SOUTHERN AFRICAN INSTITUTE FOR BUSINESS ACCOUNTANTS. Guide to Continuing Professional Development

Transcription

1 SOUTHERN AFRICAN INSTITUTE FOR BUSINESS ACCOUNTANTS Guide to Continuing Professional Development

2 Continuous professional development (CPD) is a mark of professionalism. Clients, banks, state agencies and others rely on the work of Business Accountants precisely because they are committed to life long learning. Business Accountants that invest in their own development are aware of legislative changes and developments in the profession. They are therefore better equiped to advise on and benefit from these changes. International best practice, as well as local rules with regard to SAIBAs accreditation and registration as a professional body, dictate that accountantants should be subject to 120 hours of CPD in a three year cycle. This guide explains the SAIBA CPD policy and provides access to CPD events and a CPD Plan to manage your CPD requirements. For more information please contact our CPD department at cpd@saiba.org.za or phone Yvonne Nell at The CPD department

3 The SAIBA Board has adopted the SAIBA CPD policy in The initial CPD policy is available from The guidance below has been prepared based on the SAIBA CPD policy 2009 and includes changes that will become effective with the adoption of the new SAIBA constitution. This SAIBA CPD guide is based on international best practice 1 : All members must obtain CPD, and be able to demonstrate that they have obtained CPD. CPD requirements vary between members and holders of practicing certificates, licences and designations. By no later than 31 July each year, all members must submit to SAIBA an annual CPD declaration in the prescribed form that has been properly completed and signed. Failure to comply with this regulation may lead to removal from the register of members. CPD is measured in units. Using this method CPD is measured per hour spent on a learning activity. 1 Unit is equal to 1 hour. Members with the designation Business Accountant must obtain at least 20 units per annum of acceptable CPD learning activities that are relevant to their work. Members with the designation Business Accountant in Practice i.e. that are holders of a practicing certificate, licence or designation must obtain at least 40 units per annum of acceptable CPD learning activities which are relevant to their work. One unit is equal to one hour spent on an acceptable CPD learning activity. At least 62,5% units must be verifiable units. A unit will be verifiable if the member can prove that he or she was involved in an acceptable CPD learning activity. A unit will be non-verifiable if the member is unable to prove that the CPD learning activity has taken place. 1 CPD Policy based on the CPD policy of the Association of Chartered Certified Accountants

4 A unit will be verifiable if the learning activity provides or includes the following: Course outlines and teaching materials provided Attendance record, registration forms or confirmation of registration from provider Independent assessments that a learning activity has occurred Confirmation by an instructor, mentor or tutor of participation Confirmation by an employer of participation in an in-house program Units cannot be carried forward from one year to the next. Examples of verifiable learning activities, include: Approved/prescribed conferences, seminars, workshops or similar structured discussion forums offered by SAIBA or any other accredited and recognised professional body. Watching an approved/prescribed technical DVD in a group situation, i.e. two or more individuals. Reading accredited articles of TAXtalk, Accountancy SA and Business Brief which are specifically marked as verifiable for CPD purposes. Studies leading to formal assessments, for example, a National Diploma qualification. Research and lecture preparation this may include lecture preparation, presentation, research for a publication or article in the members own name or research (including relevant reading) for a new piece of work to be undertaken and supported by the Institute. Examples of learning activities, which may be either verifiable or non-verifiable, include: Participation in courses, conferences, seminars Self-learning modules or organized on-the-job training for new software, systems, procedures or techniques for application in professional role Published professional or academic writing Participation and work on technical committees Teaching a course or CPD session in an area related to professional responsibilities Formal study related to professional responsibilities Participation as a speaker in conferences, briefing sessions, or discussion groups Writing technical articles, papers, books Research, including reading professional literature or journals, for application in a professional role Professional re-examination or formal testing One single, repetitive activity, for example, teaching introductory accounting to different audiences, should not constitute a member s total CPD activity. Examples of non-verifiable learning activities, include: The reading of daily financial and business newspapers and journals, for example, Business Day, Finweek, etc Members must obtain their CPD units in areas relevant to their work and must maintain competence in professional ethics and keep their business and finance knowledge up to date.

