Revision of International Education Standard 1
Sylvia Meljem (Chair)
Adrian Pulham (Secretary)
Objective(s) of project
To improve the clarity and implementation of International Education Standard (IES) 1 by (1) applying the new IAESB drafting conventions, (2) updating the concepts and terminology to conform to the revised Framework for International Education Standards for Professional Accountants, and (3) clarifying issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies.
IES 1 shall be redrafted and revised to assist IFAC member bodies in prescribing good practice for setting entry requirements to professional accounting education.
IES 1 was approved for publication in 2004 and became effective January 1, 2005.
At its November 2006 meeting, the IAESB agreed to conduct a detailed review of existing IESs and the framework underpinning the IESs, to determine areas where the clarity of standards could be improved and/or additional guidance most usefully developed. The IAESB agreed to suspend any further work on redrafting or revising the IESs until the work on the Framework project was substantially complete.
At its October 2009 meeting the IAESB agreed the project direction to redraft and revise all eight IESs.
In December 2009 the IAESB published the new Framework for International Education Standards for Professional Accountants, which enhances the relevancy, consistency, and applicability of its publications to IFAC members. The Framework also includes an appendix, "IAESB Drafting Conventions," which will be used to increase the clarity of its standards.
Issues that this project will consider include:
IES 1 – Entry Requirements To A Programme Of Professional Accounting Education
(i) Review and clarify the entry requirements to a professional accounting education
(ii) Revise the entry requirements to ensure that they are inclusive of the various roles and expected outcomes of a professional accountant;
(iii) Consider the revision of the Standard to take account allowing access to the profession at various levels without putting in place unnecessary barriers
(iv) Determine whether the content of the Standard should be consolidated within other Standards or remain stand alone
Task Force progress / Board discussions to date
June 2012: The IAESB reviewed a revised draft of IES 1 and discussed task force’s proposals on content issues relating to the revised draft. The IAESB agreed with the task force’s proposal on the clarifications made to the Objective and Explanatory Material sections on the public interest aspect of IES 1. After a page-by-page review of the revised draft the IAESB approved the content of the final version of IES 1 with an effective date of July 1, 2014. In addition the IAESB voted not to re-expose the revised version of the exposed IES 1, Entry Requirements to Professional Accounting Education Programs. The IAESB also voted to approve the removal of the extant IES 1 on July 1, 2014.
March 2012: The IAESB reviewed a revised draft of IES 1 and discussed task force’s proposals on content issues relating to the revised draft. The IAESB agreed with the task force’s proposal on clarifying the distinction between entry requirements for a program of professional accounting education and entry into the accounting profession. The IAESB requested further clarification in the Objective and Explanatory Material sections on how IES 1 links with the public interest. In addition IAESB members suggested minor editorial amendments to the revised draft. As a result the IAESB instructed the task force to consult with the CAG on these issues and then to develop a revised draft that included the suggestions of the IAESB and CAG.
October 2011: The IAESB received an Analysis of Respondents Comments on the Exposure Draft of IES 1 and an Issues paper that identified the significant issues as a result of respondents comments. The IAESB deliberated on issues relating to: (1) clarifying the concepts of “reasonable chance of success” and “excessive barriers to entry”; (2) complying with the requirements of IES 1; (3) identifying the impact of the requirements of IES 1; and (4) clarifying the Objective and Explanatory Material sections. The IAESB instructed the task force to; consult with the CAG on issues raised by the comments from the IAESB discussion and ED respondents; and to develop a revised draft that included the suggestions of the IAESB and CAG.
May 2011:The IAESB approved the release of an exposure draft of IES 1, Entry Requirements to Professional Accounting Education, for public comment until September 21st, 2011. A copy of the exposure draft can be obtained at Exposure Draft IES 1
March 2011: The IAESB reviewed the 1st draft of the IES 1 and discussed content issues with the aim of developing a revised draft of IES 1. As a result of its deliberations the IAESB decided that additional explanation was needed to clarify the term reasonable chance of success and indicated that a range of approaches is acceptable for member bodies to set requirements to professional accounting education.
November 2010: The IAESB discussed content issues with the aim of developing a 1st draft of IES 1. The IAESB decided that IES 1 should be principles-based and not include requirements on general education.
May 2010: The IAESB reviewed findings from the targeted consultations and discussed the implications of the findings on the revision of the Standards' content.
February 2010: The IAESB identified key issues and questions for targeted consultation on the revision
of IESs 1-5.
October 2009: The IAESB considered the project proposal and agreed a project direction for revising the eight International Education Standards.
June 2009: The IAESB identified key issues that should be covered in the project's proposal.
IES 1 (Revised) was released on February 7, 2013 and can be freely downloaded at: IES 1, Entry Requirements to Professional Accounting Education Programs (Revised).