Action Plan Developed by
The Institute of Financial Accountants (IFA)
BACKGROUND NOTE ON ACTION PLANS
Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC
Compliance Self-Assessment Questionnaires. They form part of a continuous process within the IFAC Member Body Compliance Program to
support the ongoing development and improvement of the accountancy profession around the world.
Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challenges
specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national
environments and stages of development, and will be subject to periodic review and update.
Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-Assessment
Questionnaire for background information on each member and associate their environment and existing processes. These responses may be
viewed at: http://www.ifac.org/about-ifac/membership/compliance-program/compliance-responses
Use of Information
Please refer to the Disclaimer published on the Compliance Program website.
ACTION PLAN
IFAC Member/Associate:
Approved by Governing Body:
Date Approved:
Date Published:
Next Update:
Status as of Date of Publication
Institute of Financial Accountants
Council
November 2015
November 2015
November 2017
Page 1 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
GLOSSARY
AML
CPD
IFA
RQB
RSB
SME
SMP
SMT
Anti - Money Laundering
Continuing Professional Development
Institute of Financial Accountants
Registered Qualifying Body (for auditors in the UK)
Recognised Supervisory Body (for auditors in the UK)
Small or Medium-sized Enterprise
Small or Medium-sized Practice
IFA’s Senior Management Team
Status as of Date of Publication
Page 2 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Background for all SMOs:
Over the term of the current SMO action plan, the IFA has undertaken a fundamental review of its strategic positioning. As a UK based professional
body, it is operating in a home market which is both mature and saturated. Historically, the IFA has had a strong international presence and has
been outward looking. In order to capitalize on this and its chosen market segmentation as a specialist accountancy institute focusing solely on
SMEs and SMPs, the IFA’s Council agreed to an amalgamation with the Institute of Public Accountants of Australia. Legal completion took place on
31 December 2014 and integration is progressing well. This strategic initiative firstly addresses a number of legacy and capacity issues at a stroke,
which were a barrier to growth and progress. Secondly, and perhaps more importantly, the combined bodies have over 35000 members globally
which thus enables an even greater focus on the needs of SMEs/SMPs. The IFA continues to enjoy a considerable degree of autonomy with its
own governance structure, honorary officers and so on. However, it will have access to state of the art IT and back office systems and will be able
to derive synergies from shared services and sharing of best practice/two way knowledge transfer/critical mass with our Australian counterparts.
This will have material and positive impacts on delivery of our SMO action plans for the next period; this context should be borne in mind when
looking at the comments under each individual SMO plan in this document.
Status as of Date of Publication
Page 3 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 1–Quality Assurance
To demonstrate IFA’s commitment to Quality Assurance and monitoring in relation to its members in practice.
Background:
The IFA does not train or qualify members for external assurance/audit work and is not a UK Registered Qualifying Body/Recognised Supervisory
Body for auditors. IFA members in practice in the UK do, however, offer other accountancy, taxation and consultancy services to the public.
Members must hold a Practicing Certificate from the Institute to do so. The IFA is one of 28 designated Supervisory Bodies under the UK’s Money
Laundering Regulations 2007. It undertakes monitoring and compliance with the UK’s Money Laundering Regulations 2007 on behalf of HM
Treasury in the UK. The IFA has put considerable staff and financial resources into completely overhauling disciplinary, regulatory and supervisory
activity. This includes developing an annual return, enhancing anti-money laundering monitoring and supervision, implementing a combinationsbased approach and declaration for CPD for all members and further enhancing the disciplinary process.
For further information about the IFA quality assurance programme please refer to website: www.ifa.org.uk
#
Actions
Completion
Date
Responsibility
Resource
The IFA continues to monitor its members in accordance with
its Bye-laws, Code of Ethics, Members’ Handbook and the UK
money laundering regulations 2007. We will continue to
develop our regulations and standards in line with best
practice. Current regulations and standards for members in
practice is available on the IFA Website.
