Pronouncement 7 CPD Requirements
Members of the Institute of Public Accountants (IPA) are required to undertake Continuing Professional Development (CPD) in accordance with the requirements of Pronouncement 7 – Continuing Professional Development. Pronouncement 7 can be found on the IPA website under, IPA Rules and Standards.
The information below has been compiled to assist your understanding of the requirements of Pronouncement 7. Honorary, retired and student members are excluded from the Pronouncement 7 requirements.
IPA Members are at the forefront of the business and accounting community and are considered to be a client’s trusted advisor. With recognition comes responsibility. The Regulators, standard setters, government and the public all rely on the professional expertise, competence and ethics of IPA Members. Members must maintain the right skills and develop new skills to ensure they are able to deliver in their role as the trusted advisor.
Members are required to complete a minimum of 120 hours CPD over each three-year CPD period, comprising of a minimum of 90 verified hours and 30 unverified hours. The current three-year CPD period commenced on 1 July 2021 and will finish on the 30 June 2024. All IPA members have the same three-year CPD period applicable.
Members that join during a CPD period are permitted to meet their CPD obligations on a pro-rata basis. Please refer to Pronouncement 7 for details.
Members must complete a minimum of 20 hours for each of the three CPD-competency areas, comprising of a minimum of 15 verified hours and 5 unverified hours for each CPD-competency area. The competency areas are:
- Technical and product knowledge,
- Management and professional skills, and
- Professional and ethical standards.
All CPD activities are classified into verified and unverified training. Some examples are provided below.
Verified CPD activities:
- IPA national and state conferences,
- IPA CPD seminars and workshops,
- IPA online CPD, including webinars (live or recorded) and podcasts,
- Units completed as part of the IPA Program,
- Lectures, presentations, tutorials and studies delivered at a tertiary level by an IPA recognized education provider,
- Discussion Groups and Divisional Advisory Council meetings,
- Formal in-house training,
- Participation as a Mentor for the IPA Mentor Experience Program
(limited 40 hours per three year period), - Research, writing and presentation of technical papers
(limited 30 hours per three year period), - Serving on a technical committee or working group,
(limited 15 hours per three year period).
Unverified CPD activities:
- informal learning tasks that are initiated through reading or self-study that does not have a defined learning outcome or timeframe for the activity to be completed.
Exemptions from the requirements of Pronouncement 7, including a reduction in CPD hours, will be considered upon a written application from the member, which should contain documentary evidence of the basis for the application.. The reasons for an exemption or reduction in hours may include serious illness, parental leave, carers leave, a career change or an extended holiday.
All IPA members are subject to the IPA CPD audit process to verify compliance with Pronouncement 7. Members are required to keep a record of their CPD activities and maintain these records for a minimum of five years after the end of each three-year CPD period.
Members are subject to the IPA Quality Review Program (QRP) and if found to be non compliant with the requirements of Pronouncement 7, may be suspended or have their membership forfeited.
If you require assistance in relation to your compliance requirements under Pronouncement 7, please contact your State Office on 1800 625 625.