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    Jun 10, 2010




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    IAESB eNews

    In This Issue:

    1) IAESB Issues 2010-2012 Strategy and Work Plan
    2) Consultation for IES Revision Projects
    3) IAESB to Release Information Paper on Assessment Guidance
    4) Draft Guidance for Professional Skills & General Education Considered
    5) IAAER/ACCA 2010-2012 Research Program
    6) IFAC Releases 2009 Annual Report
    7) Share IAESB eNews with Your Colleagues

    1) IAESB Issues 2010-2012 Strategy and Work Plan

    The IAESB has issued its 2010-2012 Strategy and Work Plan, which focuses on enhancing International Education Standards (IESs), providing guidance for the adoption and implementation of these standards, and improving communication with stakeholders interested in accountancy education. The plan was issued following approval of its content by the IAESB at its February 2010 meeting, as well as approval of due process activities by the Public Interest Oversight Board (PIOB) at its March 2010 meeting.

    The plan sets the direction and priorities for all IAESB projects and activities during the three-year period that started in January 2010.

    The redrafting and revision of the IAESB's eight education standards builds upon the work of two important projects that were completed during the board's previous three-year work period: the Framework for International Education Standards for Professional Accountants (the Framework) and the "IAESB Drafting Conventions" (the Drafting Conventions). The Framework establishes a common set of accounting education concepts to improve consistency in all IAESB standards, while the Drafting Conventions set out a new structure for writing these standards to improve their clarity and readability. These initiatives will enable member bodies and other education stakeholders to understand more clearly their roles and responsibilities in the training and development of accounting professionals. The redrafting and revision project is scheduled for completion by the fourth quarter of 2012. 

    To promote the global adoption of these standards, the IAESB plans to continue work on a series of projects related to their successful implementation. These projects include developing information papers and practice statements that will provide examples of "good practice" in implementing IES 3, Professional Skills and General Education, and guidance on implementing IES 8, Competence Requirements for Audit Professionals.

    To increase awareness of its initiatives, the IAESB is developing a formal communications plan to reach out beyond IFAC member bodies to other stakeholders such as academics, regulators and employers.

    2) Consultation for IES Revision Projects

    The IAESB has released A Consultation Paper on the Revision of International Education Standard 8: Competence Requirements for Audit Professionals seeking views on a number of specific issues related to the IAESB's planned revision of International Education Standard (IES) 8, Competence Requirements for Audit Professionals. The views collected by this paper will also be used in the development of implementation guidance for this standard. Comment for this paper is requested by June 15, 2010 and can be submitted via the link above.

    Targeted consultation has also been conducted by IAESB revision task forces addressing the revision of other IESs from February to May 2010. The IES revision and redrafting project has three goals:

    • Improving the clarity of these standards
    • Ensuring their consistency with the concepts outlined in the revised Framework for International Education Standards for Professional Accountants
    • Clarifying issues that have emerged due to changes in the accounting education environment as well as from the experience gained by IFAC member bodies as they implement IESs

    The IAESB started reviewing the findings of the targeted consultation at its May 2010 meeting and will continue during its November 2010 meeting.

    3) IAESB to Release Information Paper on Assessment Guidance

    The IAESB has approved the release of an International Education Information Paper that will help guide IFAC member bodies in their implementation of IES 6, Assessment of Professional Capabilities and Competence.

    IES 6 outlines the requirements for the final assessment of a candidate's professional capabilities and competence (including professional knowledge, skills and values) before qualification. The Information Paper identifies the major issues that should be considered in developing and administering a final written examination, and provides examples of policies and procedures that can be used to address these issues. It can be applied to the administration of a summative, "high stakes" examination that leads to qualification for membership in a member body. Many of the issues identified in this paper may also be appropriate for written examinations that are offered as part of a series of examinations that lead to membership qualification.

    The information paper also includes examples of "good practice" in the areas of developing, marking and administering a final examination required for qualification as a professional accountant.

    The paper is expected to be released in July 2010.

    4) Draft Guidance for Professional Skills & General Education Considered

    During its May meeting in Copenhagen, the IAESB considered a revised draft of an information paper designed to provide guidance for member bodies implementing IES 3, Professional Skills and General Education.

    This standard describes the mix of skills needed for a candidate to qualify as a professional accountant. It also shows how a general education, gained in a variety of ways and within different contexts, can contribute to the development of these skills. The information paper provides examples of "good practice" in identifying and assessing professional skills at the point of qualification and during an accountant's career. During the May meeting, the IAESB provided direction to a task force regarding the presentation of examples in the information paper.

    The task force will prepare a final draft of the information paper for discussion, with the aim of obtaining approval for publication, during the IAESB's November 2010 meeting.

    5) IAAER/ACCA 2010-2012 Research Program

    The International Association for Accounting Education & Research (IAAER) and the Association of Chartered Certified Accountants (ACCA) are planning to fund a research program for 2010-2012 that will help inform the IAESB's standard-setting activities.

    A call for project proposals is expected to be released in the third quarter of 2010. Winners are expected to be announced in the fourth quarter. The final deliverables from these research projects are expected in the first quarter of 2012.

    6) IFAC Releases 2009 Annual Report

    IFAC has recently released its annual report for 2009. This document highlights IFAC's response to the global financial crisis as well as initiatives that have positioned the organization as a more influential voice for the global accountancy profession.

    Featuring messages from IFAC President Robert Bunting, Chief Executive Officer Ian Ball, and Public Interest Oversight Board Chairman Stavros Thomadakis, the annual report provides a detailed account of all the services delivered by IFAC in 2009.

    The annual report, which was developed digitally for the first time this year, also provides noteworthy interactive features such as "The Year at IFAC," a timeline that captures significant events and accomplishments in 2009, and "Structure, Oversight, and Consultation" section, a chart depicting IFAC's governance structure and an overview of its oversight and consultation processes.

    You can access the annual report here.

    7) Share IAESB eNews with Your Colleagues

    The IAESB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and let them know that they can subscribe to this and other eNews bulletins at the eNews sign-up page at www.ifac.org/e-news.

    The 18th World Congress of Accountants, hosted by the Malaysian Institute of Accountants and IFAC, is November 8-11, 2010.  The Congress will offer more than thirty panel discussions and speakers from The World Bank, Transparency International, the Financial Stability Board, the European Commission, IFIAR, and the IASB, among others. Thousands of delegates representing the profession from around the world will attend.

    Register now!

    For more information about any of the items mentioned above or other information about the IAESB and IFAC, please contact

    About the IAESB and IFAC
    The IAESB (www.iaesb.org) develops education standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.

    IFAC is the global 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 159 members and associates in 124 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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