The Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (CCA). Founded in 1904 as the London Association of Accountants, it is one of six chartered accountancy bodies in the UK and Ireland, with over 750,000 members and students in 180 countries. ACCA was granted a royal charter in 1974.
ACCA's recognised qualification of Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.
Under its charter, ACCA's principal objective is advancing the science of accountancy, financial management and related subjects. It also aims to "advance and protect the character of the profession of accountancy" as well as to "promote the highest standards of competence, practice and conduct among members."
History ACCA traces its origin to 1904, when eight people formed the London Association of Accountants to allow more open access to the profession than was available through the accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS). As of 2020, the vision of ACCA is to develop the accountancy profession the world needs.
Key dates in ACCA history include:
1909: Ethel Ayres Purdie is elected as the first female associate member of an accounting professional body. 1917: London Association of Accountants is the first UK professional body to examine tax. 1930: London Association of Accountants successfully campaigned for the right to audit companies. 1933: London Association of Accountants renamed to London Association of Certified Accountants. 1939: Corporation of Accountants (Scottish body, founded 1891) merged with London Association of Certified Accountants to become the Association of Certified and Corporate Accountants. 1941: Institution of Certified Public Accountants (founded 1903, and incorporating the Central Association of Accountants from 1933) merged with Association of Certified and Corporate Accountants. 1971: Association of Certified and Corporate Accountants renamed Association of Certified Accountants. 1974: Royal Charter granted by Queen Elizabeth II. 1974: ACCA became one of six founding members of the Consultative Committee of Accountancy Bodies (CCAB). 1977: ACCA became a founding member of the International Federation of Accountants (IFAC). 1984: Association of Certified Accountants renamed to Chartered Association of Certified Accountants. 1995: ACCA members voted at an extraordinary general meeting to rename itself Association of Chartered Public Accountants and to introduce the designation Chartered Public Accountant. The Privy Council subsequently rejected this proposal over concerns about the term 'public'. It did however agree that any accountancy body bearing a royal charter could use 'chartered' as part of its designation. 1996: Chartered Association of Certified Accountants renamed to Association of Chartered Certified Accountants. Members are entitled to use the title Chartered Certified Accountant (Designatory letters ACCA or FCCA). The Association of Authorised Public Accountants (AAPA) became a subsidiary of ACCA. The organisation earned its first Queen's Award, for Export Achievement. 1998: ACCA's syllabus formed the basis of the United Nations' global accountancy curriculum titled Guideline on National Requirements for the Qualification of Professional Accountants, published in 1999. ACCA was a participant in the consultative group that devised this global Benchmark. 2001: ACCA received a Queen's Award for Enterprise: International Trade, recognising ACCA's growth and its role in 160 countries worldwide. 2002: ACCA received its second Queen's Award for Enterprise in the space of 12 months, in the Sustainable Development category. The award recognized ACCA's continuing work on social and environmental issues. 2009: ACCA members allowed to provide probate services as of 1 August under Probate Services (Approved Bodies) Order 2009 Number 1588. 2011 onward: ACCA is the first accountancy body to publish an integrated annual report. 2014: ACCA members and student numbers reached 600,000 worldwide. 2015: ACCA launched MSc in Professional Accountancy with the University of London. 2016: ACCA formed a strategic alliance with Chartered Accountants Australia and New Zealand (CA ANZ). 2017: ACCA reached over 700,000 members and students worldwide, with 208,000 fully qualified members and 503,000 students in 178 countries. The AAPA was absorbed into the ACCA. 2018: ACCA introduced Strategic Professional – a new level of the ACCA Qualification. 2020: ACCA announces its commitments to the UN Sustainable Development Goals 2025: ACCA announces redesign of qualification for a redefined accountancy profession.
Qualifications
The term Chartered Certified Accountant was introduced in 1996. Prior to that date, ACCA members were known as Certified Accountant. It is still permissible for an ACCA member to use this term. Members of ACCA with post-qualification experience of more than five years and have completed the required continued professional development are designated Fellows, and use the designatory letters FCCA in place of ACCA.
The term Chartered refers to the royal charter granted by Her Majesty Queen Elizabeth II of the United Kingdom.
Chartered Certified Accountants work in all fields of business and finance. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Since Chartered Certified Accountant is a legally protected term, individuals who describe themselves as such must be members of ACCA. If they carry out public practice engagements, they must comply with additional regulations such as holding a practising certificate, being insured against any possible liability claims and submitting to inspections.
