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The concept of verifiable CPD
As a practising member, Peter has of course been undertaking continuing professional development (CPD) since long before the launch of ACCA Realise in January 2005.  For Peter it was more a change in the detail – something he is very used to – rather than a fundamental change. One of the main changes for practising members has been the move from structured CPD to verifiable CPD.  “I didn’t realise at first how much more flexible verifiable CPD is than the old ‘structured CPD’ approach. This change makes CPD more relevant to all members, especially those who have moved into other areas.”

Peter feels that the vast majority of members will want to undertake CPD anyway, irrespective of regulations. This certainly seems to be the case to date, with outstanding engagement so far from ACCA members in relation to CPD – for example just under 100% annual CPD returns received after ACCA Realise’s first ever year.

Embracing technology
Having qualified in 1975, Peter set up his practice in a semi-rural part of York in 1980. “Although we undertake a wide range of general practice work, we specialise in accounting and advisory services for charities, and for other firms of accountants who may require charity accounting expertise. This accounts for about 50% of our work. As a firm we have embraced communications and information technology so for the most part it doesn’t matter where we are based geographically as clients are only a mouse click or phone call away. We’ve been paperless for seven years and all our files are electronic with off-site back-up. This has eliminated some of our overheads, enabling us to offer charities a rate they are more able to afford.”

In May 2006, the firm was awarded the ACCA Quality Checked standard – demonstrating a commitment to high professional standards by applying 'best practice' procedures throughout its business.  Peter Large, executive director - Professional Standards, said: "The award of ACCA Quality Checked is one way of assuring businesses and the public that they can have confidence in the services offered by accountancy firms. The standards we set are high and it is a major achievement for any firm to secure this award, which reflects well on the calibre of staff and the services it offers to its clients."

Keeping technical skills and knowledge up to date

SORP software
Peter has written the content for one of the few software packages available to help charities produce SORP compliant accounts. His SORPaid templates are designed to integrate with well known software to produce accounts for both incorporated and unincorporated charities.  The accounts produced will comply both with the SORP and with the Companies Act and also with audit and other regulatory requirements.
 
Face to face training
Another important area for the business is the training company attached to the practice. The Charity Commission place great emphasis on the training given to trustees and administrators, and also to the induction of new trustees.
It is important for the good management of charities that trustees and administrators are aware of their obligations, and that their advisors keep up to date. Peter saw an opportunity to use the skills he develops and maintains during the course of this practice work to provide this much needed training. Each year – when the practice is less busy – Peter trains 5000 attendees in four different courses including charity law and charity accounting.  Delegates are groups of 20-100 trustees and solicitors.

“The technical content changes annually, and of course in order to maintain my knowledge for the practice and to develop the training I have to be up to date. It’s great to know that by preparing a training programme and developing software, something I am doing for my business anyway, I can gain verifiable CPD.”

Peter has also been involved in the writing of a working paper with the Charity Commission advising on how independent examinations of charity accounts should be conducted.

Finally - how much CPD is enough?
Peter reflects, “Rather than thinking about the right amount of CPD to meet ACCA’s requirements – I undertake learning in the course of my work to maintain and grow my business. The activities I do to keep up to date translate into more than enough to meet the ACCA requirement. In fact I am exceeding ACCA’s requirement each year and, while it is nice to know that there is a carry forward mechanism, I probably wouldn’t need to use it. Even for members who aren’t in practice - if you are keeping up to date with the technical and soft skills you need to perform your job effectively, whatever that job is, then you should easily be able to meet the requirement.”

For more information, go to www.accaglobal.com/members/cpd.

Inset box: what is verifiable CPD?
No matter what your learning activity is, if you can answer 'yes' to the three questions below, you can record your learning activity as verifiable CPD.

1. Was the learning activity relevant to your career?
2. Can you explain how you will apply the learning in the workplace?
3. Can you provide evidence that you undertook the learning activity?

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