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THE SECOND AFRICAN CONGRESS OF ACCOUNTANTS (ACOA) 14 TH MAY 2013

THE SECOND AFRICAN CONGRESS OF ACCOUNTANTS (ACOA) 14 TH MAY 2013. Topic: ‘The Changing landscape of International Educational Standards (IESs) in the Accountancy profession. International Educational Standards (IESs).

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THE SECOND AFRICAN CONGRESS OF ACCOUNTANTS (ACOA) 14 TH MAY 2013

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  1. THE SECOND AFRICAN CONGRESS OF ACCOUNTANTS (ACOA) 14TH MAY 2013 Topic: ‘The Changing landscape of International Educational Standards (IESs) in the Accountancy profession Prof. Isaya J. Jairo

  2. Prof. Isaya J. Jairo International Educational Standards (IESs) • The IESs are issued by the International Accounting Education Standards Board (IAESB) • IAESB: An independent standard setting body that serves the public interest by strengthening the worldwide accountancy profession

  3. Prof. Isaya J. Jairo IAESB • The IAESB enhances education by developing and implementing International Education Standards, which increases the competence of the global accountancy profession, thereby contributing to strengthened public trust

  4. Prof. Isaya J. Jairo IAESB Issues Publications on: • Pre-qualification education • Training of Professional Accountants, and • Continuing Professional Education

  5. Prof. Isaya J. Jairo IAESB Publications • International Education Standards (IESs) • International Education Practice Statements (IEPSs) • International Education Information Papers (IEIPs), and • Support Materials (e.g. toolkits or interpretation guidance)

  6. Prof. Isaya J. Jairo Other IAESB functions • Also acts as a catalyst in bringing together the developed and developing nations, as well as nations in transition, and to assist in the advancement of accountancy education programs worldwide, particularly where this will assist economic development

  7. Prof. Isaya J. Jairo IAESB & IFAC • The structures and processes that support the operations of the IAESB are facilitated by IFAC (A global organization for the accountancy profession comprising of 173 member and associates in over 129 countries and jurisdictions representing approx. 2.5m accountants)

  8. Prof. Isaya J. Jairo IAESB & IFAC • IAESB Structure and Governance n Public Interest Oversight Board IAESB II IAESB Consists of 18 Volunteer members IAESB Consultative Advisory Group (CAG)

  9. Prof. Isaya J. Jairo The Relevance of Accountancy Education • To win public trust the Accountancy Profession should be able to meet the needs of decision makers • Competence of global accountancy profession is key to achieving public trust • Enhancing education through developing and implementing IESs should increase competence of the accountancy profession

  10. Prof. Isaya J. Jairo Why IESs • Assist professional accountancy organizations, regulators, employers, academics, and accountancy students by prescribing principles or the learningand development of professional accountants • IESs provide a common reference point or benchmark for training and development of accountants

  11. Prof. Isaya J. Jairo Why IESs • Globally accepted standards minimize differences among countries and jurisdictions, thus • reducing differences in the requirements to qualify and work as a professional accountant • Increase opportunity for mobility of labour, and hence, contribute to economic development

  12. Prof. Isaya J. Jairo The Existing IESs • The existing list of IESs is as follows and is summarized in table 1 • Entry requirements to professional accounting education programs • Content of professional accounting education programs • Professional skills and general education • Professional values, ethics and attitudes

  13. Prof. Isaya J. Jairo The Existing IESs 5 . Practical experience requirements 6 . Assessment of professional capabilities and competence 7. Continuing professional development: a program of lifelong learning and continuing development of professional competence 8. Competence requirements for audit professionals

  14. Prof. Isaya J. Jairo Framework Document • The Framework for International Education Standards for Professional Accountants (the “Framework”) establishes the concepts that the IAESB uses in its publications

  15. Prof. Isaya J. Jairo Framework Document (Purpose) • Its purpose is to set out the concepts that underlie IAESB’s IESs, and is targeted to meet the needs of IFAC member bodies • It is also relevant to other stakeholders (i.e. regulators, governments, universities, employers, professional accountants, and accounting students, etc.

