Revision of International Education Standard 5

  • Revision of International Education Standard 5

    Project Status



    David McPeak

    Task Force

    Marcelo Canetti (Chair)

    Denny Reigle (Secretary)

    Nambayo Kalauka

    Jayne Freeman

    Objective(s) of project

    To improve the clarity and implementation of International Education Standard (IES) 5 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 5 shall be redrafted and revised to assist IFAC member bodies in prescribing the practical experience required by their members at the point of admission to membership.


    IES 5 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 5 – Practical Experience Requirements
    (i) Revise the requirements of the Standard to ensure that all measures continue to be relevant and appropriate to a competence-based approach to the learning and development of a professional accountant
    (ii) Consider elaborating on various components of practical experience such as participation, observation, simulation
    (iii) Clarify the Standard’s scope to address both development and assessment of competence by practical experience
    (iv) Clarify the Standard’s requirements on practical experience to ensure that they continue to meet the core competences required for the various roles of a professional accountant
    (v) Clarify the Standard to eliminate repetition and duplication by transferring content to the existing Practice Statement (IEPS 3) to ensure that the Standard is easily understood by its target audience
    (vi) Determine whether the content of the Standard should be consolidated within other Standards or remain stand alone

    Task Force progress / Board discussions to date

    IAESB Meetings:

    October 2012: The IAESB reviewed a revised draft of IES 5 and discussed task force’s proposals on content issues relating to the revised draft. The IAESB agreed with the task force’s proposals on the definitions of practical experience supervisor, sufficiency, work log, and cooperative education. The IAESB, however, requested that the term verifiable evidence be included in requirement paragraph 18 and defined in a new paragraph (paragraph A17) of the Explanatory Material section. The IAESB also agreed with the task force’s proposal on editorial amendments to the Explanatory Material section. After a page-by-page review of the revised draft the IAESB approved the content of the final version of IES 5 with an effective date of July 1, 2015. In addition the IAESB voted not to re-expose the revised version of the exposed IES 5, Initial Professional Development – Practical Experience. The IAESB also voted to approve the removal of the extant IES 5 on July 1, 2015.

    March 2012:  The IAESB received an Analysis of Respondents Comments on the Exposure Draft of IES 5 and an Issues paper that identified the substantial issues as a result of comments from respondents. The IAESB agreed with task force proposals on (1) including a requirement that requires an IFAC member body to establish a preferred approach among the input-based, output-based, and combination approaches to measure practical experience; (2) using bright-line statements as examples within the Explanatory material section as how a member body can satisfy an input-based approach; (3) using the term practical experience supervisor rather the terms mentors and supervisors; and (4) reviewing the terms, assessment, verifiable evidence, and sufficiency, to ensure consistency with their use in IESs 6 and 7.  The IAESB requested that practical experience supervisor and workplace assessment, be added to the list of definitions. 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.  

    May 2011: The IAESB approved the release of an exposure draft of IES 5, Practical Experience Requirements for Aspiring Professional Accountants, for public comment until October 8th, 2011. A copy of the exposure draft can be obtained at the following link: Exposure Draft IES 5

    March 2011: The IAESB reviewed the 1st draft of the IES 5 and discussed content issues with the aim of developing a revised draft of IES 5. As a result of its deliberations the IAESB decided that the requirements section needed to be reviewed to ensure clarity and conciseness.

    November 2010: The IAESB discussed content issues with the aim of developing a 1st draft of IES 5. The IAESB decided that IES 5 should be principles-based and provide sufficient flexibility for member bodies to meet the requirements.

    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.

    Next Steps

    IES 5 (Revised) was released on March 13, 2013 and can be freely downloaded at: IES 5, Initial Professional Development - Practical Experience. 



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