IAESB eNews: September 2012

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    Sep 12, 2012
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    IAESB eNews: September 2012

    Welcome to IFAC’s International Accounting Education Standards Board (IAESB) eNews.

    In This Issue: 

    1. Deadline is September 19 for IAESB Strategy and Work Plan Survey
    2. IAESB Releases Clarified Standard on Continuing Professional Development
    3. Comment Deadline Approaching for Proposed Revised Standard on Professional Values, Ethics, and Attitudes
    4.Comment Period Still Open on Proposed Revised Standards on the Development of Technical Competence and Professional Skills and Professional Development for Engagement Partners
    5. IAESB Chair Is Featured Speaker at CPA Australia Forum, 19th Brazilian Congress of Accounting  


    1. Deadline is September 19 for IAESB Strategy and Work Plan Survey

    The deadline is approaching for participating in an IAESB survey on its strategy and related work plan for 2014-2016.

    The questionnaire is the first stage of the IAESB's 15-month consultation process in which it seeks feedback on educational challenges facing the accountancy profession. The IAESB's current strategic focus is on the revision of the International Education Standards, the development of adoption and implementation guidance, and communications.

    Survey responses will be used to develop a formal Consultation Paper outlining the IAESB's strategic focus and the potential projects that might best support this focus.

    The survey takes about 30 minutes to complete and is available at IAESB 2014-16 Strategic Review Public Consultation Survey.

     

    2. IAESB Releases Clarified Standard on Continuing Professional Development

    Earlier this year, the IAESB released the clarified International Education Standard (IES) 7, Continuing Professional Development.

    IES 7 is the first standard of the suite of eight IESs released in a series of planned revisions over the coming 18 months. It 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.  IES 7 is primarily targeted to IFAC member bodies and professional accountancy organizations, and addresses requirements for promotion, access, measurement, monitoring and enforcement of CPD.

    Through the redrafting of IES 7, the IAESB has clarified the obligations of CPD and drawn international attention to the requirement on professional accountants to develop and maintain professional competence throughout their careers.

     

    3. Comment Deadline Approaching for Proposed Revised Standard on Professional Values, Ethics, and Attitudes

    October 11, 2012, is the deadline for submitting comments on the proposed revision of IES 4, Initial Professional Development-Professional Values, Ethics, and Attitudes.

    IES 4 prescribes the values, ethics, and attitudes that aspiring professional accountants should acquire during their initial professional development which may lead to professional qualification as a professional accountant. It is primarily aimed at IFAC member bodies but will interest other stakeholders who support the learning and development of professional accountants.

    A revised draft of IES 4 was exposed for public comment in May 2011 and further clarification by the public was requested in explaining the requirements on learning outcomes, assessment, and reflective activity—the recurring process of reviewing  experiences with a view to improve future actions.

    The proposed revised IES 4 also requires IFAC member bodies to regularly review and update their professional accounting education programs, including formal education and workplace training.

    To access the re-exposed draft and submit a comment, visit the IAESB’s website.

     

    4. Comment Period Still Open on Proposed Revised Standards on the Development of Technical Competence and Professional Skills and Professional Development for Engagement Partners

    In August, the IAESB issued proposed revisions of International Education Standard (IES) 2, Initial Professional Development—Technical Competence, IES 3, Initial Professional Development—Professional Skills and of IES 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements.

    These revisions to IESs 2 and 3 address the development of technical competence and professional skills by an aspiring professional accountant. They will be helpful to educational organizations, employers, regulators, government authorities, and other stakeholders who support the learning and development of professional accountants.

    IESs 2 and 3 prescribe the knowledge content and the mix of professional skills aspiring professional accountants should acquire during initial career development. The revision of these IESs has focused on prescribing learning outcomes that demonstrate the achievement of professional competence required to become professional accountants.

    IES 8 proposes the professional development requirements for aspiring engagement partners and serving engagement partners who provide assurance services for audits of financial statements.

    Comments on IES 2 and 3 are due by November 1, 2012 and on IES 8 by December 11, 2012. They can be submitted on the IAESB website.

     

    5. IAESB Chair Is Featured Speaker at CPA Australia Forum, 19th Brazilian Congress of Accounting

    IAESB Chair Peter Wolnizer recently participated in two major industry events to discuss the IAESB and its current initiatives and programs.

    In June, he presented "An Overview of the International Accounting Education Standards Board" at CPA Australia’s International Forum for Academics in Melbourne.

    Last month, he spoke at the 19th Brazilian Congress of Accounting in Belem on "The Regulation of Professional Accounting Education".

    At both events, Professor Wolnizer spoke about the IAESB’s ongoing revision of the suite of eight International Education Standards and explained how the resulting changes will affect professional accounting education.

     

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