Developing the Accountancy Profession
Progressing IFAC’s New Approach to Advancing Accountancy Education
Alta Prinsloo | August 7, 2020
Much has happened since IFAC and the International Accounting Education Standards Board (IAESB) announced in 2018 the transition to a new approach to advancing accountancy education in the public interest.
The IAESB fulfilled its work program and ceased operations in 2019 after completing a revised set of high-quality International Education Standards focused on enhancing accountants’ technology and skepticism skills, and related practical implementation support for technology, business, and the public sector.
International Panel on Accountancy Education
The new International Panel on Accountancy Education met for the first time in September 2019. With a mandate to provide strategic advice, facilitate access to resources, and advocate for quality education for future-ready accountants, the Panel has already contributed to the development of an accountancy education key outcome and related strategic actions for IFAC (see below), providing the foundation for IFAC’s 2020-2021 Accountancy Education Work Plan. In between virtual engagements, the Panel continues their dialogue in an online community. And, in early 2020, we issued a call to action urging PAOs, organizations, and individuals to take steps to re-imagine the future accountant.
IFAC: Advancing Accountancy Education At the Global Level
Professional accountancy organizations (PAOs) actively contributing to the development of a future-ready accountancy profession—relevant, reputable, valued, sustainable—that is attractive to diverse individuals and meets the needs of public and private sector organizations and society.
Strategic Actions Under IFAC’s Strategic Objectives
Speaking out and engaging as the voice for the global profession
Leading and developing a future-ready profession
Contributing to and promoting the development, adoption, and implementation of high-quality international standards
International Forum for Accountancy Education Directors
The International Forum for Accountancy Education Directors held in February in New York provided a valuable platform for sharing knowledge about current and future actions. We plan to soon launch an additional online community dedicated to accountancy education directors from PAOs and firms that will enable them to share knowledge and continue this dialogue.
To shape our dialogue on competency and skills-based changes, we have explored with the Panel and accountancy education directors the direction in which the profession might be heading.
Interestingly, responding to a survey question about where their organizations are placing emphasis, most participating accountancy education directors indicated somewhere between accountants doing the same things differently and accountants doing different things. What is the case for your organization?
Accountancy Education E-Tool
IFAC also built an interactive platform for our accountancy education stakeholders. The Accountancy Education E-Tool, which is grounded in the International Education Standards, is more than an electronic handbook. It is an electronic tool that links the standards and practical implementation support. It is available anywhere and at any time.
COVID-19 is presenting unexpected and extreme challenges for organizations of all sizes and sectors across the world. It is quickly changing how entities operate and how individuals live and work. As a knowledge convener, IFAC has developed a dedicated web page with essential resources, guidance, and advice from our PAOs and other stakeholders. Recognizing the challenges faced by many PAOs in transitioning from in-person to online continuing professional development (CPD), we launched an Online CPD Services for PAOs page where PAOs can share information about their online CPD resources for use by other PAOs for their members. In June, we facilitated a virtual knowledge sharing event for PAOs considering moving to online examinations. Lastly, we are holding a series of conversations with representatives from key accountancy education stakeholder groups on accountancy skills development, responding to the current crisis, and preparing for the next normal.
Stay in Touch
We hope that you enjoyed our first Accountancy Education eNews issued in June. If you are interested in participating in the International Forum for Key Accountancy Education Stakeholders and have not yet registered to be included in our database, please complete this form.
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