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Jan 27, 2009
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IFAC's Accounting Education Standards Board Proposes New Framework to Enhance Clarity and Relevancy of Standards
The International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), has undertaken a new initiative to enhance the relevancy, clarity and consistency of its standards as well as their applicability to IFAC members and associates. It is proposing a revised Framework for International Education Standards, which sets out the concepts that underlie the IAESB’s International Education Standards.
The proposed framework consists of two parts:
- Part One explains the educational concepts of competence, initial professional development, continuing professional development, and measurement of the effectiveness of learning and development, which will be used by the IAESB when developing the IESs; and
- Part Two describes the nature of the IESs as well as the related IAESB pronouncements and IFAC member body obligations.
The framework is targeted primarily to IFAC member bodies that have direct or indirect responsibility for the learning and development of their members and students. It is, however, also relevant to a wide range of stakeholders, including accounting faculties at universities, employers of professional accountants, professional accountants, prospective professional accountants, and others interested in the work of the IAESB.
"Our objective with this framework is to improve the understanding and application of the principles and concepts that underlie the International Education Standards,” states IAESB Chair Mark Allison. “The framework will also enable the IAESB to deploy a more efficient and effective standard-setting process and to better demonstrate accountability for its decisions.”
How to Comment
Comments on the exposure draft (ED) of the proposed revised framework are requested by April 30, 2009. The ED can be viewed by going to http://www.ifac.org/EDs. Comments may be submitted by email to firstname.lastname@example.org. They can also be faxed to the attention of the IAESB Technical Manager at +1 (212) 286-9570 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.
About the IAESB and IFAC
The IAESB (http://www.ifac.org/Education) develops standards and guidance on prequalification education, training, and continuing professional education and development for all members of the accountancy profession. The Public Interest Oversight Board oversees the activities of the IAESB and, as one element of that oversight, establishes the criteria for its due process and working procedures.
IFAC (http://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. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting International Education Standards, IFAC’s independent standard-setting boards set standards on ethics, auditing and assurance, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.