Senior External Verifier UpdateInternational Accounting StandardsKim Tree

2012-2013

• Feedback on Error Tolerances for HND• Feedback from centres that we should be

considering adopting IAS.• All professional awarding bodies have adopted

IAS as have most of the universities in UK.

EV Activity• New Frameworks for China up and running and

EV activity has been ongoing.• New International centres coming on board to

offer HN –mainly Business• Increases pressure to adopt IAS to ensure

consistency across all centres.

2013-2014

Consultation for International Standards adoption

EV visiting verification feedback is that centres are keen to move on to IAS to prepare candidates for progression.

The EV team have been reviewing this feedback on an ongoing basis.

IFRS AdoptionIFRS Adoption discussion

Introduction in a centre

Impact on us

Run out time for UKGAAP

IFRS

The EV team has been reviewing the current Unit Specifications

In line with the SQA requirement to keep up to date Discussions started about IFRS Units affected identified Impact assessment currently underway Feedback and comments from centres invited Unit Specifications and Exemplars will be revised

When? The plan is to have this introduced for HNC units during 2015-

16 session (Business Accounting and GU1).

There will be a review of Financial Services Units HND Units will be phased in during the 2016-17 session.

Preparing Financial Forecasts, Business Tax, MAPC etc Timing gives centres opportunity to adapt Brings SQA in line with other awarding bodies. Keep up to date with the progress on SQA website and in

update letters.

Impact

Centres must update materials to be used for teaching purposes.

Centres must use up to date terminology Centres must use updated AIs Suggest beginning process now to ensure that

materials updated in time Alternative assessments must also be updated Recommend Prior Verification.