International Federation of Accountants International Education Standards for

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International Federation of Accountants International Education Standards for Professional Accountants Mark Allison, Executive Director Institute of Chartered Accountants of Scotland and Technical Advisor to IFAC Education Committee 1998 - 2005. Presentation Outline. About IFAC - PowerPoint PPT Presentation


<ul><li><p>International Federation of Accountants</p><p>International Education Standards for Professional Accountants</p><p>Mark Allison, Executive DirectorInstitute of Chartered Accountants of Scotlandand Technical Advisor to IFAC Education Committee 1998 - 2005</p></li><li><p>Presentation OutlineAbout IFAC</p><p>Harmonisation of International Standards through education</p><p>International acceptance and benefits</p><p>IFAC Education Board</p><p>Overview of International Education Standards</p></li><li><p>IFAC TodayComprehensive set of standards on auditing, ethics, education, and public sector financial reportingExpanding network of 158 member bodies in 118 countries, representing 2.5 million accountantsIncreasing recognition of IFACs work by international organizations</p></li><li><p>IFACs Mission To serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies</p></li><li><p>IFAC Achieves this Mission by - Establishing and promoting adherence to high quality standardsFurthering international convergenceSpeaking out on public policy issues</p></li><li><p>Harmonisation of International Standards Harmonisation key issue for profession</p><p>Solid foundation to support application of international standards</p><p>Education provides foundation</p></li><li><p>Benefits of IES to ProfessionProvide consistent global framework of educationPromote consistency and convergence in accounting education processesAdvance convergence in the application of technical and practice standardsSupport greater mobility of accountantsContribute to co-operation among member bodies</p></li><li><p>Education Board (IAESB)Develops standards and guidance for education and development of professional accountants Transparency in standard-setting processMembers include practicing accountants, academics, representatives from business and the publicObservers from international accounting academic community and UNCTAD</p></li><li><p>Standards DevelopmentDecision to develop Education Standards November 2001Exposure drafts released July 2002Consideration of commentsInternational Education Standards (1 -6) issued October 2003Support of academics, employersIES7 issued May 2004</p></li><li><p>Implementation of Education StandardsCompliance required by all IFAC member bodies January 2005, IES 1 6January 2006, IES 7Recognise different education systems and processesAcknowledge stages of development</p></li><li><p>International Education StandardsSet benchmarks for education of worldwide accountancy professionEnsure quality and consistency in accounting educationFoundation to achieve convergence of international accounting, auditing, public sector standardsDifferent approaches around the world</p></li><li><p>International Education StandardsPrescribe the range of professional knowledge, professional skills, professional values, ethics and attitudes required</p><p>Develop an attitude of lifelong learning</p></li><li><p> Framework and IntroductionFramework objectives and operating procedures of EDCOM</p><p>Introductionpurpose, scope and development of IESdiscussion about way standards may be adopted and applied</p></li><li><p> IES 1, Entry RequirementsRequirements for entry to a programme of professional accounting education and practical experience</p><p>Aim to ensure students have background to have reasonable chance of achieving success</p></li><li><p> IES 2, Content of Professional Accounting Education ProgramsPrescribes knowledge and competences candidates require to function as a professional accountantAccounting, finance and related knowledgeOrganisational and business knowledgeIT knowledge and competencesDegree or professional qualification At least two years full time study</p></li><li><p> IES 3, Professional SkillsPrescribes the mix of professional skills requiredIntellectual skillsTechnical and functional skillsPersonal skillsInterpersonal and communication skillsOrganisational and business management skillsGeneral education helps to develop these skills</p></li><li><p>IES 4, Professional Values, Ethics and AttitudesPrescribes the professional values, ethics and attitudes required</p><p>Prescribes minimum subject areas</p><p>Acknowledge different approaches will reflect national and cultural environment</p></li><li><p> IES 5, Practical Experience RequirementsAims to ensure candidates have the necessary practical experience to become a professional accountantMinimum of 3 years practical experienceGuidance of experienced professional accountantRecord of experience and review </p></li><li><p> IES 6, Assessment of Professional Capabilities and CompetenceFinal assessment before qualification as a professional accountant</p><p>Test of theoretical knowledge and practical application of knowledge</p><p>Reliable and valid</p></li><li><p>IES 7, Continuing Professional DevelopmentMandatory CPD for all professional accountantsFoster commitment to lifelong learningFacilitate access to CPD opportunities Establish benchmarks for development and competence of professional accountantsMonitor and enforce CPD</p></li><li><p> IES 7, Continuing Professional DevelopmentThree approachesInput approach 120 hours, three year rolling periodOutput approachCombination approach</p></li><li><p>IES8 (Draft) Competence for Audit ProfessionalsAudit of historic financial informationAll IES1-7 and additional advanced knowledgeGraduate levelAudit specific skillsApplication of ethics in an audit contextSpecific work experience To be issued July 2006 </p></li><li><p>European Union Revised Eighth DirectiveFinal draft stage (May 2006 published)Two years to implement to national lawArticles 6 14 Education relatedSimilar to current Eighth Directive applied in EU member states</p></li><li><p>European Union Revised Eighth DirectiveHowever changes in:International accounting and auditing standardsAuditing professional skillsEthics and independence Risk management Corporate governance Continuous education </p><p>Increasing links to IES evident</p></li><li><p>More informationIFACs web site provides access to all standards and a wide range of free guidance for the worlds accountants</p><p>1</p></li></ul>


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