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Institute of Financial Accountants
Type	Professional body
Founded	[England, UK] (1916)
Headquarters	Burford house, 44 London Road, Sevenoaks, Kent, TN13 1AS
Key people	Eric Anstee (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 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 IFA is an associate 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.

[edit] 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 its 90th anniversary year.

[edit] IFA council

The IFA council is responsible for governance of the Institute. The current chairman of the council is Eric Anstee, who was elected president in 2007, a former Chief Executive Officer of The Institute of Chartered Accountants in England & Wales. James Tze Wing Kong is vice chairman of the council. The council is made up of thirteen members.

The Right Honourable Earl of Westmeath is the Patron of the IFA.

[edit] 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.

[edit] Qualifications

The IFA offers the following qualifications:

[edit] A. Incorporated Financial Accountant (FFA or AFA)

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

[edit] 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).

[edit] 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 (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 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.

[edit] Professional partners

Until 2009, the IFA was associated with the International Association of Book-keepers (IAB), which is now fully independent.

The IFA is an Associate Member of the International Federation of Accountants (IFAC).

On 3 June 2009, the Federation of Tax Advisers (FTA) merged with the IFA to become part of the IFA Group.

[edit] University links

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

[edit] Recent developments

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 were elected as associate members of the International Federation of Accountants (IFAC) at a meeting held in Rome on November 14th 2008.

[edit] See also

[edit] External links

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