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Aug 01, 2012
New York, New York
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IAESB Proposes Revised Standards on the Development of Technical Competence and Professional Skills
The International Accounting Education Standards Board (IAESB) today released for public exposure proposed revisions of International Education Standard (IES) 2, Initial Professional Development—Technical Competence, and International Education Standard (IES) 3, Initial Professional Development—Professional Skills.
These revisions, part of the IAESB’s project to improve the clarity of its standards, address the development of technical competence and professional skills by an aspiring professional accountant. IESs 2 and 3 will be helpful to educational organizations, employers, regulators, government authorities, and other stakeholders who support the learning and development of professional accountants.
IESs 2 and 3, drafted in 2004, prescribe the knowledge content and the mix of professional skills aspiring professional accountants should acquire during initial career development. The revision of these IESs has focused on prescribing learning outcomes that demonstrate the competence required to become professional accountants.
“Professional accounting education programs that provide for the development and application of knowledge and skills by aspiring professional accountants are essential in the development of skilled competence—a fundamental pillar in providing high-quality financial reports,” said IAESB Chair Prof. Peter Wolnizer.
In addition to proposing an outcome-based approach to developing professional competence, the IAESB is also proposing requirements for IFAC member bodies to assess the achievement of technical competence and professional skills and to regularly review and update their professional accounting education programs to achieve learning outcomes identified in these standards.
As part of its initiative to improve the clarity of its standards, the IAESB is redrafting all eight of its IESs in accordance with its new drafting conventions. Also related to the revision project on IESs 2 and 3 is the proposed revision of IES 4, Initial Professional Development—Professional Values, Ethics, and Attitudes, released last week.
Under the current timetable, the IAESB anticipates that all IESs will have been revised and redrafted, or redrafted only, by Quarter 3 of 2013.
How to Comment
The IAESB invites all stakeholders to comment on its proposals. To access the IESs 2 and 3 exposure drafts and submit comments, visit the IAESB’s website at www.ifac.org/Education/ExposureDrafts.php. Comments are requested by November 1, 2012.
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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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