbabwe

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New Zealand Institute of Chartered Accountants South African Institute of Chartered Accountants

ICAEW members may be admitted to full membership of the above institutions after passing an aptitude test or subject to other specific requirements. Starting from 8 January 2010, ICAEW introduced a new "Pathways to Membership" programme whereby it offers the ACA designation on passing its Examination of Experience and sponsorship by ICAEW member or under ICAEW's ATE training environment, to members (qualified through normal examination and training route) of the following accounting institutes:

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American Institute of Certified Public Accountants (AICPA) Association of Chartered Certified Accountants (ACCA) Chartered Institute of Management Accountants (CIMA) Chartered Institute of Public Finance and Accountancy (CIPFA) CPA Australia Malaysian Institute of Certified Public Accountants (MICPA)

However, AICPA and MICPA members who join the ICAEW under the Pathways to Membership scheme must maintain their home body membership.

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ICAEW has signed Memoranda of Understanding (MOU) with accounting bodies in overseas countries. These bodies are The Institute of Chartered Accountants of Bangladesh (ICAB), Institute of Chartered Accountants of India (ICAI), Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Certified Public Accountants of Singapore (ICPAS). There is also a joint scheme in place to enable members of the Chinese Institute of Certified Public Accountants (CICPA) and the Hong Kong Institute of Certified Public Accountants to qualify as ACA with ICAEW.[5] ICAEW is an affiliate of the Institute of Chartered Accountants of the Caribbean.[7] The full ACA training programme is available in Cyprus, Greece, Malaysia, Mauritius, Romania and the Gulf states.

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Membership categories Members have the designation ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant) after their name. Fellowship is intended to designate those who have achieved a higher level of professional experience. It is awarded, on application, to those members who have attained at least ten years of membership and who, at the date of application, have complied with the Institute's requirements on continuing professional development in the preceding three years and have no outstanding disciplinary charges against them.

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Faculties The ICAEW has seven faculties, each run by an in-house team working together with members who are experts in their particular sector: 1. 2. 3. 4. 5. 6. Audit and Assurance Corporate Finance Finance and Management Financial Reporting Financial Services Information Technology

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7. Tax The Tax Faculty was the first to be formed in 1990; The monthly TAXline publication started in 1991, and an annual Technical Review (now Tax Planning) was first published in October 1992. The Tax Faculty joined the Confdration Fiscale Europenne (CFE) in 2001. District societies The Institute has 22 district societies, the largest of which is the London Society of Chartered Accountants (LSCA) with over 37,000 members. The LSCA has often taken the lead in making

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proposals for change,[8] and was instrumental in the formation of the influential Hundred Group of finance directors.

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