IFAC and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated on this paper in order to highlight some of the key issues to be considered in developing the International Accounting Standards Board’s (IASB)’s Conceptual Framework. The IASB initiative, in taking forward the difficult challenge of reviewing and updating its conceptual framework, is welcomed. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as this will potentially become the roadmap for future financial reporting.

IES 4 prescribes the learning outcomes for professional values, ethics, and attitudes that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. Professional values, ethics, and attitudes are defined as the behavior and characteristics that identify professional accountants as members of a profession. These include the ethical principles generally associated with, and considered essential in defining, the distinctive characteristics of professional behavior.

IES 3 prescribes the learning outcomes for professional skills that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. Professional skills are the (a) intellectual, (b) interpersonal and communication, (c) personal, and (d) organizational skills that a professional accountant integrates with technical competence and professional values, ethics, and attitudes to demonstrate professional competence.

IES 3 is effective from July 1, 2015.

IES 2 prescribes the learning outcomes for technical competence that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. Technical competence is the ability to apply professional knowledge to perform role to a defined standard.

It is effective from July 1, 2015.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with 179 members in 130 countries, today issued the Call for Nominations for the IFAC Board and Committees in 2015. The Call for Nominations provides information on the upcoming opportunities for membership on the IFAC Board, committees, and the Compliance Advisory Panel.

In 2015, there will be 29 vacancies, including two leadership positions—the IFAC deputy president and the chair of the Small and Medium Practices Committee. All vacancies on the Board and committees are open to nominations by IFAC members.

“Volunteers are central to the effective functioning of IFAC and the authority and expertise of our committees,” said IFAC President Warren Allen. “We remain gratified to attract tremendously qualified and talented members of the profession as Board and committee members, and look forward to receiving highly-qualified nominations again this year. The hard work and dedication of our volunteers, together with the support of our member organizations, are critical and extremely valued by the global profession.”

IFAC encourages all members to review the information in the Call for Nominations, which includes detailed information on vacancies, composition targets, qualifications, and requirements for membership for the Board and committees, as well as time commitment and performance expectations for volunteers. It also offers strategic guidance in selecting candidates, including how IFAC members can identify the most qualified nominee for each available position.

The Call for Nominations marks the opening of the nominations period, which runs from January 15 to March 15, 2014. Nominations can be submitted through the Nominations Database (instructions for submitting nominations are included in the Call for Nominations). Additional information on the Nominating Committee and its process is available on the Nominating Committee web pages.

About IFAC
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.