Ongoing
Head of Regulation
and Policy and AML
Reviewer
IFA Advisory
Council, SMT, Staff
2016
Head of Regulation
and Policy
IFA Advisory
Council, SMT, Staff
Start Date
Regulation of Practicing Members
1.
Ongoing
Maintaining Ongoing Processes
2.
Ongoing
The IFA’s regulations and guidance are reviewed annually
and if necessary, updated. The Code of Ethics was last
issued in May 2013 and the Members Handbook in February
2012. Both documents seek to promote and encourage good
practice for practicing members. As documented in our last
submission, the IFA intended to fully revise the Members’
Handbook in early 2014. However, this was delayed due to
amalgamation discussions. It is IFA’s intention to fully review
and re-issue the Members’ Handbook and the Code of Ethics
in 2016.
Status as of Date of Publication
Page 4 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
The IFA continuously reviews and updates as appropriate
online and paper based practice information and guidance. In
the last two years, the IFA has focused on the education,
monitoring and compliance of practicing members with UK’s
money laundering regulations 2007. This includes providing
comprehensive information on Anti-Money Laundering (AML)
on our website, a programme of events on AML and effective
desk-top review and monitoring visits to educate members
about their responsibilities. If appropriate, AML monitoring
refers non-compliance of members to disciplinary.
Ongoing
Head of Regulation
and Policy
Staff
Ongoing
In March 2014, the IFA introduced a strengthened disciplinary
process, as part of its focus on sustainable and long term
improvement. The disciplinary regulations have been
strengthened, three new Conduct Committees have been
formed and additional processes have been put in place to
support its ongoing commitment to the highest professional
and ethical standards. The aim is to make the whole
disciplinary process more robust and to increase the
transparency of the complaints process.
Ongoing
Director of
Disciplinary and
Professional
Standards and Head
of Regulation and
Policy
Chief Executive,
Disciplinary Case
Manager, Staff
5.
Ongoing
The IFA is actively reviewing on an ongoing basis the
appropriateness of additional quality assurance review
measures and development programs for members. The IFA
recognises that its members operate in the public interest and
that quality assurance is an important area for ongoing
development. Future plans includes developing a practice
assurance scheme during 2017.
2017
Head of Head of
Regulation and
Policy
Chief Executive,
AML Reviewer, Staff
6.
Ongoing
Respond to IFAC Exposure Drafts and consultations, in
particular the Code of Ethics, professional accountants in
business and practice management for SMP and SMEs.
Ongoing
Head of Regulation
and Policy
Chief Executive,
Staff
2015
To better promote IFAC’s work to members and students, in
particular the IFAC Guide to Practice Management for Small
and Medium-Sized Businesses.
Head of Regulation
and Policy
Chief Executive,
Director of Marketing
and
Communications,
Staff
#
3.
4.
7.
Status as of Date of Publication
Ongoing
Page 5 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
Head of Regulation
and Policy and AML
Reviewer
IFA Advisory
Council, Chief
Executive, SMT,
Staff
Ongoing
Head of Regulation
and Policy
IFA Advisory
Council, Chief
Executive, SMT,
Staff
Review of IFA’s Compliance Information
8.
9.
Quarterly
Regular review of AML compliance monitoring programme
and evaluation of findings to develop action plans to educate,
support or discipline practicing members as appropriate.
Ongoing
Annual reporting of progress against SMO 1 compliance to
IFA Advisory Council.
Status as of Date of Publication
Page 6 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 2–International Education Standards for Professional Accountants and Other Pronouncements Issued by
the IAESB
a) To continue to use our best endeavours to enhance and improve educational standards for IFA members in the
SME and SMP community, taking into account IAESB’s standards and guidance, where appropriate.
b) To address IASEB’s policy recommendations relating to practical experience requirements.
c) To develop and implement a comprehensive and effective framework for CPD monitoring.
