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(New York, New York, July 23, 2014)

The International Accounting Education Standards Board™ (IAESB™) has undertaken a project that has improved the relevancy, clarity, and consistency of its standards as well as their applicability to International Federation of Accountants® (IFAC®) members and associates.

The IAESB is proposing a revised Framework for International Education Standards (the “Framework”), which sets out the concepts that guide its International Education Standards™ (IES™). From an educational perspective, the Education Board is also proposing definitions on professional accountant and general education.

The proposed Framework consists of four parts:

  • Part One identifies the purpose and scope of the Framework;
  • Part Two explains the educational concepts of professional competence, learning outcomes, general education, initial professional development, continuing professional development, and assessment and measurement used in the process of determining the effectiveness of learning and development, which will be used by the IAESB when developing the IESs;
  • Part Three describes the nature of the IESs and related IAESB publications; and
  • Part Four outlines IFAC member body obligations relating to the IESs.
The Framework is targeted primarily to IFAC member bodies that have direct or indirect responsibility for the learning and development of their members and students. The Framework also is relevant to a wide range of stakeholders, including accounting faculties at universities, employers of professional accountants, professional accountants, prospective professional accountants, and others interested in the work of the IAESB.

“Our objective with this Framework is to improve the understanding and application of the principles and concepts that underlie the International Education Standards,” said IAESB Chair Peter Wolnizer. “The Framework will assist those responsible in designing, developing, and assessing professional accounting education for current and aspiring professional accountants.”

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. The IAESB has completed the revision of IESs 1 to 6 and the redrafting of IES 7. Under the current timetable, the IAESB anticipates that the revision of its final standard, IES 8, will be completed by Quarter 4 of 2014.

How to Comment
The IAESB invites all stakeholders to comment on its proposals. To access the Framework Exposure Draft and submit comments, visit the IAESB’s website. Comments are requested by October 27, 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.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Jennifer DiClerico
Head of Communications

Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
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