Newsletters & eNews
Dec 21, 2011
New York, New York
In this Issue:
- Project Update: Revision of the International Education Standards
- Recent Outreach Activity
- Changes to IAESB Leadership
- Report: Competent and Versatile
Project Update: Revision of the International Education Standards
The International Accounting Education Standards Board (IAESB) is still progressing in its project to revise and redraft its suite of eight International Education Standards (IESs). Recent developments include the following:
- The redrafted IES 7, Continuing Professional Development, was approved at the IAESB at its October 2011 meeting, and will be issued upon approval of due process activities by the Public Interest Oversight Board.
- Redrafted and revised IES 1, Entry Requirements to a Program of Professional Accounting Education; IES 4, Professional Values, Ethics, and Attitudes; IES 5, Practical Experience Requirements; and IES 6, Assessment of Professional Capabilities and Competence were released for exposure in 2011, with comments received from international stakeholders of the IAESB and the global accountancy profession. They are expected to be approved in 2012.
- The remaining three IESs, IES 2, Content of Professional Accounting Education Programs, IES 3, Professional Skills and General Education, and IES 8, Competence Requirements for Audit Professionals, are expected to be released for exposure in 2012. The IAESB looks forward to receiving comments from the international education community and IFAC member bodies on those proposed revisions.
Recent Outreach Activity
South African Professional Accountancy Organizations
Both South African member bodies, the South African Institute of Chartered Accountants (SAICA) and the South African Institute of Professional Accountants (SAIPA), co-hosted with the IAESB an outreach activity on educational activities related to the development of professional accountants. Participants were informed of recent developments relating to the status of the IAESB’s revision project on International Education Standards (IESs), especially the progress being made on IES 2, Knowledge Requirements for Aspiring Professional Accountants, and IFAC’s project on clarifying the definition of the professional accountant. Participants also heard presentations from representatives of the Independent Regulatory Board for Auditors (IRBA South Africa) and both member bodies on the role of the regulatory body in development of standards for the accountancy profession and how member bodies are supporting aspiring professional accountants in local communities in terms of their academic programs and educational institutions.
UNCTAD ISAR Twenty-eighth Session
The United Nations Conference on Trade and Development (UNCTAD) held its Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), twenty-eighth session, October 11-14, 2011 in Geneva, Switzerland.
IAESB Chair Mark Allison participated in a panel, “Capacity-building framework for high-quality corporate reporting,” where he addressed ISAR’s Human Capacity-Building and the ISAR Capacity-Building Process, as well as further steps regarding development of the assessment tool, measurement methodology, and questionnaire.
IFAC Council Workshops
In November 2011, the International Federation of Accountants (IFAC) held its 34th Ordinary Council Meeting in Berlin, Germany. Over 200 leaders in the global accountancy profession and representatives from IFAC’s 167 member bodies were in attendance. IAESB Chair Mark Allison participated in a workshop titled “Ethics – The Code of Ethics for Professional Accountants / Ethics Education,” where he presented on “The Requirements for Ethics Education in the IESs.”
Changes to IAESB Leadership
IAESB Chair and Deputy Chair
The end of 2011 will see several changes to IAESB leadership. The board will say farewell to Mark Allison, who served as chair of the IAESB for three years. Deputy Chair Karen Pincus’ term also concludes December 31, 2011. She will serve as president of the American Accounting Association in 2012-2013.
Professor Peter Wolnizer will assume the role of chair of the IAESB, effective January 1, 2012, for the 2012-2014 term. Professor Wolnizer is a professor of accounting at The University of Sydney (Australia) where he served as Dean of the Faculty of Economics and Business for twelve years. He also previously served a three-year term on the IAESB from 2004 to 2006, and has chaired the Education Committee of CPA Australia.
IAESB member Saleem Kharwa will assume the post of deputy chair. Mr. Kharwa is the Deputy Dean of the Faculty of Accounting and Informatics at the Durban University of Technology (South Africa), and serves as an advisor to the President of the Eastern Central and Southern African Federation of Accountants (ECSAFA).
IAESB Consultative Advisory Group (CAG) Chair
Dr. Aileen Pierce will assume the role of IAESB CAG chair. Dr. Pierce serves as president of the European Accounting Association, is an Associate Professor in the Accountancy Subject Area at University College Dublin (Ireland), and recently completed a three-year term as director of the University College Dublin Quinn School of Business.
Report: Competent and Versatile
Competent and Versatile: How Professional Accountants in Business Drive Sustainable Success was published by IFAC’s Professional Accountants in Business (PAIB) Committee to support the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations. Since organizational needs are evolving faster than ever, professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value. A companion employer-focused brochure is also available. The PAIB Committee is continuing to work with many IFAC member bodies to localize/customize this publication with their own logos. Both reports can be accessed at www.ifac.org/PAIB.