National Institute of Accountants
Encyclopedia
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia
. The IPA represents more than 22,000 members and students working in industry, commerce, government, academia and private practice.
From the 2nd of May 2011, the organisation changed from its previous title, the National Institute of Accountants (NIA).
Students studying towards an accounting qualification can join the IPA Student Register.
or
MIPA membership requires:
or
Members with a University qualification may elect to complete a further 4 units and obtain a Master of Commerce (Professional Accounting) from the University of New England
.
FIPA membership requires:
(UNE). It provides rigorous and globally recognised postgraduate education resulting in the award of a Masters degree and/or a Graduate Certificate in Professional Accounting. Members are required to undertake either four (4) or eight (8) subjects to advance to MIPA status depending on their undergraduate qualifications. The program is delivered online via distance learning and allows members to study at their own pace. Members have up to 5 years to complete the program.
The IPA runs a series of face-to-face and online professional development events every year, open to IPA members and the public.
(ACCA
), Chartered Institute of Management Accountants
(CIMA
), CPA Australia
(CPA
) and the Institute of Chartered Accountants in Australia (ICAA).
The IPA collaborates with CPA Australia and the Institute of Chartered Accountants in Australia in supporting the Accounting Professional & Ethical Standards Board
(APESB), founded in 2006.
APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants
(IESBA).
(SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa.
MIPA/FIPA members of the IPA are recognised by the UK's Chartered Institute for Securities & Investment (CISI) for admission to CISI's full membership (MCSI). Full membership of the CISI is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI).
In November, 2010 the IPA hosted a delegation of senior executives from Nigeria’s peak accounting body, the Association of National Accountants of Nigeria
(ANAN).
In March, 2011 the IPA entered into an MOU with peak accounting body, the Institute of Cost and Works Accountants of India.
(CPA) and the Institute of Chartered Accountants of Australia
(ICAA). In particular, the three accounting bodies are defined as "professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.
The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of IPA, then NIA, in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting.
The IPA became a member of the International Federation of Accountants
in November 2004. In order to obtain IFAC membership, the IPA upgraded the academic requirements for the PNA designation, including the requirement of post-graduate qualifications, developed in conjunction with the University of New England
.
From 1 July 2005, the IPA upgraded the experience requirements for the PNA designation to a three year competence-based mentored experience program. Applicants for this class of membership must demonstrate to a professionally qualified accountant that they have the competence to undertake various tasks required by the IPA.
The IPA is recognised in Government forums and represented on various committees. These include those of the Australian Securities and Investments Commission
and the Australian Taxation Office
.
From 2nd May 2011, the NIA was rebranded as the Institute of Public Accountants. In part this rebrand and repositioning is with a view to increase recognition and awareness as well as strengthen designations both nationally and globally.
The requirements to obtain a qualification assessment as an accountant for migration purposes are not the same as those for actual membership of IPA.
PPC holders may advertise their businesses on the IPA's Find an Accountant database.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. The IPA represents more than 22,000 members and students working in industry, commerce, government, academia and private practice.
From the 2nd of May 2011, the organisation changed from its previous title, the National Institute of Accountants (NIA).
History
The Institute of Public Accountants (IPA) is one of Australia's oldest representative professional bodies, formed over eighty-five years ago in 1923.- 1923 - Institute of Factory and Cost Accountants, formed in Melbourne, Victoria.
- 1950 - Institute of Taxation and Cost Accountants, name change.
- 1957 - National Institute of Accountants, name change.
- 1967 - Institute of Commercial Studies, name change.
- 1970 - Institute of Affiliate Accountants, name change.
- 1988 - National Institute of Accountants, adoption of the precedent name.
- 2002 - NIA gazetted as an authorised assessing authority for skilled migration to Australia
- 2004 - NIA becomes a member of the International Federation of AccountantsInternational Federation of AccountantsInternational Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) - 2011 - Institute of Public Accountants, name change.
- 2011 - IPA becomes a member of the Confederation of Asian and Pacific AccountantsConfederation of Asian and Pacific AccountantsThe Confederation of Asian and Pacific Accountants represents national professional accounting organisations in the Asia-Pacific region....
(CAPA)
Membership Levels
The IPA has several levels of membership:- Associate (AIPA)
- Member (MIPA)
- Fellow (FIPA)
Students studying towards an accounting qualification can join the IPA Student Register.
Membership Requirements
AIPA membership requires:- Advanced Diploma in Accounting
or
- University degree in Accounting
MIPA membership requires:
- Advanced Diploma in Accounting
- IPA Program Stage 1 and Stage 2 (confers a Master of Commerce in Professional Accounting)
- Mentored Experience Program
or
- University degree in Accounting
- IPA Program Core (4 units) (confers a Graduate Certificate in Professional Accounting)
- Mentored Experience Program
Members with a University qualification may elect to complete a further 4 units and obtain a Master of Commerce (Professional Accounting) from the University of New England
University of New England
University of New England may refer to:* University of New England , in New South Wales* University of New England , in Biddeford, Maine...
.
