IAESB eNews December 2013

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    Dec 19, 2013
    New York, New York

    English

    IAESB

     

    IAESB eNews December 2013

    Thank you for signing up to receive eNews from the International Accounting Education Standards Board (IAESB). This edition provides a summary of decisions made at the meeting held October 30 to November 1. Decisions reported (other than approval of documents for public exposure and issuance of final pronouncements) are tentative and reflect only the current status of discussions on projects, which might change after further deliberation by the IAESB.

    Additional information on the October 2013 IAESB meeting that complements these highlights is available on the IAESB Podcast. For more detailed information about IAESB projects, please refer to the project summaries on IFAC’s website at IAESB Projects in Progress.

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    1. Revision of International Education Standard 2
    2. Revision of International Education Standard 3
    3. Revision of International Education Standard 8
    4. 2014-2016 IAESB Strategy and Work Plan
    5. Revision of the Framework for International Education Standards for Professional Accountants
    6. Definition of Professional Accountant
    7. Next Meeting

    1. Revision of International Education Standard 2

    Following a discussion of issues from the IAESB Consultative Advisory Group (CAG), the IAESB approved the final International Education Standard (IES) 2, Initial Professional Development – Technical Competence (Revised). IES 2 prescribes the learning outcomes for technical competence that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. The release of IES 2, subject to the PIOB’s approval of due process, is expected in the first quarter of 2014.  

     

    2. Revision of International Education Standard 3

    After a discussion of issues from the IAESB CAG, the IAESB approved the final International Education Standard (IES) 3, Initial Professional Development – Professional Skills (Revised). IES 3 prescribes the learning outcomes for professional skills that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. The release of IES 3, subject to the PIOB’s approval of due process, is expected in the first quarter of 2014.  

     

    3. Revision of International Education Standard 8

    The IAESB approved   the proposed IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised). Because of significant changes made to the August 2012 Exposure Draft, the IAESB decided that it should be re-exposed for a 120-day period. IES 8 (Revised) was published on December 13, 2013 and comments are due April 17, 2014.

     

    4. 2014-2016 IAESB Strategy and Work Plan

    The IAESB will continue its discussion of respondents’ comments on its 2014-2016 Strategy and Work Plan Exposure Draft at its April 2014 meeting.

     

    5. Revision of the Framework for International Education Standards for Professional Accountants

    The IAESB discussed issues relating to the revision of the Framework for International Education Standards for Professional Accountants (2009), including: the importance of the Framework document; the need for additional concepts to support the IESs; and the approach of exposing changes to the public for comment. The IAESB directed the task force to consult with the CAG at its February 2014 meeting and then prepare a project proposal and a paper on proposed changes to the Framework for discussion by the board at its April 2014 meeting. 

     

    6. Definition of Professional Accountant

    The IAESB discussed significant issues arising from a revised version of the definition of professional accountant, including  compliance with a code of ethics and the conciseness of the definition. As a result of these discussions, the IAESB directed the task force to include the proposed definition in the revised Framework for International Education Standards for Professional Accountants. The IAESB plans to further consult with the CAG and to expose the definition (within the revised Framework Exposure Draft) when appropriate.

     

    7. Next Meeting

    The IAESB will hold its next meeting in New York, USA on April 9-11, 2014. 

     

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