Background:
IFA’s qualifications and its components are regulated by qualifications regulator The Office of Qualifications and Examinations Regulation (Ofqual)
which regulates qualifications, examinations and assessments in England.
The IFA continuously reviews and updates its qualifications in line with Ofqual requirements, IFAC educational pronouncements and local
regulations, laws, guidance and best practice. Since its last submission, the IFA has refreshed the content in its qualifications and developed online materials for some of its qualifications to better support its students with their learning. The IFA plans to develop additional online materials to
support students to ensure that the educational needs of the SME/SMP sector are met. However, it should be noted that there are some
limitations to how the IFA can develop its provision due to the national regulator’s requirements (Ofqual).
The IFA syllabus qualification is generally compliant with IASEB’s Standards 1 – 7, which are supported by IEPSs 1 – 3. IES 8 is not applicable to
IFA members since they are not eligible to undertake audits. However, there are some areas within the IAESB’s standards that need to be
considered further as part of the IFA syllabus review which will be undertaken in 2016–17.
The IFA has been developing its information and communication to members on Continuing Professional Development (CPD) and has amended
its by-laws accordingly.
For further information about the IFA’s educational qualifications and CPD please refer to website: www.ifa.org.uk
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Education Manager
IFA Advisory
Council, Chief
Executive,
Education Manager,
SMT, Staff
International Education Standards 1–6
1.
Ongoing
IFA’s qualifications comply with IAESB’s Standards 1–4 in so
far as they apply to our members. All areas of IES 2 are
covered in the in IFA’s professional accounting education
programs, with the exception of:

audit which does not apply to our members who
operate below the audit threshold in the UK;

business and commercial law is an optional unit in level
5 qualification;

IT which is only covered in level 5 qualification.
Relevant areas of business law, commercial law and IT will be
considered as part of the next syllabus review in 2016.
Status as of Date of Publication
2016–17
Page 7 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
2.
3.
4.
5.
Start Date
Actions
Ongoing
The requirements of IES 5 and IES 6 are followed by the IFA
in line in so far as they apply to our members and the
regulatory qualification requirements in the UK. IFA does not
apply a period of Initial Professional Development as this is
incorporated within the IFA learning pathway, ethics
assessment and evidence of 2 years professional
development in an accounting role prior to becoming a
member in practice. IFA’s examinations test the application of
the specified knowledge for each of the subject areas. In
addition to passing all modules in the qualification, prior to
students progressing to membership, they are required to
complete a written assessment on ethics in the workplace.
This written assessment can be undertaken at any time prior
to becoming a member. The IFA is currently in the process of
reviewing and updating the written ethics assessments. This
project should be completed in 2016.
Ongoing
IFA will continue to review and improve its educational
qualifications and requirements to develop an approach that
is suitable for SME and SMP community and the IFA, taking
into account IAESB’s standards and guidelines, the UK’s
regulatory requirements and IFA’s educational strategy.
Ongoing
Undertake further research on how students access practical
experience and the support they obtain to develop an
approach to practical experience that is suitable for the SME
and SMP community and the IFA.
Ongoing
IFA will continue to review the criteria and pathways to
membership to ensure it meets IAESB’s standards and
guidance, where appropriate to our members.
Status as of Date of Publication
Completion
Date
2016
2016–17
2016
2016
Responsibility
Resource
Education Manager
IFA Advisory
Council, Chief
Executive,
Education Manager,
SMT, Staff
Education Manager
IFA Advisory
Council, Chief
Executive,
Education Manager,
SMT, Staff
Education Manager
IFA Advisory
Council, Chief
Executive,
Education Manager,
Staff
Education Manager
IFA Advisory
Council, Chief
Executive,
Education Manager,
SMT, Staff
Page 8 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
Actions
Completion
Date
Responsibility
Resource
1 January
2015
From 1 January 2015, the IFA has implemented mandatory
CPD for all is members (previously only practice members
had to comply with CPD requirements). As part of meeting
IAESB’s CPD requirements, the IFA has moved from an
input-based approach (measures number of hours) to a
combinations based approach (a mixture of input and output
approaches). The IFA believes that this approach will bring
more personal autonomy, freedom and flexibility on how
members wish to develop professionally, while still providing
guidance to its members as to the CPD activity that is
required.
