Associations

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ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)

Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). As at June 2015, ACCA had 178,000 members and 455,000 students in 180 countries. ACCA’s headquarters are in London with a principal administrative office in Glasgow. ACCA works through a network of 91 offices and centres, and more than 8,500 Approved Employers worldwide, who provide employee development. The syllabus comprises 14 examinations, although some exemptions are available. The qualification is structured in two parts. The Fundamentals level consists of 9 examinations: F1 Accountant in Business, F2 Management Accounting, F3 Financial Accounting, F4 Corporate and Business Law, F5 Performance Management, F6 Taxation, F7 Financial Reporting, F8 Audit and Assurance, and F9 Financial Management.

The Professional level involves five examinations. Within the Professional level, three papers are compulsory: P1 Governance, Risk and Ethics; P2 Corporate Reporting; and P3 Business Analysis. Two of the following four options papers must also be completed: P4 Advanced Financial Management, P5 Advanced Performance Management, P6 Advanced Taxation and P7 Advanced Audit and Assurance.
The ACCA full Professional qualification is regarded as the equivalent of a taught UK master’s degree by the UK Border Agency and Department of Education.

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Institute of Chartered Accountants in England and Wales (ICAEW)

The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students across the world. In 2019, it has over 181,000 members and students in 148 countries. In 2018, 8,821 students joined the ICAEW[6] - the highest ever figure. The ICAEW was established by royal charter in 1880.

The Institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal protection. However, a person must belong to the ICAEW, ICAS or CAI to hold themselves out as a chartered accountant in the UK (although there are other chartered bodies of British qualified accountants whose members are likewise authorised to conduct restricted work such as auditing).

The Institute is also a founder member of Chartered Accountants Worldwide (CAW), an international network of accountancy bodies which represents over 1.8 million members and students in more than 190 countries.