  16. Prof. Isaya J. Jairo The Revision of Framework • At its Feb, 2007 meeting the IAESB agreed the project to revise the Framework and the Introduction to IESs so as to: • i. eliminate outdated or redundant sections, • ii. Update sections to reflect the Board’s experience, and • iii. Improve clarity

  17. Prof. Isaya J. Jairo The Revised Framework Document • The “ Framework for International Education Pronouncements ”, and the Introduction to the International Education Standards, which were published in 2003, have been revised • The Revised Framework Document (2010) Combines and replaces the two documents

  18. Prof. Isaya J. Jairo The Revised Framework Document Old Status Revised Status • “Framework for International Education Pronouncements • Introduction to the International Education Standards • IAESB Glossary of Terms • Framework for International Education Standards for Professional Accountants ( the Framework) • IAESB Glossary of Terms (Revised)

  19. Prof. Isaya J. Jairo The IESs and Changing Landscape • As part of its project to improve the clarity of its standards, the IAESB undertook to revise and redraft its suite of eight (8) IESs

  20. Prof. Isaya J. Jairo The project aims: • Improve clarity • Ensure consistency with concepts of the revised Framework document; and • Clarify issues resulting from changes in the experience gained from implementation of the Standards by IFAC member bodies

  21. Prof. Isaya J. Jairo The IESs and Changing Landscape • The Revision of IESs will help promote consistency in practice and share good practices in the learning and development of a professional accountant.

  22. Prof. Isaya J. Jairo The IESs and Changing Landscape • A summary of Amendments made to IES 1, IES 5, IES 6, and IES 7 is in table 2

  23. Prof. Isaya J. Jairo IES 1 (Released Feb. 2013) • ENTRY REQUIREMENTS TO PROFESSIONAL ACCOUNTING EDUCATION A PROGRAMS (REVISED) (Effective on July 1st 2014

  24. Prof. Isaya J. Jairo IES 2 • CONTENT OF PROFESSIONAL ACCOUNTING EDUCATION PROGRAMS (Not Yet Finalized)

  25. Prof. Isaya J. Jairo IES 3 • PROFESSIONAL SKILLS AND GENERAL EDUCATION (Not Yet Finalized)

  26. Prof. Isaya J. Jairo IES 4 • PROFESSIONAL VALUES, ETHICS AND ATTITUDES (Not Yet Finalized)

  27. Prof. Isaya J. Jairo IES 5 (Released March 2013) • INITIAL PROFESSIONAL DEVELOPMENT - PRACTICAL EXPERIENC (REVISED) (Effective July 1st2015)

  28. Prof. Isaya J. Jairo IES 6 (Released Nov. 2012) • INITIAL PROFESIONAL DEVELOPMENT - ASSESSMENT OF PROFESSIONAL COMPETENCE (REVISED) (Effective July, 1st 2015)

  29. Prof. Isaya J. Jairo IES 7 (Release July, 2012) • CONTINUING PROFESSIONAL DEVELOPMENT (Redrafted) (Effective Jan, 1st 2014)

  30. Prof. Isaya J. Jairo IES 8 • COMPETENCE REQUIREMENTS FOR AUDIT PROFESSIONALS (Not yet Finalized)

  31. Prof. Isaya J. Jairo CONCLUSION • The IAESB’s work on IESs Revision Project is ongoing. • IESs 2,3, 4, and 8 have not yet been finalized.

  32. Prof. Isaya J. Jairo CONCLUSION • The revised IES 1, 5, 6, and 7 have been released to provide lead time for IFAC member bodies and other stakeholders to prepare for their implementation on their respective effective dates • The IAESB’s project of Revising IESs is scheduled to be completed by the end of 2013.

  33. Prof. Isaya J. Jairo References • IAESB(2010), “Handbook of International Education Pronouncements” (Online Edition). • IAESB(2009), “Basis of Conclusions: Framework for International Education Standards for Professional accountants” • IAESB(2013), “Basis of Conclusions: IES 1: Entry Requirements to Professional Accounting Education Programs”

  34. Prof. Isaya J. Jairo References • IAESB(2013), “IES 1: Entry Requirements to Professional Accounting Education a Programs (Revised)” • IAESB(2013), “Basis for Conclusions for IES 5: Initial Professional Development - Practical Experience (Revised)” • IAESB(2013), “IES 5: Initial Professional Development - Practical Experience (Revised) ) • IAESB(2012) “Basis for Conclusions for IES 6: Initial Professional Development - Assessment of Professional Competence (Revised)”

  35. Prof. Isaya J. Jairo References • IAESB(2012), “IES 6: Initial Professional Development - Assessment of Professional Competence (revised)” • IAESB(2012), “Basis for Conclusions for IES 7: Continuing Professional Development (Redrafted)” • IAESB(2012), “IES 7: Continuing Professional Development (Redrafted)” • Http://www.ifac.org/

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