CPD Requirements
Changes to the CPD Requirements
There has been significant developments in CPD throughout the accounting profession and in response to these developments, the IPA amended the requirements in Pronouncement 7 to promote a more holistic Member CPD program.
These changes were considered essential to uphold the public interest and to maintain an adequate level of consumer protection. A more holistic CPD approach follows the legal, financial advice and other professions, which have established categories of CPD to ensure a balanced approach to life-long learning.
In May 2021 in preparation for the 1 July 2021 – 30 June 2024 CPD period the IPA Board approved the introduction of three CPD competency areas into Pronouncement 7.
Please note that Pronouncement 8 does not have these CPD competency area requirements.
Three CPD Competency Areas
The three competency areas under Pronouncement 7 are:
- Technical and Product Knowledge
Technical knowledge of core accounting areas, - Management and Professional Skills
Develop and manage the productivity, behaviour and operations of accountants in their environment, and - Professional and Ethical Standards
Understand and apply the professional and ethical standards in the public interest to promote the professionalism and value of the accounting profession.
Members are required to complete a minimum of 20 hours for each CPD competency area, which comprises of a minimum of 15 verified hours and 5 unverified hours for each CPD competency area.
CPD Competency Area Activities
Examples of eligible CPD for each of the three CPD competency areas are as follows:
Technical and Product Knowledge
- Financial and management accounting
- Financial reporting
- Taxation
- Auditing and assurance
- Integrated, sustainability, environmental reporting
- Business law and regulation
- Governance
- Business strategy
- Superannuation, Self-managed Superannuation Funds, retirement planning
- Public sector accounting
- Charities and Not-for-profits
- Financial advice
Management and Professional Skills
- Interpersonal and communication skills
- Personal development skills
- Practice management, negotiation and leadership skills
- Cyber security and technology
- Problem solving and decision-making
- Mental health training
- Productivity and business processes
- Corporate Social Responsibility
Professional and Ethical Standards
- Knowledge and application of the APES 110 Code of Ethics
- Knowledge and application of all relevant Standards, Guidance and Pronouncements issued by the Accounting Professional and Ethical Standards Board
- Knowledge and application of other relevant Codes of Ethics or Codes of Professional Conduct required pursuant to a statutory registration
- How to approach and solve an ethical dilemma
- Professional judgement and skepticism
- The value of an accountant to the community and the role they hold in assisting others.
Eligible CPD
The introduction of the three CPD competency areas has benefited Members as Members are permitted expand the range of CPD activities they complete as the scope of eligible CPD is significantly wider under the changes to Pronouncement 7.
For further information or guidance on CPD activities, please click here or contact your Division Office.