1. Revision of IES 4 David McPeak IESBA Meeting October 2011 Event:
European Federation of Accountants and Auditors for SMEs 2011 Conference
Theme:
ACCOUNTANTS CONTRIBUTING TO GOOD FINANCIAL REPORTING AND CHALLENGING THEIR PRACTICES TO IMPROVE QUALITY
Title of Presentation:
Update on the IAESB Work Plan

2. Aim of Revision Project:
Introduction
Aim of Revision Project:
Improve clarity
Ensure consistency with new Framework (2009) document
Clarify issues resulting from environment and experience
Ensure wide and sufficient consultation
At its October meeting the Education Board has agreed to revise and redraft all 8 Education Standards. The aim of the revision project will be:
to improve clarity by applying a new structure from the drafting conventions;
to ensure consistency with concepts of the revised Framework document;
to clarify issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies; and
To ensure a wide and sufficient consultation to obtain a diversity and balance of viewpoints.
All standards are expected to be redrafted and revised by 1st Quarter of Each standard will be redrafted and revised to ensure recognition of the variety of accounting roles. In redrafting and revising a standard, the new structure will make the standards clearer by improving their readability, while providing an appropriate level of explanation to ensure that interested stakeholders understand and apply the standards properly. The advantages of adopting the new structure for each standard will be to (a) improve their consistent application, (b) assist in their adoption, and (c) facilitate international implementation.

3. Preliminary Consultation
Introduction
Preliminary Consultation
IFAC Compliance Program
IESBA Secretariat
Today, the focus of my presentation will be:
To provide an introduction IFAC & IAESB
To describe the main initiatives of the IAESB’s Strategy & Work Plan
To provide an Overview of Revision Project
To identify the project’s Revision Issues
To discuss the Status of Current & Future Projects; and
To identify Other IAESB Activities

4. Aim of IES 4 Revision Project:
Introduction
Aim of IES 4 Revision Project:
Clarify the Standard’s requirements to ensure that accounting education programs continue to meet the core competence required for the various roles of a professional accountant;
Revise the Standard to ensure consistency with the terminology and concepts set out in the revised IFAC Code of Ethics
At its October meeting the Education Board has agreed to revise and redraft all 8 Education Standards. The aim of the revision project will be:
to improve clarity by applying a new structure from the drafting conventions;
to ensure consistency with concepts of the revised Framework document;
to clarify issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies; and
To ensure a wide and sufficient consultation to obtain a diversity and balance of viewpoints.
All standards are expected to be redrafted and revised by 1st Quarter of Each standard will be redrafted and revised to ensure recognition of the variety of accounting roles. In redrafting and revising a standard, the new structure will make the standards clearer by improving their readability, while providing an appropriate level of explanation to ensure that interested stakeholders understand and apply the standards properly. The advantages of adopting the new structure for each standard will be to (a) improve their consistent application, (b) assist in their adoption, and (c) facilitate international implementation.

5. Introduction
IAESB’s Mission is to
“serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.”

6. Enhancing Education by Implementing IESs
Introduction
Enhancing Education by Implementing IESs
Serves the public interest by contributing to the ability of the accountancy profession to meet the needs of decision makers.
Increases the competence of the global accountancy profession, contributing to strengthened public trust.

7. Questions
Question 1: Do IESBA members agree that the learning outcomes provided in paragraph 10 of the IES 4 Exposure Draft (See Agenda Item 7-A) represent the appropriate depth of ethics education needed to become a professional accountant?
Question 2: Is the proposed requirement (See Paragraph 11 of Agenda Item 7-A) for reflection in relation to ethics education appropriate?
Question 3: Does this requirement raise implementation issues?
Question 4: Do IESBA members agree with including a requirement that covers the assessment of a program of professional accounting education containing professional values, ethics, and attitudes?
IFAC is a
Global organization of the accountancy profession,
- Committed to the public interest
- Comprised of 164 member bodies and associates in 125 countries and
- Represents 2.5 million accountants in public practice, education, government, service, industry, and commerce
How does it discharge these responsibilities?
As well as its main tasks of standard setting and representing the profession at all levels It
- Supports professional accountants in business and small and medium practices, where sometimes the teams of professionals can be small, so that they need more help, it
- Speaks out on public interest issues where the profession’s voice is most relevant and
- Promotes values of integrity, transparency and expertise

8. Questions
Question 5: What advice would IESBA members provide in addressing the request provided above?
IFAC is a
Global organization of the accountancy profession,
- Committed to the public interest
- Comprised of 164 member bodies and associates in 125 countries and
- Represents 2.5 million accountants in public practice, education, government, service, industry, and commerce
How does it discharge these responsibilities?
As well as its main tasks of standard setting and representing the profession at all levels It
- Supports professional accountants in business and small and medium practices, where sometimes the teams of professionals can be small, so that they need more help, it
- Speaks out on public interest issues where the profession’s voice is most relevant and
- Promotes values of integrity, transparency and expertise

9. http://www.ifac.org/education/publications-resources IAESB Information
IAESB pronouncements available at:
THANK -YOU
For further information on IAESB and its projects please consult the IAESB’s website at:

10. Question 1 .
The following shows the titles of all eight International Education Standards.
There are 3 Important Characteristics of the Education Standards
the first is our Audience
The Education Standards are aimed primarily at IFAC member bodies, but have implications for Universities, employers, and other stakeholders who play a part in the design, delivery, or assessment of education programs for accountants
In terms of Scope
The Education Standards are intended to advance the accountancy profession by establishing benchmarks for the minimum learning requirements of qualified accountants, including education, practical experience, and continuing professional development
And in terms of Level of Authority
The Education Standards are meant to prescribe “good practice” in learning and development for professional accountants and are expected to be incorporated into the educational requirements of IFAC member bodies.
Although the Standards are prescriptive in nature, they cannot override local authoritative pronouncements or regulations
 As a suite of Standards they are inter-related in that their requirements are related to both pre- and post qualification.
The Education Standards assist those who are responsible for setting what accounting students need, so as to develop and demonstrate competence required for qualification
The standards also assist in identifying skills and strategies required for lifelong learning
Finally, they promote consistency in accounting education for an international environment.

11. Question 2
The following shows the titles of all eight International Education Standards.
There are 3 Important Characteristics of the Education Standards
the first is our Audience
The Education Standards are aimed primarily at IFAC member bodies, but have implications for Universities, employers, and other stakeholders who play a part in the design, delivery, or assessment of education programs for accountants
In terms of Scope
The Education Standards are intended to advance the accountancy profession by establishing benchmarks for the minimum learning requirements of qualified accountants, including education, practical experience, and continuing professional development
And in terms of Level of Authority
The Education Standards are meant to prescribe “good practice” in learning and development for professional accountants and are expected to be incorporated into the educational requirements of IFAC member bodies.
Although the Standards are prescriptive in nature, they cannot override local authoritative pronouncements or regulations
 As a suite of Standards they are inter-related in that their requirements are related to both pre- and post qualification.
The Education Standards assist those who are responsible for setting what accounting students need, so as to develop and demonstrate competence required for qualification
The standards also assist in identifying skills and strategies required for lifelong learning
Finally, they promote consistency in accounting education for an international environment.