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The Association of Chartered Certified Accountants (ACCA) is a British professional accounting body with a global presence that offers Chartered Certified Accountant qualification worldwide. It is one of the largest professional organisations of accountants in the world, with 110,000 members and 260,000 students in 170 countries. Headquartered in London with the principal administrative office in Glasgow, the ACCA has a network of over 70 staffed offices and other centres around the world.

The goal of ACCA is to become the world’s leading global professional body by reputation, influence and size.

The ACCA is a member body of the Consultative Committee of Accountancy Bodies and the International Federation of Accountants

The term Chartered refers to the Royal Charter granted by Her Majesty the Queen.

History

ACCA can trace its history back to 1904 when eight people formed the London Association of Accountants. This was done in order to allow more open access to the profession than was available through the existing accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland. Nowadays, the goal of ACCA is to become the world’s leading global professional body by reputation, influence and size, offers first choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

A timeline of key dates in the history of ACCA and its predecessor bodies is:

  • 1930 : London Association of Accountants successfully campaigns for the right to audit companies
  • 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 received from Her Majesty the Queen.
  • 1984 : Association of Certified Accountants renamed Chartered Association of Certified Accountants
  • 1996 : Chartered Association of Certified Accountants renamed Association of Chartered Certified Accountants. Members become entitled to use the title Chartered Certified Accountant (although it remains permissable to use the former title of Certified Accountant). The Association of Authorised Public Accountants becomes a subsidiary of ACCA.
  • 1998 : United Nations recommended ACCA's Professional Scheme as the global benchmark of professional accountant training contents to all countries in this world.

Qualifications

The ACCA offers the following qualifications:

Professional Scheme

The Professional Scheme is the primary qualification of the ACCA and, following completion of up to 14 professional examinations and three years of supervised, relevant accountancy experience, enables an individual to become a Chartered Certified Accountant.

  • In accordance with ACCA's traditions, there is open access to its examinations.
  • As part of the Professional Scheme, a Bachelor of Science Honours degree in Applied Accounting (for students completing Part 2 of the Professional Scheme), is offered in association with Oxford Brookes University)
  • The current syllabus is made up of 14 examinations, although some exemptions are available. The papers are split into three parts. Within Part 3, there are four option papers (two must be selected) and three core papers (which must be sat and passed together, subject to the referral rules).
  • A new ACCA qualification will start from the December 2007 examination sitting. The new syllabus updates the qualification for recent developments in the accountancy profession and to reorganise the papers within the qualification. It is ACCA policy to update the examination syllabus on a regular basis. Changes were made previously in 2001 and 1994.

The ACCA Professional examinations are offered worldwide twice yearly, in June and December.

Certified Accounting Technician (CAT)

This is an introductory accounting technician qualification. Although CAT can be obtained as a standalone qualification, it is often the case that individuals study for CAT as an introduction to accountancy prior to starting the Professional Scheme.

Alternatives to the CAT qualification include the Association of Accounting Technicians qualification. ACCA was a sponsor of the AAT before breaking its links in favour of the CAT qualification in the mid 1990s.

Other qualifications

The ACCA offers other qualifications:
  • an MBA (for ACCA full members, offered in association with Oxford Brookes University)
  • Diploma in Financial Management. Introduced in the mid-1980s as the Certified Diploma in Accounting and Finance this is a financial qualification designed for non-finance managers.
  • Diploma in International Financial Reporting
  • Diploma in Corporate Governance
  • Certificate in International Auditing
  • Certificate in International Financial Reporting

Membership

In the first instance, individuals register as student members to undertake the Professional Scheme qualification.

Upon completion of the examinations, student members are automatically transferred to Affiliate status. To become a Chartered Certified Accountant, or a full member of the Association, affiliates must have three years of supervised, relevant accountancy experience and must have documentary evidence of this in the form of the Student Training Records. In common with many United Kingdom professional bodies, full membership of ACCA is known as Associateship, which are entitled to describe themselves as Chartered Certified Accountant carries the designatory letters ACCA.

Continuing Professional Education

Before 2005, Continuing Professional Education (CPE) was mandatory only for holders of practising certificates and insolvency licences. From 2005, ACCA is extending mandatory CPE to all members on a phased basis:

  • Phase 1: Effective 1 January 2005, for members admitted to Associateship on or after 1 January 2001 (plus all practising certificate and insolvency licence holders)
  • Phase 2: Effective 1 January 2006, for members admitted to Associateship 1 January 1995 and 31 December 2000
  • Phase 3: Effective 1 January 2007, for members admitted to Associateship on or before 31 December 1994.

It is permissable for a member to adopt CPE earlier than the deadline.

Fellowship

Fellowship, or senior membership of ACCA, is awarded on the following bases:

  • after 3 years continuous membership, upon application, with documented Continuing Professional Education; or
  • for members admitted to Associateship before 2002, automatically after five years continuous membership.

ACCA has decided that from 1 January 2008, Fellowship will be awarded based on 5 years continuous membership, with compliance with Continuing Professional Education requirements. Advancement to Fellowship will be automatic provided the member has not breached CPE requirements. Members admitted before 2005 may still apply for Fellowship under the 3 year rule before 1 January 2008.

Fellow members can use the designatory letters FCCA in place of ACCA.

Legal & Mutual Recognition

United Kingdom and Republic of Ireland

  • The ACCA or Chartered Certified Accountant qualification is fully recognised in the United Kingdom and Republic of Ireland.
    • Under the Royal Charter granted by Her Majesty the Queen, ACCA works in the public interest.
    • ACCA is a Designated Professional Body under the Financial Services and Markets Act, licensing firms of Chartered Certified Accountants to conduct a range of incidental investment business activities.
    • It is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments.
    • ACCA is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 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 in CCAB bodies including ACCA for over 5 years can apply for ICAEW membership subject to certain criterias. Details
    • Only ACCA, ICAEW, ICAI and ICAS 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 from country to country. Even where full legal or mutual recognition is not available, ACCA members can sometimes obtain advanced standing in terms of sitting local accountancy examinations. Additionally, in many instances, ACCA's strong global reputation may obviate the need to acquire a local designation.

