IAESB Proposes Clarified Standard on Continuing Professional Development

The International Accounting Education Standards Board (IAESB) today released for public exposure a proposed revision of International Education Standard (IES) 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence.

IES 7, drafted in 2004, introduces the concepts of continuing professional development (CPD)—learning that develops and maintains competence to enable professional accountants to perform their roles effectively—as relevant, verifiable, and measurable learning activities and outcomes. The proposed redrafting aims to assist the ongoing worldwide development of CPD systems and compliance mechanisms. IAESB expects to increase the opportunity for mobility of labor, and in so doing to contribute to the global economy through these revision efforts.

“The IAESB would like to encourage a more innovative approach to meeting CPD needs,” said Mark Allison, chairman of IAESB. “We believe we can achieve this by confirming the existing requirements of the standard and the recommended measurements for appropriate CPD activity, and emphasizing the range of available approaches to CPD systems.”

This exposure draft is the first in a series of planned revisions over the coming year. The IAESB plans to clarify the obligations of CPD through the revision of IES 7, and to draw international attention to prequalification education for accounting professionals and the competencies of an auditor through revisions of additional standards.

How to Comment
The IAESB invites all stakeholders to comment on its proposals. To access the exposure draft and submit a comment, visit the IAESB’s website at www.ifac.org/Education/ExposureDrafts.php. Comments on the exposure draft are requested by March 8, 2011.

About the IAESB
The IAESB (www.ifac.org/education) 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.

About IFAC
IFAC (www.ifac.org) 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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Related Resources

• IAESB Issues Revised IES 5, Initial Professional Development–Practical Experience
• IAESB Proposes Revised Standard on Professional Development of the Audit Engagement Partner
• IAESB Proposes Revised Standards on the Development of Technical Competence and Professional Skills
• IAESB Releases Revised IES 1, Entry Requirements to Professional Accounting Education Programs
• IAESB Releases Revised Standard on Assessment of Professional Competence