Professor Peter Wolnizer (Chair)
Saleem Kharwa (Deputy Chair)
Professor Aileen Pierce (CAG Chair; Observer)
Objective(s) of project
To set the direction and priorities for activities and projects of the International Accounting Education Standards Board (IAESB) for the three year period, 2014-2016.
To support IFAC's members and associates in enhancing the level of competence of their members and in promoting a strong ethical culture within the accountancy profession.
At the March 2012 meeting, it was agreed that the project should commence with the aim of developing a plan to assist the IAESB in supporting its strategic objectives. The current plan focuses on the revision and redrafting of the suite of 8 International Education Standards (IESs), the development of guidance for adoption and implementation of IESs, and improving communications to increase awareness of the IESs. This strategic plan is set to expire at the end December 2013.
Issues that this project will address include:
- Establish and revise IESs, develop guidance, and assess the need for future IESs.
- Engage stakeholders and promote the adoption and endorsement of the revised IESs
- Support the implementation of the revised IESs;
Task Force progress / Board discussions to date
June 2014: IAESB members received revised versions (clean and marked-up) of the 2014-2016 IAESB Strategy and Work Plan (“SWP”) and an Issues paper that provided Board members with (a) a summary of the CAG comments from the April IAESB CAG teleconference and (2) a proposed way forward that considered due process activities. The IAESB had no further comments on the disposition of CAG comments or on the revised version of the exposed 2014-2016 SWP (See Agenda Item 4-2). As a result, the IAESB approved the final content of revised version of the exposed 2014-2016 SWP (See Agenda Item 4-2).
April 2014: IAESB members received revised versions (clean and marked-up) of the 2014-2016 IAESB Strategy and Work Plan (“SWP”) and an Issues paper that provided Board members with (a) background information and (b) issues arising from the drafting of the SWP. The IAESB’s discussion covered issues relating to: respondents’ comments on the Exposure Draft; the proposed baseline study; Guidance on Learning Outcomes; and what types of implementation guidance is needed to implement the revised IESs. As a result of the IAESB’s discussion, the following changes were made to the SWP: The Chairman’s Statement section of the 2014-2016 SWP was amended to include various initiatives that addressed stakeholders’ negative comments; More emphasis was placed on the maintenance of the revised IESs by rewording its strategic priority on setting IESs; A work priority was included to support the development of adoption and implementation guidance which will be a major focus of the 2014-2016 work program once the revision of IES 8 is completed; The scope, priority, and timing of the project on scanning the environment for regulatory gaps was amended to include the use of information from IFAC’s Compliance Program and other sources so as to establish a baseline study; Activities on stakeholder engagement and translation have been removed from the 2014-2016 SWP and these activities have been assigned to IFAC and other organizations (e.g., Development Agencies such as the World Bank) which are better positioned and resourced to perform these liaison activities; and the descriptions of projects in Appendix 1 has been amended to indicate that International Education Practice Statements (IEPSs) 1 and 3 would be replaced or revised to align with the revised IESs. The IAESB directed the Steering Committee to consult on the drafting changes with the IAESB CAG at its April teleconference and then prepare a revised draft of the SWP for discussion at the June 2014 meeting with the aim of approving the final content of the SWP document.
June 2013: The IAESB received a revised version of the 2014-2016 IAESB Strategy and Work Plan (SWP) and an Issues paper that identified significant issues resulting from the drafting of revised version of the SWP. The IAESB’s discussions of these issues covered: strategic priorities, IAESB activities and projects, and drafting issues to improve clarity. More specifically, the IAESB agreed with the Steering Committee’s proposals on: including the three strategic priorities identified, subject to rewording the priority on adoption to reflect the need to engage stakeholders on the adoption of the education standards; reorganizing communications activities and including them under the projects for implementation and adoption; prioritizing the existing practice statements according to the greatest need for implementation guidance for a given IES; facilitating the translation process of the revised IESs where feasible; including the facilitation of translation in adoption activities and giving it a high priority; reorganizing activities related to reviewing work of the Compliance Advisory Panel on action plans of member bodies to be included in the area of implementation; including guidance on the implementation of learning outcomes for IESs 2, 3, and 4 in the existing project on implementation guidance for learning outcomes; and amending paragraph 5 of the revised draft to indicate that Board’s work is expected to impact the quality of professional accounting education globally so as to enhance the competence of professional accountants and improve the public confidence in financial and non-financial information. Following a full discussion of significant issues resulting from the April 30th teleconference discussion with the IAESB CAG and a page-by-page editorial review of the revised IAESB 2014-2016 Strategy and Work Plan, the IAESB approved the content of the exposure draft for release to obtain public comment.
March 2013: The IAESB reviewed the first draft of the IAESB 2014-2016 Strategy and Work Plan and discussed comments received from the IAESB Consultative Advisory Group (CAG). This review resulted in IAESB members requesting that content changes should be made to the document’s Statement of Higher Purpose, strategic priorities, and the proposed list of activities and projects. In addition, the IAESB directed the Steering Committee to consult on the proposed content and drafting changes with the IAESB CAG at its April teleconference and then to develop a revised draft of the IAESB 2014-2016 Strategy and Work Plan for discussion at the June 2012 meeting with the aim of approving the document for exposure so as to obtain public comments.
October 2012: The IAESB reviewed and discussed the findings from consultation surveys of the public, IAESB Consultative Advisory Group (CAG), and targeted stakeholders interested in professional accounting education. As a result of this discussion the IAESB narrowed emerging educational issues and trends, strategic priorities, and possible projects and activities for its next strategic plan. The IAESB steering committee will consult with the IAESB CAG at its February 2013 meeting on the results of IAESB’s deliberations and then prepare a first draft of 2014-2016 Strategy and Work Plan for discussion by the Board at its March 2013 meeting.
June 2012: The IAESB received an Issues paper that assisted members to identify emerging education issues and trends, as well as develop some preliminary views on strategic priorities with the aim of consulting on their importance and significance with the public and stakeholders interested in professional accounting education. The IAESB agreed a 60-day consultation period during quarter 2 of 2012. The IAESB steering committee will prepare an analysis of findings from the public consultations for further discussion on strategic planning issues by the IAESB CAG at its September meeting and the IAESB at its October 2012 meeting.
March 2012: The IAESB responded to an Issues paper that identified issues relating to (i) the awareness of the IAESB’s work and pronouncements, as well as (ii) the right balance of projects and activities in preparing the strategy and work plan. The IAESB steering committee will prepare an Issues paper for further discussion on these issues by the Board at its June 2012 meeting.
Following PIOB’s approval of due process activities, the 2014-2016 Strategy and Work Plan was published on August 13, 2014 at http://www.ifac.org/sites/default/files/publications/files/IAESB-2014-2016-Strategy-and-Work-Plan.pdf.