AAT becomes full member of IFAC

Monsoon

http://aat.org.uk/news/article/aat-becomes-full-member-ifac?2

I'm delighted by this news. I'm not sure of the full consequences/benefits of this, but I'd like to think it would certainly enhance the credibility of the AAT as accountants, especially in practice, and with banks for mortgage references etc.

What do you think?

Fireraiser

I wonder why the news was buried in an email entitled, "Benefit from life membership". I almost deleted it without reading it. This sounds like good news, but I'm far from sure what it means for we members. I hope we'll get more info soon. Maybe I wasn't paying attention but I didn't even know the AAT was applying for membership. I'm not a member of the IFA, but I knew they were applying for IFAC membership and I knew the day they got it.

Compare & contrast http://www.ifa.org.uk/smes-and-smps/ifac/ http://aat.org.uk/news/article/aat-becomes-full-member-ifac?2

Paul C

I'm also really pleased (well done AAT) and hope its recognizes all the hard work of the AAT and its members.

I hope it means that AAT is able to start calling its members accountants rather than technicians.......I'm not trying to call myself a chartered accountant but I am an accountant! And I think the AAT qualification is worthy of that term - especially when added to the work experience we all build up (over 20 years in my case - gulp).

The AAT article once again talked about "technicians". Being able to and actually calling ourselves accountants would do a huge amount for the public, bank, client understanding of what we do?

Fireraiser

Paul C wrote: »

I'm also really pleased (well done AAT) and hope its recognizes all the hard work of the AAT and its members.

I hope it means that AAT is able to start calling its members accountants rather than technicians.......I'm not trying to call myself a chartered accountant but I am an accountant! And I think the AAT qualification is worthy of that term - especially when added to the work experience we all build up (over 20 years in my case - gulp).

The AAT article once again talked about "technicians". Being able to and actually calling ourselves accountants would do a huge amount for the public, bank, client understanding of what we do?

Couldn't agree more! I'd love to post this article on FB and LinkedIn, but I know the response I'd get from others would be along the lines of, "What's an Accounting Technician? I thought you were an accountant!"

stevef

IFAC is the International Federation of Accountants and should not be confused with IFA, the Institute of Financial Accountants. They are very very different.

IFAC is the global umbrella body for all the major accounting bodies worldwide, it is the international equivalent to CCAB, but unlike CCAB can not apply rules and sanctions on its members. So being admitted as a full IFAC member is a major feather in AAT's cap and gives an international stage for it to be recognised on. IFAC's main role is in the development of Accounting Standards (the International Financial Reporting Standards), by being a member AAT will have a voice in the debating of, setting and amending IFRS'.

IFAC are also creating a parallel set of Public Sector international financial reporting standards, which through ACCA (the Welsh Public sector group) and CIPFA (LAAP) I have been trying to influence for years, now that AAT have a voice on that forum I can make a nuisance of myself here as well.

Also for several years now I have been crusading for the beefing up of sustainable develoment reporting and the creation of a reporting standard on that subject. The major players in the UK/international scene are GRI (Global Reporting Initiative), A4S (Prince of Wales Trust - Accounting for Sustainability), IFAC and ACCA. AAT (and CIPFA to that matter) have been trying to be proactive in this area and by becoming a full IFAC member will greatly help their ambitions. As a side issue to this, the Welsh Govenment is blazing ahead of other central governments in this area by preparing a Bill on Sustainable Development. The Bill will under pin all other Welsh legislation and places a duty on all the public sector in Wales to embed sustainable development in the heart of its strategy and policy setting processes and procedures. A white paper was launched last week and is out for consultation until 4 March, I have been sitting on a refrernce group advising the Welsh Government on the Bill and was a little disappointed on theway it side stepped reporting, but I have been promised that a working party will be set up before the Bill is finalised to consider reporting issues in more detail. If you are interested in this area please take part in the Consultation exercise.

Sorry, I digress, joining IFAC is brilliant and increases AAT's reputation, but does not change the name of the Associaion or the designation of its members. This is a matter for AAT under the watchful eye of the CCAB who defend and try to restrict the use of the words Chartered and Accountants to its member bodies of which there are five (ACCA; CIPFA; ICA in England and Wales; ICA of Scotland; and ICE in Northern Ireland) all five are also full members of IFAC.

Monsoon

Good to hear everyone's thoughts

CCAB can protect use of the word "chartered" as much as they like, and rightly so.

Those of us AAT members who are accountants (and being AAT does not automatically make you an accountant; the experience you have through working in accounts makes you an accountant, or not, as the case may be) should carry on calling ourselves Accountants; the word is not protected, nor should it be.

The AAT does refer to some of its members as accountants but not every AAT is. Qualifications make us technicians. Experience makes some of us accountants.

jenny3549

Monsoon wrote: »

The AAT does refer to some of its members as accountants but not every AAT is. Qualifications make us technicians. Experience makes some of us accountants.

The perfect definition! :biggrin: