Institute of Financial Accountants

The Institute was founded in 1916.[1]

In 1973, the IFA established the International Association of Book-keepers (IAB)[1][2] and members of IAB participate in IFA's benevolent fund.[2][3]

In 1997, the Chartered Institute of Management Accountants (CIMA) granted reciprocal exemption to the IFA for seven of its exams.[4] However, in that same year ACCA sued IFA for plagiarising ACCA's examination syllabi.[4] The parties neared a settlement agreement.[5] However Accountancy Age reported that, "The High Court found the IFA had plagiarised large portions of ACCA's syllabus, including a typographical error."[6]

In 2005, during a round of merger talks between certain chartered bodies, talks took place with the ICAEW with a view to establishing IFA both as a feeder body, and as a 'fall-back' professional body for accountants who had not passed the final exams of other bodies such as CIMA or ACCA.[7]

In 2006, talks took place between the IFA, the Association of Accounting Technicians (AAT) and the International Association of Book-keepers (IAB), regarding the creation of a joint qualification structure.[8]

As of 2007, IFA members are recognised by HM Treasury as supervisors under anti-money laundering legislation.[9]

In 2008, the IFA became an associate member of the International Federation of Accountants (IFAC), and a full member in 2011.[10]

IFA merged with the Federation of Tax Advisers (FTA) in 2009.[11]

In 2014, the IFA announced a merger with the Institute of Public Accountants 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.[12][13]

As of 2015, its website claimed "10,000 members and students".[14] As of 2019, the IFA had about 6,000 members[15] in 80 countries.

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.[16] 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. Recognition of prior experience is no longer a route to membership.[17]

IFA is recognised by the Office of Qualifications and Examinations Regulation (Ofqual) since 2011.[18] 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.[19] IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in small and medium-sized enterprises.[20]

In 2003, the IFA agreed to grant membership to accountancy graduates from the Bolton Institute, now the University of Bolton, where the course includes vocational aspects.[21]

University of Northampton cooperates with IFA to offer continuing professional development for IFA members, leading to a BA (Hons) degree.[22]

• British qualified accountants

• IFA official website