Ongoing
Head of Regulation
and Policy
Chief Executive,
SMT, Staff
2015
Develop and implement a monitoring framework for CPD in
the organisation.
2016
Head of Regulation
and Policy
Chief Executive,
Head of Regulation
and Policy, AML
Reviewer, Staff
2015
Based on a risk framework, start monitoring a sample of
members in 2016 to ensure they are compliant with IFA’s
CPD requirements.
2016
AML Reviewer
Chief Executive,
Head of Regulation
and Policy, AML
Reviewer, SMT,
Staff
2016
Education Manager
SMT, Staff
Start Date
International Education Standards 7
6.
7.
8.
Maintaining Ongoing Processes
9.
Ongoing
Produce information and guidance on education and
competency requirements, signposting ways to achieve
improved learning and development for prospective members.
For example, the IFA has developed its education e-brochure
which includes a competency framework based on IES 3.
10.
Ongoing
Continuing improving access to learning opportunities and
CPD, and support members development through branch
networks, events and initiatives.
Ongoing
Business
Development
Chief Executive,
SMT
11.
Ongoing
To response to IAESB’s consultations on standards and
guidelines.
Ongoing
Education Manager
Chief Executive,
Staff
Status as of Date of Publication
Page 9 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Chief Executive
IFA Advisory
Council, Head of
Regulation and
Policy, SMT and
Education Manager
Review of IFA’s Compliance Information
12.
Ongoing
Annual reporting of progress against SMO 2 compliance to
IFA Advisory Council.
Status as of Date of Publication
Ongoing
Page 10 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 3–International Standards and other Pronouncements Issued by the IAASB
To use best endeavours to comply with SMO 3, taking into account IFA’s remit, capacity and competence.
Background:
The FRC’s International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland) and International Standard on Quality Control (UK and
Ireland) (ISQC (UK and Ireland) are based on the International Auditing and Assurance Standards Board (IAASB)’s International Standards on
Auditing (ISAs) and International Standard on Quality Control (ISQC) which were published in 2009.
The IFA does not train or qualify members for external audit work and is not a UK Registered Qualifying Body/Recognised Supervisory Body for
auditors. IFA members in practice in the UK do, however, offer other accountancy, taxation and consultancy services to the public. Members must
hold a Practicing Certificate from the Institute to do so. Most members are sole traders, partners or directors/principals in a limited company.
Given that the IFA is not a Recognised Qualifying Body/Recognised Supervisory Body for auditors, SMO3 has limited relevance to the IFA and its
members. While the IFA has not direct responsibility, the IFA does monitor UK adoption, and considers whether it needs to promote or support
adoption in anyway.
IFA members in practice may also undertake certain limited assurance engagements for charities which fall below the UK’s audit threshold. While
these types of assurance engagements have specific UK requirements, the IFA’s Code of Ethics has incorporated IFAC’s section 290 audit and
review engagements and section 291 other assurance engagements to provide guidance to our members in this area.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
Head of Regulation
and Policy
Chief Executive,
Director of Marketing
and
Communications,
Staff
Ongoing
Head of Regulation
and Policy
IFA Advisory
Council, Chief
Executive, SMT
Maintaining Ongoing Processes
1.
Ongoing
Continue to monitor IAASB pronouncements and
communicate these pronouncements to members as
appropriate via the usual IFA communication channels.
Review of IFA’s Compliance Information
2.
Ongoing
Annual reporting of progress against SMO 3 compliance to
IFA Advisory Council.
