| Institute of Financial Accountants | |
| Professional Title: | Incorporated Financial Accountant (FFA or AFA) |
| Type: | Professional Association |
| Services: | Accountancy |
| Headquarters: | London, United Kingdom |
| Region Served: | Worldwide |
| Membership: | 6,000 |
| Key People: | John Edwards (CEO) |
The Institute of Financial Accountants (IFA) is a professional accountancy body representing and providing certification for financial accountants in the United Kingdom. The IFA is a full member of the International Federation of 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]
The IFA merged with the Federation of Tax Advisers (FTA) in 2009[4] and in 2014 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.[5] [6] As of 2022, the IPA Group has more than 49,000 members and students in 100 countries.[7]
As of 2007, IFA members are recognised by HM Treasury as supervisors under anti-money laundering legislation.[8]
In 2008, the IFA became an associate member of the International Federation of Accountants (IFAC), and a full member in 2011.[9]
On 1 October 2020 the Financial Conduct Authority (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.[10]
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.[11] 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.[12] As of 2021 the "IFA Direct" education programme is delivered in partnership with ATHE.[13]
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.[14]
The IFA was recognised by the Office of Qualifications and Examinations Regulation (Ofqual) from 2011-2020.[15] 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.[16] In 2020 the IFA surrendered its Ofqual recognition.[17]
The IFA offers a Diploma in IFRS through accredited training providers[18] in Pakistan, Peru, the Russian Federation [currently suspended], Ukraine [currently suspended][19] and Lithuania.
IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in small and medium-sized enterprises.[20]
The IFA works with a number of universities in the UK and internationally to provide a route to membership of the IFA.