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Jul 23, 2012
New York, New York
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IAESB Releases Clarified Standard on Continuing Professional Development
The International Accounting Education Standards Board (IAESB) today released the clarified International Education Standard (IES) 7, Continuing Professional Development.
IES 7 prescribes continuing professional development (CPD) for professional accountants to develop and maintain their professional competence so as to provide high-quality services to clients, employers, and other stakeholders. Professional accountants who develop and maintain professional competence throughout their careers strengthen public trust in the profession.
“The IAESB would like to encourage a more innovative approach to meeting CPD needs,” said Prof. Peter Wolnizer, chair of IAESB. “We believe we can achieve this by confirming the existing requirements of the standard and the recommended approaches to measuring CPD activity while emphasizing a range of available activities as part of a planned program of CPD.”
The clarified IES 7 is the first standard of the suite of eight IESs to be released in a series of planned revisions over the coming 18 months. The IAESB has clarified the obligations of CPD through the redrafting of IES 7, and draws international attention to the requirement on professional accountants to develop and maintain professional competence throughout their careers.
About the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member bodies 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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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