07-12-27: Guidance on Practical Experience Requirements - Completed
This project has developed guidance to assist IFAC member bodies comply with the requirements of International Education Standard 5, Practical Experience Requirements. The new practice statement assists IFAC members by providing guidance regarding the period of practical experience and monitoring and control of trainees during the period of practical experience. A final International Education Practice Statement - IEPS 3, Practical Experience Requirements - Initial Professional Development for Professional Accountants, was issued in December 2007. The Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAESB's conclusions regarding these comments in developing the final version of the practice statement.