1. International Education Standards Revision and Clarification Project

The IAESB is revising and clarifying its suite of eight International Education Standards (IESs) as a result of an environment that is becoming increasingly globalized and requiring a greater level of specialized knowledge and professional judgment. This project began in December 2010 with the proposed revision of IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence. The current timetable envisages that all IESs will have been revised and redrafted, or redrafted only, by the first quarter of 2013.
The IAESB invites all stakeholders to comment on its proposals. To access the exposure drafts listed below and submit your comments, please visit the IAESB website.

 

2. Revised Standards Currently Released For Exposure

IES 6, Assessment of Professional Competence

Release date: April 28, 2011
Comment due date: July 28, 2011

IES 6, Assessment of Professional Competence, currently prescribes the requirements for a final assessment of a candidate's professional capabilities and competence before qualification. The revised standard addresses elements that are essential to assessing professional competence over the career of a professional accountant.

IES 1, Entry Requirements to a Program of Professional Accounting Education

Release date: June 21, 2011
Comment due date: September 21, 2011

IES 1, Entry Requirements to a Program of Professional Accounting Education, currently prescribes the principles to be used by professional accountancy organizations, including IFAC member bodies, when setting entry requirements for professional accounting education and practical experience.

The revision of IES 1 is intended to protect the public interest by both establishing fair and proportionate entry requirements-which help those individuals considering professional accounting education make appropriate career decisions, and ensuring that requirements for entry to professional accounting education are not misrepresented.

IES 5, Practical Experience Requirements

Release date: July 8, 2011
Comment due date: October 8, 2011

IES 5, Practical Experience Requirements, currently prescribes the practical experience IFAC member bodies should require their members to obtain before qualification as professional accountants. The revision of IES 5 continues to support the use of practical experience in developing the competence of an aspiring professional accountant, but also proposes:
•    greater flexibility in measuring practical experience;
•    permitting supervisors or mentors to direct an aspiring professional accountant's experience; and
•    requiring practical experience to be recorded in a verifiable and consistent form.

IES 4, Professional Values, Ethics, and Attitudes (Comment Period Closed)

Release date: April 15, 2011
Comment due date: July 15, 2011

IES 4, Professional Values, Ethics, and Attitudes, prescribes the values, ethics, and attitudes that professional accountants should acquire during the education program leading to qualification. The IAESB proposes a formal program assessment and a learning outcome approach as part of the IES 4 revision. In addition, the IAESB also proposes a requirement on reflective activity, where professional accountants and students undertake the practice of documenting experiences relating to lessons learned from ethical dilemmas and situations.

3. IAESB Research Update

Following upon the successful completion of the InternatioBoardnal Association for Accounting Education and Research (IAAER) / Association of Chartered Certified Accountants (ACCA) research projects to inform the work of the IAESB (Informing the International Accounting Education Standards : A Summary of IAAER/ACCA Research Projects), the IAAER approved a second round of research projects. These projects, in addition to the first round of projects, are funded by the ACCA.  The three proposals selected for funding are:

•    Exploring Models of Accounting Education and IES Adoption by Professional Bodies and Tertiary Institutions in Australia, Japan, and Sri Lanka;
•    A Framework of Best Practice of Continuing Professional Development for the Accounting Profession; and
•    Ontology-based e-Assessment for Accounting Education.

The research teams recently presented an interim report at the SAAA International Conference, with the next report planned for November 2011. Final reports are expected in 2012. For more details on the projects and the teams leading them, please see the IAAER website.

4. Recent and Upcoming Events

IAESB-UNCTAD Accountancy Education Forum: Building Human Capacity and Professional Accounting Education for High-Quality Corporate Reporting
March 8, 2011 in Geneva, Switzerland

International accountancy, education, and professional accountancy organization leaders from over 30 nations convened on March 8 at the United Nations in Geneva. This event was jointly hosted by the United Nations Conference on Trade and Development (UNCTAD) and the IAESB. Opportunities for advancement and challenges being faced in the implementation of accountancy education programs were discussed. To download the presentations and papers from the event, please visit the IAESB-UNCTAD Accountancy Education Forum website.

Southern African Accounting Association (SAAA) International Conference 2011
June 25-29, 2011 in George, South Africa

Saleem Kharwa and Kim Langfield-Smith, members of the IAESB, and David McPeak, Senior Technical Manager, IAESB, presented a concurrent session on the ongoing revision of IESs 4 and 6. To learn more about this event, please visit the SAAA website.

National Association of State Boards of Accountancy (NASBA) 4th International Forum
July 25-26, 2011 in Vancouver, Canada

On July 26, Dennis Reigle, AICPA and IAESB Technical Advisor, will provide an update on the IES revision project. For registration information or to view the agenda, please visit the NASBA website.

American Accounting Association (AAA) Annual Meeting
August 6 -10, 2011 in Denver, Colorado, USA

A Teaching and Learning Event will be held Monday, August 8, 2011, on Foundations for the Profession: An International Perspective. Dennis Reigle, AICPA and IAESB Technical Advisor, will moderate, with scheduled panelists David McPeak, Senior Technical Manager, IAESB; Gary Pflugrath, Senior Technical Manager in IFAC Public Policy and Regulation; Karen V. Pincus, University of Arkansas and Deputy Chair of the IAESB.
A Session on Wednesday, August 10, discussing the Revision of the International Education Standards will be moderated by IAESB Member Kazuo Hiramatsu. Scheduled panelists are David W. McPeak, Senior Technical Manager; Karen V. Pincus, University of Arkansas and Deputy Chair of the IAESB; and Dennis Reigle, AICPA and IAESB Technical Advisor.

For registration information or to view the agenda, please visit the AAA website.


For more information about any of the items mentioned above or other information about the IAESB and IFAC, please contact communications@ifac.org.

About the IAESB

The IAESB develops education standards, guidance and information papers for use by IFAC member bodies under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.

About IFAC

IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.