Revision of International Education Standard 7

  • Revision of International Education Standard 7

    Project Status

    Completed

    Staff

    David McPeak

    Task Force

    Mark Spofforth (Chair)

    Adrian Pulham (Secretary)

    Anette Hedbern

    Kristrun Ingolfsdottir

    Gareth Wellings

    Objective(s) of project

    To improve the clarity and implementation of IES 7 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.

    Scope

    IES 7 shall be redrafted to assist IFAC member bodies in prescribing requirements for continuing professional development to ensure that individual professional accountants develop and maintain the professional competence necessary to (a) provide high quality services to clients, employers, and other stakeholders, and to (b) strengthen public trust in the profession.

    Background

    IES 7 was approved for publication in 2005 and became effective January 1, 2006.

    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

    Issues that this project will consider include:

    IES 7 – Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence

    i) Redraft the Standard to update the requirement to assist the ongoing development of CPD systems, standards and compliance mechanisms worldwide to continue to ensure that the public interest is met, with particular additional regard to:

    • The needs of the wider development ‘team’, i.e. those mentors, technicians and non-members of IFAC member bodies involved in the CPD process
    • The range of definitions and examples in the standard, i.e. to review and update, particularly to encourage an innovative approach to meeting CPD needs.


    ii) Confirm the existing fundamentals of the standard, particularly in relation to the range of available approaches to CPD systems and the recommended measurements for appropriate CPD activity over time.
    iii) Confirm the proposed exposure draft process and CAG consultation provides sufficient formal consultation and undertake a targeted review of the experiences of recent adopters of IES7 to inform the working group’s deliberations, including the views of the regulatory community.
    iv) Confirm the anticipated and intended impact of the redrafted standard will be materially neutral, but also positive in respect of its clarity of content for both IFAC member bodies and regulators.

    Task Force progress / Board discussions to date

    IAESB Meetings:

    October 2011: Following a page-by-page review of the revised draft, the IAESB agreed unanimously to approve the publication of IES 7, Continuing of Professional Development

    May 2011: The IAESB received an Analysis of Respondents Comments on the Exposure Draft of IES 7 and an Issues paper that identified the significant issues as a result of respondents comments. The IAESB discussed issues relating to clarifying the Objective statement and the concept of lifelong learning in the Explanatory Material section, and eliminating any implied requirements in the Explanatory Material section. The IAESB instructed the task force to; consider the Standards Objective after review of respondents comments on IESs 4 and 6 so as to ensure consistency; to develop a revised draft that included the Boards suggestions on eliminating any implied requirements; and to clarify the concept of lifelong learning and other terms such as monitoring cycle.

    March 2011: The IAESB received a progress report on the consultations occurring for the IES 7 Exposure draft.

    November 2010: The IAESB approved the release of an exposure draft of IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence, for public comment until March 8th, 2011. A copy of the exposure draft can be obtained at the following link: Exposure Draft IES 7

    May 2010: The IAESB discussed issues relating to the drafting of the Standard and provided direction on project issues with the aim of assisting the task force to prepare a revised draft for the November 2010 meeting.

    February 2010: The task force presented a progress report on project activities to the IAESB.

    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 7 (Redrafted) was released on July 23, 2012 and can be freely downloaded at: IES 7 Continuing Professional Development (Redrafted)

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