As a CPA Australia member, staying ahead in the dynamic world of accounting requires continuous learning and development. Continuing Professional Development (CPD) ensures you maintain your professional competence, enhance your skills, and adapt to the evolving accounting landscape. This comprehensive guide outlines everything you need to know about CPA CPD requirements in Australia, along with recommended CPD packages to help you stay compliant.

What is CPD?

CPD (Continuing Professional Development) encompasses a range of activities that expand your knowledge and teach you new skills relevant to your profession. It's a commitment to lifelong learning that benefits you, your employer, and the public by safeguarding the integrity of the accounting profession.

Why is CPD Important for CPA Australia Members?

Engaging in CPD is not just a membership requirement—it’s an investment in your professional growth and success. Through effective CPD activities, you can:

• Acquire new skills and knowledge to help you achieve your career goals.

• Stay up-to-date with technical, legislative, and regulatory changes.

• Build the skills necessary to thrive in a competitive business environment.

• Develop your reputation as a trusted business leader.

• Increase your value to your organization and clients.

What Activities Qualify as CPD?

CPA Australia recognizes a diverse range of CPD activities, categorized as:

• Formal Learning: Conferences, workshops, seminars, and accredited courses.

• Informal Learning: Reading industry journals, participating in webinars, or listening to podcasts.

• On-the-Job Learning: In-house training, mentorship, and practical experience.

• Other Activities: Research, writing technical publications, or serving on professional committees.

Verifiable CPD Activities

Verifiable CPD requires evidence of completion, such as certificates of attendance or course completion. This ensures the activity is objective and corroborated.

Recommended CPD Packages for Accountants in Australia

To help you meet your CPD requirements efficiently, LearnFormula offers a variety of high-quality CPD packages. These packages are tailored for Australian accountants and provide verifiable CPD hours.

Top CPD Packages You Should Consider:

1. PACKAGE: Annual CPD Compliance for Accountants 

Stay up-to-date with your professional requirements through this comprehensive course, designed to help accountants meet their annual Continuing Professional Development (CPD) obligations.

2. Excel Skills for Accountants

Master essential Excel functions and advanced tools tailored for accounting professionals to streamline data analysis, financial reporting, and decision-making processes.

3. Triennium Ethics Compliance

Fulfill your three-year ethical compliance requirements with this in-depth course, focusing on professional standards, integrity, and ethical decision-making for accountants.

4. Custom CPD Package for Accountants 

Customize your learning journey by selecting courses that align with your professional goals and interests.

Explore all these CPD packages on LearnFormula for comprehensive learning options tailored to your needs.

How to Record Your CPD Hours

CPA Australia offers a CPD Diary for members to record and track their CPD activities. Make sure to:

• Log every activity with details such as dates, time spent, and the topics covered.

• Retain evidence for 12 months after the end of your triennium.

You can access your CPD Diary through CPA Australia’s online portal.

Track Your Progress with the CPD Tracker by LearnFormula

To make CPD tracking even easier, LearnFormula offers a built-in CPD tracker accessible via both its app and desktop dashboard. This feature allows you to:

• Log CPD activities in real-time

• Organize Verifiable and Unverifiable Hours

• Easily generate reports for annual declarations and audits

To further simplify your CPD management, LearnFormula provides verifiable certificates of completion for each course and package. These certificates make it easier to report your CPD hours accurately, since they serve as an official proof of your completed activities, streamlining the process for annual declarations and audits.

CPD Requirements, Deadlines and Consequences for Non-Compliance

CPA Australia mandates that members complete a minimum of 120 CPD hours over a three-year period (triennium). This includes:

• A minimum of 20 hours each year to maintain good standing.

• A minimum of 2 verifiable CPD hours per year on ethics-related topics to ensure compliance with professional standards.

When Does Your CPD Triennium Start?

• If you joined CPA Australia before 30 June, your triennium starts on 1 January of that year.

• If you joined after 30 June, your triennium begins on 1 January of the following year.

Consequences of Failing to Meet CPD Obligations:

1. CPD Review
   If you do not meet the annual CPD requirements, CPA Australia may initiate a formal review of your compliance. During this review, you could be asked to provide evidence of your completed CPD activities, such as:

• Certificates of completion

• Attendance records from workshops or seminars

• Documentation of self-directed learning or professional contributions

2. Failure to provide sufficient evidence may result in further investigation or additional requirements to ensure compliance.

3. Membership Downgrade or Suspension
   Continued non-compliance with CPA Australia's CPD obligations can lead to more serious consequences, including:

• Membership Downgrade: Your membership status may be downgraded, which could limit your ability to use the CPA designation and access associated benefits.

• Suspension or Termination of Membership: Ongoing failure to meet CPD requirements could lead to the suspension or even termination of your membership. This may affect your ability to practice as a CPA, harm your professional reputation, and limit future career opportunities.

To maintain your CPA Australia membership in good standing, it’s crucial to track your CPD activities regularly and ensure that all hours are completed and recorded before 31 December each year. Proactive compliance safeguards your professional recognition and ensures you continue to meet the high standards of the accounting profession.

Resources and Tools for CPD Compliance

CPA Australia offers various resources to assist members in fulfilling their CPD obligations:

• Recognised Employer Program: Members working for recognized employers can claim up to 40 CPD hours per year.

• Professional Level Segment: Completing this segment can grant you up to 120 hours of CPD credit.

• Free CPD Activities: CPA Australia provides complimentary ethics-related CPD activities.

Conclusion: Stay Compliant, Stay Ahead

CPD is an essential responsibility for all CPA Australia members. By fulfilling your CPD obligations, you not only maintain your membership but also demonstrate your commitment to ongoing professional growth. Explore the comprehensive CPD packages offered by LearnFormula to streamline your learning journey, stay compliant, and advance your career.

Start planning your CPD today—because continuous learning is the key to success in the ever-evolving world of accounting.

Sources Cited:

https://www.cpaaustralia.com.au/

https://www.psc.gov.au/sites/default/files/CPD%20Requirements\_0.pdf

https://quickbooks.intuit.com/au/blog/accountants-and-bookkeepers/cpd-diary/