According to analysis by the Institute of Financial Accountants (IFA), an estimated one in 12 accountants don’t complete enough relevant verifiable CPD units each year, instead listing non-verifiable CPD sources in their diary.
The analysis also found that one in five complete at least 50% of their CPD in the 30 days before their respective deadlines.
CPD is a requirement of most professional bodies, but the IFA said it seems that pressure of the ‘day job’ means it’s a last minute consideration for many practitioners and not implemented as part of an annual plan.
It added that as a practising accountant, CPD is an “essential” part of keeping up with individual and business needs and it is advisable to have a long-term plan.
However the IFA said for many accountants clocking up enough hours of CPD can be a “difficult task” but is one that is “crucial” for professional development and keeping abreast of changes and updates, especially in the current ever-changing financial climate.
The body added that it is also set to increase in importance in the coming years as the Government updates core financial controls, including anti-money laundering legislation. It is also a requirement of the majority of professional bodies, and tends to align with a calendar year – ending 31 December each year.
John Edwards, CEO of the IFA, said: “Mandatory CPD ensures that our industry practitioners develop and maintain their professional competence to perform their roles to the highest possible standards. We’ve tried to make it as accessible as possible to secure CPD hours and with our IFA Direct online learning programme, it couldn’t be easier.”