Newsletters & eNews
Aug 18, 2014
New York, New York
IAESB eNews August 2014
- 2014 Education Handbook Now Available
- Education Board Publishes 2014-2016 Strategy and Work Plan
- IAESB Proposes Revised Framework for International Education Standards
- Update on International Education Standard 8
- IAESB Discusses IES Revision Project with Key Stakeholders
- Education Board Member is Featured Speaker at Sri Lanka Event
- Next Meeting
- IFAC Website now Available in 80 Languages
- International Education Standards on World Congress of Accountants 2014 Agenda
1. 2014 Education Handbook Now Available
The 2014 Handbook of International Education Pronouncements is now available for purchase. It contains the International Accounting Education Standards Board™ (IAESB™)'s suite of eight International Education Standards™ (IESs™), including the re-drafted IES 7, Continuing Professional Development, IAESB Glossary of Terms, Framework for International Education Standards for Professional Accountants, and three International Education Practice Statements. A key change to the handbook is the addition of a new section that includes the newly revised IESs approved by the IAESB but not effective at the time of the Handbook’s release.
2. Education Board Publishes 2014-2016 Strategy and Work Plan
The IAESB recently published its 2014-2016 Strategy and Work Plan, which focuses on projects and activities aimed at providing adoption and implementation guidance on the revised IESs. This work will:
- Assist International Federation of Accountants® (IFAC®) member bodies, regulators, employers, academics, and students;
- Improve the quality of professional accounting education worldwide; and
- Enhance the competence and judgment of professional accountants.
IAESB Chair Peter Wolnizer said the aim of the 2014-2016 IAESB Strategy and Work Plan “is to support the development of high-quality professional education programs by providing guidance to implement the requirements of the standards.”
3. IAESB Proposes Revised Framework for International Education Standards
Last month, the IAESB published an Exposure Draft of a revised Framework for International Education Standards (2014), which sets out the concepts that underlie IESs. The IAESB has undertaken this project to improve the relevancy, clarity, and consistency of its standards as well as their applicability to IFAC members and associates. The deadline to submit comments is Oct. 27, 2014.
4. Update on International Education Standard 8
During its June meeting, the IAESB discussed key issues arising from comments from the IAESB Consultative Advisory Group on IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements. The discussion topics included: reviewing the wording of the objective and requirement to recognize the importance of practical experience in developing and maintaining professional competence; reviewing the content of learning outcomes on specialists; and specifying the role of Continuing Professional Development in developing and maintaining professional competence. The comments and suggestions of respondents to the IES 8 Exposure Draft and IAESB members will be used by the task force to develop a revised draft of IES 8 for discussion at the IAESB’s October 2014 meeting with the aim of approving the final content.
5. IAESB Discusses IES Revision Project with Key Stakeholders
IAESB Chair Peter Wolnizer and Senior Technical Manager David McPeak in April presented “Revision Project of the International Education Standards (IESs)” to the World Bank Group’s Secretariat of Operations Policy and Country Services in Washington, D.C. The presentation focused on the purpose of the IESs, how they are developed, and how changes affect the professional accounting education program. It also discussed how those changes may impact professional accountancy bodies, universities, and other education providers. In a webinar held later that month, Prof. Wolnizer and Mr. McPeak discussed “Revision of the International Education Standards (IESs) – Implications and Opportunities” with the Institute of Cost and Management Accountants of Pakistan.
6. Education Board Member is Featured Speaker at Sri Lanka Event
IAESB member Chris Austin recently traveled to Colombo, Sri Lanka, to present “International Education Standards: Nurturing Professional Accountants” at “Financial Reporting for Economic Development: South Asia Edition 2014.” The event was organized by the World Bank and Confederation of Asian and Pacific Accountants and hosted by the Institute of Chartered Accountants of Sri Lanka. It featured regulators, policy makers, business leaders, academics, and professionals from across Asia discussing the state of the financial reporting supply chain in Asia and its relevance to private and public sector development.
7. Next Meeting
The next IAESB meeting will be held in New York, NY, October 29-31, 2014. Full details are available on the IAESB Meetings page. Members of the public may register as observers with registration closing one week prior to the first day of the meeting.
8. IFAC Website now Available in 80 Languages
The IFAC website is now using Google Translate, which makes the entire site available in 80 languages. The Google Translate button is located on the upper right of the IFAC website, near the search field.
Please note: If you wish to reproduce or translate materials published by IFAC, you must still submit a request to the Translations & Permissions Department.
9. International Education Standards on World Congress of Accountants 2014 Agenda
The 2014 World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy, later this year. Themed “2020 Vision: Learning from the Past, Building the Future,” the WCOA 2014 will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from around the world will convene at this quadrennial IFAC event. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will shape its future, with several sessions dedicated to International Education Standards. View the event program and register here.
The WCOA also provides a global platform for organizations and firms to share their projects and visions via various sponsorship opportunities. For more information, please contact email@example.com or Dimarco@wcoa2014rome.com.