Status as of Date of Publication
Page 11 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 4–IESBA Code of Ethics for Professional Accountants
Continuous improvement to raise awareness and embrace good practice on ethics learning, development and
ethical behaviors amongst IFA members and students and the SME/SMP community
Background:
The IFA has adopted the International Ethics Standards Board for Accountants (IESBA) 2012 Code of Ethics. The IFA monitors the activities of the
IESBA and reviews and updates the IFA Code to include new requirements on a regular basis as required.
The IFA has developed and put in place ethics learning for students and mandated ethics learning for prospective members. The IFA’s qualifying
programme includes two compulsory ethics units.
For further information about the IFA’s Code of Ethics and member support please refer to website: www.ifa.org.uk
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
Director Marketing &
Communications
Head of Regulation
and Policy,
Education Manager,
Disciplinary Case
Manager, Staff
Ongoing
Head of Regulation
and Policy
Director Marketing &
Communications,
Education Manager,
Staff
Ongoing
Head of Regulation
and Policy
Director Marketing &
Communications,
Education Manager,
Staff
Maintaining Ongoing Processes
1.
2.
3.
Ongoing
Promotion of the Code of Ethics to members and students via
the usual IFA communication channels on a regular basis
This includes key aspects of the Code, case studies and
frequently asked questions.
Ongoing
Monitor IESBA communications for developments and
amendments to the IFAC Code of Ethic and other ethics
related areas. New requirements from the IFAC Code of
Ethics are included in the IFA Code of Ethics as required.
Ongoing
The IFA is seeking to participate more in IESBA issues of
particular interest to the SME and SMP community.
Status as of Date of Publication
Page 12 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
4.
5.
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
All students and members are required to undertake IFA
Ethics assessment before they are eligible for membership of
the IFA or evidence that they have undergone and
successfully completed an equivalent programme elsewhere.
The IFA Ethics assessment is based on knowledge and
application of the IFAC Code of Ethics which is based on the
IFAC Code of Ethics. The IFA is currently in the process of
reviewing and updating the written ethics assessments. This
project should be completed in 2016.
2016
Education
Manager/Operations
Manager
Chief Executive,
Head of Regulation
and Policy, Staff
Ongoing
Improve access to ethics learning and ethics CPD, and
support members ethical development through branch
networks, events and initiatives. For example, through our
partner organisation, we promote online courses to members
on ethical issues for accountants, professional skepticism,
ethical compliance and professionalism and ethics. To further
support our members, we will be enhancing our website
content in this area in 2016.
2016
Education
Manager/Operations
Manager
Chief Executive,
Head of Regulation
and Policy, Staff
Ongoing
Chief Executive
IFA Advisory
Council Education
Manager
Review of IFA’s Compliance Information
6.
Ongoing
Annual reporting of progress against SMO 4 compliance to
IFA Advisory Council.
Status as of Date of Publication
Page 13 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 5–International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB
To use best endeavours to comply with SMO 5, taking into account IFA’s remit, capacity and competence.
Background:
The UK government has adopted IFRS for its accounts. However, the requirements and characteristics of the public sector are not always covered
by the IFRS framework. Therefore, the public sector has interpreted and adapted the IFRS standards where IFRS does not fit public sector
requirements by referring to the IPSAS framework and standards. In general, as a result of an adaptation process which uses IPSASs as one of its
reference points, this has had the effect of bringing the UK public sector requirements closer to the IPSASs. Effectively the UK substantially
complies with IPSASs, even though it has not formally adopted them as the primary basis for public sector financial reporting.
IFA focuses on the SME and SMP community and does not have any members in the public sector. Therefore, IPSAS pronouncements and IFA’s
ability to influence these pronouncements is limited.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Ongoing
Chief Executive
IFA Advisory
Council, SMT
Review of Organization’s Compliance Information
1.
Ongoing
Annual reporting of progress against SMO 5 compliance to
IFA Advisory Council.
Status as of Date of Publication
Page 14 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 6–Investigation and Discipline
To use our best endeavours to bring the IFA into line with best disciplinary practice within as short a
timescale as possible, taking into account the resources available, enabling full compliance with the
requirements of SMO 6.
