Accountants must maximise their CPD each year, as it gives them regular touchpoints to hone their skills and keep up with industry developments, such as technical, legislative and regulatory changes, and the latest in best practices, which ensures they are always providing quality services to their clients.
The Access Group is a provider of software for accountants, and we want public accountants in practices and firms throughout Australia and New Zealand to make their Continuing Professional Development (CPD) a priority. By investing in free CPD for accountants, there is no need to break the bank as you would have to when investing in paid CPD resources.
This guide provides an overview of free CPD for accountants, providing all the information on the various types of free CPD resources for accountants available so that you can decide which is best for your needs.
Do accountants need CPD?
Continuing Professional Development (CPD) helps accountants to develop and maintain their professional competency each year. It can help accountants to safeguard their professional integrity and protect public interest.
Continuing Professional Development is a type of personalised learning, an approach that recognises that every learner is unique in their strengths and weaknesses. Through personalised learning, accountants will have a learning experience tailored to their individual development needs rather than a one-size-fits-all approach.
The minimum number of hours accountants must complete each year in CPD is 20, and the total hours required over three years is 120.
In Australia, there are slight variations in the CPD requirements for accountants depending on their membership status with professional accounting bodies such as CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), and the Institute of Public Accountants (IPA).
Here is a quick overview explaining the slight variations in CPD requirements for each of these professional accounting bodies:
- CPA Australia: Members of CPA Australia must complete 120 hours of CPD over a rolling three-year period. Of these 120 hours, a minimum of 20 must be completed every financial year.
- Chartered Accountants Australia and New Zealand (CA ANZ): CA ANZ members must complete a minimum of 120 hours of CPD over a rolling three-year period. Of these 120 hours, 90 must be verifiable CPD and a minimum of 20 CPD hours must be completed every financial year.
- Institute of Public Accountants (IPA): Members of the IPA are required to complete a minimum of 120 hours of CPD over a rolling three-year period. Of these 120 hours, a minimum of 20 must be completed each financial year.
It's important to note that these are minimum requirements, and members may choose to complete additional CPD hours if they wish. Members must also keep records of their CPD activities and report their CPD hours to their respective professional accounting bodies annually.
What counts as CPD for accountants?
According to CPA Australia, there are many different types of CPD activities you can record:
- Conventions and conferences
- Webinars, seminars and workshops
- Discussion group meetings
- In-house learning
- Tertiary and professional body courses
- Researched/technical publications
- Online learning
- Reading, listening or watching media (maximum 10 hours each year)
- Mentoring (maximum 10 hours each year)
Where to keep track of your CPD hours
Accountants should keep track of their activities throughout the year using a CPD Diary and maintain these records for approximately 12 months.
The main reason for this is that professional accounting bodies are known to select their members annually for reviews. When this occurs, documents and proof must be provided by the accountant.
Remember, it is much easier to document your CPD hours throughout the year rather than try to remember the activity date and times months down the track.
What are the best free CPD opportunities available for accountants?
The good news is that plenty of free CPD opportunities are available for accountants.
Here are some great ways to boost your accounting knowledge and skills without breaking the bank:
Online courses and webinars
Many organisations offer free online courses and webinars on various accounting topics.
Webinars are usually recorded so that you can watch them at your convenience. They provide an excellent opportunity to learn from industry experts and keep up to date with the latest industry trends and developments.
CPA Australia offers various complementary hour-long CPD courses to its members through its CPA Library, from accounting and leadership topics to monthly tax updates.
CA ANZ offers many 1-hour webinars for free to its members on topics such as inclusive leadership, as well as training in SMSF, financial planning, IFRS, tax and risk management.
There are several free online courses available for accountants. Websites like AccountingCPD offer a range of free CPD courses on accounting topics that you can access from anywhere, anytime, and learn at your own pace.
Professional accounting organisations
Professional accounting organisations like the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA) offer free CPD resources for their members. These resources include webinars, podcasts, and articles on various accounting topics.
Podcasts
The CPA Australia podcast provides commentary and thought leadership across business, finance and accounting that accountants could listen to on to go with their chosen device. The podcast covers career skills, business strategy, public practice, current issues and accounting industry updates.
There are also many popular tax-focused podcasts that accountants can use, including Tax Yak by TaxBanter, Tax Wrap by Tax and Super Australia and Tax Talks.
Mental Health Training
Deakin University offers accountants and bookkeepers a free online mental health training course called Counting On U. This training can help you to support your accounting practice clients throughout challenging times and financial and emotional distress.
Throughout the program, accountants can earn up to 14 CPD hours. The course combines Mental Health First Aid with training consisting of pre-work, Zoom workshops and two booster sessions 1 and 3 months after attending the workshops.
To be eligible to participate in the free Counting on U training, you must provide business advice to small and medium-sized business owners and meet with them at least three times per year.
Technical videos
Once subscribed, Advisers Digest offers accountants free weekly technical videos, tax training, paid webinars, courses and events.
Advisers Digest was formed by Peter Johnson to provide high-level technical support, advanced and introductory training and SMSF auditor CPD training. Peter is a CPA with lots of experience as both a practitioner and practice owner and is a highly respected instructor for CPA Australia and SMSF specialist.
LinkedIn Learning
LinkedIn Learning is an excellent platform for professional accountants looking to expand their knowledge and skills. They offer a range of courses on accounting, finance, and business, and you can access them for free with a LinkedIn Premium account.
LinkedIn Learning offers more than 16,000 on-demand CPD courses that can include learning unique technical skills (such as Excel for Accountants) and professional development.
Accountants who hold a membership with Chartered Accountants ANZ will be able to access Linkedin Learning and save themselves $350 every year.
YouTube channels
There are many dedicated accounting YouTube channels, and they offer a wealth of information and insights.
Channels like Accounting Stuff and The Accounting Coach provide free tutorials, webinars, and tips on various accounting topics.
What is the best free CPD for accountants?
As you will have read in our article, plenty of free CPD opportunities are available for accountants, including but not limited to online courses and webinars, technical videos, podcasts and YouTube channels.
By taking advantage of these free CPD resources for accountants, you can keep abreast of all the latest accounting industry developments, such as technical, legislative and regulatory changes. They will also help you gain new skills and knowledge, which can help you achieve your career goals and thrive in a competitive business environment, and increase your value within your practice, both as a practice leader and to your clients.
Remember to check out our practice management resource hub, which contains many resources, the latest insights, and best practice advice to help busy accountants.