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The Institute of Accounting and Commerce (IAC) is a Recognised Controlling Body for Accounting Professionals, Tax and Business Rescue Practitioners based in South Africa and is a registered professional body under the National Qualifications Framework Act, 2008.[1] The Institute regularly publishes articles in various publications [2] and distributes a journal to members [3]
The Institute of Accounting and Commerce (IAC) was established in 1927 as a provider of distance learning education and a professional management institute. In 2009 the Institute changed to become a professional accounting membership body only and is registered in South Africa as a non-profit company (NPC) (Reg. No. 1981/011981/08).
In terms of section 60 of the close corporations act 69 of 1984, the IAC registers Accounting Officers [4] , and since 2013 is also a Recognised Controlling Body with the South African Revenue Service (SARS) for Tax Practitioners (in terms of section 240 of the tax administration act 28 of 2011).[5] On 21 October 2016 the IAC became a Registered Controlling Body for Business Rescue Practitioners (in terms of Section 138 of the Companies Act 71 of 2008).[6]
The IAC is a member of the Pan African Federation of Accountants (PAFA)[7]
