The Institute was founded in 1916. In 1973, the IFA established the International Association of Book-keepers and members of IAB participate in IFA's benevolent fund. In 1997, the Chartered Institute of Management Accountants granted reciprocal exemption to the IFA for seven of its exams. However, in that same year ACCA sued IFA for plagiarising ACCA's examination syllabi. The parties neared a settlement agreement. However Accountancy Age reported that, "The High Court found the IFA had plagiarised large portions of ACCA's syllabus, including a typographical error." In 2005, during a round of merger talks between certain chartered bodies, talks took place with the ICAEW with a view to establishing IFA both as a feeder body, and as a 'fall-back' professional body for accountants who had not passed the final exams of other bodies such as CIMA or ACCA. In 2006, talks took place between the IFA, the Association of Accounting Technicians and the International Association of Book-keepers, regarding the creation of a joint qualification structure. As of 2007, IFA members are recognised by HM Treasury as supervisors under anti-money laundering legislation. In 2008, the IFA became an associate member of the International Federation of Accountants, and a full member in 2011. IFA merged with the Federation of Tax Advisers in 2009. In 2014, the IFA announced a merger with the Institute of Public Accountants of Australia to form the IPA Group; the world's largest SME/SMP professional accountancy body. Members of the IFA obtained membership of the IPA at their equivalent IFA membership grade. As of 2015, its website claimed "10,000 members and students". As of 2019, the IFA had about 6,000 members in 80 countries.
Membership and certifications
As of 2015, membership of the IFA was generally given to applicants completing a period of relevant work experience and passing a series of examinations for the IFA qualification; applicants could also be admitted to membership by way of exemption or by accreditation of prior learning. As of 2019, IFA qualifications are no longer available for new students, but are replaced by studying for the "IFA Direct" programme with CU Coventry. Recognition of prior experience is no longer a route to membership. IFA is recognised by the Office of Qualifications and Examinations Regulation since 2011. Ofqual regulates qualifications, examinations and assessments in England and vocational qualifications in Northern Ireland and grants formal recognition to bodies and organisations that deliver qualifications and assessments. IFA offers various certifications in financial accounting, tax advice, and financial and business management, all in small and medium-sized enterprises.
