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Careers - back to school.
(From Financial Director)
Byline: Sarah Perrin.
This year, on top of everything else, finance directors will start to comply with new Continuing Professional Development (CPD) requirements.
The new CPD schemes were triggered by the International Federation of Accountants, whose International Education Standard 7 requires the introduction of CPD for all active members of IFAC member bodies. As a result, the various accounting institutes in the UK have been revamping their schemes.
Not all FDs will be affected this year, as the institutes have different start dates. For example, FDs who are members of the ICAEW are among the first to be covered, with the ICAEW's CPD scheme going live from 1 January 2005. ICAS's CPD scheme launches in January 2006.
ACCA is phasing in its CPD scheme over three years. This year it will cover members admitted since 1 January 2001, and in 2006 members admitted between 1 January 1995 and 31 December 2000. All remaining members will be included in the new scheme in 2007.
CIMA's new CPD framework has been approved by its council, but has to be endorsed by a membership vote in June. If all goes well, it should become mandatory for all CIMA members from January 2006.
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