IFAC's International Accounting Education Standards Board Proposes New Guidance on Practical Experience

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    Jan 04, 2007
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    IFAC's International Accounting Education Standards Board Proposes New Guidance on Practical Experience

    Recognizing the importance of a period of practical experience to the training of new accountants, the International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), is proposing new guidance to help IFAC member bodies develop practical experience programs for accounting students. The proposed new International Education Practice Statement (IEPS), Practical Experience Requirements - Initial Professional Development for Professional Accountants, will help to ensure that accounting students develop the professional knowledge, skills, values, and attitudes required of professional accountants.Recognizing the importance of a period of practical experience to the training of new accountants, the International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), is proposing new guidance to help IFAC member bodies develop practical experience programs for accounting students. The proposed new International Education Practice Statement (IEPS), Practical Experience Requirements - Initial Professional Development for Professional Accountants, will help to ensure that accounting students develop the professional knowledge, skills, values, and attitudes required of professional accountants.

    "A period of practical experience is a vital part of the education of professional accountants, enabling them to develop and demonstrate the skills they need," states Henry Saville, IAESB Chair. "It enables students to demonstrate not only that they have gained the necessary theoretical knowledge, but also that they are able to apply this knowledge in their day-to-day work as professional accountants."

    The proposed IEPS provides guidance on the implementation of International Education Standard (IES) 5, Practical Experience Requirements, including an illustrative practical experience framework setting out the areas of professional knowledge and professional skills that the IAESB believes are relevant for all professional accountants.

    The proposed IEPS is also designed to guide member bodies in working with mentors and employers to put in place practical experience programs that assist accounting students in developing and demonstrating the competence required for qualification as a professional accountant. Specific guidance is also included on the role of the mentor, recording and assessing practical experience, and working effectively with employers.

    How to Comment

    Comments on the exposure draft are requested by March 31, 2007. The exposure draft may be viewed by going to http://www.ifac.org/EDs. Comments may be submitted by email to edcomments@ifac.org. They can also be faxed to the attention of the IAESB Technical Manager at +1 (212) 286-9570 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.

    About the IAESB and IFAC
    The IAESB, an independent standard-setting board within IFAC, develops standards and guidance on pre-qualification education, training, and continuing professional education and development for all members of the accountancy profession. The Public Interest Oversight Board oversees the activities of the IAESB and, as one element of that oversight, establishes the criteria for its due process and working procedures.

    IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international education standards through the IAESB, IFAC, through its independent standard-setting boards, sets standards on ethics, auditing and assurance, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

     

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