What is CPD and why does it matter?
CPD or Continuing Professional Development is the “intentional maintenance and development of the knowledge and skills needed to perform in a professional context.” Simply put, it’s designed to help and encourage professionals to pursue learnings to enhance their skill sets.
This will help employees set a clear path to success in their current roles. Furthermore, this can serve as a guarantee that professionals in regulated industries are on the top of their game because they can lose their license to practice if they do not maintain their CPD.
Accountants are just one of the many professionals who need to meet CPD requirements. The Board of Accountancy (BOA) has established programs to help accountants meet the demands of the ever-changing industry by improving key competencies and, in the long run, upgrade the accounting profession.
In 2017, BOA increased the CPD requirements for accountants from 60 to 120 within a compliance period of three years. It will be implemented this way:
How do you get CPD points?
- Become a facilitator, resource speaker, or attend training courses by accredited CPD providers
- Get a post-graduate degree; be a professional chair or researcher
- Obtain self-directed training
- Engage in activities approved by BOA, PRC, and the CPD Council
Upcoming changes in CPD
The Board of Accountancy, in its website, issued some proposed changes in the CPD. Among them are:
- Gradual increase in the number of CPD units required to be completed for the 3-year period from 60 units to 80 units for the period ending December 2016 to 100 units for the period ending December 2017 and 120 units for the period ending December 2018.
- Clearer rules on securing CPD credits for self-directed and non-verifiable learning activities
- Encouraging the provision of more CPD online courses
- Shift from CPD learning categories to make them more consistent with International Education Standards
- Encouraging more CPD service providers from the academe and government sectors
- Using monitors or proctors in CPD seminars who will be responsible for monitoring attendance and of CPD participants
- Mandatory short quiz by the CPD resource person to all attendees at the end of the CPD session as a requisite for earning CPD units
- More streamlined monitoring of CPD units by means of IT Tracking System
Here are important things you need to know about CPD points:
TOA Global is committed to our accountants’ professional and personal development. That’s why we have put in place learning and training courses to upskill our team members and help them earn more CPD points. We’ve recently launched TOA Academy.
- Improve professional skill sets for career growth
- Obtain international certifications
- Develop a personal connection with fellow team members
- Become more motivated and feel valued by your organisation
- Increase job opportunities
We highly encourage you to visit the Academy and check out available courses designed to add to your skills and key competencies.