Market Recognition
The IPA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (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 (IFAC) 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 2 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. Since this repositioning, full members (MIPAs and FIPAs) of the IPA use the designation “Public Accountant”.
Read more about this topic: Institute Of Public Accountants
Famous quotes containing the words market and/or recognition:
“When General Motors has to go to the bathroom ten times a day, the whole country’s ready to let go. You heard of that market crash in ‘29? I predicted that.... I was nursing a director of General Motors. Kidney ailment, they said; nerves, I said. Then I asked myself, “What’s General Motors got to be nervous about?” “Overproduction,” I says. “Collapse.””
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