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The ICAEW’s approach to CPD from January 2005 has stipulated that members
should, each year, identify their training needs and then ensure that they
undertake appropriate action to fulfil them. There is no longer any requirement
for a specific number of hours or points to be accumulated, only that each
individual takes responsibility to consider and plan the training they need to
carry out for their specific role.
Before the current guidelines were introduced, there was a distinction between
structured and unstructured CPD, which has now been removed. Training can be in
whatever form the member feels is most suited to the objective they have set
for themselves, whether that be attending a training event, reading a book or
using an online tool or CD-Rom.
If you are an ICAEW member working in business, you will also be subject to the
same requirements and may be asked by the ICAEW to demonstrate the training you
have undertaken at the end of each year. Like members in practice, there are no
rules regarding the form of training you undertake, and you may find that our
highly popular event, Update for the accountant in industry and commerce, is
appropriate to your training needs.
If you are a member of a different professional body, you will find that most
have very similar rules (they are all based on standards produced by the
International Federation of Accountants – IFAC). ACCA have retained a unit
based system where you must carry out 40 units (hours) of relevant CPD each
year, of which 21 must be verifiable (i.e. you can provide evidence that you
have done them).
You can find further information on your own body’s rules by looking at their
website, some of which are shown below:
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