Background:
The IFA appointed its first Director of Professional Standards in 2009; the function and responsibilities for oversight in this area are evolving. Over
the past two years, the IFA has put considerable staff and financial resources into completely overhauling disciplinary, regulatory and supervisory
activity. A full reorganization of the Professional Standards Directorate has been delivered with new, highly experienced staff recruited. IFA’s
Disciplinary Regulation were re-written and implement in September 2013. A new three tier conduct committee system – with Investigations,
Disciplinary and Appeals Committees – has been introduced together with a clear separation between disciplinary work and the day to day
operations of the IFA. As part of IFA’s continuous improvement, the functioning of this new enhanced disciplinary system will be reviewed based
on experience of operation and further enhancements will be introduced as appropriate.
Following IFA’s review and subsequent enhancement of its investigation and disciplinary process, the IFA is complaint with the SMO 6
requirements.
#
Completion
Date
Responsibility
Resource
Q2 2013
IFA’s Disciplinary Regulations were re-written and
implemented in 2013, taking into account the SMO 6
requirements. The regulations are available on the IFA’s
website.
31
December
2013
Director of
Disciplinary and
Professional
Standards
IFA Advisory
Council, Chief
Executive, Head of
Regulation and
Policy, Disciplinary
Case Manager, Staff
Q2 2013
To achieve the aim of complete independence from the
operational activity of the institute for the disciplinary process;
to split the current professional standards director and into
three distinct areas – focusing on independent disciplinary
work, internal regulation and supervision, and anti-money
laundering oversight and enforcement.
31
December
2013
Director of
Disciplinary and
Professional
Standards
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
Start Date
Actions
Maintaining Ongoing Processes
1.
2.
Status as of Date of Publication
Page 15 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Completion
Date
Responsibility
Resource
31
December
2013
Director of
Disciplinary and
Professional
Standards
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
Q2 2013
In connection with the setting up of the Conduct Committees,
all committees in the disciplinary structure are chaired by
legally qualified individuals and new members and lay
members were recruited and trained to ensure that the IFA’s
disciplinary and legal requirements such as human rights
legislation are fully met.
31
December
2013
Director of
Disciplinary and
Professional
Standards
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
Q2 2013
Reviewed and revised internal processes and timelines for
dealing with complaints and the disciplinary process to reflect
the revised structure.
31
December
2013
Director of
Disciplinary and
Professional
Standards
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
Ongoing
Provide information and guidance to members, their
employers and clients on disciplinary processes, to obtain
transparency and accessibility, using the IFA’s website and
the “Financial Accountant” magazine and dedicated
communication such as press releases. Further information
on the IFA’s disciplinary process is available on the website.
Ongoing
Head of Disciplinary
and Professional
Standards and Head
of Regulation and
Policy
Chief Executive,
Directors of
Marketing and
Communications,
Disciplinary Case
Manager, Staff
7.
Ongoing
Liaise with other professional bodies and relevant public
authorities where members are involved in misconduct and
disclose information as required.
Ongoing
Head of Regulation
and Policy
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
8.
Ongoing
Publicise the proven disciplinary cases of the Disciplinary and
Appeals Hearings on the IFA’s website and the bi-monthly
magazine.
Ongoing
Head of Regulation
and Policy
Director of
Marketing and
Communications
#
3.
Start Date
Actions
Q2 2013
A new three tier conduct committee system – with
Investigations, Disciplinary and Appeals Committees – has
been introduced together with a clear separation between
disciplinary work and the day to day operations of the IFA.
The performance of the Conduct Committees is overseen by
the independent Professional Standards Director.
4.
5.
6.
Status as of Date of Publication
Page 16 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
#
9.
10.
Start Date
Actions
Ongoing
Continue to review the effectiveness of IFA’s disciplinary
process to ensure it remains fit for purpose:

recruitment of additional members for the IFA’s
Conduct Committees;

developing further training for the IFA’s Conduct
Committee;

reviewing regulations, process, documentation in this
area.