5 All members that hold a practicing certificate, licence or designation issued by SAIBA must: Maintain competence in the specialised areas of their practice; and Obtain an appropriate proportion of CPD units in those areas. Where a member works for 770 hours or less over the course of a calendar year, he/she not comply with the requirements of the Unit Scheme provided that he/she can demonstrate that he has undertaken CPD relevant and sufficient for his/her role, save that he must obtain at least 10 units of non-verifiable CPD. This requirement does not apply to a member who: Undertakes work under a SAIBA certificate, licence or other regulated work; Is involved in the preparation or presentation of accounts of listed or other public interest entities; or Is a non-executive director of a listed entity

6 Members subject to CPD requirements shall maintain records of both verifiable and non-verifiable CPD units obtained and of the relevance of those units to their role. In the case of verifiable units, the records shall include proof that the individual was involved in an acceptable CPD learning activity. Records must be retained for three years and shall be subject to examination and verification by SAIBA and shall be provided to SAIBA upon their being requested in writing. This guide includes a CPD Plan that will assist members with managing their CPD events and keep record of their achievements. In addition to keeping relevant records members are also required to submit an annual CPD declaration to SAIBA The annual CPD declaration is available electronically on the member s profile. The profile can be accessed by logging into the SAIBA website with your username and password and navigating to Professional development. Steps to submit your annual CPD declaration: 1. Go to 2. Login using your username and password 3. Go to the Content & Features section 4. Click on Professional development

7 Training events are available from a number of training providers including universitites, colleges, professional bodies, and commercial providers. Verifiable CPD hours may be obtained from any provider that adheres to IFAC standards on CPD. However SAIBA has developed its own CPD program in conjunction with and These CPDs can be attended on a monthly subscription basis or on an event by event basis. The monthly CPD subscription plan offers the following: 5 Essential CPD Topics on DVD or Seminar Tax Update Tax Administration IFRS for SME Accounting Officer and Independent Review Companies Act and Close Corporations Act Update You can either attend the 4 hour seminar or request a 4 hour DVD Monthly Webinars Essential webinars on the latest developments in tax, accounting, and company law Weekly Technical Articles Read and study essential online articles - then answer a few online questions and earn unlimited CPD points The subscription plan is available at a monthly subscription fee of just R334 (inclusive of VAT) over 12 months. Other CPD events: For a complete list of CPD events designed specifically for SAIBA members go to All SAIBA members qualify for a 10% discount on all products and seminars offered by Seminars are presented monhtly on various topics including: accounting, auditing, company law, and management accounting Most seminars are also available on DVD. This is especially usefull for members in rural areas or for those members that are office bound.

8 Business Accountants have a responsibility to ensure that their professional knowledge and skills are up to date. We recommend that you develop and maintain a CPD Plan indicating how you identify your training s and how those s were met. SAIBA has developed a template CPD PLAN as a means of keeping record of your CPD. The plan consist of four parts: Identify what you to improve your competence Go to or or any other provider s website and identify events you should attend Book your CPD or webinar Evaluate whether your s were met The CPD PLAN template is designed to help you manage and record your progress. The CPD PLAN will provide proof that you have maintained your required CPD hours.

9 Name Surname Membership number This plan covers the period Total CPD hours Required Attained Verifiable Non-verifiable Verifiable Non-verifiable Total Total CPD Goal: What do you want your CPD to achieve for you? Relate your goal to your current role or aspirations Learning outcomes Position Goal LO 1. IFRS for SME Accountant that prepares financial statements for large companies Obtain understanding of IFRS for SME LO 2. LO 3. LO 4. LO 5. LO 6. LO 7.

10 LO 8. Learning outcome 1: IFRS for SME I more knowledge of IFRS for SME IFRS for SME Workshop Planned date: April / May 2014 Complete online application on Done Yes No I attended the course and completed an online assessment. I now have a better understanding of IFRS for SME and have already seen the benefits in the financial statements that I prepare for clients. Learning outcome 2 Learning outcome 3 Learning outcome 4

11 Learning outcome 5 Learning outcome 6 Learning outcome 7 Learning outcome 8