New York, New York (PRWEB) January 21, 2014
The International Accounting Education Standards Board (IAESB) today published the following three International Education Standards (IESs):
These three IESs will replace the educational requirements of the three extant standards:
The content of a professional accounting education program supports the aspiring accountant in developing the appropriate professional competence. Professional competence is the integration and application of (a) technical competence, (b) professional skills, and (c) professional values, ethics, and attitudes. Each of the new IESs specifies competence areas and learning outcomes that describe the professional competence required of aspiring professional accountants.
These new standards, which are effective from July 1, 2015, aim to assist professional accountancy organizations, as well as educational organizations, employers, regulators, government authorities, and any other stakeholders who support the learning and development of professional accountants.
“These three education standards form the content of the professional accounting education program,” explained IAESB Chair Peter Wolnizer. “The learning and development that is demonstrated within a professional accounting education program by aspiring professional accountants remain one of the fundamental pillars in achieving high-quality financial reporting.”
Highlights of each new IES include:
As part of its initiative to improve the clarity of its standards, the IAESB has redrafted and revised IESs 1-6 to prescribe the requirements for IPD. In addition, IES 7, Continuing Professional Development, has been redrafted in accordance with its new drafting conventions. IES 8, the remaining standard in the suite of eight IESs, is expected to be redrafted and revised by the fourth quarter of 2014.
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. The structures and processes that support the operations of the IAESB are facilitated by 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.