Ongoing
To monitor complaints and cases with a view of educating
members’ on key issues by including articles in IFA’s bimonthly magazine and other usual communication channels.
Completion
Date
Responsibility
Resource
2015–2016
Head of Disciplinary
and Professional
Standards and
Head of Regulation
and Policy
Chief Executive,
Head of Regulation
and Policy,
Disciplinary Case
Manager, Staff
Head of Regulation
and Policy
Chief Executive,
Director of
Marketing and
Communications,
Disciplinary Case
Manager, Staff
Head of Regulation
and Policy
IFA Advisory
Council, Chief
Executive,
Operations Manager
Education Manager
Ongoing
Review of the IFA’s Compliance Information
11.
Ongoing
Annual reporting of progress against SMO 6 compliance to
IFA Advisory Council.
Status as of Date of Publication
Ongoing
Page 17 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
Action Plan Subject:
Action Plan Objective:
SMO 7–International Financial Reporting Standards and Other Pronouncements issued by the IASB
To use best endeavours to promote understanding and take up of IFRS by the accounting community
Background:
The UK, via the Financial Reporting Council (FRC), has adopted IFRS for consolidated financial statements of all companies whose securities
trade in the regulated market. On 14 March 2013 the FRC issued FRS 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland, effective for accounting periods beginning on or after 1 January 2015. FRS 102 is based on the IFRS for SMEs, but with significant
modifications.
In February 2015, the Financial Reporting Council proposed a new reporting regime for small and micro-entities. Under the proposals, small
entities would be brought within the scope of FRS 102, the FRSSE would be withdrawn, and a new separate standard would be issued for microsized entities. In July 2015, largely in response to the implementation of the new EU Accounting Directive, the FRC issued a new standard, FRS
105 The Financial Reporting Standard applicable to the micro-entities regime, new section 1A Small Entities of FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland which are effective for accounting periods on or after 1 January 2016.
The IFA has supported the move to International Financial Reporting Standards (IFRS) by embedding the IFRS for Small and Medium Entities
(SMEs) and general learning about IFRS within its qualification programme. The IFA also provides two CPD Diplomas in IFRS for Professional
Accountants and IFRS for Business. The IFA provides coverage of relevant technical updates on IFRS to the SME/SMP community and where
appropriate, responds to IASB’s consultations in so far as they affect the SME/SMO community.
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Start Date
Actions
Completion
Date
Responsibility
Resource
Maintaining Ongoing Processes
1.
2.
3.
Ongoing
Undertake regular reviews and updating on the IFA’s IFRS
qualification and CPD programmes. A review of the IFRS
qualification syllabus is planned for 2016–17.
2016–17
Education Manager
IFA’s Professional
Team, IFA Advisory
Council, Staff and
External Experts
Ongoing
Produce relevant coverage on IFRS developments for IFA
members and use best endeavors to promote IFRS take up
amongst the accounting and business community via the
IFA’s usual communication channels and events.
Ongoing
Director of
Marketing &
Communications
Education Manager,
Operations
Manager, Staff
Ongoing
Promote IASB consultations to IFA members and respond to
these consultations, in particular those that affect SMEs and
SMPs.
Ongoing
Director of
Marketing &
Communications
Education Manager,
Operations
Manager, Head of
Regulation & and
Policy, Staff
Status as of Date of Publication
Page 18 of 19
Action Plan Developed by
The Institute of Financial Accountants (IFA)
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Start Date
Actions
Completion
Date
Responsibility
Resource
Chief Executive
IFA Advisory
Council, Operations
Manager, Education
Manager, Risk and
Compliance Group
Review of IFA’s s Compliance Information
4.
Ongoing
Annual reporting of progress against SMO 7 compliance to
IFA Advisory Council.
Status as of Date of Publication
Ongoing
Page 19 of 19