ACCA offers the following certifications:
Chartered Certified Accountant (ACCA) Chartered Certified Accountant is the professional body's main qualification. Following completion of up to 13 professional examinations, three years of supervised, relevant accounting experience and an ethics module, it enables an individual to become a Chartered Certified Accountant. The ACCA professional examinations are offered worldwide four times yearly in March, June, September and December as paper-based and computer-based exams. On-demand computer-based exams (CBE) are also offered for the first four exams (BT, MA, FA, LW), and Session CBEs for the rest (PM, TX, FR, AA, FM) which are available to be taken at ACCA licensed exam centres. A Bachelor of Science (Honours) degree in Applied Accounting (after completing the Fundamentals level of the exams, the Ethics and Professional Skills module and submitting a Research and Analysis project), is offered in association with Oxford Brookes University.
From September 2018 onward, the syllabus comprises 13 examinations and an Ethics and Professional Skills module (EPSM), although some exemptions are available. In April 2019, a Data Analytics unit was added in EPSM .
The qualification is structured in three modules, plus an Ethics and Professional Skills module and a Professional Experience Requirement (PER).
Disciplinary proceedings ACCA students, affiliates and members are bound by ACCA rules and regulations. ACCA is able to take disciplinary action (such as revoking ACCA qualification or exacting a fine) against them if they breach ACCA rules. ACCA rules and regulations are governed by English and Welsh law and ACCA disciplinary decisions can only be challenged in England and Wales.
Legal and mutual recognition
Europe
United Kingdom and Ireland The ACCA or Chartered Certified Accountant qualification is fully recognised in both the United Kingdom and Ireland.
Under its Charter, ACCA works in the public interest. It is a Designated Professional Body under the Financial Services and Markets Act, business activities. It is a Recognised Professional Body under the Insolvency Act to issue permits to individual Chartered Certified Accountants to conduct insolvency appointments. It is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act of 1989. ACCA is a member of the Consultative Committee of Accountancy Bodies (CCAB). Members of these bodies are deemed to hold equivalent-level qualifications and advertisements for jobs often state that an organisation is looking for a CCAB-qualified individual. Full members of CCAB organisations including ACCA could apply for ICAEW membership subject to certain criteria. Only ACCA, ICAEW, ICAS, Association of International Accountants (AIA) and Chartered Accountants Ireland (CA Ireland) are able to authorise members to conduct audit, insolvency and investment business work in both the United Kingdom and Ireland. Outside these countries, legal recognition by government authorities and mutual recognition by equivalent overseas institutes, varies. Where full legal or mutual recognition is not available, ACCA members can sometimes obtain advanced standing in terms of sitting local accountancy examinations. ACCA's strong global reputation may make it unnecessary to acquire a local designation. Similarly, many universities and educational providers recognise ACCA as equivalent to at least a Bachelor's degree in accountancy, for the purpose of obtaining credit towards a local master's degree or an advanced study program.
The Quality and Qualifications Ireland (QQI) assigned ACCA Qualification to 'Level 8' of the Irish National Framework of Qualifications (NFQ) in 2018. Level 8 holds Irish postgraduate qualifications, such as postgraduate diplomas and master's degrees.
In 2011, the Financial Reporting Council (FRC; then Professional Oversight Board) published information for the first time about its concerns over self-regulation by particular institutes. Press reports highlighted comments about ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to monitoring long-time members. In 2011, 2012 and 2013 the ACCA professional body had the highest percentage of A&B (best) outcomes from FRC's Recognised Supervisory Body (RSB) visits to a sample of 'Registered UK Audit Firms'. ACCA firms tend to audit smaller and less complex clients.
As of 2023 there were over 113,000 members and 72,000 students in the UK & Ireland.
European Union (EU), European Economic Area (EEA) & Switzerland The ACCA qualification is legally recognized by all member countries of the European Union under the Mutual Recognition Directive. This recognition extends to the European Economic Area nations and Switzerland. For example, a holder of the ACCA could practice as an accountant in all member countries of the European Union, European Economic Area and Switzerland, describing himself/herself as ACCA or Chartered Certified Accountant. Access to local professional qualifications requires a separate test.
At the end of 2016 there were over 16,000 members and almost 60,000 students in Europe (excluding the UK & Ireland).
Turkey ACCA and the Union of Chambers of Certified Public Accountants of Turkey (TÜRMOB) signed a partnership agreement in 2004 which enables TÜRMOB members resident in Turkey to follow the ACCA Strategic Professional level and achieve ACCA membership.
North America United States