Similarly, many (although not all) universities and educational providers will recognise ACCA as equivalent to at least a bachelor degree in accountancy, for the purpose of obtaining credit to acquire a local bachelors degree or enter an advanced study program.

Europe

  • 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, but could only describe him/herself as ACCA or Chartered Certified Accountant rather than local professional accountant qualification. Access to local professional qualifications is based on an aptitude test. However, it is necessary to be a citizen of one of the EEA states or Switzerland to benefit from this Directive.

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

  • Others: The ACCA currently is recognized by the national accounting institutes with the joint scheme relationships in:
    • Cyprus (Institute of Certified Public Accountants of Cyprus);
    • Malta (Malta Institute of Accountants );
    • Armenia (Association of Accountants and Auditors in Armenia);
    • Georgia (Georgian Federation of Professional Accountants and Auditors).

North America

  • United States (US):
    • A mutual recognition between ACCA and AICPA/NASBA does not exist, but is under negotiation as of July 2006.
    • Currently ACCA membership is recognised by the Colorado State Board of Accountancy as meeting the educational requirements to sit for the US Uniform Certified Public Accountant Examination. The majority of ACCA members who pass the CPA exam may apply for licensing as a Certified Public Accountant (CPA) in the state of Colorado, USA after completing a qualifications evaluation or providing evidence of one year's public accounting work experience.

  • Canada: There is no mutual recognition between ACCA and CICA or CGA Canada. However, as of June 2006:
    • ACCA is recognized by Canadian government as an eligible qualification to audit federal government institutions in Canada
    • As of 2006, World Education Services (WES) indicated that the evaluation recognized ACCA as having the Canadian equivalence of a Bachelor's Degree (four years) in Accounting.
    • ACCA members may obtain advanced standing in the examinations to become the full member of CICA and Certified General Accountant, subject to meeting certain criteria.
    • 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

Oceania

  • New Zealand:
    • The ACCA qualification is recognised in New Zealand legislation for registration to perform statutory audit work. ACCA is gazetted under the relevant act (Under Section 199 of the Companies Act 1993: Qualifications of Auditors) in New Zealand. An ACCA member can practice as long as they hold an ACCA public practice certificate (with audit qualification) in their country of origin.
    • A mutual recognition agreement existed between ACCA and the New Zealand Institute of Chartered Accountants (NZICA). This was terminated by NZICA with effect from 1 January 2003.

Caribbean, Central & South America

  • The ACCA currently is legally recognized by the national accounting institutes with the joint scheme relationships in:
    • Jamaica (The Institute of Chartered Accountants of Jamaica);
    • Trinidad and Tobago (The Institute of Chartered Accountants of Trinidad and Tobago);
    • Guyana (The Institute of Chartered Accountants of Guyana);
    • Barbados (The Institute of Chartered Accountants of Barbados);
    • Bahamas (The Bahamas Institute of Chartered Accountants);
    • Belize (The Institute of Chartered Accountants of Belize);

Africa

Asia

  • Hong Kong:
    • The mutual recognition between ACCA and HKICPA (Local statutory accountancy body) was terminated in 2004, both parties have continued to discuss a new mutual recognition agreement. (Please click: *).
    • Moreover, the ACCA qualification is highly recognized by the Hong Kong employment market due to international and historical influences.

  • Singapore: ACCA and national accountancy body, Institute of Certified Public Accountants of Singapore (ICPAS), have operated a Joint Scheme of Examinations since 1983. The Joint Scheme is based on ACCA's examinations and allows students to sit papers in Singapore law and tax. All students who successfully complete the Joint Scheme examinations satisfy the examination requirements of both ACCA and ICPAS and are eligible to apply for membership of both bodies. ACCA's student numbers in Singapore for the Joint Scheme have topped 11,000.

  • Pakistan: The ACCA qualification is legally recognised as Qualified Company Secretary in Pakistan, although there is no mutual recognition in place with the local statutory accounting body (Institute of Chartered Accountants of Pakistan).

  • Others: The ACCA currently is legally recognized by the national accounting institutes with the joint scheme relationships in:
    • Macau (Macau Society of Certified Practising Accountants);
    • Vietnam (The Ministry of Finance of the Socialist Republic of Vietnam);
    • 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).

Global Partnership

  • ACCA (the Association of Chartered Certified Accountants) and the Institute of Internal Auditors (IIA) have signed a global partnership agreement. Under the agreement, the two organisations will co-operate, collaborate and share resources across their global networks of offices and affiliate bodies.

  • ACCA (the Association of Chartered Certified Accountants) and the Chartered Institute of Taxation (CIOT) have signed a global partnership agreement to enable ACCA’s members worldwide to take the CIOT’s Advanced Diploma in International Taxation (ADIT).

  • ACCA has signed the agreement with the University of Cambridge ESOL examinations (English for Speakers of Other Languages) to result in the launch of the International Certificate in Financial English (Cambridge ICFE), a new financial English exam.

  • Together with the Said Business School, at the University of Oxford, ACCA offers the Diploma in Financial Strategy, a Masters-level course that provides the essential elements of an MBA for qualified accountants, and is designed to extend knowledge and develop senior management skills.

External links

Professional Accountant | British professional bodies | Accounting organizations | Accounting in the United Kingdom

 

This article is licensed under the GNU Free Documentation License. It uses material from the "Association of Chartered Certified Accountants".

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