FIPA membership requires:
- MIPA status
- 10 years experience in accounting (5 of which are at a senior level)
- 7 years membership of IPA
Mentored Experience Program
The Mentored Experience Program (MEP) requires members to undergo a formal mentoring process gaining 3 years of structured work experience. With the guidance of an IPA approved mentor, usually a fully qualified accountant from one of the three professional bodies, the MEP provides the framework for members to increase both their practical experience and knowledge in the workplace.IPA Program
The IPA Program is a fully accredited educational pathway delivered by the University of New EnglandUniversity of New England
University of New England may refer to:* University of New England , in New South Wales* University of New England , in Biddeford, Maine...
(UNE). It provides rigorous and globally recognised postgraduate education resulting in the award of a Masters degree and/or a Graduate Certificate in Professional Accounting. Members are required to undertake either four (4) or eight (8) subjects to advance to MIPA status depending on their undergraduate qualifications. The program is delivered online via distance learning and allows members to study at their own pace. Members have up to 5 years to complete the program.
Continuing Professional Education (CPE)
All members of the IPA(except retired members) must complete a minimum of 80 hours structured CPE activity per biennium (2 years). The IPA recommends for members to meet this requirement that they complete 40 structured hours CPE activity per year. However a minimum of 10 hours per annum is possible with 70 hours being completed in the second year of the biennium.The IPA runs a series of face-to-face and online professional development events every year, open to IPA members and the public.
Members of Other Professional Bodies
Members of certain other professional bodies may apply for certain membership levels with the IPA at an equivalent level based on their existing qualifications. These include members of Association of Chartered Certified AccountantsAssociation of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA
Association of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
), Chartered Institute of Management Accountants
Chartered Institute of Management Accountants
The Chartered Institute of Management Accountants 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...
(CIMA
CIMA
-Acronyms:*Canadian Independent Music Association, formerly the Canadian Independent Record Production Association*Cayman Islands Monetary Authority, Cayman Island's primary financial services regulator...
), CPA Australia
CPA Australia
CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
(CPA
CPA Australia
CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
) and the Institute of Chartered Accountants in Australia (ICAA).
The IPA collaborates with CPA Australia and the Institute of Chartered Accountants in Australia in supporting the Accounting Professional & Ethical Standards Board
Accounting Professional & Ethical Standards Board
The Accounting Professional & Ethical Standards Board is an Australian organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow.-Organization and mandate:...
(APESB), founded in 2006.
APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants
International Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants develops and promotes ethical standards and guidance for professional accountants...
(IESBA).
Mutual Recognition
The IPA has a mutual recognition agreement in place with The South African Institute of Professional AccountantsSouth African Institute of Professional Accountants
The South African Institute of Professional Accountants is a professional association of accountants based in South Africa. The institute had more than 6000 members as of 2011.-Qualification:...
(SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa.
MIPA/FIPA members of the IPA are recognised by the UK's Chartered Institute for Securities & Investment (CISI) for admission to CISI's full membership (MCSI). Full membership of the CISI is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI).
In November, 2010 the IPA hosted a delegation of senior executives from Nigeria’s peak accounting body, the Association of National Accountants of Nigeria
Association of National Accountants of Nigeria
The Association of National Accountants of Nigeria is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Institute of Chartered Accountants of Nigeria ....
(ANAN).
In March, 2011 the IPA entered into an MOU with peak accounting body, the Institute of Cost and Works Accountants of India.
Market Reputation
The IPA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA AustraliaCPA Australia
CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
(CPA) and the Institute of Chartered Accountants of Australia
Institute of Chartered Accountants of Australia
The Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
(ICAA). In particular, the three accounting bodies are defined as "professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.
The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of IPA, then NIA, in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting.
The IPA became a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
in November 2004. In order to obtain IFAC membership, the IPA upgraded the academic requirements for the PNA designation, including the requirement of post-graduate qualifications, developed in conjunction with the University of New England
University of New England
University of New England may refer to:* University of New England , in New South Wales* University of New England , in Biddeford, Maine...
.
From 1 July 2005, the IPA upgraded the experience requirements for the PNA designation to a three year competence-based mentored experience program. Applicants for this class of membership must demonstrate to a professionally qualified accountant that they have the competence to undertake various tasks required by the IPA.
The IPA is recognised in Government forums and represented on various committees. These include those of the Australian Securities and Investments Commission
Australian Securities and Investments Commission
The Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
and the Australian Taxation Office
Australian Taxation Office
The Australian Taxation Office is an Australian Government statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system and superannuation legislation...
.
From 2nd May 2011, the NIA was rebranded as the Institute of Public Accountants. In part this rebrand and repositioning is with a view to increase recognition and awareness as well as strengthen designations both nationally and globally.
Qualifications Assessment
Effective from 1 July 2002, the IPA was gazetted by the Australian Minister for Immigration as an authorised assessing authority for accountants seeking to migrate to Australia under Australia's skilled migration program. This gives the IPA the authority to assess the accounting qualifications of such persons.The requirements to obtain a qualification assessment as an accountant for migration purposes are not the same as those for actual membership of IPA.
Bookkeeping
Members at the AIPA level of the IPA may apply for a Bookkeeping Practice Certificate (BPC) after satisfying additional requirements.Public Practice
Members at the MIPA level of the IPA may apply for a Professional Practice Certificate (PPC) after satisfying additional requirements.PPC holders may advertise their businesses on the IPA's Find an Accountant database.